Economy
Why TraderMoni won AfDB prize for financial inclusion—Osinbajo
The Federal Government’s policies and programmes aimed at promoting financial inclusion remain key to the actualisation of President Muhammadu Buhari’s promise of lifting millions of Nigerians out of poverty, according to Vice President Yemi Osinbajo, SAN. Prof. Osinbajo stated this in Abuja at the opening session of the 2019 Annual Conference of Chartered Institute of Bankers. He was referring to the President’s June 12 speech where he stated that “we are working to lift Nigerians out of poverty and set them on the path to prosperity. We intend to lift 100 million Nigerians out of poverty over the next 10 years”.
According to the Vice President, “Financial inclusion of course is the key to realising so much of what we expect as an economy and the President promised in his June 12 speech to lift 100 million people out of poverty in ten years, that is the commitment of the government of Nigeria. We started that journey with our collaboration with the Bank of Industry to deliver the GEEP programme, better known as TraderMoni and MarketMoni by providing microcredit to almost 2 million petty traders. The Bank of Industry has now brought this huge bottom of the pyramid into the formal financial system and that has been recognised worldwide. Recently the programme won the AfDB prize for financial inclusion because of the work that was done with TraderMoni. This is a huge task.
“Going forward, we now need to embark on financial training for all of those who have been brought into the net. As you know, when they’re given N10, 000 and they pay back, they are given N15, 000, N20, 000 and it goes all the way. But at that point they’re given their BVNs, they’re formally included in the financial system, they’re formally included as formal traders, and so we are able to give them financial training and all that.” Continuing, the Vice President said “…for very long, that bottom of the pyramid has been completely excluded and yet informal trade is a significant part of trading that is going on in our country. So, there’s a real need out there and we must devise the methods by which those at the bottom of the pyramid can be uplifted and we must look at how we can even resource the entire value chains. What we find is that the petty trader, who just has a trade, is usually selling little bits and pieces from many of the manufacturers or fast-moving products and we found that just by giving them credit, we can resource the whole value chain all the way up.”
Speaking further on what the Federal Government intends to do in improving opportunities for those at the bottom of the pyramid, Prof. Osinbajo said “we’re working with the Bank of Industry, with several players in the market, especially the marketing services people to identify how to work through those value chains so that more of these people can move from petty trading, higher up in the value chain as they’re resourced”. He urged stakeholders in the banking sector to support government’s efforts in resuscitating the MSMEs and real sectors. He said “All of that will depend on what the banking industry is prepared to do, how adaptable the banking industry will be to giving loans, especially microcredit. Everything is changing very quickly. We must create good jobs and opportunities. We must rapidly industrialise, we must provide the environment for local businesses, small and large to create wealth and value. We must also address the concerns of young entrepreneurs and startups, and the small traders, the millions at the bottom of the economic value chain, the millions at the bottom of the pyramid, those who sell from their trays and table tops all over the markets in our country.
“We must develop the housing sector both to provide much needed shelter but also to boost local opportunities in the local building and building materials sectors. We know that we must ramp up our agricultural production, and provide a more efficient farm-to-market value chain, again creating millions of jobs in farming and Agribusiness generally.”
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
-
News4 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News4 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
News4 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
Economy4 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Uncategorized2 days agoChevron to join Nigeria oil licence auction, plans rig deployment in 2026
-
News4 days agoEU to support Nigeria’s war against insecurity