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Shettima seeks urgent innovation on Nigeria’s economic, financial inclusion
Vice-President Kashim Shettima on Thursday emphasised the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda.
Shettima said that the call is in line with the commitment of the President Bola Tinubu’s administration to bringing over 30 million unbanked Nigerians into the formal financial sector.
The vice-president made the call via a video high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, the United States capital.
The dialogue brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at the George Washington University.
It aims to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.
The dialogue also focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions.
Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.
The vice-president highlighted Tinubu’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector in line with the administration’s Renewed Hope Agenda.
“We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” he said.
Earlier, the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, sad the Office of the vice president gave priority to economic and financial inclusion.
Hadejia said it was expected that each agency of government would continue to play their statutory role collaboratively to achieve the set objective.
Also, Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria in charge of Financial System Stability, stressed the need for ongoing collaboration among all players to achieve the objectives of the Aso Accord on Economic and Financial Inclusion.
The Director-General, National Information Technology Development Agency (NITDA), Kashifu Abdullahi, proposed “a Digital-first approach and the need to fuse Digital Literacy with Financial literacy as a means to address trust issues affecting the inclusive payment ecosystem.”
The General Manager, Moniepoint, Tosin Eniolorunda, said that addressing trust issues that have slowed down the adoption of innovative Fintech solutions for economic and financial inclusion could be addressed through public-private collaborations.
Dr Nurudeen Zauro, the Technical Advisor to the President on Economic and Financial Inclusion, explained the gathering would eventually evolve into a mechanism that would provide relevant information to the Office of the vice-president.
This, according to him, will facilitate effective decision-making for economic and financial inclusion.
The high-level engagement resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities.
Other speakers at the event included Inspector-General of Police, Mr Kayode Egbetokun; and the Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Prof. Pape Cisse.
Others are the assistant Vice-President at Merrill Lynch Wealth Management, Mr Reginald Emordi; Regional Director for Africa at the Center for International Private Enterprise (CIPE), Mr Lars Benson, among others. (NAN
The Honourable Minister of State for Defence, Dr. Bello Muhammed Matawalle, has engaged in a high-level security meeting with a leading Chinese manufacturer of advanced anti-terrorism and high-tech defence equipment, aimed at enhancing Nigeria’s defence capabilities.
The meeting, which took place in China, underscores the Federal Government’s commitment to modernising the nation’s security apparatus to combat insurgency and other threats.
According to a statement signed by the minister’s Personal Assistant (Media), Ahmad Dan-Wudil, and made available to journalists in Abuja on Wednesday, the engagement focused on formalising a strategic partnership through a Memorandum of Understanding (MoU) between the Chinese firm and the Defence Industries Corporation of Nigeria (DICON).
The collaboration is expected to play a pivotal role in advancing Nigeria’s security sector, aligning with President Bola Ahmed Tinubu’s vision for a comprehensive overhaul of the country’s defence framework.
The MoU outlines a robust partnership, with the Chinese company committing to significant investments in Nigeria’s defence infrastructure.
According to the statement, Key components of the agreement include the transfer of cutting-edge defence technology, the establishment of local manufacturing capabilities for advanced military equipment, and capacity-building initiatives to enhance the technical skills of Nigerian personnel.
“This move is seen as a step towards building a self-reliant and globally competitive military-industrial base.
Dr. Matawalle emphasised that the partnership represents a landmark achievement in Nigeria’s defence modernisation agenda.
“This collaboration will not only strengthen our fight against terrorism but also position Nigeria as a regional leader in defence technology,” he stated.
The minister highlighted the government’s determination to leverage international partnerships to address the nation’s evolving security challenges.
Under the terms of the agreement, new production lines will be established for various ammunition types, including 7.62x51mm ball cartridges, 7.62x51mm blank cartridges, 9x19mm pistol cartridges, and machine gun ammunition.
Additionally, manufacturing workshops and facilities will be set up in Kaduna and Kachia, Kaduna State, to produce essential defence components such as brass casings and bullet jackets.
The partnership extends beyond production, encompassing the maintenance and upgrading of existing military hardware, servicing of battle tanks, and the provision of military engineering services.
These efforts are expected to enhance the operational readiness of the Nigerian Armed Forces, enabling them to respond more effectively to security threats within the country and across the region.
The minister’s visit to China follows a series of engagements with international partners, including the United States and Saudi Arabia, as part of Nigeria’s broader strategy to strengthen bilateral defence ties.
In a recent meeting with the United States Africa Command (AFRICOM), Dr. Matawalle called for increased support in intelligence sharing and counterterrorism efforts, underscoring the need for global cooperation to tackle insecurity.
The agreement with the Chinese firm has been hailed as a critical step towards achieving President Tinubu’s Renewed Hope Agenda, which prioritises security, economic development, and private-sector involvement.
The minister reiterated the government’s openness to foreign investment in critical sectors such as defence, steel, and energy to drive technological advancement and job creation.
Gamblers are staking millions of dollars to predict who will emerge as new pope as betting sites place odds on the candidates as the Catholic Church cardinals sweat to pick a new pontiff.
Polymarket, an American cryptocurrency-based betting site, has placed odds on candidates who will emerge.
Similarly, Kalshi, another American betting site, is coordinating predictions on who emerges as the new Catholic pope.
On Polymarket, over $21 million worth of bets have been staked in the conclave election, in which Vatican Secretary of State Cardinal Pietro Parolin and Filipino Cardinal Luis Antonio Tagle are considered the leading candidates.
Mr Parolin leads with 27 per cent odds, while Mr Tagle comes second with 23 per cent odds. Matteo Zuppi, Pierbattista Pizzaballa, and Peter Erdo came third, fourth and fifth with 11, 10 and 7 per cent odds, respectively.
On Kalshi, where over $8milliom has been staked, Mr Parolin leads with 29 per cent odds, followed by Mr Tagle’s 22 per cent odds and Mr Pizzaballa’s 10 per cent odds.
This comes as 133 cardinals from across the globe commenced a conclave to decide who would emerge as the new pope on Thursday.
Though conclave elections have been highly unpredictable for years, gamblers throw in thousands of dollars for a possible kill should their candidate emerge.
In 2013, contrary to projections on the possible emergence of Cardinal Angelo Scola, who was then regarded as the favourite, Cardinal Jorge Mario Bergoglio emerged as Pope Francis.
On Wednesday, thick black smoke billows from the Sistine Chapel chimney at the end of the first meeting of the cardinals, signalling that no pope has been elected.
The election of the 267th pope, which commenced on Wednesday. A new pope will poll a two-thirds majority to emerge during the election process.
Then, white smoke will be released from the Sistine Chapel chimney.
President Bola Tinubu has mandated the formation of a Presidential Task Force aimed at eliminating numerous checkpoints that impede free movement.
Ambassador Musa Nuhu, Nigeria’s Permanent Representative to ECOWAS, revealed this initiative during a visit to the Nigeria-Benin Republic border in Seme on Wednesday.
“We are commencing with the Seme-Badagry Corridor. A committee has been established under the auspices of the Secretary to the Government of the Federation, and we will soon begin addressing this matter.
“We have taken note of all the concerns raised, and I assure you that the Nigerian government will tackle the other issues mentioned subsequently.”
Numerous complaints have surfaced regarding the excessive checkpoints along the Badagry-Seme corridor, which adversely affect the seamless movement of individuals and goods between Nigeria and the Benin Republic.
Ambassador Nuhu emphasized, “This is the most trafficked border in West Africa regarding the flow of goods, people, and services. If free movement is to be effectively implemented in West Africa, it will be evident at this border.”
Motorists attending the meeting expressed their frustrations about the numerous checkpoints and the extortion practices by security personnel along the route.
In response, Omar Alieu Touray, President of the ECOWAS Commission, stated that any fees paid by motorists should be accompanied by official receipts.
He expressed concern that the proliferation of checkpoints and the extortion of citizens within member states undermine ECOWAS’s goal of fostering a more integrated region.
“While we must inspect passengers and road users, we should move beyond arbitrary charges that lack receipts. If payments are necessary, they should be properly documented.
“It is one thing to request that someone open their bags for inspection, but it is entirely different to demand payment that is not receipted.”