Business
UK launches £15 million initiative to boost investment, deepen reforms in Nigeria
The UK has launched a £15 million initiative, aimed at attracting private investment, supporting economic reforms and speeding up Nigeria’s long-term economic transformation.
The initiative was announced during a recent visit by the UK Minister for Africa and International Development, Jenny Chapman, according to a statement issued by the British High Commission on Friday.
The programme, announced during Ms Chapman’s meeting with Taiwo Oyedele, the minister of finance and coordinating minister of the economy, will run for three years. It plans to deepen ongoing reforms, strengthen the private sector and unlock new sources of capital for economic growth.
“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Mr Oyedele said.
“We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”
The new programme comes as Nigeria and the UK look to expand economic cooperation beyond traditional development assistance towards investment-led growth.
Alongside the initiative, the UK announced expanded synergy in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme.
The initiative will enhance governance reforms across five states and help reduce regulatory barriers constraining investment in broadband infrastructure, digital services, and emerging technologies.
The British High Commission said the intervention is expected to encourage greater private-sector participation and improve the business environment for technology-driven investments.
Trade, finance partnerships
During the visit, Ms Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review the progress so far recorded under the Enhanced Trade and Investment Partnership between both countries.
Discussions centred on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening cooperation in the fintech sector, and expanding capital market linkages.
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The engagement reflects growing efforts by the two countries to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital.
According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing and renewable energy in Nigeria.
The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion.
The country remains an important destination for Nigerian businesses seeking international expansion, with seven Nigerian banks now operating there.
Business
NCC Appoints Oforitsenere Emiko as Interim Board Chairman to Drive Nigeria’s Tech Skills Transformation
BY NKECHI NAECGE -ESEZOBOR—The Nigerian Communications Commission (NCC) has appointed Princess Oforitsenere Emiko as the Interim Chairman of the Governing Board of the Digital Bridge Institute (DBI). This strategic move is part of the Commission’s ongoing efforts to reposition the institute to meet the growing demands of Nigeria’s evolving digital economy.
The announcement was disclosed on Monday in a statement by the NCC’s Director of Public Affairs, Nnenna Ukoha.
According to the Commission, the appointment is aimed at strengthening the institute’s capacity to respond to the rapid transformation of the communications sector and the emerging requirements of the broader digital market.
Alongside Princess Emiko, the NCC named Engr. Abraham Oshadami, Executive Commissioner for Technical Services, and Ms. Rimini Makama, Executive Commissioner for Stakeholder Management, as interim board members. They are expected to work closely with the President and Chief Executive Officer of DBI, David Daser, as well as other continuing board members whose tenures remain valid.
Established by the NCC in May 2004, the Digital Bridge Institute was originally created as a specialized training center for telecommunications and information technology.
However, the Commission noted that the sector has since transitioned into a wider digital economy that demands continuous skills development and advanced technical capacity.
The NCC emphasized that the restructuring of the institute reflects the vital role communication infrastructure plays in national development and economic sovereignty.
A major driver of this initiative is Nigeria’s youth demographic, with approximately 70 percent of the population under the age of 30, making targeted skills development a critical component of the national transformation agenda.
To address this, the Commission stated that the renewed focus of the institute will center on five key areas: education and training, research and development, innovation, economic impact and growth, and emerging policy and regulation.
This new strategy was developed through extensive consultations involving key public stakeholders, including the Federal Ministry of Communications, Innovation and Digital Economy, the Federal Ministry of Education, TETFund, the Federal Ministry of Science and Technology, and the National Agency for Science and Engineering Infrastructure (NASENI). The initiative is ultimately designed to align DBI’s mandate with modern technological realities and strengthen Nigeria’s overall position in the global digital economy.
The post NCC Appoints Oforitsenere Emiko as Interim Board Chairman to Drive Nigeria’s Tech Skills Transformation appeared first on Business Today NG.
The Central Bank of Nigeria (CBN) has proposed the revision of the regulatory framework governing financial holding companies to bolstering the resilience and stability of the country’s financial system.
The regulator disclosed the plan in a circular signed by Rita Sike, the director of its Financial Policy and Regulation Department, on Thursday, inviting stakeholders to send their reviews of the guidelines by 9 July.
“Following several years of implementation, the CBN has identified areas within the extant guidelines that require enhancement to strengthen the operational effectiveness and regulatory oversight of financial holding companies,” the statement noted.
CBN stated that it would further promote a safe, sound and resilient financial system with the guidelines.
It noted that the overhaul was necessary after years of implementing the existing framework introduced in 2014 to mitigate the risks arising from the conduct of non-core banking activities within banking groups.
The regulation review addresses gaps and aligns with evolving regulatory and market developments.
Revisions
Among the key revisions in the guidelines is the clarification and enhancement of minimum capital requirements for financial holding companies to ensure their capacity to serve as a reliable source of financial strength to their subsidiaries.
The revised guidelines also address identified gaps in shared services arrangements to prevent potential abuse or undue advantage over banking subsidiaries.
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According to the CBN, the revision takes into consideration the establishment of clear eligibility requirements for promoters seeking to set up financial holding companies.
The revised framework streamlines the structure of financial holding companies by permitting them, instead of their Nigerian banking subsidiaries, to directly own equity interests in foreign subsidiaries.
It also requires financial holding companies to maintain a minimum 51 per cent equity stake in each subsidiary and be registered as persons with significant control with the appropriate corporate registration authority.
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