• A survey in the 2018 Consumer Digital Banking Satisfaction Index report published by Agusto & Co has shown that mobile banking apps are the most preferred digital banking platform for bank customers in the country followed by USSD codes. The report highlighted customers’ preferences and attitude towards digital banking platforms provided by banks in Nigeria. An analyst with Agusto & Co, Oluyomi Akinola, said respondents indicated ample room for improvement on digital banking services in Nigeria as majority of respondents asked for better user interfaces for apps; enhanced security features; increased services, particularly on mobile banking platforms; speedy notifications on account activities; less cumbersome enrolment procedures; reduction in charges for frequently used services such as airtime top-up; as well as general improvement in the speed of services.
  • Nigeria’s economy is losing an estimated annual revenue of ₦3.46 trillion as a result of the current crises of poor infrastructure, poor policy implementation and corruption at the ports, according to the result of a recent survey carried out by the members of the Organised Private Sector and the Centre for International Private Enterprise. About ₦600 billion is lost in Customs revenue, $10 billion in non-oil exports and about ₦2.5 trillion in corporate earnings. Because of the traffic gridlock in the Apapa area, industrial capacity utilisation currently stands at 38 to 40 per cent, while 40 per cent of businesses located around the port communities had either relocated to other areas, scaled down operations or completely shut down. “These developments have very huge adverse implications for job creation, tax revenue and real economic activities, with estimated downside effect of about three per cent on the country’s Gross Domestic Product,” the President, Lagos Chamber of Commerce and Industry, Babatunde Ruwase, noted, pointing out a worrisome level of deliberate resistance by some Ministries, Departments and Agencies of government to implement enabling regulations, including the 2017 Presidential Executive Orders relating to the ports. The LCCI sought swift intervention in terms of policy reforms, including the single window platform, the enforcement of the Executive Order, reduction in the number of MDAs and security formations at the ports, passing of enabling reforms by the National Assembly and upgrade of rail infrastructure, truck parks and pipeline for movement of wet cargoes, among others.
  • Vice President, Yemi Osinbajo says that the FG has approved a 90-day special window for Nigerians to register their businesses at a reduced cost of ₦5,000. According to Osinbajo the special window, which will only last for 90 days, started on October 1, 2018, and will last till Monday, December 31, 2018. The special window, is to further ease the process of registering MSMEs in the country. “It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost,” Osinbajo said.
  • The World Bank has cut back on Nigeria’s growth forecast for 2018, stating that the country’s GDP will grow by only 1.9 per cent — down from the 2.1 per cent estimated in April. Th growth forecast cut is as a result of the reduction in oil production levels in the country, and a contraction in agricultural output, on the back of the Pastoral Conflict. “Average growth in the region rose from 2.3% in 2017 to 2.7% in 2018, barely above population growth, partly due to weaknesses in Nigeria, South Africa, and Angola—the region’s three largest economies,” the bank said. “In Nigeria, declining oil production and contraction in the agriculture sector partially offset a rebound in the services sector and dampened non-oil growth, all of which affected economic recovery. Nigeria’s recovery faltered in the first half of the year. Oil production fell, partly due to pipeline closures. The agriculture sector contracted, as conflict over land between farmers and herders disrupted crop production, partially offsetting a rebound in the services sector and dampening non-oil growth.”