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NIBSS, Banks Spend N400m on Epayment Incentives




THE Nigeria Interbank Settlement System (NIBSS) and banks in the country have spent over N400 million to provide incentives to promote adoption of electronic payment in the country.

Managing Director/Chief Executive Officer, NIBSS, Mr. Ade Shonubi disclosed this yesterday while addressing a press conference on the forthcoming Efficiency Award organised by the company to reward and recognize outstanding stakeholders in the promotion of electronic payment.

He said, “The banks have spent over N400 million as incentives under electronic payment incentives scheme. “The electronic payment incentives scheme (EPIS) is an initiative of the Central Bank of Nigeria (CBN), Bankers Committee, and the banks in Nigeria to promote electronic payment in Nigeria.

“There were series of activities around it that started over a year ago. One of the first thing is when we were refunding cash back to people, and at the end of the month, you receive some amount of money for using your PoS, and then we had adverts. Recently, we have inaugurated a loyalty scheme where you can collect points, so that as you use your card you get points and also those in the shops that are manning the devices, at the end of the month they can get some points to encourage them to push people to use their cards and other means of payments. This week we go to the next level which is to recognise institutions, financial and public, those over the last 12 months, in 2015, have been active in the electronic payment space. There are quite a lot of categories and it would take place on Thursday.”

Commenting on the impact of the electronic payment incentives scheme on the level of epayment transactions in the country, Shonubi said, “In the month of December we had 18 million transactions on our platform. That is jus for one month. On the average we do about 15 million transactions in a month. Before now it was much lower than that. So clearly the numbers are moving up.”

Providing details of the transactions, he said, “In terms of volume in January 2015, our instant payment platform was doing 4.2 million transactions per month, by December it was 8.3 million, almost double. Point of Sale (PoS) transactions was about 2.5 million in January 2015; it ended the year at 3.9 million. For cheques, we were doing about 1.1 million in January 2015.

“So when we talk about the adoption, when we look at the numbers, it has been going up in terms of transactions per month. So we feel part of what has helped is this incentives scheme and the awareness that goes with it.”


Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation



Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.

The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.

During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.

Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.

In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.

He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.

Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.

This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).

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Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico




In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Mexican Investors Explore Solid Minerals Opportunities in Nigeria



mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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