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BMGF, CBN, Others Target 40 Million Financially-excluded Nigerians



Godwin Emefiele CBN - Investors King
  • BMGF, CBN, Others Target 40 Million Financially-excluded Nigerians

The Bill and Melinda Gates Foundation, Central Bank of Nigeria, Nigerian Communications Commission and other stakeholders in the country are collaborating to bring on board 40 million Nigerians currently excluded from financial services.

The Deputy Director, Financial Services for the Poor, BMGF, Kosta Peric, announced the collaboration in Lagos during the BusinessDay Financial Inclusion Summit.

He said the move was critical considering that financially excluded Nigerians would have difficulties in planning and getting out of poverty.

According to him, it is important that such persons are equipped with the capacity to transact financial services, which will further expose them to broader financial deals like micro credits, loans and capital market participation, among others.

Peric said, “The BMGF is working with a number of partners in Nigeria to achieve the goal of dropping to 20 per cent financial exclusion by 2020. The partners include regulators, financial services providers and operators within the space.

“The Foundation, while philanthropic, does not seek to focus on their monetary contributions, but are rather driven by impact.”

Every year, according to the Foundation, millions of people around the world transition out of poverty in many number of ways by adopting new farming technologies, investing in new business opportunities, or finding new jobs, among others.

At the same time, it noted that large numbers of people were falling back into poverty due to health problems, financial setbacks and other shocks. Compounding this situation, it added, was the fact that majority of those living in or near poverty lacked even the most basic banking services.

“Effective tools for saving, sending and borrowing money, and mitigating financial risks can help people weather setbacks and achieve greater financial stability over the long term,” it stressed.

Worldwide, more than 2.5 billion adults do not have accounts at financial institutions, according to the World Bank’s Global Financial Inclusion Database. Only 41 per cent of adults in developing economies have an account, and that number drops to just over 20 per cent among adults living in extreme poverty.

Women, in particular, are largely excluded from the formal financial system. In developing countries, only 37 per cent of women have accounts, compared to 46 per cent of men, according to the World Bank.

Peric said most poor households were operating almost entirely in the cash economy, particularly in the developing world; of which they use cash, physical assets (such as jewellery and livestock), or informal providers (such as money lenders and payment couriers) to meet their financial needs, from receiving wages to saving money.

However, these informal mechanisms can be insecure, expensive and complicated to use, he said, adding that they offered limited recourse when a major problem arises, such as a serious illness in the family or a poor harvest.

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

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Crude Oil

Oil Prices Slide as U.S. Crude Stockpiles Surge, Heightening Demand Concerns



Crude oil

Oil prices declined on Thursday as concerns over demand intensified due to a larger-than-anticipated build in U.S. crude stockpiles.

Brent crude oil, against which Nigerian oil is priced, dropped by 0.5% to $83.25 a barrel while U.S. West Texas Intermediate crude oil fell by 0.3% to $78.28 a barrel.

The Energy Information Administration’s report revealed a substantial increase in U.S. crude oil stockpiles by 4.2 million barrels to 447.2 million barrels for the week ending February 23rd.

This surge surpassed analysts’ expectations and marked the fifth consecutive week of rising inventories.

While gasoline and distillate inventories witnessed a decline, concerns regarding a sluggish economy and reduced oil demand in the U.S. were amplified.

Satoru Yoshida, a commodity analyst with Rakuten Securities, highlighted that the significant stockpiles have heightened investor worries.

Moreover, the anticipation of delayed U.S. interest rate cuts further weighed on market sentiment, potentially undermining oil demand.

Traders have adjusted their expectations for rate cuts, with an easing cycle predicted to commence in June rather than March as previously anticipated.

Market participants await the U.S. personal consumption expenditures price index for insights into inflation trends, while the possibility of an extension of voluntary oil output cuts from OPEC+ looms over price dynamics, amid lingering uncertainty in the demand outlook and geopolitical tensions in the Middle East.

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Crude Oil

Crude Oil Shortage Threatens Dangote, Government Refineries, Minister Raises Alarm



Dangote Refinery

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has sounded a clarion call over a looming crude oil shortage that threatens the operations of the newly inaugurated Dangote Petrochemical Refinery and government-owned refineries in Nigeria.

Addressing stakeholders at the seventh edition of the Nigeria International Energy Summit in Abuja, Minister Lokpobiri expressed concerns that unless deliberate efforts are made to increase investments and crude oil production, these refineries may struggle to obtain enough feedstock for petroleum product manufacturing.

The Dangote refinery, a colossal project spearheaded by Dangote Industries Limited, has a daily requirement of up to 650,000 barrels of crude oil, while government-owned refineries could need approximately 400,000 barrels.

However, the current pace of crude oil production and investment in Nigeria falls short of meeting these demands.

Minister Lokpobiri highlighted the need to ramp up production and attract investments in the upstream sector to ensure adequate feedstock supply for the refineries.

He emphasized the importance of efficiently utilizing Nigeria’s abundant oil and gas reserves to enhance domestic energy security and economic prosperity.

Furthermore, the minister underscored the significance of investing in energy infrastructure and transitioning towards more environmentally friendly practices to address Nigeria’s energy needs effectively.

The alarm raised by Minister Lokpobiri underscores the urgency for strategic interventions and collaborative efforts to mitigate the impending crude oil shortage and secure the future of Nigeria’s refining industry amidst evolving global energy dynamics.

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NNPCL Pledges End to Nigeria’s Energy Scarcity Within a Decade



Mele Kyari - Investors King

The Nigerian National Petroleum Company Limited (NNPCL) has announced a bold initiative aimed at ending Nigeria’s persistent energy scarcity within the next decade.

Mele Kyari, the Group Chief Executive Officer of NNPCL, revealed this ambitious plan during the opening ceremony of the seventh Nigerian International Energy Summit in Abuja.

Kyari’s announcement comes as a beacon of hope for millions of Nigerians grappling with chronic power shortages and energy deficiencies.

In his statement, Kyari expressed confidence that all issues related to energy scarcity in the country would be resolved within the next 10 years.

Assuring stakeholders of NNPCL’s unwavering commitment, Kyari emphasized the company’s dedication to collaborating with partners to bridge the energy deficit gap and foster prosperity for all Nigerians.

He highlighted NNPCL’s pivotal role as a key partner to oil-producing companies in Nigeria, facilitating the divestment of international oil companies from onshore and shallow water assets in the country.

Furthermore, Kyari underscored NNPCL’s statutory mandate as the enabler of national energy security, emphasizing the importance of sustainable production from divested assets to ensure energy security for Nigerians.

In addition to addressing domestic energy challenges, NNPCL is also exploring avenues for sustainable energy investment across Africa.

Kyari revealed the company’s intention to invest in the proposed African Energy Bank, aiming to secure funding for energy projects on the continent and guarantee regional energy security.

The event, attended by prominent stakeholders including government officials and representatives from international organizations, marks a significant step towards reshaping Nigeria’s energy landscape and fostering economic development through improved energy access.

As NNPCL charts its course towards energy abundance, Nigerians remain cautiously optimistic about the prospects of a brighter energy future.

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