Despite the challenges facing the Nigerian insurance market, microinsurance offers unique and exciting opportunities for both insurers and consumers, as well as the general economy, with its potential to reach millions of people excluded from traditional insurance products and other financial windows of the economy, multiple industry analysts have told Business a.m. The Nigerian market is rapidly expanding, with innovative new products and distribution models. For insurers, this represents an untapped market with significant growth potential, while for consumers, it offers a way to access much needed protection from financial hardship.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

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Analysts See Boost for Economy, Consumers in Microinsurance 

Global Banking Posted its best performance in the last 18 months since 2007 on the back of sharp increases in interest rates in many advanced economies, including a 500-basis-point rise in the United States, a world review of the banking sector by global management consulting firm McKinsey, has shown. McKinsey’s just published “Global Banking Annual Review 2023: The Great Banking Transition”, found that on average global banking saw “long-awaited improvement in net interest margins” enabled by higher interest rates which boosted profits by about $280 billion in 2022, lifting return on equity by 12 per cent in the same year with a projection that this will post higher at 13 per cent at the end of 2023.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Global Banking In Best Performance Since 2007 

A new report by the European Investment Bank (EIB) based on a 2023 survey of Banking in Africa has found that banks on the continent have continued to show resilience despite operating in what the EIB described as “ a difficult environment.”The report titled “Uncertain Times, Resilient Banks: African Finance at a Crossroads” released under the EIB’s eighth annual Investment in Africa report and covering the continent’s banking system, found that banking in Africa continues to show resilience and a desire to support private sector development despite operating in a tough environment. Key banking indicators, such as capital ratios, profitability and non-performing loans, have not deteriorated despite the challenges the region is facing,” the EIB report noted. This resilience, according to the report, may rightly be attributed initially to pandemic support measures to bolster the continent’s banking system, but it said such measures have been wound down, and that “most key bank metrics remain solid.”This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

African Banks Maintain Resilience amid Difficulty

The Group Of The World’s 20 Leading Economies has admitted the African Union (AU) as a permanent member, a development termed by many as a “later than never” acknowledgement of Africa’s relevance on the global stage. Until now, South Africa was the bloc’s only G20 member and the AU had advocated for full membership for seven years in its quest to gain meaningful roles among the global bodies and also accord the 55 member states access to reforms in the global financial system such as the World Bank which had hitherto played a passive role in cushioning Africa’s debt profile. The AU’s G20 membership which was granted following a concession at the 18th G20 heads of state and government summit in New Delhi, India, is expected to see Africa get investment and political interest from a new generation of global powers beyond the U.S. and the continent’s former European colonists.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

AU’s G20 Membership Signals Redesign of Global Trade, Finance, Investment Architecture 

The Combination Of Aggressive interest-rate hikes in developed countries, lack of sufficient affordable capital from the World Bank and a failure to consider and address the spillover effects are creating costly spillback economic consequences on low-middle income countries already at high risk of debt distress, a new analysis from One Campaign says. The international, non-profit advocacy and campaigning organisation that fights extreme poverty, particularly in developing countries, finds that ‘rich countries’ actions to control domestic inflation through rises in interest rates are creating unsustainable economic realities for low-and low-middle-income countries. The high interest rates, it explained, are gradually locking emerging economies out of low-cost financing options creating an increasingly divergent global economy and exacerbating an already dangerous debt crisis.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

High-Interest Rate Causing Debt Distress in Emerging Economies 

After Over Two Years Of anticipation from the Nigerian populace, the National Bureau of Statistics eventually published Nigeria’s labour statistics, considered an official analysis of the employment level of Africa’s most populous country. Prior to the report, economic and finance experts had difficulty assessing the real-time data on the nature of the labour market and how to measure the impact of government policies and numerous pledges to create jobs. But from the country’s grim economic realities, it was as clear as crystal that the country was facing a dire risk of high unemployment. In fact, the International Labour Organisation had in January 2023, expressed worry that “current monetary tightening to fight inflation could overshoot, potentially leading to high levels of unemployment.”This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Analysts, Observers Turn Up Nose to Nigeria’s Latest Employment Data 

The new head of the Nigerian treasury, officially designated ‘Minister of Finance’, Wale Edun, will have fully taken charge. But in the quest to see that all the levers of economic policy management are well aligned, the attention of analysts and others following the unfolding direction of the Nigerian economy, will shift to the person to be appointed substantive governor of the Central Bank of Nigeria, and consequently, the person to lead monetary policy during the President Tinubu’s administration. Finance Minister Edun’s assumption of office has already raised high expectations, which will now be taken higher, with regard to the management of the fiscal policy side of executive governance, say multiple economic and financial analysts, many of whom hold the strong view that in the eight years that former president Muhammadu Buhari held sway in the political-administrative landscape of Nigeria, he was abysmally short on fiscal policy governance, with his two appointed ministers of finance arguably among the worst to have held the position in the country.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Tinubu Faces ‘Political Motivation’ Vs. ‘Independence’ Choices for CBN Governor 

An expert in the Africa department of the International Monetary Fund has expressed optimism for the future success of Nigeria's e-Naira, Africa's first central bank digital currency and the world's second.Despite its underwhelming performance since its launch in October 2021, Jack Ree, a senior economist in the Africa department of the IMF, who conducted a study on the eNaira last year, suggested in an IMF podcast that with some adjustments to its current model, the digital currency could become popular. However, since its introduction 21 months ago, the e-Naira has struggled to gain traction, with less than one million downloads indicating that Nigeria's vast population has not yet fully embraced it, as this number is less than one per cent (-1%) of the total bank accounts in the banking system.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

IMF Expert Sees Lifeline for CBN’s E-naira in Mobile Money 

African currencies have lost ground against the US dollar year-to-date, thereby driving inflation in the import-reliant continent. Policymakers across the continent are left with limited options to arrest the decline as a result of depleting dollar reserves, according to a report adapted from DW. As US interest rate hikes make the dollar more attractive to investors, sub-Saharan African currencies have been weakening. The downward spiral of the African currencies against the US dollar this year has been spelling trouble for citizens and businesses alike.The Nigerian naira is, so far, the biggest loser, falling more than 70 per cent against the dollar this year, chiefly after the Central Bank of Nigeria (CBN) removed trading restrictions on the official currency market.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Policymakers Snookered as African Currencies Tank Against US Dollar  

A Crescendo Of Expectations is building up over Aba, one of Nigeria’s major manufacturing hubs, which for decades has had its stars dimmed by the ill luck of bad and incompetent governance and total neglect of the social and economic infrastructure required to make a manufacturing hub thrive. The expectations are being built around the provenance of having the banker, Alex Otti, on the saddle as governor of Abia State where the city is located and where vultures had reigned in the corridors of political power; of Geometric Power, promoted by the scientist, Barth Nnaji, a two-time former minister of power and of science and technology; and the unleashing of the exports easing African Continental Free Area (AfCFTA), all three coming into play at the same time.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Otti, Geometric, AfCFTA Combo Raises Expectations over Aba Manufacturing 

Former President Muhammadu Buhari who doubled as substantive minister of petroleum resources, assisted by a junior minister, Timipre Sylva and Mele Kyari, group chief executive officer of Nigerian National Petroleum Company Limited who was positioned to be running ground operations, may have been taken Nigerians for a big ride on the repairs and rehabilitation of government-owned refineries as work has long hit a dead end. So as millions of Nigerians trudge under the heavy weight of mounting transportation costs, the fall out of the removal of petroleum products subsidy by President Bola Tinubu in his first major policy directive on inauguration day, any hopes of soon seeing a downward move on petrol pump prices from the restart of production at the Port Harcourt Refining Company, the nation’s first and biggest oil refinery, and later Warri Petrochemicals & Refining Company and Kaduna Refining & Petrochemicals Company, appear a forlorn dream.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Buhari, Sylva, Kyari, NNPC’s $2.98bn Phased Refinery Repairs Hit Dead End

The World Bank and the International Monetary Fund (IMF), the two Bretton Woods institutions that have spent at least 20 years breathing down Nigeria’s neck to let its currency, the Naira free, are today still in celebratory mood joined by domestic analysts and the markets who continue to express joy over the decision by the new government of President Bola Tinubu to reform the country’s foreign exchange policies through the Central Bank of Nigeria. The head of the IMF Nigeria office, responding to the reforms, said: “The Fund greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in implementing FX reforms.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

IMF, World Bank, Markets, Investors, Analysts Celebrate Naira’s Freedom 

After at least eight years of the Nigerian economy drifting and feeling shortchanged by inept management, markets and economic analysts, both local and foreign, who trained their eyes and ears in expectation as Nigeria inaugurated Bola Ahmed Tinubu as its 16th president, have turned in a largely positive reception to the soundbites contained in the president’s inaugural address. Analysts at FBNQuest Capital, Chapel Hill Denham, Cordros, CardinalStone and Cowry Assets, in separate research notes to clients which were examined by Business A.M. for this story, appear to express general positive sentiments with the policy directions contained in the president’s speech.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Analysts Feast on Tinubu’s Inaugural, Positive in Outlook 

Ahead of his inauguration as president, Business A.m. has learnt that President-elect Bola Ahmed Tinubu and his team have been inundated with tonnes of position papers and memoranda from a myriad of independent sources offering strong positions on what and how the incoming president should tackle a number of issues that have kept Nigeria’s economy down for at least eight years.Business a.m. understands from sources close to the president-elect and his team that they are in receipt of several memoranda on one of the most people-resonating issues of the Nigerian economy, the Naira and its exchange rate against other international currencies, in particular against the dollar, the pound sterling and the Euro.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Analyst’s Memo to Tinubu Harps on Value, Confidence for Naira 

In the biggest positive outlook on investment inflow into Nigeria by international analysts in nearly a decade, the second half of 2023 and all of 2024 has been projected as periods in the country would attract record international capital inflow following the ease of uncertainty caused by recent general elections in the country. Overall, we expect the second half of 2023 to already match Nigeria’s best six months in terms of attracting international capital, and 2024 to potentially see a record inflow of funds attracted by the more stable environment and the sheer quality of local growth companies still facing wide open market opportunities.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

Nigeria to See Record Foreign Capital Inflow in H2’23, 2024 

Coverage of the Nigerian financial sector and the markets in more depth than other news publications and with more breadth than trade publications, distilling what’s on the agenda for key sectors including, Investment Banking, Trading, and Technology, Fund Management, Alternatives, Markets, Commodities, Companies, among others.This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/4581134/advertisement

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