All Posts in "Month: February 2024"

Nigeria’ s economy to grow 3% in 2024 – Allianz Trade

By Favour Nnabugwu

 

 

Nigeria, Allianz Trade’s Country Risk Atlas highlights that the country’s economy is expected to grow by 3% in 2024, slightly more than the 2.9% growth of 2023. This growth rate is broadly in line with the global average but falls approximately 1 percentage point below the forecast for the Sub-Saharan region.

The economic cycle continues to favor second-tier commodity exporters due to geopolitical factors and production quotas imposed by top crude oil producers.

However, Nigeria faces persistent fiscal pressures due to institutional weaknesses, social challenges, and output constraints. The government’s ability to respond to these pressures remains limited, and there is a heightened risk of a negative feedback loop emerging in the coming years, driven by higher government borrowing needs and rising interest rates.

With inflation expected to average 17% for the year, the main growth contribution for Nigeria will come from the trade balance, which is expected to benefit from the partial replacement of refined imports by new domestic production and the simultaneous increase in value added.

Reduced predictability of government action that characterized the middle months of 2023 and led respondents to our Allianz Risk Barometer to view “Changes in legislation and regulation” and “Market developments” as more impactful than “Political risks and violence”, policy normalization is likely this year although further rounds of naira devaluation cannot be ruled out.

Furthermore, Nigeria’s internal security challenges hinder its contribution to regional military units, despite its prominent position in Africa, while national and supranational institutions across Western Africa are increasingly contested. Allianz Trade warns that potential downgrades in 2024 could be triggered by liquidity constraints, below-potential growth, rising business insolvencies, changes in global supply chains, and increasingly polarized geopolitics during a packed election year.T

Allianz Trade which operates through the Allianz Commercial license in South Africa, released its first Country Risk Atlas, a new flagship publication focused on country risk, an expertise the world leader in trade credit insurance has built up over decades. The Country Risk Atlas is based on a proprietary risk ratings model that is updated every quarter with the latest economic developments and Allianz Trade’s proprietary data on global insolvencies and the business environment.

“The Country Risk Atlas provides comprehensive  analysis and insights into economic, political, business environment and sustainability factors that influence trends in non-payment risk for companies at a macroeconomic level. It aims to be a companion for businesses and investors in making informed decisions by identifying potential risks and opportunities in 84 different economies, along with the map we produce quarterly for all the 241 countries and territories we monitor,” states Ana Boata, Head of Economic Research at Allianz Trade.

In its first Country Risk Atlas, Allianz Trade reveals that it upgraded country risk ratings in 2023 while downgrading only 4. The upgraded countries showcased their resilience to global shocks. The trend is totally different from that of 2022, when Allianz Trade upgraded only 8 country risk ratings while downgrading 17.

“In 2022, our country risk ratings were largely influenced by the repercussions of the war in Ukraine. But in 2023, the global economy has shown a certain resilience against one of the most aggressive global monetary policy tightening cycles and in the face of some major global shocks. 

As such, we have upgraded 21 economies’ risk ratings, equivalent to around 19% of the global GDP. Africa has seen the most upgrades (10), followed by Europe (6), while only China and Uruguay have seen their country risk trajectories improve in Asia and the Americas, respectively. 

However, Africa remains the continent with the greatest difficulties in terms of liquidity and access to international markets at a time when liquidity risk is increasing almost everywhere. Against this backdrop, the current cycle and enduring fiscal and monetary policy efforts may trigger further upgrades in the Americas, with Africa and the Middle East most likely to fall behind,” adds Ana Boata.

Overall, when looking at the average of all of Allianz Trade’s country risk ratings, the global risk of non-payment for companies in 2023 stands slightly above 2 (Medium Risk), stable compared to 2022 and almost back to 2019 levels.

Regionally, Africa’s average risk rating stands above 3 (Sensitive), while the Middle East, Latin America and Eastern Europe (incl. Russia) are close to but below 3 (Sensitive). Asia Pacific is slightly above 2 (Medium) and Western Europe and North America are close to 1 (Low).

Patoma Admin by — February 19, 2024 in Business 0
NIA Press briefing in Lagos

CAPTION:

L- Mr Lanre Ojuola, Director, Operations Nigerian Insurers Association (NIA); Mrs Yetunde Ilori, Director-General (NIA); Mr. Olusegun Omosehin, Chairman (NIA) and Mrs. Bola Omole, Director, Project (NIA), at the media parley with members of the Nigerian Association of Insurance and Pension Editors (NAIPE), last Tuesday

Patoma Admin by — February 19, 2024 in Insurance 0
Nigeria, Brazil strengthen cultural, trade relationships

President Bola Tinubu had a bilateral meeting with the President of Brazil, Luiz Inácio Lula da Silva, where both leaders discussed ways to enhance trade, commercial and cultural relations between Nigeria and Brazil including increasing trade volumes, investing in agriculture and aviation, and establishing direct flights between Nigeria and Brazil to promote mutual growth and trade.

 

Patoma Admin by — February 18, 2024 in Industry, Trade & Investment 0
Naicom, Youth Dev. Ministry to advance youths on career, financial literacy

By Favour Nnabugwu
The National Insurance Commission, Naicom and the Ministry of Youth Development are in collaboration to advance development of youth in career and financial literacy .
This was made known when Commissioner for Insurance, Mr Thomas Olorundare Thomas made audience to the Minister of State, Federal Ministry of Youth Development, Mr. Ayodele Olawande on Friday
The purpose of the visit is to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.
The Commissioner for Insurance in his remark welcomed the Hon. Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
On his part, he Minister for State, Mr. Ayodele Olawande, thanked the NAICOM Management for the warm reception. He expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.
He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.
He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.
The CFI promised to convey the Honourable Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.
Patoma Admin by — February 17, 2024 in Insurance 0
AFC announces Emeka Emuwa as Chairman Board of Directors

By Favour Nnabugwu

 

 

Africa Finance Corporation (AFC) the continent’s leading instrumental infrastructure solutions provider, today announces the appointment of Mr. Emeka Emuwa as Chairman of its Board of Directors.

Mr. Emuwa brings a wealth of experience spread over three decades leading and transforming banking institutions across Africa. After completing a sterling 25-year career with Citibank where he left as the Country Officer and Managing Director of Citibank in Nigeria, he went on to serve as the Group Managing Director and Chief Executive Officer of Union Bank of Nigeria. In this role, he led the bank’s transformation and worked successfully with the new shareholders to transform and restore one of Nigeria’s oldest institutions back to its rightful position as a credible and strong provider of financial services.

Mr. Emuwa’s extensive experience and unwavering dedication to the advancement of Africa make him a valuable asset to AFC at a time when the Corporation is rapidly expanding its operations across the continent and building partnerships through international collaborations.

He has been a part of AFC’s Board since 2015, previously serving as the Chairman of the Board Risk and Investment Committee, and as a member of the Board Nominations and Governance Committee. He is also the Chairman of Tangerine Financial (U.K.), the holding company for a financial services group providing insurance and pensions solutions across the continent. Mr Emuwa is thus well positioned to oversee and guide AFC on its future strategy and growth aspirations.

The Corporation’s mission to accelerate development impact, foster industrialisation, and enhance value capture and retention across the continent through the provision of critical infrastructure, is crucial for African development and prosperity.

Speaking on the appointment, Samaila Zubairu, President & CEO of AFC, said: “Mr. Emuwa’s considerable experience, insightful perspectives and immense dedication to Africa’s development seamlessly align with our mission.

We are confident that under his continued guidance, AFC will continue to make significant strides in transforming the continent. He brings a deep understanding of Africa’s financial landscape within a global context, and has a clear vision for enabling AFC to further amplify its impact.”

Mr. Emuwa commented on his appointment, saying: “I am deeply honoured to be appointed Chairman of AFC, an institution that has, over the past 16 years, evolved into the leading infrastructure investor in Africa, delivering transformational projects across pivotal sectors of the economy. I look forward to continuing to work closely with the board, management, and all stakeholders to advance AFC’s mission and strengthen its role as a driving force for economic growth and infrastructure development on the African continent.”

AFC with its partners is the biggest investor in renewable energy in Africa following its recent acquisition of Lekela Power, and leadership of major wind power projects including in Djibouti. The Corporation’s development of special economic zones through its investee company ARISE IIP is helping to diversify the economies of nine countries, building a global manufacturing powerhouse.

AFC was appointed lead developer of the Lobito Corridor and Zambia-Lobito Rail Line, bringing together partners including the US government, the European Union, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia.

AFC enjoys an A3 rating (Moody’s) and has successfully raised and mobilised significant amounts of capital from global markets and investors to work alongside African domestic capital to develop the African industrial and infrastructure base.

Patoma Admin by — February 15, 2024 in Others 0
Wigwe was a voice in the financial sector as NIA mourns him, others

By Favour Nnabugwu

 

The Nigerian Insurers Association, NIA, has expressed deep concern for the dead  of the Group Chief Executive Officer of Access Holdings Plc, Dr. Herbert Wigwe, who died alongside his wife and son, in an helicopter crash in the United States on Friday.

The association extends its deepest condolences to the bereaved families, and the entire Access Holdings Group during this period of grief.

It said this in a statement signed by the Chairman, NIA, Olusegun Omosehin.

The NIA noted that late Wigwe was a successful banker, a great patriot, and an important voice in the financial sector, who made huge contributions to the development of Nigeria’s economy.

It said his passing away is truly a loss to the financial sector, and the country as a whole.

The NIA prayed that Almighty God will grant the entire families enough strength to bear the pain of the untimely deaths

Patoma Admin by — February 15, 2024 in Insurance 0
NiMet, NIRSAL Plc drive agricultural productivity nationwide

CAPTION:

L – NiMet DG/CEO Prof. Charles Anosike and NIRSAL MD, Abbas Umar Masanawa, during a meeting at NIRSAL Headquarters in Abuja yesterday

 

By Favour Nnabugwu

 

 

The Nigerian Meteorological Agency (NiMet), and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) have announced that they will collaborate on several projects to boost agricultural productivity in Nigeria.

This followed a meeting in Abuja at NIRSAL Plc’s headquarters yesterday, between the Director General and Chief Executive Officer of NiMet, Professor Charles Anosike, and the Managing Director and Chief Executive Officer of NIRSAL, Abbas Umar Masanawa, OON.

While speaking at the meeting, Professor Anosike said; “The urgency of climate action requires that critical stakeholders collaborate, invest in preparedness and ensure that smallholder farmers are protected by early warnings of climate disaster.

NiMet is keen on exploring opportunities for both NiMet and NIRSAL to partner in de-risking agriculture. With the work that NiMet does and the data it generates on a daily basis, this will help farmers to plan effectively and efficiently”.

Concluding, Professor Anosike said; “Climate change impacts greatly on farming activities and agricultural yield, hence the need for data-driven farming operations. This will help to de-risk the agricultural value chain”.

While welcoming the NiMet team led by Professor Anosike to NIRSAL, the Managing Director/CEO, Abbas Umar Masanawa, OON, said that NiMet has done well over the years not only in the aviation sector but also in the other economic sectors including agriculture.

“The DG/CEO of NiMet, Professor Charles Anosike and his team have been doing very well not only in aviation but in agriculture as well. NIRSAL is interested in collaborating with them to support small holder farmers for increased productivity. This is in line with NIRSAL’s mandate”.

Masanawa said that collaborating with NiMet is critical as the focus will be on increasing primary production. “This will be beneficial to all as the farmers are the ones that are most vulnerable. We are also happy that NiMeT downscales its weather and climate data and information in different local Nigerian languages for wider reach and understanding”.

“A technical committee will be set up for the benefit of Nigerians and small holder farmers, drawn from experts from NiMet and NIRSAL to operationalize quickly the various areas of interest including but not limited to training, data sharing, setting up weather stations etc”, Masanawa concluded.

Patoma Admin by — February 15, 2024 in Aviation 0
Sovereign Trust wows highway managers with Valentine

CAPTION:

A team of Sovereign Trust Insurance with some highway managers as the company extended the love to them today

 

 

By Favour Nnabugwu

 

 

Sovereign Trust Insurance Plc, one of Nigeria’s prolific underwriting firms in the country  has extended the valentine celebration to workers on the street of Lagos including the Lagos Waste Management Authority, LAWMA, popularly known as Highway Managers.

As part of activities to mark the day, Sovereign Trust Insurance Plc distributed items such as work gloves, water bottles and takeaway packs in celebrating the Day with members of the Lagos Waste Management Authority along the axis of Falomo Bridge, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street in the metropolis.

According to the Chief Spokesperson of the organization, Segun Bankole, he said the gesture is in recognition of the important role the Highway Managers play in ensuring that the city of Lagos and our highways are kept clean while making it motorable for vehicle owners and other commuters in the State.

He said the underwriting firm appreciates and recognizes the essence of dignity in labour. In his words, “as unsung as they may seem, we are not oblivious of the phenomenal work they are doing in making the city debris-free especially on our highways”.

The Managing Director/CEO of Sovereign Trust Insurance Plc, Olaotan Soyinka also lend his voice to the gesture undertaken by the company. In his words, “this initiative is not just about gifts, it is about recognizing the essential role these men and women play in our community.

They are often unsung heroes, working long hours in challenging conditions to ensure a clean and healthy environment for all of us. By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions.”

He further stated that the Highway Managers risk their lives and brave the elements, ensuring the cleanliness and hygiene in the city of Lagos. He said the token gifts from the company is simply to acknowledge their hard work and commitment to keeping the city of Lagos clean despite the challenges they confront in the discharge of their duties.

We encourage other businesses and individuals to join us in celebrating and supporting these men and women from time to time. Together, we can make a difference in the lives of these remarkable individuals who do so much for our city and society and at large.

Patoma Admin by — February 14, 2024 in Insurance 0
REGIC appoints four executives

By Favour Nnabugwu

 

 

Royal Exchange General Insurance Company (REGIC), one of Nigeria’s leading insurance companies announced the appointments of four executives to drive the company’s commitment to excellence and innovation in the industry.

The newly appointed executives bring a wealth of experience and expertise to their respective roles

Sunny Uwagboi

The firm appointed Sunny Uwagboi as Executive Director . With a proven track record of leadership and strategic vision, Uwagboi joins REGIC as the Executive Director

Sunny has over 25 years cognate experience in the insurance industry, growing through various business developments roles from entry level to Executive Director.

Sunny holds an MBA in Marketing from Lagos State University, an alumnus of the prestigious Lagos Business School, and an Associate Member of the Chartered Insurance Institute of Nigeria.

Udoks Eze-Marins

Udoka Eze Martins – Regional Director, Abuja and Northern Nigeria: As the newly appointed Regional Director for Abuja and Northern Nigeria, Udoka Eze Martins brings a deep understanding of the regional market dynamics.

Udoka joined the Insurance industry 22 years ago as a Marketing and Relationship management officer. Prior to joining REGIC, she was the vice president/ Head of northern region for Heirs General insurance company

Joyce Odiachi

Dr. Joyce Odiachi – Head, Technical Services: Dr. Joyce Odiachi assumes the role of Head, Technical Services, leveraging her expertise to enhance the technical capabilities of REGIC.

She is a seasoned insurance practitioner with over two decades’ experience and proven expertise in ethical corporate governance, risk management, strategic business start-up, and relationship management

She started her career as an insurance broker and has since worked with a few top-rated insurance firms where she was fully involved in driving the technical operations, ensuring highest standard of service excellence, system turnaround including development of a claims reserve policy for improved bottom-line.

A graduate of Insurance, she also holds a Doctor of Philosophy (Management) from the University of Lagos, Akoka, Yaba. She is a Fellow of the Chartered Insurance Institute of Nigeria (FIIN) and the Risk Managers Society of Nigeria (FRMN).

Adeseye Ajibulu

Adeseye Ajibulu – Head of Claims and Technical Risk Management: Adeseye Ajibulu has been appointed as the Head of Claims and Technical Risk Management. With a focus on ensuring seamless claims processing and effective risk management, Ajibulu will play a crucial role in maintaining the high standards of service for which REGIC is known.

He started his career in Year 2003 and rose to become Head of the Technical Risk Management Team by February 2014. Seye joined Tangerine General Insurance Limited in 2021 as Head of Underwriting and helped to revamp the Underwriting, the Pre and Post-Loss Survey Departments until he left to join REGIC.

He holds a Master’s Degree in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife 2009, a Bachelor of Technology in Estate Management from the Federal University of Technology, Akure (FUTA), 2001, and a member of the Chartered Insurance Institute of Nigeria 2018. He completed stage 1 of the Allianz Global P&C Underwriting Exams in 2020. He has attended several local and international trainings.

These appointments underscore Royal Exchange’s commitment to building a dynamic and skilled leadership team capable of navigating the evolving landscape of the insurance and financial services industry

“We are delighted to welcome these accomplished professionals to the REGIC family. Their collective expertise will undoubtedly contribute to the continued success and growth of our organization,” said Ebelechukwu Nwachukwu, Managing Director/CEO at Royal Exchange General Insurance Company.

Patoma Admin by — February 14, 2024 in Insurance 0
President Tinubu hails the Super Eagles’ great resilience, talent of the Nigerian people

By Favour Nnabugwu

 

 

President Bola Tinubu salutes the Super Eagles of Nigeria for their tenacious performance in the final of the 2024 Africa Cup of Nations (AFCON) in Côte d’Ivoire.

President Tinubu commends the team, the coach, the crew, and the entire management team for their hard work, assiduity, and sacrifice to come this far in the tournament, acknowledging the hurdles they consistently surpassed with steadily improving performance as they pulled through to the finals.

The President urges Nigerians to be of good cheer, emphasizing that we won a great victory in the hearts of Africa and the world by our grit, rigour, and determination in the field of play.


“Let this passing event not dispirit us, but bring us together to work harder. We are a great nation bound as one by the green-white-green banner of resilience, joy, hope, duty, and untiring love. To those cherished Nigerian youths expressing their gifts in communities, drawing lines in the sand as they play football in their humble rectangles of play, you can be our heroes tomorrow, do not relent in your pursuit. My administration is here to make dreams come true,” the President says.

 

Patoma Admin by — February 14, 2024 in Metro 0