Connect with us

Business

Cashless Transactions Hit N611trn –NIBSS

Published

12 months ago

on

The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that cashless transactions in the country rose to N611.06trillion in 2023.
It said the payments grew by 54.55 per cent year-on-year from N395.38trillion in 2022.
NIBSS Instant Payments is an account-number-based, online real-time Inter-Bank payment solution developed in 2011 by NIBSS.
It is the Nigerian financial industry’s funds transfer platform that guarantees instant value to the beneficiary.
An analysis of data from NIBSS showed that electronic payment channels were used 11.05 billion times in 2023, a 75.96 per cent increase from the 6.28 billion times they were used in the prior year.
It showed that the total value of instant payments in 2023 was N600.36trillion, and Point of Sales transactions was N10.7trillion and relied upon for 1.38 billion times.
The firm noted that the figures, which hit an all-time high, indicated improvement in the acceptance of cashless payments by Nigerians.
While the e-payment data showed a steady increase throughout the 12 months of the year, the highest value was recorded in December, which was a festive period.
In December, Nigerians transacted up to N71.9trillion over electronic channels.
The NIBSS data showed that e-payment volume hit an all-time high of 1.1 billion in March 2023, when the country experienced cash scarcity and were forced to transact through electronic channels.
However, the value for March was not as high as what was recorded in December.
Meanwhile, the volume of transactions processed by NIBSS for the year also jumped to 9.7 billion during the period under review from 5.1 billion in 2022, representing a 90 per cent increase year-on-year.
A look at the value of electronic transactions month by month showed that Nigerians spent N38.9tn on electronic platforms in January and in the following month,e-payment value stood at N36.8tn.
Similarly, in March 2023, the value of electronic transactions jumped to N48.3trillion, driven by the scarcity of cash at that time.

Related Topics:
Continue Reading

Business

Minister Inspects Nigeria/Benin Republic-owned Sugar Firm … Decries Decrepit Condition

Published

5 days ago

on

January 17, 2025

By

Nigeria’s Minister of State, Industry, Federal Ministry of Industry Trade and Investment, John Owan Enoh, has inspected the Savé Sugar Company, a joint venture between Nigeria and Benin Republic, decrying the current decrepit condition of the facilities.
Inspecting the once thriving company located in Cotonou, Benin Republic recently, the Minister expressed  appreciation for the extra security measures put in place by the government of Benin Republic to secure the Savé Sugar Company which was  Established in 1975.
Special adviser to the Minister on Media, Diana Tiku Nsan, said on arrival in Cotonou,  Sen. Enoh paid a courtesy visit on his Benin counterpart, Minister He noted that during the ship’s port calls, the team engaged with the Indian diaspora worldwide.
Approximately 200 individuals received medical attention from the naval health team during the camp, and beneficiaries were also given free medications.of Commerce and Industry, Benin Republic, Shadiya Alimatou Assouman, where a meeting with both ministers resonated with shared concerns and aspirations of both countries.
Assouman said, “this visit marks a historic moment. Since the inception of the company, no Nigerian minister has visited the facility.
“Your bold step signifies a commitment not only to the sugar complex but also to the bilateral relations between our nations”.
The Minister, who proceeded on an on-site  inspection of the facility, observed that the company has experienced changing fortunes and now lies almost decrepit with the last managers, Compliant of China, having vacated in May 2023, at the expiration of a 20-year lease agreement.
After the assessment, the Minister said, “various meetings at both technical and policy levels have continued to be held, but an action is needed.
“This visit is an eye opener, and more than anything else, we seek its revival. The two countries, as a matter of urgency, need to get a worthy core investor within the shortest possible time.
“This is not just about sugar; it is about livelihoods, partnerships, and the shared future of our nations.
“However, where that is not feasible, the recommendation of the 2021 joint assessment report which submits to the selling of our equity in the company will be brought to the table for possible consideration. Action starts today”.
Nsan also said “the deteriorating situation with the Savé Sugar Company Ltd predates the exit of the Chinese. A joint assessment visitation in 2021 was quite damning and recommended that Nigeria sell its equity holding in the company.
“This was declined by the Buhari administration, which instead preferred that upon expiration of the lease agreement with Compliant of China, the two governments competitively source for new core investors.
Continue Reading

Business

NGA Becomes Official Partner To 29th Gas Conference … As President Set To Address 2025 World Summit

Published

5 days ago

on

January 17, 2025

By

The Nigerian Gas Association (NGA) has been officially announced as an “Association Partner” for the 29th World Gas Conference (WGC) 2025, which will take place from May 19 to 23 in Beijing, China.
The WGC 2025 is organised by the International Gas Union (IGU) and hosted in 3-year intervals.
It is the largest and most influential event in the global gas industry bringing together thousands of industry leaders, policymakers, gas executives, specialists, and exhibitors.
The event serves as a critical platform for discussing the future of the gas sector, showcasing innovations, and facilitating high-level collaborations among key stakeholders.
President of the NGA, Akachukwu Nwokedi, will join global energy and gas leaders who will headline the event as speakers.
The conference, billed to focus on the theme, “Energising a Sustainable Future”, is projected to have over 30,000 participants from 70 countries, including 600 companies, 300 exhibitors, and 400 expert speakers.
Nwokedi will emphasise Nigeria’s critical role as a major global natural gas market player.
With over 200 trillion cubic feet of proven gas reserves, Nigeria is Africa’s largest resource proprietor and one of the top ten globally.
Nwokedi will detail Nigeria’s initiatives aimed at exploiting these vast reserves to drive domestic economic growth, secure energy supply, and contribute to international sustainability goals.
Reflecting on the upcoming event, Nwokedi said, “We are proud to have the NGA support the WGC 2025 as an Association Partner.
“The World Gas Conference is a key forum for sharing knowledge and driving meaningful dialogue on the future of natural gas, particularly as the world grapples with the need for a balanced energy transition. Nigeria has a wealth of natural gas resources that, if appropriately harnessed, can position us as a leader in global energy markets.
“The WGC will be a veritable platform for sharing updates on recent industry initiatives, which aims to showcase Nigeria as a destination for gas investments, boost the country’s domestic economic growth and the role of gas in Nigeria’s decarbonisation efforts.
“I am honoured to have been invited to speak as the leader of Africa’s leading gas advocacy group to expound on Africa’s plans to harness untapped natural gas reserves in providing energy security for its 600+ million undeserved population, and how Nigeria is at the forefront of this energy revolution.
“This is important because we understand that maximising the potential of these resources will require strategic investments in infrastructure, policy reforms, and a commitment to cleaner energy solutions”.
With more than 90 years of history, the WGC has consistently provided a platform for discussing the evolving role of natural gas in the global energy mix.
The NGA invites its members and other natural gas value chain players to participate prominently through sponsorship and inclusion in the Nigerian Pavilion at the conference in China.
As Nigeria’s largest gas advocacy body, the NGA remains steadfast in its mission to promote natural gas as a critical component of Nigeria’s energy future and advocate for policies that support its sustainable development.
Through partnerships with global organisations and platforms like the WGC, NGA aims to ensure that Nigeria maintains its position as a leading player in the energy sector.
Continue Reading

Business

Dangote Refinery Affecting European Oarkets – OPEC

Published

5 days ago

on

January 17, 2025

By

The Organisation of Petroleum Exporting Countries (OPEC) has said Dangote Refinery is affecting European markets, as importation of petroleum products in Nigerian had dropped.
A report by OPEC, midweek, noted that in the last quarter of 2024, “imports also declined, particularly oil product imports, improving the outlook for the external sector”.
In September 2024, Dangote Refinery, a $20 billion project, spearheaded by billionaire Aliko Dangote, officially begun petrol production, marking a significant milestone in Nigeria’s energy sector.
Announcing the feat, Dangote said: “This refinery will fuel growth, development, and prosperity by supplying energy to our people”.
Accordingly to data OPEC got, the average daily crude production in Nigeria hit 1.507 million barrels in December.
The OPEC report noted that the Dangote Refinery, at 650,000 barrels per day, bpd capacity, is 246,00bpd more than Shell’s Pernis refinery in the Netherlands. Also, BP Rotterdam in the Netherlands has 380,000 bpd capacity.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market.
“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward”, OPEC stated.
Continue Reading

Trending