Telecom
FG Lauds Moniepoint’s Contributions to the Growth of the Informal Economy

Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu’s Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.

L – R Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Honorable Minister, Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, and Director General, Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Charles Odii, at the launch of the Moniepoint Informal Economy Report 2024 in Abuja recently.
He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.
The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:
The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old
There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly
Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses
The reality that unemployment is the primary driver for starting a business by many players in the informal sector
Sen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. “We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.
In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.
Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.
She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.
Also delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.
“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”
Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner. The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”
In a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.
“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”
Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.
The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.
Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.
Telecom
ATICEN Commends NLC for Suspending Strike over Telecoms Tariff Hike

Comrade Adede John Williams, president of the Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers’of Nigeria (ATICEN), has commended the Nigeria Labour Congress (NLC) for suspending the planned strike over tariff hike by Nigerian Communications Commission (NCC) for the Nigeria telecommunications operators.

Joe Ajaero, president, NLC,
He called on members and the general assembly of the Nigeria Labour Congress, telecoms subscribers, stakeholders, and all interested parties to see the need to accept the reality of things as they unfold.
He emphasised that rising inflation, energy costs, operational costs, and currency devaluation challenges faced in the country were the key reasons for the recent tariff hike, adding that the costs of importing telecommunications equipment, the maintenance support system, and unreliable electricity supply had affected the profits supposedly accrued to telecoms operators.
He, therefore, urged the telecommunications subscribers and Nigerians to always have the interests of the services of telecommunications operators at heart for the industry’s sustainability, as the industry regulator is always championing the consumer’s protection rights.
“So, it is important to know that the recent increase in telecoms tariff was approved according to its regulatory power under Section 108 of the Nigerian Communications Act, 2003 (NCA) to regulate and approve tariff rates and charges for telecommunications operators operating in Nigeria,” he said.
Williams equally acknowledged Dr. Bosun Tijani, minister, Communications, Innovation and Digital Economy, and Dr. Aminu Maina, EVC/CEO, Nigerian Communications Commission (NCC), for taking a proactive step in managing the NLC’s planned strike.
Telecom
Airtel Nigeria’s Communications Director Champions Workforce Transformation at PAU Career Fair

Femi Adeniran, the Director of Corporate Communications and CSR Airtel Nigeria, has called for a human centric approach to workforce transformation in the face of rapid technological advancements.
Mr. Adeniran made this statement during a panel discussion titled ‘Building a Workforce for the New Era: Talent, Technology, and Transformation’ at the 2025 Career Fair, hosted by Pan-Atlantic University on Wednesday, February 5, 2025, at the University main campus.
He stressed the importance of organizations prioritizing clear corporate communication, continuous learning, and reverse mentoring to foster a resilient, future ready workforce, highlighting how crucial corporate communication is in enhancing workforce agility and driving innovation.
“Organizations that master transparent and engaging communication are better positioned to integrate digital tools seamlessly while maintaining a strong human connection. It’s not just about technology; it’s about empowering people through effective engagement, and purpose-driven messaging.” He said.
Mr. Adeniran also urged organizations to invest in upskilling and reskilling their workforce, advocating for a proactive approach to talent development that ensures employees remain relevant amid industry shifts.
He highlighted Airtel Nigeria’s commitment to nurturing talent through initiatives such as the “Open Talent Economy” an ambitious initiative aimed at preparing undergraduates for the evolving demands of the modern workforce.
The panel discussion brought together leading industry experts, including Olabisi Omoregie (Head, Corporate Services, Fast Credit Ltd) and Abike Wesey (General Manager, HR & Admin, Mutual Benefits Assurance).
Moderated by Dr. Ruth Karachi Benson Oji, the discussion delved into the impact of artificial intelligence, automation, and digital transformation on employment. Panelists emphasized that while technology is reshaping job functions, human adaptability, emotional intelligence, and strategic foresight are still crucial.
The career fair reaffirms Pan-Atlantic University’s commitment to fostering meaningful engagements that bridge the gap between academia and industry. The institution remains dedicated to empowering students and professionals with the insights needed to excel in the evolving job market.
Telecom
MTN mPulse Inspires Excellence at Glorious Covenant School in Rivers State

MTN Nigeria’s mPulse team recently visited Glorious Covenant School in Rivers State to celebrate the remarkable achievement of Ikenna Ikechukwu, the 2024 MTN mPulse Spelling Bee champion.
The event, held on January 22, 2025, was not just a recognition of Ikenna’s hard work but a call to students everywhere to aim higher and reach for greatness.
The event highlighted the transformative power of education and innovation. At the 2024 Spelling Bee Grand Finale in November in Lagos, Ikenna emerged the Spelling Bee champion title, and was awarded ₦5 million scholarship, a laptop, a smartphone, and an mPulse goody bag.
His win also extended to his school, which received 10 laptops and 10 MTN 5G routers, underscoring MTN’s commitment to enhancing digital education and closing the digital divide.
“This competition isn’t just about spelling words; it’s about unlocking the potential of young Nigerians and inspiring them to achieve greatness,” said Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria. “We hope to see more students step into the spotlight like Ikenna.”
For the students and teachers at Glorious Covenant School, the visit was more than a celebration—it was a challenge to dream big.
Many of the students shared aspirations of participating in future editions of the Spelling Bee, encouraged by Ikenna’s inspiring story. “Winning this competition has changed my life,” said Ikenna. “I hope my journey motivates other students to work hard and believe in their potential.”
By visiting Glorious Covenant School, MTN not only celebrated Ikenna’s success but also reinforced its commitment to empowering the next generation of leaders and innovators. Through initiatives like the mPulse Spelling Bee, MTN continues to inspire Nigerian youth to pursue excellence and achieve their dreams.
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