News
Coronation Merchant Bank Projects 2.8% GDP Growth for 2023

Experts at Coronation Merchant Bank have projected 2.8 per cent growth in Gross Domestic Product for 2023, attributing it to slow policy implementations and capital expenses due to laser focus on the general elections and transition between administration in the first half of the year.

Chinwe Egwim, the Chief Economist and Head, Economic Research/Intelligence, Coronation Merchant Bank, in a presentation stated that the GDP growth is projected to be driven mainly by the non-oil sector.
According to her, “The services, agriculture and manufacturing sectors are likely to remain key growth drivers, supported by financial interventions by the CBN. Furthermore, the effective implementation of the 2022 Finance Act and the Strategic Revenue Growth Initiatives should contribute to the growth drive through increased non-oil revenues.
“We also considered stable oil prices above USD80/barrel. However, we expect domestic crude oil production to remain below pre-COVID19 levels, due to existing challenges within the sector.
“We have also taken into consideration, relatively weak consumption patterns on the back of high inflation and its impact on service-oriented sectors, the impact of foreign exchange depreciation and increased borrowing costs on business activities.”
She noted that there would Be increased foreign exchange demand due to the need for safe- haven currency (USD) on the back of security concerns.
We expect weak portfolio investment inflow on the back of negative real returns (yields vs inflation) and the political risks surrounding the 2023 general elections. We considered the absence of Nigeria from the ICM in the near term, which does not bode well for external reserves.
“Accordingly, we expect that the existing demand patterns in the parallel market will continue. In our base case scenario, we see the foreign exchange rate at the NAFEX/I&E window at N505/ USD by end-2023.
“We considered: stable growth in non-oil exports boosted by the RT 200 foreign exchange program, continuous injections by the CBN (avg. seven per cent of total inflows on a m/m basis), halt to fuel subsidy payments by end-H1 2023.
She stated that analysts at Coronation Merchant Bank expected inflation to moderate in 2023, partly attributed to positive base effects and the Monetary Policy Committee’s (MPC) current stance on the policy rate.
She noted that the persistent supply shocks on the back of the on-going Russia-Ukraine crisis as well as structural issues impacting the cost of doing business such as insecurity and other logistical challenges would likely keep inflation elevated.
“Other factors include, base effects, depreciation of the naira in the parallel market and an uptick in the price of PMS, due to the potential subsidy removal which would impact the cost of transport and possible demand-pull inflation triggered by increased fiscal stimulus.
“In our base case scenario, we see inflation at 18.3per cent y/y for end-2023,” she added. Speaking at the leading financial institution’s Economic Review and Outlook themed: “baton handoff economic headwinds and risk resilience in Lagos recently,” she noted
Also speaking at the event, Mr. Banjo Adegbohungbe, the MD/CEO, Coronation Merchant Bank, in his opening speech said imminent transition is the overall theme of 2023 as Nigeria is currently having transitions in so many spheres happening at once.
According to him, “And not just that this transition is happening at the domestic environment, we also have the domestic impact of a lot of events that are occurring across the globe at the same time.
“For example, the recent downgrades of Nigeria’s risk ratings highlight various concerns around critical challenges that are filled the spotlight on our direction post transition in 2023.
“While there are significant headwinds in 2023, we believe that the potential also exists to tap into new opportunities.
“At the end of the day, the focus is simple and that is to enable you navigate the headwinds and achieve your respective strategic objectives by identifying those new opportunities.”
News
Access Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline

New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.

In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
News
NCAA to Introduce RFID Technology to Tackle Missing Luggages

Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
News
Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
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