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
WHO Says Ebola Outbreak Worse than Reported

World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.
At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had tightened surveillance against the deadly virus.
The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.
In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.
Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.
He added that surveillance has been increased at entry points and within Nigeria’s health system.
According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.
The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.
Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.
Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.
News
Digital PayExpo 2026 to Convene Africa’s Most Influential Payments Leaders in Lagos

Africa’s digital payments ecosystem will take center stage as Digital PayExpo 2026 returns to Lagos on June 17–18, 2026, at the Landmark Centre, Victoria Island, under the theme: “Seamless Digital: Fostering Pan-African Market Expansion in the AI Era.”

At a time when artificial intelligence, cross-border commerce, and financial inclusion are redefining Africa’s economic future, the event is set to convene over 3,000 senior executives, policymakers, fintech innovators, and global technology providers.
The speaker lineup reflects a powerful blend of regulatory leadership, private sector innovation, and pan-African expertise.
Among the headline speakers:
- Dr. Rakiya Yusuf, Director, Payment Systems Supervision, Central Bank of Nigeria — a key architect in Nigeria’s payment system reforms.
- Dr. Folasade Femi-Lawal, Country Manager & Area Business Head (West Africa), Mastercard — a leading voice in digital payments expansion across Africa.
- Clara B. Arthur, Managing Director, GhIPSS (Ghana) — driving Ghana’s interoperable payment ecosystem.
- Wacera Maina, Chief Operations Officer, Kenwitch Kenya — an expert in East Africa’s payment infrastructure evolution.
- Akeem Lawal, CEO, Interswitch Group — a pioneer in Africa’s fintech growth story.
- Ngover Ihyembe-Nwankwo, Executive Director, NIBSS — shaping Nigeria’s core payment infrastructure.
The conference will explore:
- AI-powered financial services
- Cross-border payment systems and interoperability
- Cybersecurity and trust frameworks
- SME financing and financial inclusion
- Infrastructure for a unified African digital economy
With participation from banks, fintechs, telcos, regulators, and global payment networks, Digital PayExpo 2026 is positioned as a critical marketplace for ideas, partnerships, and investment flows. Register: https://digitalpayexpo.com/register
Sponsorship Enquiries: [email protected]
News
Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.
According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:
47% regularly coach elderly relatives and children on safe online practices
45% advise family members to adopt password manager solutions
42% encourage the use of multi-factor authentication (MFA)
An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts
Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.
As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.
The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.
According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.
For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.
The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.
“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.
“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.
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