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As UK Enters Recession, What Does this Mean for Nigeria?

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It is official, the UK economy has entered a recession for the first time in 11 years.

Economic growth during the second quarter was abysmal, plunging 20.4% after a 2.2% fall in the first three months of 2020. This was the largest recession on record and worst GDP seen in Western Europe. To rub salt into the wound, data released earlier in the week revealed an estimated one million jobs had already been erased during the coronavirus induced lockdown.

The current recession in the United Kingdom will certainly have negative impacts on bilateral trade between Nigeria and the United Kingdom. A possible spillover effect on Nigeria amid a reduction in trade and investment could enforce further pressure on the country which already entangled in a fierce battle against COVID-19.

As we move deeper into the third quarter of 2020, the outlook for Nigeria will remain influenced by not only the coronavirus developments but Oil prices and implementation of the revised 2020 budget of N10.81trillion.

Given how the economic calendar for Nigeria is void of Tier 1 economic releases this week, expect the Naira to be impacted by Dollar shortages and local stocks to remain influenced by domestic risks.

Commodity spotlight – Gold

It has been a wild week for Gold.

The precious metal experienced some hefty profit taking with prices plunging as low as $1863 yesterday before rebounding back above $1900. With US 10-year Treasury yield jumping the highest level since early July, this dented some of Gold’s allure.

However, the outlook for Gold remains bullish, with this current pullback potentially opening the path to fresh all-time highs as fundamentals stimulate appetite for the metal. Looking at the technical picture, a weekly close above $1900 could signal further upside in the medium term.

For those who like to look at Gold on the shorter timeframe, keep a close eye on how prices react around the $1900 psychological level on the H4 charts. Weakness below this level could trigger a decline towards $1870.

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Kuda Unlocks Instant Online Accounts for NGOs and Religious Bodies

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Kuda has updated its business banking services to allow NGOs and incorporated trustees to open and manage business accounts entirely online. The move means religious organisations, charities, and other registered organisations no longer have to navigate the long wait and paperwork traditionally associated with setting up a business account.

Kuda Unlocks Instant Online Accounts for NGOs and Religious Bodies

Nosa Oyegun,

On the Kuda Business app, organisations registered with Nigeria’s Corporate Affairs Commission (CAC) can choose the NGO option during signup, submit their CAC documents, and provide trustee details. Once verified, accounts are activated within minutes, a significant reduction from the days or weeks it can take under traditional business banking processes.

For many NGOs and religious institutions, handling donations, grants, and operational expenses has long been slowed by manual systems and branch-based requirements.

The Kuda Business update is expected to make financial management faster and more transparent, allowing organisations to focus on their mission instead of battling administrative bottlenecks.

Nigeria is home to thousands of registered NGOs and religious organisations, with Lagos State alone accounting for over 10,000 churches and mosques as of the last count in 2021. Across the country, incorporated trustees play a critical role in education, healthcare, humanitarian response and community development. Despite their scale and economic relevance, access to modern digital banking tools has remained limited for many of these institutions.

Nosa Oyegun, SVP Business Banking at Kuda, said the update is proof of Kuda’s focus on removing structural barriers that slow Nigerian organisations down. “NGOs and religious organisations are responsible for managing funds that directly impact communities, yet they are often forced to operate with outdated banking processes,” he said.

“By enabling incorporated trustees to open Kuda Business accounts entirely online quickly, we’re giving these organisations access to the same modern financial tools built by Kuda that other businesses already use, so they spend less time doing admin work.”

With Kuda Business, NGOs and religious organisations can manage incoming donations and grants, make payments, track transactions in real time, generate professional account statements for audits and reporting, and grant controlled access to trustees, treasurers and administrators, all on a single app.

Kuda designed the account signup process to meet regulatory requirements while significantly reducing manual reviews and customer support workload. Automations shorten notoriously long business signup timelines while improving information accuracy and user experience.

As reforms promoting cashless payments and digital financial services take hold in Nigeria, NGOs and religious organisations are under increasing pressure from donors, partners and regulators to operate with greater financial transparency and efficiency.

The new Kuda Business update is therefore timely, offering a dedicated digital account specifically designed for this segment, unlike many traditional banks and fintech platforms that treat incorporated trustees as special cases requiring comparatively slower manual intervention.


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Catholic Bishops Urge FG to Give Tax Laws Human Face

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Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

Catholic Bishops Urge FG to Give Tax Laws Human Face

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.

The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.

Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.

They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.

In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.

“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.

“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”

The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.

The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.

“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.


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Taraba Adopts Electronic Case Management System

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Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.

The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.

Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.

Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.

He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.

Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.

He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.

Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.

He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.

The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.


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