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FITC Partners CFA to Host National Economic Development Outlook

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FITC in collaboration with CFA Society Nigeria, has organized the second edition of the National Economic Development Outlook Series (NEDS) 2023, to equip individuals and organizations with a firm understanding of the macro-economic environment in Nigeria and how to win under the circumstances.

The virtual event held recently, with a cross section of speakers, panellists, local and international economists, and participants across the financial services industry, including banking, insurance, securities markets, and industry regulators, who came together to share and learn contemporary insights on the programme theme; “What Next for Nigeria’s Economic Growth? Overcoming Inflation, Rising Interest Rates, Debt and Uncertainty”.

In her welcome address, Chizor Malize, the host, and Managing Director/CEO FITC, stated that the NED series is one of the Institute’s visionary programmes, that brings together significant personalities to deliberate on the issues that are critical to the nation and its economy and to provide business insights for organizations to steer and navigate the unique and precarious economy.

Ibukun Oyedeji, President of the CFA Society, Nigeria, reiterated the focus of the event, which deliberated on economic issues, overcoming inflation, Nigeria’s rising debt profile, the outlook on fixed income, equities, Monetary Policy Rate, the Finance Act 2023, its implementation and the comparison of it to the prior Finance Acts in Nigeria.

Dr. Ayo Teriba, Chief Executive Officer (CEO), Economic Associates, delivered the keynote address, which he anchored on the Federal Government 2023 Budget. He stated that the current reality is that the world is in the eye of the storm, the ripples of the geopolitical tensions have presented the global landscape with the perfect storm in which both the income statement and the balance sheet are in turmoil.

In his remarks, Tilewa Adebajo, CEO, The CFG Advisory, stated that Nigeria spent millions of naira on subsidies in 2022, buttressing that if these monies were pumped into the economy, instead of being used on subsidies, there will be a positive impact especially on the nation’s deficit. He also stressed the need for structural reforms of the Nigerian economy.

Building on Adebajo’s remarks, The MD, RMB Nigeria Asset Management, Kike Mesubi further reinforced the need to remove subsidy, noting that the amount spent on subsidy can be injected into the real sector of the economy, like infrastructure and real estate.

“As it stands a huge sum from oil produce is spent towards subsidies, if that goes off, that is additional money to develop the economy and will ultimately increase the revenue that has been budgeted for the year” she said.

Partner, PwC, Mr. Kenneth Erikume speaking on tax revenues, commended the efforts of the FIRS in ensuring the tax administration process is digitized, while also introducing some reforms around taxation of non-residents, introduction of VAT collection, by digital service companies, thus growing tax revenue from 6.4 trillion in 2021, to 10.1 trillion in 2022, a 58% increase. He further analyzed this and noted some risks in performance for 2023.


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PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme

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PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.

Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.

The initiative forms part of  PalmPay’s ongoing efforts to   advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.

The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.

Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.

Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”

As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.

PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.


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The Gathering on 100 Awards N5m to Young Entrepreneurs in Enugu

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The Gathering on 100 made its latest stop in Enugu over the weekend, bringing together hundreds of young Nigerians for a day of networking, fun, entertainment, and business opportunities.

The Gathering on 100 Awards ₦5 Million to Young Entrepreneurs in Enugu

The event, previously held in Lagos and Aba, arrived in Enugu as the city gains recognition as one of Nigeria’s emerging innovation and startup hubs. Recent ecosystem reports rank Enugu among the country’s leading startup cities. The South-East region now accounts for more than half of identified startups across the South-East and South-South, highlighting the region’s growing role in Nigeria’s entrepreneurial landscape.

A major highlight of the Enugu edition was the Pitch-a-thon competition, where three entrepreneurs received a combined ₦5 million in grants to support their business growth. More than 100 entrepreneurs applied for the competition, with 10 finalists selected to pitch before a panel of judges. At the end of the contest, Velas Global Nutrition Limited emerged as the overall winner, securing ₦2.5 million. Werxio, founded by Donatus Prince, received ₦1.5 million, while Whipcare Company was awarded ₦1 million.

These grants address a persistent funding challenge. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the country is home to over 39 million MSMEs, contributing nearly half of Nigeria’s Gross Domestic Product and accounting for about 84 per cent of employment nationwide. Despite this, access to finance remains a significant obstacle to business growth.

For Chizoba Osuji, founder of Velas Global Nutrition Limited, the funding facilitates the expansion of a business built on years of research. Her company processes indigenous crops into shelf-stable blends, supporting nutrition and local women smallholder farmers. “This is motivation to keep making Nigerians healthier through better food,” she remarked, noting the grant will fund semi-automated equipment to increase production capacity to 20 tonnes monthly.

She added that the ₦2.5 million grant would be used to acquire semi-automated equipment capable of increasing production capacity to about 20 tonnes monthly. Beyond increasing output, the expansion is expected to create additional opportunities for women smallholder farmers across the South-East who supply many of the raw materials used by the company.

Speaking on the initiative, MTN’s Regional General Manager (Sales), Callima Inino, represented by Peter Kajovo, said The Gathering on 100 was designed to provide young Nigerians with platforms to connect, learn, showcase their talents and access opportunities that can help them grow.“We want to encourage youths to live their best lives and have fuller expressions of themselves,” he said.

As the Enugu edition concludes, the energy of the South-East’s startup scene remains evident. The Gathering on 100 continues its nationwide tour, connecting more young founders with the visibility and support they need. Stay tuned to discover where the tour will land next as it moves to its next exciting location.


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Nestlé Commits to Boosting West Africa Solar Rollout Through Partnership

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Renewable energy firm Daystar Power Group has expanded its installed solar capacity across West Africa through a partnership with Nestlé, bringing total deployments to 6,884 kilowatt-peak (kWp), or nearly 7 megawatts (MW), in what the company describes as one of the largest commercial and industrial solar partnerships in the region.

Four manufacturing facilities across Nestlé sites in Côte d’Ivoire, Ghana and Senegal are now operational, with installations located in Abidjan, Tema and Dakar.

Daystar Power has installed 3,447 kWp across two sites in Abidjan, Côte d’Ivoire. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory, while in Senegal an 890 kWp installation operates at the Dakar facility.

The company said each system is designed to deliver measurable environmental impact, including reduced greenhouse gas emissions and improved energy resilience.

The installations are tailored to local operational and grid conditions to ensure reliable renewable energy supply while supporting Nestlé’s net-zero ambitions and its commitment to reducing greenhouse gas emissions.

“Nearly 7MW across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that across every market where industry needs energy it can count on,” said Yischai Beinisch, CEO of Daystar Power Group.

Samer Chedid, CEO of Nestlé Central and West Africa Region, said: “This investment reflects our commitment to building a business that not only grows but does so responsibly.

“By advancing solar energy projects in Ghana, Côte d’Ivoire and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities and ensuring that our footprint actively contributes to a cleaner, more resilient future.”


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