News
Fitch Upgrades Lagos Rating to AAA
Fitch Ratings, an Internationally renowned rating agency, in its recent publication outlining the standing of the State has upgraded Lagos State ratings from AA+ (nga) to AAA(nga) for its good standing in terms of its debt sustainability, and resilience.
Communicating the development to the Commissioner for Finance, Dr. Rabiu Olowo, Fitch Ratings said the feat was published in the Y2020/2021 rating report, noting that the upgrade of the National Long-Term rating reflects Lagos State’s strength compared with national peers as well as its resilient operating performance during the Pandemic.
The congratulatory message signed by Mr. Andrew Parkinson, the Senior Director, Head Sub-Saharan Africa, said: “I just wanted to say congratulations on the upgrade to AAA (nga). This is a fantastic achievement and an endorsement of all the good work going on in your department.”
He stated that the current rating underpins the State’s capacity to service its financial obligations owing to its stronger operating performance driven by IGR, which makes Lagos an outliner in the national context.
“The assessment reflects Fitch’s view of risk relative to international peers with the ability to recover debt service with the operating balance”, he said.
According to Fitch, Lagos benefits from a solid revenue structure driven by IGR, which represents 70% of its N620b operating revenue at the end of Y2020.
The company maintained that the State has embarked on a number of finance cost savings initiatives over the years, through restructuring of local borrowings to reduce overall debt service obligations, pointing out that in November 2020, Lagos fully retired its N87.5bn Bond and also conducted an early redemption of its Programme 3 Series II (tranches I &III) as well as series 1 Bond in February 2021 and June 2021 respectively.
Recall that the State opted to call the Bonds in order to take advantage of low yield environment (general low-interest rate) in the Money and Debt market while making significant savings in the overall cost of debt service. It has started the process of new Bond Issuance at a lower coupon to replace the recalled Bond and is poised to effectively increase its financial performance each year.
Lagos State’s reputation as a responsible Issuer and player in the Nigerian Capital Market is not in doubt and this can be testified in its Ratings Nationally and Internationally.
Furthermore, the State Government has successfully restructured all existing loan facilities and brought about a reduction in interest rates from an average of 18% to 12%., and delivered huge savings on the State’s debt servicing cost thereby easing cash flow.
As further testimony to the credibility of Lagos State, the N100bn Bond that was issued in January 2020 was listed early this year on the FMDQ Exchange, NG Exchange. This has also given greater visibility to the State, ensured transparency as well as increased the Bond Holders confidence.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria
In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
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