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Nigeria’s Financial Markets Receive Boost from UK-aid via FSD Africa

Nigeria’s financial markets have been boosted by a series of announcements and commitments by Financial Sector Deepening (FSD) Africa, a specialist development agency working to strengthen financial markets across sub-Saharan Africa.

The announcements were made as part of a two-week trip led by senior leaders from the UK-Aid funded agency in collaboration with partners. These included the Lagos State Government, the National Insurance Commission (NAICOM) of Nigeria, Infracredit, FMDQ, the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), and BFA Global.
From progress in implementing green bonds to opportunities for the local pension sector and solutions to help the country’s insurance industry respond to climate change, the initiatives will enhance the strength and health of Nigeria’s financial markets, building the foundations for a stronger more resilient national economy.
The announcements included:
· Meeting with Lagos State Governor, Babajide Sanwo-Olu – review progress of the Lagos State Green Bond Issuance and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (SDGs) and support infrastructure and social development for Lagos State.
· R3Lab – implemented in collaboration with NAICOM and UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) to improve the effectiveness of regulation in the insurance sector. The initiative will deliver capacity-building and exchange programmes, learning resources, and forums for insurance supervisors. R3Lab is being implemented across the continent.
· Fintech X Climate Resilience Startup Challenge – an initiative to shine a spotlight on innovative solutions to build climate resilience. Local start-up, Soso Care a micro mobile health insurance startup enabling people to pay health insurance with recyclable waste was awarded $5k, as part of the challenge. D-Olivette, which provides a decentralized energy solution for rural, off-grid, and agrarian communities; Salubata, which creates bespoke shoes from recycled plastic waste; and Foodlocker, which provides a platform to link smallholder farmers with markets, were the other finalists.
· The Nairobi Declaration on Sustainable Insurance – a continental commitment by African insurance industry leaders to support the achievement of the SDGs. The Nairobi Declaration brings together local and international insurance firms to promote the achievement of SDGs and make it easier for them to understand the commitment to support the achievement of the SDGs.
· Launch of Nigeria Green Bond Report – The Report provided an update on the development of a green bond market in Nigeria. The report found Nigeria continues to lead the continent in the development and issuance of green bonds. To date, N49.19 billion has been raised from domestic private investors in three different issuers through support from the programme. In addition, 500 capital market participants have benefited from training programs, with two local organisations, licensed as green bond verifiers in Nigeria.
· Roundtable with Pension Fund Administrators – FSD Africa held a roundtable with Pension Fund Administrators. Led by the Pension Fund Operators Association of Nigeria (PENOP), the stakeholders discussed among other things, diversifying investments from the usual government securities and investing in innovative instruments, which can be de-risked by FSD Africa and partners. The stakeholders also looked at challenges and solutions around mobilising domestic pension fund assets to provide long-term finance to support Nigeria’s economic development.
· Unlocking Climate Aligned Local Currency Infrastructure Bonds – FSD Africa and Infracredit signed a Technical Assistance Agreement under which FSD Africa will provide funding for technical assistance to support pre-feasibility studies as well as the pre-transaction and transaction costs, including the design of innovative financing solutions for eligible projects that can issue climate-aligned local currency infrastructure bonds. The successful implementation of the project will enable up to ten climate aligned infrastructure projects reach financial close, support new job creation and enable more capital markets instruments to be issued to institutional investors. Click for additional information.
Commenting on the visit: Mark Napier, CEO of FSD Africa said: “As Africa’s largest economy and country in terms of population, stronger more robust financial markets are critical for Nigeria’s growth and prosperity.
“FSD Africa remains a committed partner for strengthening Nigeria’s financial market, and we are thankful to our partners for their continued efforts and collaboration to unlock new pathways to prosperity and resilience for Nigerians.”
Ben Llewellyn-Jones OBE | Deputy High Commissioner, UK High Commission in Nigeria said: “Nigeria’s incredible capacity for innovation and entrepreneurship is powering a new era of economic growth that, with the right ingredients, can bring wealth and stability to more Nigerians than ever before.
“I’m incredibly proud that, through the work of organisations like FSD Africa and its partners, the UK government is helping get those ingredients in place. Core to everything, are effective financial markets, with the capacity to help scale-up businesses, insure against unforeseen risks, and energize the emergence of a sustainable economy.”
Mr. Thomas Olorundare Sunday, Commissioner for Insurance/CEO National Insurance Commission (NAICOM) commented: “We recognise the role of a thriving insurance sector in supporting steady economic growth. Through the initiatives announced today, I have confidence that Nigeria will be a regional leader in providing innovative insurance products and distribution channels, enabling wider insurance coverage across the country.”
Chinua Azubike, Chief Executive Officer of InfraCredit stated that: “To date, InfraCredit’s guarantees have enabled the issuance of up to USD200 Million (NGN Equivalent) of local currency infrastructure bonds, however an increasing pipeline of climate-aligned infrastructure projects are constrained by limited financial resources being dedicated to deliver well-structured projects that can access the debt capital markets, thus, our collaboration with FSD Africa through technical assistance support will also involve the design of an innovative financial solution that will catalyse more bankable climate-smart infrastructure projects for InfraCredit’s guarantees which will accelerate the issuance of credit worthy local currency infrastructure bonds to domestic institutional investors, thereby deepening the debt capital markets in Nigeria.”
News
NITDA Commits to Digital Inclusion for Persons with Disabilities

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja.

The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, the programme trained 50 participants in practical digital skills to enhance their participation in Nigeria’s expanding digital economy.
In his remarks, the Director-General, Kashifu Inuwa CCIE, stated that the programme reflects the agency’s determination to ensure accessibility remains a core component of national digital transformation efforts.
He explained that genuine digital advancement cannot be realised without the inclusion of persons with disabilities, adding that millions of Nigerians remain constrained by limited access to accessible and inclusive digital platforms.
“In many cases, the problem is not the absence of digital tools but the lack of accessibility. Platforms that do not support assistive technologies, non-captioned content and inaccessible websites effectively shut people out and limit opportunities,” he added.
Inuwa further explained that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusivity as a driver of national development. He stressed that persons with disabilities should be recognised as active contributors to economic growth rather than dependants.
“When equipped with the right skills and technologies, persons with disabilities become innovators, entrepreneurs and professionals who contribute meaningfully across sectors,” he added.
He acknowledged the role of Inclusive Friends Association (IFA) and SIMBED in delivering the training, describing the collaboration as a model of how government and civil society partnerships can advance inclusive development.
Highlighting NITDA’s broader digital literacy drive, the Director-General said the DL4ALL programme is a key component of the agency’s Strategic Roadmap and Action Plan, which targets 70 per cent digital literacy by 2027 and 95 per cent by 2030.
He explained that the initiative operates through three main tracks: an informal sector programme that has trained more than 480,000 Nigerians across 30 states and the Federal Capital Territory since September 2024; an education sector programme focused on embedding digital skills into learning institutions; and a workforce readiness programme designed to strengthen digital competence in both public and private sectors.
“This programme is not merely a pilot. It is proof that inclusive and intentional training works, and that persons with disabilities can excel when given equal opportunities,” Inuwa stated.
Also speaking, the Managing Director and Chief Executive Officer of SIMBED, Mr Daniel Onunkwo, described the training as a significant step towards closing the digital inclusion gap for persons with disabilities.
Onunkwo added that the initiative sends a strong message about equity and national progress, adding that SIMBED remains committed to expanding digital empowerment for persons with disabilities.
Similarly, the Executive Director of Inclusive Friends Association, Grace Jerry, represented by Tracy Agbamu, commended NITDA for demonstrating intentional leadership in promoting inclusion under the Renewed Hope Agenda.
She urged participants to continue applying the skills acquired and to serve as digital inclusion advocates within their communities.
The training programme further strengthens NITDA’s vision of building a digitally inclusive Nigeria where access to digital opportunities is determined not by physical ability but by empowerment and innovation.
News
Firms Face Gaps Between AI Ambition and Execution

Artificial intelligence (AI) will this year become a central pillar of leadership strategy, shaping how organisations plan to grow, compete and reinvent their operating models.

However, the gap between ambition and execution will remain one of the defining challenges of 2026.
This is one of the key findings of Accenture’s latest Pulse of Change report, which shows that global executives’ intent around AI is strong and accelerating.
The study is grounded in a global survey of 8 000 executives and employees, and is designed to measure AI adoption, strategy and workforce impact across industries and regions.
According to the report, across industries, leaders are no longer asking whether AI should be adopted. Instead, they are focused on how AI can be scaled to deliver measurable enterprise value, transform decision-making and unlock new revenue streams.
A total of 86% of surveyed C-suite executives plan to increase their AI investments in 2026, signalling that AI has moved from experimentation to a board-level growth priority, it notes.
Shifting AI priorities
One of the most notable changes highlighted in the report is how executives now view the purpose of AI.
“While early adoption focused heavily on automation and cost reduction, company leaders are increasingly positioning AI as a driver of growth,” it states.
“Nearly eight in 10 surveyed executives believe AI will contribute more to revenue generation than cost savings in the year ahead, reflecting a strategic pivot toward AI-enabled products, services and customer experiences.”
According to the study, daily AI usage among senior leaders has risen sharply, with 38% of surveyed executives now using AI tools every day, compared to 8% at the start of 2024. This signals that AI is no longer delegated solely to technology teams; it is becoming embedded in executive workflows, strategic planning and decision-making processes.
While leadership engagement with AI is deepening, the report suggests that enthusiasm at the top does not automatically translate into impact across the organisation.
Scaling AI remains elusive
Despite growing investment and executive confidence, only 32% of respondents report achieving sustained, enterprise-wide impact from AI. Most companies remain stuck in isolated use cases or pilot programmes that fail to scale meaningfully across business units, the report notes.
“Executives largely believe they have articulated a clear vision for AI-driven change, but employee perceptions tell a different story. Just 18% of workers strongly agree that leadership has communicated a compelling AI vision, and only one in five say they understand how AI will affect their role in the future.
“This disconnect suggests that while executives are planning ambitious AI transformations, those plans are not always translating into clarity or confidence on the ground.”
The result is a growing execution gap: leaders are moving faster in strategy than organisations are moving in practice.
Human-AI collaboration
Despite these challenges, the report reveals a strong foundation for progress. Employees largely recognise the benefits of AI, with 79% stating that AI has positively influenced their ability to learn new skills.
Many also associate AI with increased innovation and problem-solving capacity, indicating that resistance is less about fear of technology and more about lack of involvement in change design.
“However, comfort with advanced AI capabilities remains limited. Only 27% of surveyed employees say they are comfortable delegating tasks to AI agents, and regular AI usage among workers has declined slightly compared to previous months. This points to the need for executives to focus not just on deployment, but on trust, enablement and shared ownership of AI systems.”
For executives planning to scale AI in 2026, the message is clear: value will come from treating AI as a workforce transformation initiative, not just a technology investment, the report asserts.
“In the year ahead, AI success will be defined less by how much organisations spend and more by how effectively executives align people, processes and technology. Those who bridge the gap between executive intent and employee experience will be best positioned to turn AI from a strategic promise into a sustained competitive advantage.”
News
New Horizons Invests N50m to Empower Almajiris with Skills

New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.
Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”
“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.
He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.
Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.
“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.
According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.
“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.
“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.
“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.
He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.
Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.
He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”
He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.
“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.
Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.
“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.
“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.
Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.
“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.
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