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CBN, Egypt’s apex bank partner on joint fintech bridge



The Central Bank of Nigeria (CBN), and the Central Bank of Egypt (CBE) have signed a Memorandum of Understanding (MoU) to establish a Nigeria – Egypt Fintech Bridge.

According to a statement obtained from the website of the CBN, the MoU was signed on Tuesday at the Seamless North Africa Conference 2023 Conference in the Egyptian capital, Cairo.

It came after a series of engagements on issues around payment system, financial technology, and financial inclusion in Africa.

The apex bank said that the MoU represented a partnership of the central banks of the largest economies in Africa.

According to the CBN, the MoU encompasses a broad range of collaborative initiatives, joint registration, innovative projects, coordinated licensing and supervisory framework, and information sharing.

The News Agency of Nigeria (NAN) reports that fintech bridges represent agreement outlining collaboration between two governments; cooperation between regulatory bodies and connectivity between two markets and ecosystems.

Speaking at the event, Deputy Governor, Financial System Stability, Aisha Ahmad, who signed on behalf of the CBN, said that the Nigerian apex bank was excited by the partnership with the CBE.

According to Ahmad, the partnership was actualised after several months of engagements on payments, fintech and financial inclusion.

“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria, to accelerate financial inclusion, deepen our payment systems and drive economic growth across Africa,” she said.

Also speaking, the Deputy Governor of the CBE, Rami Aboulnaga, expressed delight at the partnership, adding that it would meet the desired expectations.

NAN reports that the conference was hosted by the CBE and had policy makers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across Africa in attendance.


Steel manufacturers hail Tinubu over $14bn deal



Kamoru Yusuf

The Basic Metal, Iron and Steel Products Manufacturer, a sectoral arm of the Manufacturer Association of Nigeria, (MAN) has commended President Ahmed Bola Tinubu for his overwhelming performances and efforts towards the nation’s economic growth at the just concluded Nigeria-India economic roundtable meeting in India.

The group also commended the president for attracting the sum of $14 billion investment to boost the nation’s economy adding that the feats recorded by the Bola Tinubu-led government within 100 days of its inauguration will no doubt accelerate economic recovery and business growth in the steel sector.

This is contained in a statement issued on Sunday by the Chairman of the group, Dr. Kamoru Yusuf MON, stressing that, “Iron and Steel sector, if given the required attention and necessary support, is capable of ensuring accelerated growth of the nation’s economy.

Dr. Yusuf, who is also the Group Managing Director of KAM Holding Limited, a wholly owned indigenous Iron and Steel Industry in Nigeria added that, “President Tinubu has by all standards demonstrated his love and readiness to support industrialists. We, in the Iron and Steel sector of the Manufacturers Association of Nigeria, (MAN) are ready to support his administration with data, workable templates and roadmaps that will support Mr. President in his endeavour to succeed in his mandates to Nigerian citizens.

“As major stakeholders in Nigeria’s Project, we received this news with huge excitement and sense of fulfillment and hope that the breakthrough will further change the game of operations as ‘Risk Takers’ in the nation’s business environment. We pledge our unalloyed support to your administration towards ensuring and providing enabling atmospheres for industrialists to continue to thrive.”

The statement also emphasised that, “President Tinubu’s exceptional efforts in attracting such a substantial investment for Nigeria’s steel sector deserves standing ovation and applause.”

The group therefore promised to continue to support the Minister for Steel Development, Alhaji Shuaibu Audu, in the discharge of his duties at all times.




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Ex-CBN director urges FG to reduce cost of governance



Dr Titus Okunrounmu, Former Director of CBN

Dr Titus Okunrounmu, former Director, Budgetary Department at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in order to stem the country’s debt profile.

Okunrounmu, who gave the advice while speaking with the News Agency of Nigeria (NAN) on Thursday in Ota, Ogun, described the list of ministerial portfolio on Wednesday as over bloated for a country with huge debt profile.

According to him, funding the nation’s recurrent budget with borrowing does not need these large number of ministers and bloated special assistants, which inevitably must allow for allowances and official vehicles.

“These excess baggage was not projected for in the 2023 Federal Budget and the revenue estimates could not cover the recurrent budget.

“In addition, the federal government needs financial discipline to curb corruption in the Ministries, Departments and Agencies (MDAs) to reduce debt profile in the country,” he said.

Okunrounmu advised the federal government to redouble its efforts and work against policy somersault to encourage influx of foreign investors into the country.

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