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How Internal Audit Enhances Efficiency, Productivity, Profitability, By IIA

Whether in the Public service or in business, Internal Auditors facilitate the achievement of stated goals by assisting organizations to follow stipulated operational processes.
Much more, Internal Auditors enable organizations to identify the risks to the attainment of set goals and how to avoid them and also mitigate any at anytime.
These were the submissions of Audit professionals at the weekend in Lagos at the unveiling of the 2025 Institute of Internal Auditors Nigeria Conference holding at the Muson Center, Lagos on Wednesday, 17th September 2025.
In his opening speech at IIA’s  Ikoyi office, Lagos, the association’s Chief Executive Officer – Mr Ambrose Enuma said gone were the days when Internal Auditors would shun visibility and remain silent achievers.  Going forward, he said IIA would ensure that members are better valued because of the significance their roles, just as the Institute would provide sustained capacity building opportunities.
According to the CEO: ” We are not  just concerned with the financials, but do a lot more. We give assurance and support organizations to achieve their objectives. We also identify risks, do risk control and ensure compliance to procedure”.
He added that the September conference, with the Theme: ” Living the Future: Fusing Tech and Ethics” provides a unique capacity building opportunity which should not be missed by  professionals and other
stakeholders, especially Internal Auditors.
Also speaking at the unveiling, IIA’s President and Chairman – Mr Simon – Jude Mmayie stressed that Internal Auditors elevate the importance of doing things right. In his words ” Both in the Public and Private sectors, what IIA stands for is providing an assurance to the board and providing insight and foresight that are advisory and consulting in nature”.
He added: “As Internal Auditors, we share your vision, identify what can aid it’s achievement, what can hinder it, and provide advice for enhanced value.
To us, getting to the end doesn’t matter unless the right process is followed”.
To a Director of the Institute – Mr Don Umeha- ” The Corporate world relies so much on us. That’s why we are increasing public awareness and members’ empowerment. So, as we are having our yearly conference in September, we also have another one in May”.
The September 2025 Conference Chairperson – Mrs Bunmi Akinde- said the conference would enable all participants to evaluate their roles currently and appreciate what the future holds.
According to her, “Like the Theme clearly stated, the only way an Internal Auditor can continue to function well is to fully understand the need for the impact of technology and compliance with ethics with the future in view. That is why this conference is a must event to Internal Auditors, and hence the need to ensure necessary awareness “.
The President and Board Chairman, Institute of Internal Auditors (IIA) – Mr Simon -Jude Mmayie ( 2nd right), the Chief Executive Officer, IIA- Mr Ambrose Enuma (right), Director of the Institute – Mr Don Umeha (left) and the 2025 Conference Chairperson – Mrs Bunmi Akinde at the unveiling of the IIA September 2025 Conference in Lagos at the weekend.
Online Poster by — April 18, 2025 in News 0
Ondo Exploring Opportunities To Leverage Pension Funds For Infrastructural Development — Gov Aiyedatiwa

 

 

Governor Lucky Aiyedatiwa has said that Ondo State is exploring opportunities to leverage pension funds for infrastructural development in the state. The Governor made the revelation on Tuesday, 15 April 2025 when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Ms. Omolola Oloworaran in Akure.

 

PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare for retirees and ensuring compliance with the Contributory Pension Scheme (CPS).

 

Speaking during the visit, Governor Aiyedatiwa extolled the critical role of pension funds in economic development and commended PenCom for its proactive engagement. He reaffirmed his administration’s commitment to the full implementation of the CPS in Ondo State.

 

The Ondo State Pension Commission (OSPEC) scored 72.44% in state pension compliance during the last Routine Inspection carried out by PenCom. The Governor expressed his aspiration to improve the State’s pension compliance rating from its current composite score of 72.44% to 95% by the next Inspection as challenged by the PenCom DG.

 

Also speaking, the PenCom DG proposed key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors and an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.

 

Ms. Oloworaran also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State. This measure aims to enhance compliance and accountability in pension remittances by employers.

 

Additionally, the PenCom DG raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the State’s pension compliance rating. Governor Aiyedatiwa promised that the state would address most of the concerns before the next inspection.

Online Poster by — April 18, 2025 in News 0
Strong Banking Sector Reforms Essential On Emerging Global Financial System- CBN

The Central Bank of Nigeria (CBN) is weighing the impact of the current protectionist development approach by the US and other big economies which has continued to pervade the global system.

The Bank said it is not compromising key indicators of regulatory reforms and in particular measures that will provide buffer to the national economy.

The Deputy Governor, Corporate Services, of the Bank, Ms. Emem Usoro, while speaking at the Seminar for Finance Correspondents and Business Editors, which began on April 14 to April 16, 2025, in Abuja, said the financial sector should particularly pay significant attention to bank recapitalisation to ensure that banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes.

Usoro, informed the audience that the current global system has manifested even more dynamic paradigms, with intense globalisation and guided protectionism, with countries favouring trade wars and retaliations.

This she said brings to the fore the readiness and preparedness of Nigeria and banking system to build a more sophisticated, vibrant economy.

Dwelling on the theme of the seminar, “Playing the Global Game: Banking Recapitalization Towards a One-Trillion Dollar Economy”, Usoro, described it apt at this time, and encouraged frank discussions with far-reaching recommendations that will enhance understanding of the workings of the global financial system and how to position the Nigerian Banks to take full advantage of the opportunities presented by the dynamics of these initiatives.

The Deputy Governor, noted that the global financial system and architecture have assumed a new dimension even before the new administration of Donald Trump in the United States of America.

Globalisation, she went on to stress, has broken the limits of financial flows, and investors have inadvertently taken full advantage of the opportunities. However, countries and their financial systems must be prepared and ready to utilise opportunities created by financial globalisation through appropriate policy support and actions.

“There is no gain saying that the financial system’s size and quality play critical roles in powering and financing an economy.

“Literature has established that financial resources, complimented by quality human capital and technology, remain the major driving forces of industrialisation since the emergence of the 4th industrial revolution.

“To play this critical role, the banking system must grow, expand and deepen through deliberate policy efforts. As you are aware, the Nigerian banking system has also undergone reforms, including bank recapitalisation and consolidation exercises.” she said.

Usoro, also recalled that the 2004 banking sector consolidation and recapitalisation exercise, which set a limit of N25 billion minimum capital base for banks, brought the Nigerian banks from 89 to 25, was a noble idea that the Central Bank of Nigeria implemented in line with emerging developments at that time.

“As we work towards building a One-Trillion Dollar Economy, we must consider the recapitalisation of our banks to be able to fund, finance and power the economy and favourably compete globally with its peers in other climes.”

Online Poster by — April 18, 2025 in Capital Market 0
Fidelity Bank Named “Nigeria’s Best Private Bank” At Euromoney Awards

Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London.
The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.
Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”
The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.
According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Online Poster by — April 17, 2025 in Capital Market 0
SNEPCo Named Major Oil Company Of The Year, As Former MD Elohor Aiboni Is Amazon Of Nigeria’s Oil Sector

Shell Nigeria Exploration and Production Company (SNEPCo) has been named Major Oil Company of the Year for last year by a Nigerian publication, Energy Times in recognition of its contributions to deep-water oil and gas development and the industry generally. Energy Times also awarded the title of Amazon of Nigeria’s Oil Sector for 2024 to Mrs. Elohor Aiboni, a former Managing Director of SNEPCo now on international assignment in Brunei.

 

The awards were presented to SNEPCo’s Senior Operations Manager, Bolanle Odunayo-Ojo, who represented the Managing Director, Ronald Adams at a ceremony attended by key stakeholders in the oil and gas sector. “We are honored to receive the recognitions for the company and our former Managing Director as they underscore our dedication to excellence in the upstream sector,” Bolanle stated. “The modest achievements are result from teamwork and support by our partners, particularly the Nigerian National Petroleum Company Limited and regulatory agencies. The awards encourage us to continue to work together to power progress and innovation in Nigeria’s energy landscape.”

 

SNEPCo has been a pioneer in Nigeria’s deep-water oil and gas production since it began production from Bonga in 2005, Nigeria’s first deep-water well. Gas from Bonga is also piped to Nigeria Liquefied Natural Gas Company Limited at Bonny Island. SNEPCo’s operations have led to significant discoveries, including Bonga Southwest in 2001 and Bonga Northwest, which began production on August 5, 2014.

 

In its award, the Board of Directors of Energy Times pointed to the continuing success of Bonga, notably production of the 1 billionth barrel of oil in February 2023 and the recent Final Investment Decision on the $5 billion Bonga North project.

 

The award on Mrs. Aiboni’s highlights a career that has seen her serve in various business and leadership roles within and outside Nigeria. She was appointed Managing Director of SNEPCo in 2021 and led initiatives that deepened operational efficiency, local content development and social investment projects across the six geopolitical zones in the country.

Online Poster by — April 17, 2025 in News 0
Photo News

Some  faces at the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity Building and Empowerment Programme held at MUSON Centre, Onikan, Lagos on Tuesday, April 15, 2025.
Online Poster by — April 17, 2025 in News 0
Insecurity: Flush Out Bad Eggs Among You – Mefor Tells Anambra Nonindeges 

Insecurity: Flush Out Bad Eggs Among You - Mefor Tells Anambra Non-indigenes - New National Star
Anambra State Government has called on nonindeges to help curb insecurity in the state by flushing out the bad eggs among them.
The state’s Commissioner for Information, Dr Law Mefor, made the call while addressing members of the Association of Non Indigenes Welfare in Anambra State (ANISA-ANIAS), who paid him a courtesy visit at his office in Awka, recently.
The commissioner, who observed that non-indegenes have contributed meaningfully to the growth of the state, noted that they have equally benefited from Governor Chukwuma Charles Soludo’s inclusive governance in various areas, including security, employment, infrastructure, healthcare, education and youth empowerment, among others.
He however, explained that available data show that majority of the criminals apprehended in the state are nonindigenes, urging members of the association to do their best in supporting Governor  Soludo’s security interventions to rid the state of criminals in order to redeem their image.
“The issue security is very important. Put it in your agenda. I am telling you that available data is showing that the majority of the criminals we got are nonindigenes. They are spoiling the names of those of you doing genuine businesses.
“We have to come together, work together with the Governor to ensure that the bad eggs leave or change their ways. We have the 1Youth 2Skills and the Solution Innovation District (SID). The Governor has trained more than 30,000 people, settled and empowered them. Any of them that wants something to do should come. I can use my office to place him somewhere in SID. Criminality is bad,” he said.
Mefor further assured that the ministry is willing to partner with them in promoting the good works of the government.
In their separate speeches, the President General, ANISA-ANIAS, Chief Ikechukwu Ugwuoke, and the traditional leader of Non-Indegenes Welfare in Anambra State, Igwe Amos Nkwuda, said the visit was to commend and allign themselves with the visionary leadership of Governor Soludo and also felicitate the commissioner on his 60th birthday, even as they pledged their support to the Governor’s re-election bid.
Online Poster by — April 17, 2025 in News 0
Youths’ Early Adoption of Insurance, Digital Payments, Investment Builds Financial Future

In today’s rapidly evolving economic landscape, the pivotal role of youth in shaping the future of financial systems cannot be overstated. At the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity and Empowerment Programme held Tuesday April 15, 2025 in Lagos, industry experts from the Insurance, Telecommunication, and Banking sectors convened to address the pressing need for early engagement of young individuals in essential financial practices. They emphasized that adopting insurance, digital payments, and investment strategies at a young age is not just beneficial but vital for equipping the next generation with the tools necessary for effective leadership and responsible financial stewardship.

While making opening remarks at the event which took place at Muson Centre, Onikan, Lagos with the theme  “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment and Investment To Drive Financial Inclusion,” FiBOB President, Charles Onwuatogwu, highlighted the rationale behind the programme.

He said the programme was geared towards building the capacity of the youths to enable them navigate the future financial landscape and be able to contribute meaningfully to the growth and development of the Nigerian and African economy, as well as take charge of their finances both now and in future.

The theme of this program, he said, was painstakingly chosen to address the knowledge gap in insurance and digital payment in Nigeria.

“As the financial sector becomes more dynamic, a better understanding of the sector will aid speedy growth and development, particularly insurance, which, despite its importance, is grossly misunderstood; hence the need to expose the youths to the basic elements of playing in this field early in life.

“The importance of digital innovation in fostering a better understanding of insurance and its transformative power cannot be overemphasised.

“As we gather to discuss financial inclusion, via harnessing insurance, digital payment and investment, I urge you, our esteemed participants, to pay rapt attention to the lectures to follow the speakers,” Mr. Onwuatogwu said.

The keynote speaker, Miss Mojisola Ogundipe, presented the theme paper titled “Empowering Nigerian Youths with Knowledge of Insurance, Digital Payment, and Investment to Drive Financial Inclusion.” She emphasized the crucial need for young people to understand insurance, digital payment systems, and investment strategies

Speaking on insurance, Mojisola defined insurance as a system of protection against financial loss, which provides help during accidents, illness, or disasters.

She explained the basic terms in insurance, such as Policy, Coverage, Claim,  Beneficiary and Premium.

Policy: A contract between the insured (you) and the insurance company, outlining the terms and conditions of coverage.

Claim: A request made to the insurance company for payment or compensation when a covered event occurs (e.g., accident, illness).

Beneficiary: The person or entity designated to receive the insurance payout in the event of a claim (often applicable to life insurance).

The Premium: The amount of money paid to an insurance company to maintain protection provided by the insurance policy, specifying what is included and excluded from the policy.

Mijisola listed types of insurance to include Life Insurance, Health Insurance, Vehicle Insurance, Educational Insurance as well as Home Insurance, noting that each type of insurance serves a specific purpose, helping individuals and families manage risk and financial uncertainty.

Life Insurance: Provides financial protection for loved ones in the event of the policyholder’s death, often including a payout to beneficiaries.

Health Insurance: Covers medical expenses incurred due to illness, injury, or disease, helping policyholders manage healthcare costs.

Mr Kayode Adetola, Head, Retail, Cornerstone Insurance, Presenting a Certificate of Recognition as FIBOP Number One Fintech Personality Of the Year 2025 to Chidinma Emena, representative of Monipoint CEO, Mr Tosin Eniolorunda at the programme.

Vehicle Insurance: Protects vehicle owners against financial losses due to accidents, theft, or damage to their vehicle.

Education Insurance: Designed to help fund education expenses, often providing a payout when a child reaches a certain age or milestone.

Home Insurance: Covers damage or loss to a home and its contents due to events like natural disasters, theft, or accidents.

On Digital Payment, she described it as the future of money, noting that it is the process of paying or receiving money using phones, cards, or computers—no cash needed.

Presentation of Certificate of Recognition to the representative of Anchor Insurance MD/CEO, Dr. Augustine Ebose Osegha, as Finance and Business Online Publisher Association (FiBOP) Insurance Personality of the Year 2025 by the Rector of the College of Insurance and Financial Management (CIFM), Dr (Mrs) Chizoba Ehiogu at Fibop’s 2025 youth capacity building and empowerment program held on Tuesday, April 15, 2025 at MUSON Centre, Onikan, Lagos.

Mojisola listed some common digital payment methods as Mobile wallets (e.g., Google Pay, Apple Pay, PayPal), Bank apps, Debit/Credit Cards and Quick Response (QR) Codes & Unified Payments Interface (UPI) in some countries.

Speaking on Investment, she said it is putting money into something to earn more over time.

According to her, types of investments include Savings Accounts, Fixed Deposits, Insurance, Mutual Funds, Stocks, and Cryptocurrency, which she said is highly risky.

Underscoring the importance of insurance, digital payments, and investment, Mojisola noted that “Insurance protects your life and assets. Digital payments are the new normal…Investments are for your future….”

 

Online Poster by — April 17, 2025 in News 0
MAN Challenges Over The U.S Tariff Hike On Nigerian Manufacturing Sector And The Broader Economy

MAN: US tariff hike to wipe out N2trn from Nigeria's agric exports | News Express Nigeria
The recent U.S. tariff hike poses significant challenges for the Nigerian manufacturing sector, potentially stifling growth and innovation, while also reverberating throughout the broader economy by increasing production costs and limiting export competitiveness, which could lead to job losses and reduced economic stability.
The announcement of a 14 percent tariff on Nigerian products entering the United States, as part of President Donald Trump’s ongoing global tariff policy has triggered widespread concern across Nigeria’s trade and industrial landscape.
While the broader rationale behind this trade action is grounded in the U.S. administration’s claim that many countries impose disproportionately high tariffs on American products, the consequences for developing nations like Nigeria are profound and far-reaching.
The decision appears to be a strategic move to pressurize trade partners into renegotiating tariff regimes in favour of U.S. manufacturers.
Undoubtedly, the United States remains one of Nigeria’s most significant trade partners, accounting for approximately 7 percent of its non-oil exports.
In 2024, bilateral trade between Nigeria and the US stood at N9.59 trillion, representing 6.9 percent of Nigeria’s total trade volume. Of this, Nigerian exports to the U.S. amounted to N5.52 trillion, while imports from the U.S. stood at N4.07 trillion.
The new tariff regime directly threatens this trade dynamic, particularly in a year when Nigeria is projecting an ambitious N55 trillion budget and facing the downward trend in global crude oil prices, which have already fallen below the government’s benchmark of $75 per barrel. The tariff hike, therefore, comes at a vulnerable moment when the country is just recovering from the impact of the government policy mix that has had negative effects on the manufacturing sector.
Impact on Nigeria’s Manufacturing Sector
Nigeria’s manufacturing sector, which contributed 8.64 percent to the country’s GDP in 2024, is one of the most predisposed sectors of the economy when it comes to trade policy shifts. The imposition of a 14 percent tariff on Nigerian exports significantly undermines the competitiveness of locally manufactured goods in the U.S. market.
MAN members who are exporters in Agro-processing, chemicals and pharmaceutical, basic metal, iron & steel, non-metallic mineral products and other light industrial manufacturing rely heavily on the U.S. for market access.
With increased costs for American buyers due to the tariffs, demand for Nigerian products is expected to decline. For instance, processed agricultural goods such as cocoa derivatives, sesame seeds, and ginger, which have gained modest penetration in U.S. markets, are likely to witness a drop in export volume.
According to the National Bureau of Statistics, agricultural exports accounted for over N4.42 trillion in 2024, with the U.S. being one of the top destinations. The tariff could potentially wipe out N1 to N2 trillion of that figure annually.
In addition to revenue losses, the new tariffs pose a significant disincentive to firms investing in value-added manufacturing. Over the past decade, manufacturers have made concerted and strategic efforts to support the country’s transition from exporting raw commodities to semi-processed and finished goods. However, higher market-entry costs because of higher tariff on Nigerian products reduce the profitability of such investments, making it more attractive for firms to revert to exporting raw materials. This is counterproductive to Nigeria’s industrialization agenda and compromises the long-term goal of achieving export diversification under platforms such as the African Continental Free Trade Agreement (AfCFTA).
Moreover, the implications on employment in the manufacturing sector are dire. As export revenues fall, many companies may reduce their production scale or downsize their workforce to cut costs. Contract manufacturers, small-scale industrialists, and firms operating in special economic zones targeting the U.S. market are likely to be worst hit. This could lead to job losses at a time when the national unemployment rate remains high, and youth underemployment continues to pose a socio-economic threat.
Additionally, Nigerian firms that are part of regional or global supply chains—particularly in pharmaceuticals, chemicals, foods and beverages and motor vehicle assembly—stand to lose their competitive edge, as their products become less attractive to U.S. companies seeking sourcing partners.
Impact on the Broader Economy
Beyond the manufacturing sector, the Nigerian economy is not insulated from the effects of the U.S. tariff decision. First, there is direct impact on Nigeria’s trade balance. With the country already grappling with a fragile external sector, any significant reduction in exports to the U.S. will erode the current trade surplus, potentially pushing the balance into deficit. This will have immediate implications for the nation’s balance of payments and could result in a drawdown of foreign reserves, putting further pressure on the exchange rate.
The Central Bank of Nigeria may be forced to intervene more aggressively in the forex market, thereby reducing its buffer for managing other macroeconomic shocks.
The timing of the tariff decision is particularly difficult for the federal government, which has tied much of its 2025 budgetary projections to optimistic revenue assumptions. The budget, pegged at N55 trillion, assumes oil prices will average $75 per barrel throughout the fiscal year. However, the reality of the global oil market is starkly different, with current prices already falling below $60 per barrel. If export earnings from non-oil sectors such as manufacturing also decline due to the new U.S. tariffs, the government will face greater shortfall in revenue. This could lead to cuts in capital expenditures, delays in infrastructure projects, and an increase in borrowing—all of which could undermine economic growth and stability.
There is also the inflationary dimension to consider. As the trade environment becomes more uncertain and foreign exchange earnings dwindle, monetary authorities may be compelled to raise interest rates in a bid to control inflation and stabilize the naira. However, higher interest rates will increase the cost of borrowing for businesses, including manufacturers, and could stifle domestic investment. The ripple effects will be felt by consumers, as firms pass on higher costs through increased prices for goods and services. This will exacerbate the cost-of-living crisis and further strain household incomes.
Moreover, the tariff hike will halt investors’ confidence in the economy. Nigeria has been striving to position itself as a manufacturing hub in West Africa, partly by attracting foreign direct investment from firms interested in tapping into both domestic and export markets. The new tariff regime makes Nigeria a less attractive proposition for such investors, particularly those who view access to the U.S. market as a key strategic advantage.
In 2023 alone, Nigeria’s manufacturing sector attracted over $1.6 billion in capital importations. That figure could decline significantly in 2025 if investor confidence is not restored through robust policy responses.
MAN’s Concerns
In a release signed by Segun Ajayi-Kadir mni, Director General, MAN, stated it’s concerns as follows:
That the Manufacturers Association of Nigeria is deeply concerned about both the substance and the implications of the new U.S. tariff policy. Our foremost concern lies in the asymmetry of the trade action which undermines the spirit of international cooperation and disregards the developmental needs of emerging economies.
MAN is also wary of potential pressure on Nigeria to reciprocate by reducing its own tariffs on U.S. goods. While the U.S. may frame this as a step toward “fair trade,” the reality is that lowering tariffs on U.S. imports could flood the Nigerian market with subsidized goods, thereby undermining local producers. This is especially troubling given the weak state of Nigeria’s infrastructure, logistics, and energy supply—all of which already place local manufacturers at a disadvantage.
Another key concern is the risk of policy diversion. Nigeria has, in recent years, made commendable strides toward achieving self-sufficiency in several manufacturing segments and diversifying away from oil. However, succumbing to external pressures to liberalize trade prematurely would reverse these gains. Instead of supporting domestic production, such actions would signal to investors and industrialists that Nigeria lacks a coherent long-term trade and industrial policy.
Furthermore, the absence of institutional capacity to engage in sophisticated trade negotiations places Nigeria in a vulnerable position. While countries with advanced legal and economic institutions may be able to negotiate favourable terms, Nigeria is at a disadvantage due to capacity constraints. This could lead to suboptimal agreements that serve foreign interests more than domestic development objectives.
Online Poster by — April 17, 2025 in Industry 0
Leadway Assurance Partners With AGRA To Strengthen Climate Resilience Of 21,000 Smallholder Farmers Through ‘Pay At Harvest’ Crop Insurance Scheme

Leadway Assurance Partners with AGRA to Strengthen Climate Resilience of 21,000 Smallholder Farmers through 'Pay at Harvest' crop Insurance Scheme - Brand Mirror
In a significant step towards deepening agricultural resilience across Nigeria, Leadway Assurance Company Limited has entered into a strategic partnership with the Alliance for a Green Revolution in Africa (AGRA) through a $399,900 grant initiative to implement the “Building Farmers’ Resilience through Innovative Insurance Models and Financial Instruments” project.
AGRA is an African institution supporting inclusive agricultural transformation and sustainable food systems. This three-year initiative, running from March 2025 to March 2028, aims to transform the livelihoods of 21,000 smallholder farmers (SHFs) across Kaduna, Nasarawa, and Niger States.
Climate change continues to escalate risks for Nigerian farmers, manifesting in unpredictable rainfall, prolonged droughts, extremely high lethal temperatures and increased crop failure. This volatility threatens national food security/systems and undermines years of agricultural progress. Recognising the scale of this challenge, Leadway Assurance has taken a bold step forward, championing innovative risk management strategies tailored to the realities of rural agriculture.
At the heart of the new intervention is the “Pay at Harvest” insurance scheme, an innovative premium collection model that enables farmers to defer insurance payments until after harvest, when liquidity is more assured. This approach lowers the financial barriers to insurance enrollment, increases uptake among SHFs, and embeds resilience within the agricultural value chain.
“Pay at Harvest” empowers farmers to protect their livelihoods without upfront costs, ensuring they can bounce back from climate-related losses and secure credit, inputs, and market access with greater confidence.
This new grant builds upon Leadway Assurance’s successful three-year partnership with Heifer International, under which over 60,000 smallholder farmers benefited from the “Pay at Harvest” model.
The current AGRA-funded and sponsored project goes a step further by offering a more holistic package, including access to off-takers and market linkages, extension services and climate-smart agronomy support, digital mapping of farmlands for enhanced monitoring and accountability, timely early warning systems for extreme weather events, scalable farmer education programs to promote financial literacy and climate-smart practices, and expanding public-private collaborations for unlocking innovative finance, including green climate finance, for crop insurance.
To deliver on this ambitious vision, Leadway Assurance will work alongside expert partners, Verdure Climate – supporting climate risk analytics, PULA – offering tech-enabled agricultural insurance solutions, Rural Country Integrated Services Ltd. – field implementation partner, National Agricultural Development Fund (NADF) and Heifer International – unlocking catalytic finance for SHFs.
By 2028, the initiative also aims to facilitate $10 million in agricultural credit, launch 6 new financial products tailored to smallholder farmer needs and disseminate 4 knowledge products to drive broader sectoral adoption.
Commenting on the initiative, Head, Agribusiness, Leadway Assurance, Mr. Fatona Ayoola described the partnership with AGRA as a decisive moment for agricultural risk management in Nigeria. “By bringing bespoke parametric insurance solutions to underserved communities who are vulnerable to the negative impact of climate change and aligning them with broader value chain interventions, we are not only protecting livelihoods but also rebuilding trust in farming as a viable business for rural Nigerians.”
According to Dr. Rufus Idris, Country Director at AGRA,“For Nigeria’s agricultural transformation and food security efforts to succeed amid increased climate uncertainty, insurance needs to work better in helping smallholder farmers protect their farmlands and crops from climate change shocks (flood, draught, pest and diseases, etc.). Hence, this project aims to help build on a proven model and catalyze resources for a wider access to insurance and adoption by smallholder farmers”.
Online Poster by — April 16, 2025 in Insurance and Pension 0