National News
Our Youths Will Transition Nigeria Into Digital Economy Powerhouse – President Tinubu
Our Youths Will Transition Nigeria Into Digital Economy Powerhouse – President Tinubu
- As African countries commit to greater financing, digital access at IDA21 Summit:
- Resolve to mobilise domestic resources for Africa’s economic transformation
By: Our Reporter
President Bola Ahmed Tinubu declared on Monday that Nigeria is set to harness the potential of its youthful population to transform into a global digital economy powerhouse.
He also hinted at the nation’s plans to become a global hub for outsourcing talent within the digital and creative economy.
This was the submission made by President Tinubu who was represented by Vice President Kashim Shettima at the meeting of African Heads of State and Government on the 21st Replenishment of the International Development Association (IDA21) in Nairobi.
This is just as African Heads of State and Government committed countries on the continent to strengthen implementation capacities, mobilising domestic resources, and partnering effectively with IDA to accelerate the continent’s economic transformation.
President Tinubu also reiterated Nigeria’s plans to build a vast digital market capable of absorbing cutting-edge innovations and technologies, positioning the country as a hub for outsourcing talent in the digital and creative economy spheres.
“Being a young country with a median age of about 18, our interventions in the digital economy have been so extensive that we are no longer boasting of having the most unicorns, but preparing to serve as a global hub for outsourcing talents,” the President stated in his submission titled “The Path to Recovery: Nigeria’s Journey Beyond Sabotage”, which was delivered to the Summit by VP Shettima
President Tinubu informed other African leaders of the sweeping reforms implemented by his administration to curb illicit activities and currency manipulation that had long hindered the nation’s progress.
“Since assuming office, President Tinubu has remained steadfast in fulfilling his promise to end the reign of economic saboteurs who have long exploited and hindered the progress of our nation. I am pleased to report that our economy has escaped the phase of sabotage,” the VP noted.
Alongside the digital transformation agenda, President Tinubu said Nigeria is committed to prioritizing climate resilience and becoming an attractive destination for carbon market investments.
“The tensions resulting from climate-induced disruptions serve as a pressing call to action. The profound impact of climate change on our continent’s security underscores our dedication to transforming innovative concepts from conference discussions into tangible actions. We aim to become an investment-friendly destination for carbon market investments,” the organ was informed.
He expressed Nigeria’s belief that the summit’s communiqué would reflect the collective needs of African and IDA countries, capturing their “nuances, consensus, dreams, and projections.”
President Tinubu listed key priorities for Nigeria’s economic recovery in his administration’s Renewed Hope Agenda, anchored on poverty alleviation, to include economic expansion, job creation, enhanced access to capital, food security, and inclusivity.
He also stressed the importance of regional economic integration through instruments like the African Continental Free Trade Area (AfCFTA) Agreement to dismantle investment barriers and facilitate access to international markets.
“Our path to the future depends on nurturing strategic partnerships with other nations and development organizations. Therefore, we will utilize our absolute and comparative advantages to establish partnerships across borders,” the President said.
Earlier in his opening remarks, the President of Kenya, William Ruto, said the summit was urgent because it was “convened at a critical juncture facing a convergence of global crises which include escalating geopolitical tensions that challenge international unity, a deepening development and debt crisis that threatens our economic stability, and an urgent climate emergency that demands immediate and collective action for our planet’s survival.”
He gave instances of the devastating impact of severe flooding in the East African region which, according to him, has displaced thousands in Nairobi alone, and the vulnerability of the continent to extreme weather patterns, which points to the critical role of the IDA in financing Africa’s development and stability.
“This new normal demands our immediate and united action to safeguard our collective future. This underscores the critical role of IDA for Africa Summit as a cornerstone for financing for Africa. IDA has directed 75% of its total commitment which is nearly $26 billion to Africa in the last fiscal year with African countries comprising 8 of IDA’s top 10 borrowers. This support is not just financial but it’s a lifeline for development and stability,” President Ruto said.
Also speaking, the World Bank President, Ajay Banga, expressed optimism about Africa’s potential, saying “it’s very easy to feel hopeful when we’re together anywhere in Africa,” adding that you feel the infectious energy of young people.”
Banga affirmed the IDA’s commitment to accelerating progress on the continent, vowing to “move with urgency and purpose,” while making the institution more efficient and impactful.
“We stand at the crossroads of a new era of growth and prosperity for Africa,” he said.
At the end of the Summit, African Heads of State and Government adopted a joint communique committing countries on the continent to accelerate the continent’s economic transformation by strengthening implementation capacities, mobilising domestic resources, and partnering effectively with IDA.
They also called for an ambitious replenishment of the International Development Association (IDA) to support the continent’s development goals.
The Nairobi Communique described IDA as Africa’s largest source of concessional financing, outlining priorities for IDA21 to include building human capital, creating jobs, boosting energy and digital access, enhancing resilience to climate change and fragility, and promoting inclusive growth policies.
Our Youths Will Transition Nigeria Into Digital Economy Powerhouse – President Tinubu
Accion MfB Launches AccionMonie App to Transform Digital Banking in Nigeria
By: Michael Michael
Nigeria’s leading microfinance institution, Accion Microfinance Bank (MfB) has launched AccionMonie, a transformative digital financial services platform designed to empower individuals, micro, small and medium enterprises (MSMEs) and low-income households.
A statement on Tuesday said through AccionMonie, the microfinance bank is expanding digital capabilities for financial
access and empowerment across the spectrum of underserved individuals and businesses. The user-friendly platform offers instant access to essential services, including loans, savings, capital,
and other forms of support.
It started that the launch of AccionMonie is a key part of the bank’s “Always there to lend you a hand” campaign, which reinforces its long-standing commitment to small business growth and the
welfare of low-income households. The campaign positions Accion MFB not just as a financial provider but as a trusted partner in its customers’ journey towards business success and economic empowerment.
In Nigeria, micro, small and medium enterprises (MSMEs) are one of the key growth drivers of the economy. Estimated at about 37 million, MSMEs currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP).
However, despite their strong
potential, the MSMEs continue to be impacted by existential challenges, notably access to capital and finance, infrastructure and an enabling business environment.
Chief Executive Officer (CEO) of Accion MfB, Taiwo Joda, described the launch of
AccionMonie as an important milestone and a testament to the bank’s culture of innovation; one that ensures its products and offerings continue to reflect the evolving needs of its customers.
He said: “At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond.”
On his part, the Chief Commercial Officer (CCO) of the bank, Stephen Olalere, stated that AccionMonie and the combination of the bank’s extensive network of over 74 branches in 12 states will address the persistent challenge of limited access to financial services faced by many small businesses in Nigeria. He added that the platform’s user-friendly features will simplify payments and offer much-needed support for both businesses and individuals.
The Chief Digital Officer of the bank,
Paul Ehiagbonare, said this is a bold move towards digital leadership, maturity and excellence. He stated that: “For us, AccionMonie is a reflection of the much needed customer empowerment through digital tools and technologies. We are not only providing access to finance but standing beside our customers as partners, supporting their ambitions when others
may not and doing so timely and more efficiently. Our goal is to be a reliable ally on their journey toward growth, stability, and long-term success.”
He stated that AccionMonie offers a range of customer-focused features designed to promote financial inclusion and empower users. One of its unique offerings is Save2Loan, which allows customers
to save between N50,000 and N250,000 over 90 days and qualify for a loan worth twice their savings. He noted that this feature is expected to encourage a stronger culture of saving while expanding access to credit.
He explained that customers can also fund their AccionMonie accounts directly using any debit card, which is an easy, seamless process that eliminates the need for long queues at banking halls. Another key
feature is the targeted saving option and locked savings, which helps users plan and save for long-term goals such as tuition, rent, or investment while earning competitive interest.
He noted that customers can also earn for referring others, adding that account management features include on demand
bank statement, account upgrade features, secure access, transfer limit management amongst others.
The AccionMonie app is now available for download on the Apple App Store, Google Play Store, or directly via this link: https://onelink.to/57z27p.
Accion Microfinance Bank has been in operation for over 16 years and is a pioneer in Nigeria’s microfinance sector, providing innovative financial solutions. The bank’s long history of supporting entrepreneurs and small businesses has greatly contributed to economic growth and
development.
The bank has solid shareholder investments from three major banks – Ecobank, Zenith Bank and Citi Bank – as well as International Finance Corporation, a World Bank member, and Accion Investments, all of which contribute to its strong financial base and allow it to serve an ever-increasing number of customers.
Accion MfB Launches AccionMonie App to Transform Digital Banking in Nigeria
Buhari’s Passing: FG Declares Tuesday Public Holiday to Honour Deceased Ex-President
By: Michael Mike
The Federal Government has declared Tuesday, 15 July, 2025, as a Public Holiday in honour of the late former President Muhammadu Buhari.
This is in futherance to the seven days of National mourning declared by President Bola Ahmed Tinubu.
Minister of Interior, Hon. Olubunmi Tunji-Ojo, made the declaration on Monday on behalf of the Federal Government, following the approval of President Bola Tinubu.
The Minister, in a statement signed by the Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani, stated that the holiday is a mark of respect for the late President’s service to the nation, his contributions to Nigeria’s democratic journey, and his enduring legacy in governance and national development.
He said: “President Muhammadu Buhari served Nigeria with dedication, integrity, and an unwavering commitment to the unity and progress of our great nation. This public holiday provides an opportunity for all Nigerians to reflect on his life, leadership, and the values he upheld.”
He urged citizens to use the day to honour the late President’s memory by promoting peace, patriotism, and national cohesion, in line with his vision for a prosperous and united Nigeria.
He noted that as earlier announced, the National flags are to fly at half mast for the seven days of mourning period from Sunday 13th July, 2025.
The Federal Government extends deepest condolences to the family of the late President, the people of Katsina State, and all Nigerians, while praying for the peaceful repose of his soul.
End
Chinese Embassy Mourns Buhari
By: Michael Mike
The Chinese Embassy has mourned the passing of former President Muhammadu Buhari.
The Embassy in a message on X commiserate with the government and the people of Nigeria.
The message read: “The Chinese Embassy in Nigeria extends our deepest condolences to the people of Nigeria on the passing of His Excellency, Muhammadu Buhari (Rtd), Former President of Nigeria.
“We mourn a resolute leader whose unwavering dedication to Nigeria’s unity and progress leaves an enduring legacy.
“His pivotal contributions to advancing China-Nigeria relations will forever remain etched in our shared history. Our thoughts are with his family and Nigerian people.”
Chinese Embassy Mourns Buhari
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