The National Institute of Credit Administration (NICA) has congratulated Osun Governor elect, Sen. Ademola Adeleke, urging him to make credit access and financial inclusion key pillars of his administration’s economic policy.

NICA Registrar and Chief Executive Officer, Prof.

Onalo said sustainable economic growth could not be achieved without the disciplined and inclusive flow of credit to productive sectors.

He said Osun had significant human capital, entrepreneurial energy and agricultural potential, but required deliberate policies to convert these resources into productivity.

 “Growth is not financed by budget alone. It is financed when the trader in Oja-Oba can access working capital, when the agro-processor in Iwo can finance equipment, and when the tech graduate in Ife can fund a scalable idea.

 “Credit is what moves an economy from subsistence to scale,” he said.

He urged the incoming administration to develop policies that would de-risk lending, strengthen credit bureaus and promote financial literacy.

According to him, such measures will create jobs, expand the state’s tax base and reduce poverty.

He also called for a state wide framework promoting responsible borrowing, ethical lending and credit education.

Onalo said NICA was ready to partner with the Osun Government through technical advisory, executive capacity building and public credit education programmes.

He added that NICA became a chartered professional body under Act No. 26 of 2022 and was recognised as the statutory body for regulating the credit management profession in Nigeria.

He explained that the Federal Government in February, signed an MoU with NICA and five other professional bodies.

He said the programme was to implement a programme providing free credit and financial inclusion training to 10 million Nigerians, with priority given to women and youths.

Onalo urged Adeleke to use his mandate to expand citizens’ access to capital and economic opportunities.

He said the success of the incoming administration should ultimately be measured by tangible improvements in productivity and prosperity across the state. (NAN)

The National Insurance Commission (NAICOM) has reaffirmed its commitment to unlock the potential of Takaful for expanding insurance penetration.

The Commissioner for Insurance/Chief Executive of NAICOM, Olusegun Omosehin, made this known in a statement on Saturday in Abuja.

Omosehin said that the commitment was reaffirmed at a just concluded high-level delegation from the Islamic Financial Services Board (IFSB) of a Diagnostic Assessment Mission on the Takaful sector.

He said that the commission would promote financial inclusion, and support sustainable economic development across Nigeria.

He encouraged the delegation from IFSB to provide practical and data-driven recommendations that would support ongoing regulatory reforms and market development initiatives.

Omosehin said that Takaful was an alternative insurance model, rather than a subset of conventional insurance.

He said that it had the capacity to serve a broad spectrum of consumers while operating within established Shariah governance principles.

The commissioner emphasised the importance of strengthening risk-based capital and supervisory frameworks, enhancing data transparency.

According to him, it will adopt prudent surplus management practices that protect participants while ensuring the sustainable growth of the sector.

 “The preliminary findings of the mission identified several measures aimed at strengthening the legal, regulatory, and supervisory framework for Takaful in Nigeria.

 “NAICOM views its collaboration with the IFSB as a significant milestone in the development of a robust and resilient Takaful ecosystem.

 “The partnership is expected to contribute to greater financial stability, increased consumer confidence, stronger policyholder protection, and responsible innovation within the insurance industry,” he said.

He said that a comprehensive report on the Diagnostic Assessment Mission will be released upon the conclusion of the review process and incorporation of stakeholder feedback. (NAN)

By Tony Obiechina, Abuja

The National Bureau of Statistics (NBS) has launched the General Household Survey (GHS) Panel Wave 5 for 2023/2024, aimed at providing deeper insights into the economic well-being, resilience and living conditions of Nigerian households.

The launch, held at the Transcorp Hilton, Abuja, attracted government officials, development partners, researchers and other stakeholders committed to strengthening evidence-based policymaking in Nigeria.

The World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasised the importance of panel data in understanding how households respond to economic changes, including rising prices and government policy interventions.

Diop said findings from the GHS Panel would provide valuable evidence to support policies and programmes aimed at improving the livelihoods and welfare of Nigerians.

In his address, the Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, described the GHS Panel as a unique longitudinal survey that has tracked about 5,000 households through five waves since 2010.

According to him, the survey has provided critical information on how Nigerian households and their living conditions have evolved over time.

The keynote address was delivered by Dr. Zainab Bisagai on behalf of the Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu.

Bisagai officially declared the GHS Panel Wave 5 launched and highlighted the importance of reliable and timely statistics in shaping Nigeria’s national budget, development plans and policy decisions.

The event also featured a technical session during which a World Bank expert introduced the Living Standards Measurement Study (LSMS) and presented key findings from the latest GHS Panel wave.

Discussions focused on the use of household-level data for research, policymaking, social protection and the design of welfare programmes.

The NBS said the GHS Panel remains a critical resource for assessing poverty, household resilience and socio-economic conditions across Nigeria.

It added that data generated through the survey would support poverty reduction efforts, social welfare initiatives and sustainable economic development, while helping policymakers develop programmes that better respond to the needs of Nigerian households.