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Four of 10 Nigerians indebted to loan sharks— Report

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A report from a research carried out by Nigerian fintech platform, Piggy Vest, has revealed that four out of 10 Nigerians are indebted to online loan sharks and are finding it difficult to come out of such debts.

The report noted that 26 per cent of average Nigerians were indebted to different loan apps spread across the country which is as a result of the harsh economic challenges brought about by different unfavourable government policies.

The report which was discussed at a Finance Roundtable in Lagos on Saturday by co-founder and COO of PiggyVest, Odun Eweniyi, lamented the widening wealth divide among Nigerians, saying it was inimical to economic growth as a vast majority of Nigerians live below the poverty line.

According to Eweniyi, the report ‘captures the attitude of different demographics in the country viz- a-viz their savings and spending habits, debt management, and future financial plans.’

As a panacea to solving the problems of indebtedness, Eweniyi advocated ‘savings before spending in order to avoid running into debt,’ adding that the option of savings was still elusive to Nigerians who live below the poverty line of $2 per day dollars per day.

“We must also know that while innovation is key, it cannot go far without social interventions for the people.”

She urged the government to focus on Nigerians at the bottom of the pyramid in its conversation as well as simplify access to public credit facilities to improve income status of average Nigerians.

“This is why government must as much as possible explore collaboration with private sector to improve the living conditions of Nigerians and also drive financial literacy and inclusion,” Eweniyi emphasized.

Metro

Nigeria: President Tinubu unveils 21 major initiatives

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Nigeria’s President Bola Tinubu has unveiled 21 major policy initiatives of his administration after the Federal Executive Council (FEC) meeting he presided over on Tuesday.

According to the President’s Adviser on Media and Publicity, Bayo Onanuga, some of tie listed initiatives include a 48-hour visa policy, cancelling of airport toll payment exemption for very important persons and a ban on sand dredging 10 kilometres from all federal bridges throughout the country among others.

Onanuga who posted the resolutions of the FEC on his official X handle, said the marathon meeting which started on Monday, was concluded on Tuesday, describing it as unprecedented in the history of the council.

“After exhaustive deliberations, the council approved several policies and projects that would further boost the economy, facilitate investments and promote the ease of doing business in the country,” the presidential aide said.

Also briefing State House correspondents after the FEC meeting at Aso Rock Villa, Minister of Information and National Orientation, Mohammed Idris, said the government was reviewing its visa regime to enable persons who wish to invest in Nigeria to obtain a visa within 48 hours, adding that the move was aimed at encouraging investors and tourists.

According to him, the visa policy review is necessary to foster ease of doing business on Nigerian soil.

“The Federal Executive Council has noted that our visa processes are becoming cumbersome and this is not encouraging investors to come in easily because, as the President has indicated, the ease of doing business is also tied to the ease of visa application,” Idris said.

“Therefore, the FEC has set up a committee to look at our visa processes to reduce the cumbersome nature of these visa processes, meaning that those investors or tourists who want to come into Nigeria will find it a lot easier to go into this country provided they follow all the laid down processes.

“This includes the e-visa platform, which has already been discussed. The Federal Government is also mulling the idea of every visa application being processed within the next 48 hours.”

“Nigeria’s e-visa process is part of a broader effort to streamline and modernise the country’s visa system, as outlined in the Nigeria Visa Policy (NVP) 2020.

“The e-visa system allows visiting non-Nigerians to apply online. Applicants must complete an electronic application form, upload necessary documents, and pay the required fees.

“Such e-visas available include the Short Visit Visa for business, which allows for a maximum stay of 90 days, and various investor visas that cater to different scales of investment from small to ultra-large enterprises.

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Chipata youth calls for stronger media protections amid concerns over media independence

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Alepha Banda, a programmes officer at the Youth Development Foundation (YDF), says Zambia’s existing laws do not adequately safeguard journalists, thereby impeding media freedoms and their ability to report objectively.

Banda also argued that journalists’ lack of economic stability makes them susceptible to manipulation.

In an interview with Zambia Monitor in the Eastern Province, Banda stated the need for the government to develop policies aimed at protecting private media entities and journalists.

“The government should formulate a policy that will protect the private media and journalists,” he said.

Moreover, Banda pointed out that although individuals theoretically possess the freedom to express themselves, this liberty was frequently curtailed by factors such as fear and threats emanating from certain members of the political class.

“Individuals in positions of power have a tendency to interfere with the media, as evidenced by numerous incidents where media outlets have been stormed by individuals affiliated with certain political factions,” he said.

Nevertheless, he noted that there had been instances where the government respected media freedoms.

“At least we have seen some tolerance in some instances, where the government has not taken action that hinders media freedom,” he stated.

Additionally, Banda mentioned that the marginalised were often overlooked both in new media platforms and traditional mainstream media outlets.

“The marginalised are often neglected across television, radio, and newspapers,” he said.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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