The Minister of Foreign Affairs, Amb. Yusuf Tuggar, says Nigeria holds a prominent position in the fintech and financial services sector, creating jobs in Africa.
During his visit to Moniepoint Inc.’s United Kingdom (UK) offices, Tuggar highlighted Nigeria’s leadership in the industry and emphasized the importance of fostering confidence in Nigerian businesses as they expand globally.
“Nigeria holds a strong position in the fintech and financial services sector. With banks and fintech firms operating across Africa, we must continue instilling confidence in Nigerian businesses as they expand globally,” Tuggar stated.
He further noted that the growth of the fintech sector contributes significantly to job creation, financial inclusion, and overall economic strengthening.
The minister also acknowledged the global investments Moniepoint has garnered, including backing from Google’s Africa Investment Fund, Visa, and BII, which solidifies its status as a fintech leader.
Empowering Financial Transformation in Nigeria
Moniepoint Inc.’s CEO, Tosin Eniolorunda, echoed Tuggar’s sentiments, reaffirming the company’s dedication to empowering African business owners and promoting financial well-being.
Eniolorunda described Nigeria’s vibrant digital landscape as a unique opportunity to drive economic and social progress.
“By equipping individuals and businesses with innovative financial tools, we believe technology can drive economic growth and social progress,” said Eniolorunda. He also highlighted the significance of international cooperation in advancing innovation and creating opportunities within the fintech sector.
“This visit by Amb. Yusuf Maitama Tuggar highlights the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships,” Eniolorunda added.
What you should know
Earlier in March, Tuggar had announced plans for a working visit to the United Kingdom aimed at enhancing bilateral ties across key sectors, including business, diplomacy, security, and culture.
- He stressed that the visit reflects Nigeria’s commitment to advancing shared priorities with the UK and fostering strategic cooperation.
- Key objectives of the visit included expanding security collaboration through intelligence briefings and defense discussions, while also promoting Nigeria’s global image through media engagements and cultural exchanges.
- He expressed optimism that the visit would also strengthen collaboration on security and intelligence sharing to combat insecurity and instability in the Sahel and West Africa.
A UK government fact sheet revealed that total trade in goods and services between the UK and Nigeria reached £7.5 billion in the four quarters leading to the end of Q3 2024—a 5.6% increase compared to the same period in 2023. Of this, UK exports to Nigeria amounted to £5.3 billion, while imports from Nigeria stood at £2.2 billion, marking a 12.2% decline.
The UK ranked Nigeria as its 36th largest trading partner during the same period, accounting for 0.4% of total UK trade.