The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has partnered with the Bank of Industry (BOI) to disburse a N75 billion fund aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. The collaboration is designed to provide financial support to MSMEs, fostering growth and development in this critical sector of the economy. Key Features of the MSME Fund The N75 billion fund is targeted at addressing the financing challenges faced by MSMEs, which are crucial to Nigeria’s economic development. The key features of the fund include: Affordable Interest Rates: Offering businesses access to low-interest…
Author: Temitope N.
A leading transport firm has pledged to deliver affordable and accessible mobility solutions to Nigerians, with a focus on addressing transportation challenges in urban and rural areas. The firm aims to enhance the convenience and affordability of public transport while contributing to sustainable development and reducing congestion in major cities. Focus on Affordability and Accessibility The company’s initiative seeks to make daily commuting easier for a wider range of people, particularly in underserved regions. Key elements of the pledge include: Affordable Fare Structures: Introducing flexible fare schemes that cater to different income groups, ensuring that transportation remains within reach for…
The National Pension Commission (PenCom) has announced plans to remodel the micro-pension scheme to enhance its adoption and impact on Nigeria’s informal sector. The initiative aims to address challenges limiting the scheme’s reach while providing a more inclusive framework for informal workers to secure their retirement. Enhancing Accessibility and Participation PenCom’s Director-General revealed that the remodeling efforts would focus on making the scheme more accessible and appealing to Nigeria’s vast informal workforce, which constitutes over 80% of the labor market. Key strategies include: Simplified Registration Processes: Streamlining the onboarding process to encourage greater participation among artisans, traders, and small business…
The National Insurance Commission (NAICOM) has expressed optimism that the newly proposed Insurance Bill will significantly enhance the growth and competitiveness of Nigeria’s insurance sector. The bill, which focuses on strengthening regulatory frameworks and expanding market participation, is poised to address longstanding challenges in the industry while unlocking its full potential. Enhancing Regulatory Frameworks The Insurance Bill introduces comprehensive reforms aimed at improving transparency and accountability in the sector. Key provisions include: Stronger Oversight: Enhancing NAICOM’s regulatory capacity to ensure compliance with global best practices. Risk Management Standards: Mandating insurers to adopt robust risk management frameworks to safeguard policyholders’ interests.…
Polaris Bank has been recognized for its exceptional contributions to sustainability and corporate responsibility, earning a prestigious award that highlights its commitment to environmental, social, and governance (ESG) principles. This accolade reinforces the bank’s position as a leader in driving positive change within the financial sector and beyond. Recognition for Impactful Initiatives The award celebrates Polaris Bank’s efforts in implementing impactful programs that align with global sustainability goals. Key initiatives include: Green Financing: Supporting environmentally friendly projects through tailored financing solutions. Community Engagement: Investing in education, healthcare, and skill development programs to uplift underserved communities. Operational Sustainability: Adopting eco-friendly practices,…
CIG Motors, a leading automotive distributor, has partnered with Stanbic IBTC to introduce a comprehensive vehicle ownership scheme aimed at making cars more accessible to Nigerians. The partnership leverages Stanbic IBTC’s financial services expertise and CIG Motors’ robust vehicle lineup to provide flexible and affordable options for prospective car buyers. Highlights of the Partnership The collaboration focuses on: Flexible Financing Plans: Offering tailored loan packages with competitive interest rates to suit different income levels. Wide Vehicle Range: Access to CIG Motors’ fleet, including sedans, SUVs, and commercial vehicles. Streamlined Application Process: A simplified and transparent loan approval system to ensure…
In a strategic move to address food insecurity, several firms have joined forces to implement initiatives aimed at strengthening agricultural production, reducing post-harvest losses, and improving food supply chains. This partnership underscores the growing recognition of collaborative efforts in tackling hunger and malnutrition, especially in regions vulnerable to food shortages. Key Objectives of the Partnership The alliance focuses on the following areas: Promoting Sustainable Farming Practices: Introducing innovative agricultural techniques to maximize yields while preserving environmental resources. Enhancing Supply Chains: Investing in infrastructure and logistics to ensure efficient distribution of food products from farms to markets. Empowering Farmers: Providing training,…
In a show of solidarity and corporate social responsibility, several banks have mobilized resources to support communities affected by recent floods across Nigeria. The initiative aims to alleviate the hardships faced by flood victims, many of whom have been displaced or have lost their livelihoods. Relief Efforts by the Banking Sector Responding to the widespread devastation caused by the floods, banks have taken proactive measures, including: Distribution of Essential Supplies: Relief packages containing food items, clean water, hygiene products, and clothing have been distributed to displaced families. Financial Assistance: Some banks have provided monetary support to affected communities to help…
Exporters across the continent have expressed disappointment over Africa’s underwhelming trade performance, despite the operationalization of the African Continental Free Trade Area (AfCFTA). Designed to foster intra-African trade by reducing barriers and creating a unified market, the AfCFTA has yet to deliver the anticipated transformative impact, leaving stakeholders frustrated over unaddressed challenges. Africa’s Trade Landscape Currently, intra-African trade accounts for just about 15% of the continent’s total trade, compared to over 60% in Europe and Asia. This disparity persists despite the AfCFTA’s potential to boost intra-regional trade by up to 52% by 2025. Exporters cite several obstacles stifling progress: Infrastructure…
Jiji and Cars45, two major players in Nigeria’s tech-driven commerce sector, have been recognized for their outstanding contributions to technological innovation and customer-centric solutions at the recent Technology Innovation Awards. The event celebrated organizations pushing boundaries in tech adoption and service delivery across various industries. Acknowledging Excellence in Tech Jiji’s Recognition: Jiji, Nigeria’s leading online marketplace, was lauded for its seamless platform connecting buyers and sellers. Its innovative features, including enhanced search algorithms, secure payment systems, and user-friendly interfaces, have set it apart in the competitive e-commerce space. The company’s commitment to fostering small and medium-scale enterprises (SMEs) has also…
The Federal Government’s 2025 budget has earmarked a staggering N24.8 trillion for debt servicing and public sector salaries, raising concerns about fiscal sustainability and the economy’s growth trajectory. This allocation represents a significant portion of the proposed N54 trillion budget and highlights the persistent challenge of balancing development needs with mounting financial obligations. A Closer Look at the Numbers Debt Servicing: The allocation for debt servicing is projected at N17.5 trillion, driven by rising domestic and external borrowing. Nigeria’s total public debt stock surpassed N100 trillion in 2024, reflecting years of heavy borrowing to finance budget deficits and infrastructure projects.…
A collaborative effort between a prominent foundation and Reckitt, a global leader in health and hygiene, aims to address the rising cases of neonatal jaundice in Nigeria. This partnership seeks to improve awareness, diagnosis, and treatment of the condition, which remains a leading cause of infant morbidity and mortality in the country. Understanding Neonatal Jaundice Neonatal jaundice is a condition characterized by yellowing of a newborn’s skin and eyes due to elevated bilirubin levels. If left untreated, severe cases can result in: Kernicterus: A form of brain damage caused by excessive bilirubin. Long-term Disabilities: Including hearing loss, cerebral palsy, and…
The Minister of Aviation and Aerospace Development, Festus Keyamo, has announced a policy requiring government officials and contractors to exclusively use Nigerian airlines for both domestic and international travel. The directive aims to bolster the country’s aviation industry and reduce the outflow of foreign exchange. Supporting the Nigerian Aviation Sector The policy is part of broader efforts to strengthen local airlines and ensure their sustainability in a competitive industry. Keyamo highlighted the following reasons for the directive: Economic Growth: Encouraging the use of Nigerian carriers will increase revenue for local airlines and help create more jobs in the aviation sector.…
The World Bank is expected to approve a $500 million loan to Nigeria today, as the country seeks external financing to address pressing economic challenges. The funding, if approved, will support key sectors and bolster Nigeria’s efforts to stabilize its economy amidst fiscal constraints. Target Areas for the Loan The proposed loan is aimed at addressing Nigeria’s critical developmental and structural needs, including: Economic Reforms: Strengthening fiscal policies and implementing structural adjustments to improve economic resilience. Social Safety Nets: Expanding programs to alleviate poverty and provide support for vulnerable populations. Infrastructure Development: Financing projects in energy, transportation, and health to…
The World Bank has emphasized the need for a staggering $30 trillion investment globally to achieve net-zero emissions by 2050. This call comes as nations grapple with the dual challenge of mitigating climate change and fostering economic growth, underscoring the urgency of massive financial mobilization for clean energy and sustainable development. The Investment Imperative The $30 trillion target represents the funding required across key sectors such as energy, transportation, agriculture, and industry. The World Bank highlighted the following priorities: Clean Energy Transition: Scaling renewable energy infrastructure, including solar, wind, and hydropower. Sustainable Transport: Promoting electric vehicles and green public transit…
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.7 trillion among the federal, state, and local governments as revenue for November 2024. This marks one of the highest disbursements in recent months, driven by increased oil earnings and tax collections. Revenue Breakdown The N1.7 trillion allocation was derived from various sources, including: Oil Revenue: Higher crude oil prices and improved production levels contributed significantly. Value-Added Tax (VAT): A consistent source of revenue, reflecting growth in consumption and compliance. Corporate Tax: Increased remittances from businesses further boosted the pool. Other Sources: Income from customs duties, royalties, and non-oil…
Seplat Energy Plc has announced plans to reactivate 400 dormant oil wells as part of its efforts to boost Nigeria’s crude oil production and optimize the nation’s energy resources. This strategic initiative underscores the company’s commitment to enhancing operational efficiency and contributing to the country’s economic growth. Unlocking Untapped Potential The 400 wells, which have remained inactive due to various operational and technical challenges, hold significant potential to increase crude oil output. Seplat aims to deploy advanced technologies and sustainable practices to maximize the recovery of these resources while adhering to environmental standards. Supporting National Energy Goals The project aligns…
A leading personal care brand has launched a campaign to promote personal hygiene among students, aiming to instill healthy habits and enhance overall well-being. The initiative, which targets schools across various regions, seeks to raise awareness about the importance of maintaining cleanliness and adopting hygienic practices in daily life. Promoting Hygiene Awareness As part of the program, interactive sessions and demonstrations are being conducted to educate students about essential hygiene habits, including proper handwashing techniques, oral care, and skincare routines. The brand has also distributed hygiene kits containing soaps, sanitizers, toothpaste, and other personal care products to encourage practical application…
International Workplace Group (IWG), a leading provider of flexible workspace solutions, has announced a strategic collaboration with a prominent financial institution to develop modern workspaces tailored to evolving business needs. This partnership aims to redefine workplace dynamics by combining IWG’s expertise in workspace management with the financial institution’s resources and reach. Transforming Work Environments The collaboration will focus on creating flexible office spaces that cater to professionals, entrepreneurs, and businesses looking for innovative and cost-effective alternatives to traditional office setups. These spaces will feature state-of-the-art infrastructure, high-speed internet, and ergonomic designs, providing an optimal environment for productivity and collaboration. The…
The African Development Bank (AfDB) has approved a $30 million funding package to support the development of solar power plants and other critical infrastructure projects across Africa. The initiative is part of AfDB’s broader commitment to advancing renewable energy and sustainable development on the continent, addressing energy deficits while fostering economic growth. Boosting Renewable Energy Capacity The funding aims to accelerate the deployment of solar power plants in underserved regions, providing reliable and affordable electricity to millions of households and businesses. This aligns with AfDB’s strategic objectives of increasing access to energy and reducing dependency on fossil fuels. The projects…