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AfDB Dangles $700m Credit on Local SMEs

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Donald Kaberuka, president, AfDB
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African Development Bank (AfDB) has signed an agreement to provide two sovereign-guaranteed multi-tranche lines of credit (LoCs) of $700 million to support export-oriented small and medium enterprise expansion in Nigeria.

Mr. Chinedu Muoghalu, head,  Corporate Communication Department, Nigerian Export-Import Bank (NEXIM) said the credit would be provided through the Bank of Industry (BOI) and NEXIM bank, which would receive $500 million  and $200 million respectively.

“Through this integrated financing package, the AfDB is supporting Nigeria’s effort to diversify her economy away from oil and gas.

“The LoCs will allow local SMEs’ to be more competitive, scale up their operations and ultimately create more jobs in Nigeria,’’ he said.

According to the statement, the LoCs will include a technical assistance package to strengthen institutional capacity at both BOI and NEXIM as well as at their SME clients.

“The LoCs will supply multi-sector financing to address the challenge that SMEs face in accessing finance in the country.

“Therefore, export-oriented SMEs will be able to become more competitive, ensure sustainable growth of their operations and generate employment in the Nigerian productive sectors,’’ he added.

During the agreement signing ceremony, Dr. Ousmane Dore, AfDB’s Resident Representative in Nigeria, said the bank’s combined programme would contribute to mobilising significant financial resources for Nigerian export-oriented SMEs.

He said it would ultimately contribute to economic development, employment opportunities, foreign exchange and regional trade integration.

Mr. Robert Orya, managing director, NEXIM Bank , thanked AfDB for its support and promised that NEXIM bank would continue to support programmes that would help boost the Nigerian export system.

“NEXIM seeks important economic development achievements, including approximately 55,000 new jobs for its SME clients.

“NEXIM also seeks 1.6 billion dollars in foreign exchange and an overall contribution of almost 7 per cent to non-oil exports, including a 10 per cent share in Economic Community of West African States (ECOWAS) exports.

“The AfDB facility will provide a great opportunity for NEXIM to make available concessional long-term funding in pursuance of its strategic objectives of enhancing value-added exports and bolstering the capacity of SMEs for job creation and foreign exchange earnings,’’ Orya said.

Ms. Evelyn Oputu, BOI managing director, said AfDB’s contribution would go a long way in supporting SMEs to help in the growth and development of the economy.

“The AfDB’s operating contribution to capital market development and government revenue is likely to generate significant additional lending to our export-oriented SME clients.

“This, at a time, when it is sometimes difficult for commercial banks to finance this important sector of the Nigerian economy,’’ Oputu said


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E-Business

Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone

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Galaxy Backbone (GBB) aligns with and celebrates the successful announcement by the Office of the Head of the Civil Service of the Federation on the achievement of a Paperless Civil Service, a significant milestone in Nigeria’s public sector reform and digital transformation agenda.

The milestone was formally highlighted at a press briefing led by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, who commended Galaxy Backbone for its sustained support and contribution throughout the implementation of the programme.

GBB has played a critical role in enabling this transition by providing secure, scalable, and shared digital infrastructure that supports the digitisation of government processes across Ministries, Departments and Agencies (MDAs). Through the 1Government Cloud, MDAs have been empowered to migrate from paper-based workflows to digital platforms, improving efficiency, collaboration, data security, and service delivery across the Federal Civil Service.

In addition, GovMail, GBB’s secure government email platform, has strengthened official communication, enhanced records management, and reinforced cybersecurity standards—key pillars in sustaining a paperless operating environment.

Galaxy Backbone acknowledges the collective efforts of the Office of the Head of the Civil Service of the Federation, Permanent Secretaries, Directors of ICT, consultants, partners, and dedicated public servants whose commitment and collaboration ensured the smooth delivery of this initiative.

The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, was represented at the press briefing by Akintayo Bamisaye, Acting Group Head, Research, Digital Innovation and Skills Department (RDIS).

GBB describes the achievement as a strong close to 2025 and reaffirms its commitment to supporting the Federal Government in building a modern, efficient, and digitally enabled public service.


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Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

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At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”

Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.

A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.

Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”

Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.

“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”


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Galaxy Backbone Tops FG’s Website Performance Ranking

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Galaxy Backbone Limited (GBB) has been ranked first overall in the 2025 Federal Government Website Performance Scorecard.

Galaxy Backbone Tops FG's Website Performance Ranking

This is a landmark achievement for Nigeria’s digital economy.

The ranking, conducted by the Bureau of Public Service Reforms (BPSR), is the definitive benchmark for digital excellence and transparency across all Ministries, Departments, and Agencies (MDAs).

Professor Ibrahim Adepoju Adeyanju, managing director and CEO of Galaxy Backbone, received the award during a ceremony in Abuja.

He described the feat as a validation of the agency’s“Nigeria First”data sovereignty strategy and its relentless pursuit of service excellence.

This recognition comes as the Federal Government intensifies its push to achieve a fully paperless civil service by December 31, 2025.

GBB has been the primary architect of this transition through its 1Gov Enterprise Content Management (ECM) platform, which now hosts the operations of almost all federal MDAs.

The award adds to a growing list of accolades for Galaxy Backbone in 2025, following its recent win of the “International Standard Excellence Award for Best IT Service Provider.”

As the central hub for government shared services, GBB’s performance serves as a blueprint for other agencies currently undergoing digital transformation.

With its expanded fiber-optic backbone now covering over 13 states and its secure cloud solutions, Galaxy Backbone remains the cornerstone of Nigeria’s vision to become a leading digital nation by the end of the decade.

 


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