E-Financial
Afreximbank Seeks Participation of SME in Global Trade
The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) to position their small and medium enterprises (SMEs) to participate effectively in global trade.
In an address to the Africa International Exhibition, which opened yesterday on the sidelines of the United Nations General Assembly in New York, Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of bank’s President Prof. Benedict Oramah, said that SMEs participating directly in global trade faced stiff competition from multinational and significantly large corporates, making their chances of success or survival marginal, if not zero.
Mrs. Awani noted that Asia had addressed that challenge by establishing ETCs to act as conduit through which SMEs accessed global markets, explaining that ETCs acted as aggregators and created a sizable volume of trade that attracted greater value and withstood competition.
She said that the limited participation of Africa’s SMEs in global value chains reflected institutional policy failure and called for strong policy support systems that would provide capacity developments, incipient protections from unfair competition and improved access to regional markets and access to finance.
“These are particularly urgent as Africa commences implementation of the African Continental Free Trade Agreement (AfCFTA),” stated Mrs. Awani.
She announced that, over the years, SMEs had been a central focus of Afreximbank’s continental interventions through its export development SME-focused strategy, with unique funding instruments to bridge the financing constraints faced by African SMEs, including products, such as factoring, supply chain finance and intermediated financing.
Mrs. Awani said that Afreximbank was the principal promoter of factoring in Africa and that the factoring law it sponsored had been adopted in the Republic of Congo, Burkina Faso, Niger, Togo, Mali and Cote d’Ivoire and was under consideration by regulatory institutions in several other African countries.
The Bank was also enabling market access for African SMEs through the African Trade Gateway, a digital ecosystem which comprises assets designed to address non-tariff barriers, such as the MANSA customer due diligence repository platform which collects KYC information of SMEs and corporates and which had already onboarded more than 11,000 entities, she said.
Other Afreximbank interventions included the TRADAR Club, which delivers innovative digital tools and networking opportunities, helping SMEs to pursue scale and scope economies, the Pan-African Payment and Settlement System, which is an important mechanism for deepening the participation of SMEs in regional trade by allowing them to make payments for imports from the continent using national currencies, the creation of the Fund for Export Development in Africa, which provides venture capital to nurture startups, early-stage and emerging SMEs, and a number of other flagship initiatives.
The Bank’s Intra-African Trade Fair also provided an excellent platform to foster integration of SMEs into continental value chains by promoting interconnections and networking, she added, noting that the third edition of the fair would be held in Cairo in November.
Ms. Awani announced that Afreximbank had launched a US$1-billion Creative Africa Nexus (CANEX) programme to provide access to finance, capacity building, digital solutions and other support to the African creative industry, noting that the industry had become one of the fastest-growing areas within the continent and that creatives had become major export earners in Nigeria, South Africa and a few other countries, topping traditional export goods. The Bank had disbursed about US$120 million to boost the industry, she added.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
China Expands Zero-Tariff Trade for Nigeria, 52 Other African Nations
Sterling Bank Pledges ₦2bn to Fully Fund University Scholarships
MTN Nigeria Unveils CPaaS Platform to Transform Business Communication
Aliko Dangote Signs out @ Dangote Sugar Refinery as Chairman
Court Declines Access Bank’s Request to Freeze MTNN Account over N180Bn Claims
General News3 days agoAfDB to Provide $184.1mfor Africa’s Largest Solar Energy, Battery Storage Project
General News3 days agoCourt Declines Access Bank’s Request to Freeze MTNN Account over N180Bn Claims
News3 days agoReport Reveals New Malware Posing as an AI Assistant Steals User Data
Telecom3 days agoMTN Mulls Establishment of Fintech Firm in Nigeria, Others
E-Business3 days agoFG Mulls Fibre Optic Layout to Bridge Internet Gaps
News3 days agoAliko Dangote Signs out @ Dangote Sugar Refinery as Chairman
E-Financial3 days agoFG to Train 100,000 Youths Annually in Forex Trading and Financial Skills
E-Financial2 days agoSterling Bank Pledges ₦2bn to Fully Fund University Scholarships