General News
FG Slashes Business Registration Cost for SMEs by 60%
Federal government has reduced the costs of registering Small and Medium Scale Enterprises (SMEs) with the Corporate Affairs Commission by 60 per cent.
Olusegun Aganga, minister of Industry, Trade and Investment, stated this while speaking at the 8th annual Micro, Small and Medium Enterprises finance conference.
The conference with theme ‘MSME financing in Nigeria: Past, present and future’ was conceptualised to look at the MSME finance sub-sector from a holistic perspective.
Aganga said the directive for the reduction of the business registration costs was given by President Goodluck Jonathan, adding that the development underscored the importance of the sector to poverty reduction, job creation and inclusive growth.
He said since SMEs account for about 80 per cent of businesses registered with the CAC as well as about 50 per cent of the country’s Gross Domestic Product, there was need to remove all factors that would impede their development to nation building.
He said, “The administration of Mr President has made it a matter of importance to support MSME in certain key areas-access to affordable finance which we are doing here today, access to markets, formalization of businesses, skill acquisition, provision of infrastructure to reduce the cost of businesses for SMEs.
“Already, the president has approved a reduction in the cost of setting up SMEs by 60 per cent and the idea is to reduce the cost of doing business.
“So today if you are going to CAC to set up a company, then know that the costs have been reduced by 60 per cent already.”
He said the N220bn facility whose disbursement was flagged off at the event by Jonathan would help not only to empower SMEs, but address the access to financing needs of the sector in an efficient and sustainable manner.
Jonathan while speaking at the event commended the CBN for providing the fund for the development of the sector at an interest rate of nine per cent.
He added that the decision of the apex bank to set aside 60 per cent of the fund for women was in line with his administration’s commitment to women empowerment.
The president said MSMEs have been recognized globally as the engine of growth in any development-oriented economy.
He added that due to their inherent labour intensive production processes, they also provide a veritable platform for job creation.
He said, “All over the developed world, the contribution of MSME to GDP is on the average of about 47 per cent, this shows clearly how important the MSME are to us.
“With about 17.3 million SMEs in Nigeria, there is need for more concrete and concerted efforts to expand the activities of MSMEs in our country.”
He said the focus of this year’s conference which is geared towards enhancing access to finance was appropriate noting that a vibrant MSME sub sector was indispensable to achieving sustainable transformation in the Nigerian economy.
Jonathan said as Africa’s largest economy with excellent prospects of becoming one of the 20 largest economy in the world in the nearest future, it is imperative that the challenges confronting MSMEs are addressed “frontally at this time.”
The President said his administration had already instituted a number of reforms to improve the business environment and build strong institutions that would fast track the growth and progress of MSMEs.
He said, “Given that the structural transformation of the economy remains our core priority, we are investing heavily in critical infrastructure to promote job creation and inclusive growth.
“We are aware that inadequate infrastructure increase the cost of production by estimated 30 per cent making Nigerian goods under-competitive and we need to improve on that.
“The federal government believes that stable power supply is the bedrock of our industrial development. It will not only reduce the cost of manufacturing and services significantly, it will also engender investments and create jobs.”
He also said as part of measures to enhance the contribution of MSMEs to economic growth, the Federal Government will establish a wholesale development finance institution, which would provide long term funds of up to 15 years for industrial development.
He added that existing DFIs would be restructured for better performance and improved access to finance by the MSMEs.
He said the enormity of the task ahead requires immediate and dedicated action adding that this underscores the need to effectively disburse the N220bn MSME fund.
In his keynote address delivered at the event, Mr Godwin Emefiele, CBN governor, said the MSME financial gap, which is estimated at N9.6tr was one of the major reason why the apex bank intervened in the sector.
He said in view of the fact that cost and access to credit had continued to be an inhibiting factor to the survival and growth of many MSMEs in the country, the apex bank would be working with relevant stakeholders to establish a Secured Transaction and National Collateral Registry to facilitate the registration and acceptability of movable property as loan collateral.
He added that the bank would also encourage venture capital companies to fund MSMEs, as well as set up a National Credit Scoring System to improve access to information on borrowers to positively influence credit decisions,
“We would also enhance the operations of Credit Reference Bureaus. We believe that these efforts would improve the information available to potential lenders on persons seeking loans and therefore, help to isolate bad borrowers from credible ones,” he said.
He said going forward, the CBN’s focus would remain on sectors that can create jobs on a mass scale as well as reduce the country’s import bill and conserve the country’s foreign exchange.
For example, he said the bank would maintain a keen interest in supporting the creation of an enabling environment to trigger private sector investment to curb the growing trend of medical tourism, which has depleted the nation’s foreign reserves.
In the power sector, he said 36 power projects have received N115.73bn from the Power and Aviation Intervention Fund noting the apex bank would also carefully consider funding viable gas to power projects.
He said, “In fact, we are currently collaborating with the Ministries of Power and Petroleum Resources, the Nigerian Electricity Regulatory Commission and all relevant stakeholders to find innovative ways of dealing with the legacy gas to power debt.
“This is to ensure that the international oil companies and other producers of gas can significantly increase the production and supply of gas to power plants across the country.”
At the event, Union Bank of Nigeria Plc with a total loan exposure of N4.17bn for 14,752 projects was decorated by the president as the best performing bank in the Agricultural Credit Guarantee Scheme.
Similarly, Sterling Bank Plc, with a total exposure of N6.16m in nine projects won the best performing bank in Commercial Agriculture Credit Scheme.
Based on the guidelines of the MSME fund, each state of the federation would be able to access the sum of N2bn which would be administered to beneficiaries at an interest rate of nine per cent.
Already, the apex bank had signed Memorandum of Understanding with governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue state to access the fund.
Also, two per cent of the fund would be made available for economically active physically challenged entrepreneurs.
General News
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation
Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
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