General News
FirstBank Empowers Small Businesses with U-First Products
Buoyed by constant innovation, FirstBank has progressively demonstrated that its product offering transcends the regular lending, deposits, trade and treasury products, to the development of financial solutions that enable business owners serve their clients efficiently.
The bank’s introduction of specialized products designed to help small business grow and expand has been providing succor to entrepreneurs across the nations, empowering them to make informed financial decisions for sustained business success.
FirstBank had in 2006 launched the “U-First” suite of products designed to equip individuals and entrepreneurs to realize their aspirations in their personal and business activities.
Folake Ani-Mumuney, head, Marketing and Corporate Communications at FirstBank explained that U-First is a suite of retail and consumer loan products designed to enable individuals and small businesses meet their business and personal needs under a flexible repayment structure that is in sync with the best global practices.
She said with the U-First loans, small business operators are empowered to take little steps that will ultimately grow their businesses.
“Under the U-First umbrella, we have a set of homogeneous loans targeted at individuals and small & medium enterprises (SMEs). The set targeted at individuals are classified as Consumer Loan Products while those targeted at SMEs and entrepreneurs are classified as Retail Loan Products. Every product provides a unique opportunity for beneficiaries to effectively grow their businesses,” she added.
FirstBank’s Retail ‘U-First Loans’ empower individuals and businesses to acquire assets and meet other financial needs at the best possible terms. These include Auto & Household Equipment Loans for individuals to purchase vehicles and home appliances respectively and Operational Vehicle and Office Equipment Loans for SMEs to purchase vehicles and equipment for use in the day-to-day running of the business. SMEs can also enjoy Short-term Loans & Overdrafts to meet their business expansion and working capital requirements, among others.
U-First also offers LPO Finance, to empower businesses in executing job orders from corporate organizations. The beauty of the U-First products is that they are available and easily accessible to business operators in all FirstBank branches nation-wide. With this, the bank is helping individuals and SMEs live their dreams.
General News
FG Plans N50m STEEM Grant to Support Student Innovation in August

In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.
The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.
According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.
Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.
The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.
“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.
“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.
“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.
Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.
“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.
Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.
General News
UK Businesses Look to Africa As Strategic Growth Partners

New research by UK-based Strategy Management Partners reveals that a growing number of British businesses are identifying Africa as a key strategic growth region – drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.
The research, based on a survey of senior decision-makers from 250 large UK-based companies, finds that 50% are already active in African markets and planning to expand further.
An additional 28% are considering entry, signalling a clear uptick in long-term interest from international businesses with the resources to scale regionally.
The findings challenge outdated perceptions of Africa as a high-risk or secondary market. Instead, they highlight key drivers behind renewed commercial interest: • 61 per cent of UK leaders cited Africa’s large and growing consumer markets as a major draw. • 61 per cent pointed to the continent’s rapid pace of digital and technological adoption. • 50 per cent highlighted the potential of Africa’s young, skilled, and digitally native population.
The study also suggests that Africa is no longer viewed simply as a market for philanthropic initiatives or shortterm gain. Only 20 per cent of respondents cited philanthropic motives, while most are focused on building commercially viable, long-term operations.
Initiatives like the African Continental Free Trade Area (AfCFTA), are also laying the groundwork for significant economic growth.
With 23 countries already implementing preferential tariffs, the framework is expected to facilitate smoother intra-regional trade, enable market scale, and support more efficient supply chains.
These structural improvements are making Africa more attractive to global firms with the ambition to operate at scale.
However, despite rising optimism, significant operational and policy challenges remain. The top four barriers to investment cited by UK business leaders were: political and country risk (68%); safety and security issues 66.4%); regulatory barriers and tariffs (60.4%); and the complexity of cross-border transactions (60%).
Addressing these issues will be crucial to unlocking Africa’s full potential for UK investment. UK companies are showing the most interest in sectors that align with Africa’s core strengths, such as natural resources, agriculture, a young and expanding population, and infrastructure development.
These areas are seen as the backbone for long-term commercial growth, offering opportunities to build local supply chains, expand digital services, scale manufacturing, and meet rising consumer demand.
However, for companies looking to invest or expand into Africa, success also depends on key enabling conditions. According to business leaders surveyed, the top factors supporting investment are: • The size of market and consumer demand (49.6%) • Reliable and consistent energy supply (48.4%) • Access to affordable, educated and capable talent (44.8%) • Efficient transportation networks, such as roads, ports, airports (38%) • A favourable macroeconomic environment: low interest rates, low inflation, stable exchange rates, and seamless cross-border transactions and repatriation of earnings(38%).
“UK businesses are increasingly seeing Africa as a strategic growth market, driven by structural reforms, digital adoption, and the momentum behind the African Continental Free Trade Area (AfCFTA),” says Muibat Ijaiya, Partner at Strategy Management Partners.
“But real progress will depend on practical cooperation with African governments. The AfCFTAis a pivotal step forward – what’s needed now is a deeper alignment between public policy and private investment to address trade, regulatory and infrastructure barriers, and unlock long-term, sustainable growth.”
General News
Experts Champion Sustainability at Lagos Green Economy Forum

Lagos State’s transition to a greener economy is gaining momentum, with female leaders from top corporations taking the lead and the state government beginning to record early wins from its plastic bag policy.
At the Lagos Green Economy Forum held on July 23, senior executives from MTN Nigeria, IHS Towers, TechnoServe, and other large organisations highlighted the role of corporate innovation in advancing sustainability.
The all-female panel also emphasised the urgent need to integrate Nigeria’s thousands of small and medium enterprises (SMEs) into the country’s green transition.
“We’re not just here to share strategies,” said Temilade Olabanji, Senior Manager, Sustainability and Shared Value, MTN Nigeria. “We are here to build local resilience. Our Project Zero is not only helping us cut emissions but also equipping our suppliers with the knowledge to do the same.”
MTN’s Project Zero aims for net-zero emissions by 2040, with a 50% reduction target by 2030. The company is already powering base stations and data centres with renewables, while training suppliers to understand carbon footprints and adopt circular practices. MTN has pledged that by 2026, 80% of its top suppliers will align with its sustainability goals.
Titilope Oguntuga, Director of Sustainability, IHS Towers, reinforced this approach, noting that the company’s Project Green is decarbonising its over 16,000 tower sites across Nigeria by switching to renewable energy. “Project Green is enabling all sites to run effectively with more renewable sources of energy rather than the typical fossil fuels,” she said. IHS also runs Clinic Without Walls, a free micro-health insurance scheme for underserved communities.
From the nonprofit sector, Juliet Ezeani, Senior Business Advisor of TechnoServe, explained how the organisation supports vendors through environmental impact assessments, sustainability training, and responsible procurement.“For all our projects, we look at how the project runs and especially how it affects the environment,” she said.
Meanwhile, the Lagos State Government provided an update on its green policy efforts, especially the plastic bag ban introduced two months ago.
“All of what we have done so far is towards making the economy of Lagos or the quality of life of the average Lagosian much better,” said Dr. Babatunde Ajayi, General Manager of the Lagos Environmental Protection Agency (LASEPA), who represented the Honourable Commissioner, Mr. Tokunbo Wahab.
On the plastic bag ban, he added: “What that [the ban] has also done is to free up our drainage from the plastic waste. In some way, we have reduced flooding, reduced pollution, and reduced the headache and the cost of maintaining drainages and labourers.”
Dr. Ajayi emphasised that green transition is not just a compliance issue for SMEs but an economic opportunity. “It helps them drive their engines, their entire businesses in a more sustainable manner.”
As Lagos accounts for nearly 30% of Nigeria’s GDP, the increasing alignment between corporate leaders and public policy towards a greener economy is positioning the state as a model for inclusive, environmentally responsible development.
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