Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.

Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.

Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.

The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.

The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.

Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.

“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.

“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.

“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.

“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.

“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”

To increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa, IFC, a member of the World Bank Group, announced a strategic partnership with leading global supply chain finance platform, C2FO.

The partnership will see IFC and C2FO jointly develop, test, and deploy a specialized, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) across Africa. This is IFC’s first dedicated supply chain financing facility in Africa for smaller businesses.

MSMEs account for up to 90 percent of businesses and 80 percent of jobs across the continent, yet these enterprises struggle to obtain working capital through the traditional financial system, constraining the growth of firms. Such financing is critical for helping build more sustainable economic ecosystems, and for strengthening food security, a strategic priority announced by World Bank President Ajay Banga last week.

The program will utilize C2FO’s patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions. Those institutions will use the platform to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers.

In turn, African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending.

“IFC is committed to addressing the financing challenges faced by SMEs in Africa. By partnering with C2FO, we aim to unlock significant funding opportunities for these enterprises, enabling them to thrive and contribute to economic growth,” said Makhtar Diop, IFC Managing Director.

The program will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around US$25 billion in annual financing for MSMEs. IFC has estimated that for every US$1 million of working capital made available in developing countries,16 new jobs are created over two years.

“C2FO is honored and delighted to collaborate with IFC to broaden the global impact of our working capital finance model throughout Africa. We believe this innovative approach will provide much-needed liquidity to MSMEs, helping them to grow and succeed,” said Alexander “Sandy” Kemper, C2FO founder and CEO. “It’s only natural that this work begins in Africa’s most populated country, Nigeria, which has an especially promising small business sector.”

Digital Rights and Freedom Bill, which aims to safeguard human rights online and protect Internet users from the infringement of their fundamental freedoms, is back at the Nigerian Parliament for consideration.

The Bill, which had been sent to the National Assembly in 2016 and passed by the two Chambers of the House, was not signed into law by the then-President, Muhammadu Buhari. He declined to sign it.

Paradigm Initiative has been at the forefront of advocating for the adoption of this piece of legislation in Nigeria and similar ones in other African countries.

The bill, sponsored by Honorable Chris Nwonta, seeks to guarantee human rights for users of digital platforms in Nigeria. It is to be cited as HB 1739.

Commenting on this development, Adeboye Adegoke, Paradigm Initiative’s Senior Manager, Grants and Programmes Strategy said: “PIN remains relentless in pursuing the objective of safeguarding digital rights and inclusion in Nigeria and everywhere we work.

“When we committed to work on this objective, we prepared for the long haul and we are committed to drive the process to a reasonable conclusion.”

For years, PIN has been at the forefront of pushing for the adoption of this crucial legislation, and its reintroduction to parliament marks a significant milestone in Nigeria’s journey toward a safer, more inclusive digital environment where users’ rights are recognised and protected.

In April this year, Paradigm Initiative, under the Digital Engagement Series (DiPES) engaged stakeholders in Abuja, Nigeria to examine, review and hold discussions focused on the Bill. The conference was supported by the Kingdom of The Netherlands.

While briefing journalists at the sidelines of the conference, PIN’s Executive Director, ‘Gbenga Sesan, said when the former president declined to sign the Bill into law, a review was conducted to examine the reasons which had been given for not signing the Bill.

It was then readjusted for reintroduction to the 9th National Assembly.

He said the new version of the Bill has incorporated feedback from the government, civil society organisations and the private sector.