News
Bank of Industry, IFC Partner to Empower MSMEs

The International Finance Corporation (IFC) and the Bank of Industry (BoI) have partnered to strengthen trade and boost access to finance for micro, small and medium-sized enterprises (MSMEs) in Nigeria.

Olukayode Pitan, the Managing Director/Chief Executive Officer Bank of Industry, revealed this during a trade and supply chain finance workshop in Lagos.
He said, “We are delighted to partner with the IFC on this laudable initiative towards ensuring that Nigerian businesses are not only able to boost their domestic production capabilities, but also able to partake actively in regional and global value chains for improved trade and economic growth.”
Nigerian MSMEs account for about 86 percent of employment and contribute 50 percent of nominal Gross Domestic Product (GDP), but receive significantly less finance from the private sector than is the average in sub-Saharan Africa.
Two new IFC reports were launched at the event, providing fresh data and insights on the topic. Based on a survey of about 1,000 MSMEs across Nigeria, IFC’s Market Bite Nigeria: Innovation Offers Key to the Broader MSME Finance Market study identified an unmet demand for credit by Nigerian MSMEs of approximately N13 trillion, equivalent to $32.2 billion.
Some of the reasons attributed for this gap include regulatory constraints and gaps in financial infrastructure, as many financial institutions also perceive MSMEs as too costly and too risky to serve.
The report recommendded that the financial industry leverages new technology and innovative business models to improve credit assessment capacity and better serve smaller businesses.
According to IFC’s new Supply Chain Finance Market Assessment Nigeria report, MSMEs generate more than half of the Nigerian supply chain finance opportunity, accounting for N1.4 trillion ($3.5 billion).
The report proposes that the supply chain finance market in Nigeria can be better met by raising awareness among MSMEs about supply chain finance, capacity-building among financial institutions, front office staff, regulatory enhancements, and increased use of digital platforms.
IFC research shows that improving the availability and cost of trade and supply chain finance could boost trade volumes by 8 percent to 16 percent, supporting economic growth and diversification in Nigeria and other key markets in the region.
“Strengthening supply chains and trade flows through additional finance could set the stage for faster growth, economic diversification and poverty reduction in Nigeria and the region. We are glad to present these new reports with data and insights to encourage further investment to close the MSME finance gap,” said Kalim M. Shah, IFC’s Senior Country Manager for Nigeria, Liberia and Sierra Leone.
News
Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
News
FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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