E-Business
AfDB Dangles $700m Credit on Local SMEs

African Development Bank (AfDB) has signed an agreement to provide two sovereign-guaranteed multi-tranche lines of credit (LoCs) of $700 million to support export-oriented small and medium enterprise expansion in Nigeria.
Mr. Chinedu Muoghalu, head, Corporate Communication Department, Nigerian Export-Import Bank (NEXIM) said the credit would be provided through the Bank of Industry (BOI) and NEXIM bank, which would receive $500 million and $200 million respectively.
“Through this integrated financing package, the AfDB is supporting Nigeria’s effort to diversify her economy away from oil and gas.
“The LoCs will allow local SMEs’ to be more competitive, scale up their operations and ultimately create more jobs in Nigeria,’’ he said.
According to the statement, the LoCs will include a technical assistance package to strengthen institutional capacity at both BOI and NEXIM as well as at their SME clients.
“The LoCs will supply multi-sector financing to address the challenge that SMEs face in accessing finance in the country.
“Therefore, export-oriented SMEs will be able to become more competitive, ensure sustainable growth of their operations and generate employment in the Nigerian productive sectors,’’ he added.
During the agreement signing ceremony, Dr. Ousmane Dore, AfDB’s Resident Representative in Nigeria, said the bank’s combined programme would contribute to mobilising significant financial resources for Nigerian export-oriented SMEs.
He said it would ultimately contribute to economic development, employment opportunities, foreign exchange and regional trade integration.
Mr. Robert Orya, managing director, NEXIM Bank , thanked AfDB for its support and promised that NEXIM bank would continue to support programmes that would help boost the Nigerian export system.
“NEXIM seeks important economic development achievements, including approximately 55,000 new jobs for its SME clients.
“NEXIM also seeks 1.6 billion dollars in foreign exchange and an overall contribution of almost 7 per cent to non-oil exports, including a 10 per cent share in Economic Community of West African States (ECOWAS) exports.
“The AfDB facility will provide a great opportunity for NEXIM to make available concessional long-term funding in pursuance of its strategic objectives of enhancing value-added exports and bolstering the capacity of SMEs for job creation and foreign exchange earnings,’’ Orya said.
Ms. Evelyn Oputu, BOI managing director, said AfDB’s contribution would go a long way in supporting SMEs to help in the growth and development of the economy.
“The AfDB’s operating contribution to capital market development and government revenue is likely to generate significant additional lending to our export-oriented SME clients.
“This, at a time, when it is sometimes difficult for commercial banks to finance this important sector of the Nigerian economy,’’ Oputu said
E-Business
INEC Sets Up AI Division to Strengthen Electoral System

Independent National Electoral Commission (INEC) has announced the establishment of an Artificial Intelligence (AI) Division within its ICT Department.
This marks a significant stride toward enhancing electoral integrity, efficiency, and innovation in Nigeria’s democratic process.
This decision was reached at the Commission’s regular weekly meeting held in Abuja, following a series of consultations and engagements on the global and continental impact of AI on elections.
In a statement issued by Sam Olumekun, national commissioner and chairman of the Information and Voter Education Committee, INEC underscored that the growing relevance of AI in electoral matters necessitated a proactive institutional framework to manage both the risks and opportunities it presents.
“Our interactions with electoral bodies across Africa highlighted both the risks of AI—such as fake news and content manipulation—and the vast potential it holds for data-driven decision-making, risk mitigation, automated voter services, and geo-spatial intelligence for logistics,” Olumekun noted.
According to him, the newly created division will centralise the Commission’s AI efforts, ensuring a harmonized approach to deploying intelligent systems that enhance decision-making, improve voter engagement, and boost the credibility of the electoral process.
“The creation of this division puts the Commission at the forefront of institutionalizing AI capabilities in electoral management.
It is also part of our ongoing reforms in areas where administrative action is sufficient to drive change,” he said.
He added that the AI Division will help INEC better coordinate its existing technological investments while providing safeguards against the misuse of AI technologies.
“We are positioning ourselves to maximise the positive impact of AI while mitigating its negative implications. This step strengthens the credibility and transparency of elections in Nigeria,” Olumekun concluded.
The initiative, INEC emphasised, reflects its commitment to embracing innovation in safeguarding democracy and improving electoral services nationwide.
E-Business
CAC, NIBSS Unveil Platform for Data Access to Private Firms

Corporate Affairs Commission (CAC) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new Application Programming Interface (API) integration system to allow private firms access company data from the Commission’s database.
Hussaini Ishaq Magaji (SAN), registrar general of CAC, who spoke in Abuja at the unveiling said the system would give selected private organizations access to CAC services through technology-based companies, called “super agents.”
“This is a practical step to show that the Commission is committed to meeting the expectations of our customers,” he said.
Magaji explained that the integration allows the agents to retrieve data from the CAC database for use in specific client requests, outside the standard services provided by the Commission.
“Before now, only a few government agencies had this integration, especially those involved in investigations, anti-money laundering, and terrorism financing. Now, private companies that meet the criteria can also access it,” he said.
He said the system complies with the Nigerian Data Protection Act 2023, and information such as residential addresses, phone numbers, and dates of birth may be restricted.
“This is a call to law firms and companies with the right technology. We’ve started with NIPS because of their credibility. Embassies and banks can now authenticate company records directly through them.”
“There are prescribed fees. We already collect them on our portal, and now customers can also pay through these agents,” he explained.
He named NIPS, MoneyPoint, and OPE as some of the companies involved.
“OPE and MoneyPoint handle only registrations. But NIPS has moved further into validation and verification,” he said.
Ngover Ihyembe-Nwankwo, executive director at NIBSS, who represented Premier Oiwoh, managing director, said the service allows secure and efficient data verification.
“This is the result of years of effort to connect our systems with CAC. It will help users verify data within the limits of data protection laws,” she said.
She said the move is a way to lower costs and promote interoperability across the financial sector.
E-Business
FG Launches Online Citizenship, Business Management Platform

Ministry of Interior has announced the launch of a new Online Citizenship and Business Management Platform in line with the Renewed Hope Agenda of President Bola Tinubu.
A statement signed by Dr Magdalene Ajani, permanent secretary, Ministry of Interior’s said the initiative forms a key part of its ongoing reforms aimed at promoting transparency, enhancing operational efficiency, and significantly improving service delivery to the public.
The new digital platform is designed to streamline the application and processing of citizenship and business-related services, ensuring faster turnaround times and improved user experience.
The platform allows users to apply for and manage business permits, ensuring that both local and foreign businesses operate legally in Nigeria.
It includes an Expatriate Quota System to manage work permits for foreign employees, helping companies hire skilled workers while complying with Nigeria’s immigration laws.
The Citizenship Administration and Management System provides a streamlined online process for applying, tracking, and managing Nigerian citizenship applications and related services.
Members of the public, corporate entities, and other stakeholders are expected to access the platform through the ministry’s website: https://interior.gov.ng , Direct Portal Access: https://candb.interior.gov.ng , or contact candb-support@interior.gov.ng for support and inquiries.
“The Ministry of Interior remains committed to establishing a more efficient, transparent, and secure framework for citizenship administration, while continuously enhancing service delivery through digital transformation,” the statement read in part.
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