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Anambra, Afreximbank sign $200m Development Agreement

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The Anambra State government and Afreximbank have signed a $200m development agreement aimed at “charting a course for the future” of the state.

The agreement, which is in two mandates, will herald a pivotal moment in the state’s development.

This was contained in a press statement issued on Friday by Christian Aburime, the Press Secretary to the Anambra State governor, Prof. Chukwuma Soludo.

Aburime said the first initiative entails the provision of capital-raising financial advisory services, amounting to an estimated $200m dedicated to crucial projects, including the development of the Ikenga Mixed-Use Industrial City Project, investments in the Anambra Export Emporium, and the establishment of the Akwaihedi Unubi Uga Automotive Industrial Park.

He added that the second initiative focuses on the creation of the operational and governance framework for the Anambra Diaspora Fund, aiming to leverage the resources and expertise of the diaspora community for the state’s benefit.

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The statement read in part, “Afreximbank and Anambra State have today signed two mandates, heralding a pivotal moment in the state’s development.

“Governor Chukwuma Soludo, the Commissioner for Industry, Christian Udechukwu, CEO of Anambra State Investment Promotion and Protection Agency, Mark Okoye and Afreximbank President, Benedict Oramah, jointly endorsed these transformative deals, charting a course for the future of Anambra State.

“The first initiative entails the provision of capital raise financial advisory services, amounting to an estimated $200 million. This funding is dedicated to crucial projects, including the development of the Ikenga Mixed-Use Industrial City Project, investments in the Anambra Export Emporium, and the establishment of the Akwaihedi Unubi Uga Automotive Industrial Park.

“The second initiative focuses on the creation of the operational and governance framework for the Anambra Diaspora Fund, aiming to leverage the resources and expertise of the diaspora community for the state’s benefit.

“Furthermore, the mandate encompasses capital-raising financial advisory services for key projects such as the Anambra Intra-City Rail Master Plan Project. These initiatives underscore Afreximbank’s unwavering commitment to inclusive growth and sustainable development.”

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He added that the signing ceremony took place on the sidelines of the ongoing Intra-African Trade Fair 2023 in Cairo, Egypt.

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NCAA to Introduce RFID Technology to Tackle Missing Luggages

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Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

NCAA to Introduce RFID Technology to Tackle Missing Luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.

Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.

According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.

Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.

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Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.

He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.

The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.

The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.

The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.

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Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

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eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.

In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.

However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.

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She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.

Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.

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PalmPay Reinforces Commitment to Youth Empowerment on International Youth Day

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PalmPay exclusives and the ten outstanding participants who secured internship placements with the PalmPay team at the PalmPay Purple Woman 3.0 2026.
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As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.

In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.

At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.

For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.

This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.

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Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.

The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.

For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.

Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”

These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.

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A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.

Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.

This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.

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