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Bank of Industry, IFC Partner to Empower MSMEs

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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.

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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.

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“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.

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AfCFTA Urges Africa to Stop Exporting Raw Materials

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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.

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“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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Cisco Explores AI for Nigeria Farmers

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Cisco is exploring artificial intelligence (AI)-powered solutions to support smallholder farmers in Nigeria, as part of efforts to expand digital inclusion and technology adoption.

The initiative focuses on improving agricultural productivity through accessible, data-driven tools.

The move aligns with growing collaboration between Nigeria and the United States under the Commercial and Investment Partnership, which prioritises the digital economy, agriculture and infrastructure.

Speaking at the 2026 World Business Chicago, Brian Tippens, chief social impact and inclusion Officer at Cisco, said the company is assessing practical AI applications to help farmers combine local knowledge with data insights.

He said Cisco is exploring tools such as AI-enabled WhatsApp communities, geospatial mapping and weather intelligence to support day-to-day farming decisions.

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The approach reflects a shift towards low-cost, mobile-first solutions suited to rural environments.

Tippens added that the Cisco Foundation is investing in early-stage startups developing technologies for local agricultural challenges.

Industry analysts note that AI adoption in emerging markets depends on locally relevant solutions, rather than large-scale enterprise deployments alone.

Beyond agriculture, Cisco plans to expand digital skills development in Nigeria through programmes such as the Cisco Networking Academy’s One Million Learners initiative.

Tippens said the programme also supports partnerships with organisations working with persons with disabilities, including those developing tools for people with visual impairments.

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He added that Cisco’s social impact strategy aims to improve access to technology and promote inclusion, including in conflict-affected regions such as Borno State.

Cisco’s initiatives form part of broader efforts to link digital skills, connectivity and AI adoption to economic development in Nigeria.

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FG launches AI capacity-building programme for 11,700 unity schools teachers

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Federal Government has launched a nationwide Artificial Intelligence (AI) capacity-building programme for teachers in Federal Unity Colleges, with about 11,700 educators set to acquire digital skills aimed at improving classroom instruction and preparing students for a technology-driven future.

FG launches AI capacity-building programme for 11,700 unity schools teachers

The initiative advanced with the signing of the Terms of Reference (ToR) between the Federal Ministry of Education and ICEDT Consult Limited, paving the way for the nationwide implementation of the AI Teacher Capacity Development Programme.

The programme, to be implemented through the ministry’s Education Support Services Department, is part of the Federal Government’s efforts to modernise Nigeria’s education sector, strengthen teacher professionalism and equip students with skills required in the digital economy under President Bola Tinubu’s Renewed Hope Agenda.

Speaking during the signing ceremony in Abuja, the Director of the Education Support Services Department, Gabriel Amudipe, described the initiative as a strategic investment in Nigeria’s teaching workforce and the future of education.

He said the nationwide rollout followed the successful completion of a pilot phase conducted in selected Federal Unity Colleges.

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According to him, the implementation model developed by ICEDT Consult Limited will ensure effective coordination and quality delivery of the programme across the country’s six geopolitical zones.

Amudipe urged officials responsible for monitoring the project to ensure strict compliance with the implementation guidelines and maintain the standards achieved during the pilot phase.

“The ministry remains committed to supporting innovative initiatives that strengthen teacher professionalism, improve learning outcomes and promote the responsible integration of emerging technologies into education,” he said.

Earlier, the Deputy Director of the Education Support Services Department, Oladele Fapohunda, described the programme as a strategic intervention designed to deepen digital innovation across Federal Unity Colleges.

He stressed that collaboration among all stakeholders would be essential to achieving the objectives of the initiative nationwide.

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Also speaking, the Head of Strategic Partnerships and Learning Scientist at ICEDT Consult Limited, Dr Abdulrahman Orosanya, said the Federal Government approved the national rollout after the successful pilot implementation in six Federal Unity Colleges representing Nigeria’s six geopolitical zones.

According to Orosanya, the pilot demonstrated the potential of Artificial Intelligence to improve lesson planning, classroom delivery, assessment methods and teachers’ productivity.

He said the nationwide implementation would strengthen teachers’ digital competencies, improve instructional delivery and support the government’s vision of building a technology-driven education system capable of producing globally competitive graduates equipped with 21st-century skills.

The ceremony ended with the formal signing of the Terms of Reference by officials of the Federal Ministry of Education and ICEDT Consult Limited, signalling the commencement of preparations for full implementation across all Federal Unity Colleges.

The ministry said the programme would directly train about 11,700 teachers, while thousands of students across the country’s Federal Unity Colleges are expected to benefit through improved classroom instruction, increased digital innovation and the responsible application of Artificial Intelligence in teaching and learning.

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It reaffirmed its commitment to working with relevant stakeholders to modernise Nigeria’s education system, improve teacher quality and deliver inclusive, equitable and future-ready education nationwide.

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