E-Financial
BOI’s Disbursement to SMEs, Large Enterprises Hits Over N1trn in 6 Years
The Bank of Industry (BoI) has revealed that its disbursement to Micro, Small and Medium Enterprises (SMEs) and large enterprises has reached over N1trillion in six years.
According to the Development Finance Institution (DFI), the feat was achievable through strong strategic partnerships with various institutions in the state, federal government agencies and private sector organisations.
Oluwakayode Pitan, the Managing Director, Bank of Industry (BOI), disclosed this while speaking at the 37th Omolayole Management Lecture series themed, “African Continental Free Trade Area (AfCFTA)- Prospects for African Youth Leadership,” organised by the Lagos Chamber of Commerce and Industry (LCCI).
He said the BOI is at the forefront of industrialising the Nigerian economy and would continue to take deliberate steps towards addressing issues related to financing gaps across all business segments.
According to him, in the last three years, over $3 billion has been raised through the international financial market in its objective to continuously improve its capacity to bridge the huge financing gap that exist in Nigeria’s industrial sector.
He added that there is a growing number of start-up businesses in Africa at present, as young people are embracing their entrepreneurial mind-set and technological skills, resulting in the rapid digital transformation of the continent.
He advised that to address this risk and realise the gains expected for a free trade area, there is a need for increased infrastructure investment in Nigeria, saying that one way to achieve this is through public-private partnerships (PPPs), which should be significantly leveraged towards building sustainable infrastructural facilities across the country, while the Government provides an enabling governance framework.
“The newly established Infrastructure Company (InfraCo) will play a lead role in its implementation,” he added.
He added that despite making up a significant percentage of the continent’s population, the participation of young people in cross-border trade and trade governance matters is still very limited.
He said improving transparency and ease of doing business in Nigeria has a larger implication now that the AfCFTA has taken off, saying that this would enable foreign investors make informed decisions on where to site their manufacturing hubs within African nations that will provide them with more benefits.
“Because there are no restrictions on moving goods across borders, the need to establish a business in a country where it is easier to operate will now be a more desirable factor than the existence of market prospects,” he said.
Earlier, the president, LCCI, Toki Mabogunje, expressed concerns over the high level of youth unemployment pegged at over 33 per cent as at Q4 2020
She stated the urgent need for programmes and projects that engage the nation’s innovative, dynamic, youth to unleash their latent potentials for the benefits of the country.
She added that the AfCFTA provides an opportunity for our young entrepreneurs and startups to explore a continent-wide market if well launched, structured and implemented.
She stated that the agreement became operational on January 1, 2021 and marks the biggest free trade area globally in terms of the number of participating countries since the formation of the World Trade Organisation in 1995.
She added that while the take-off of AfCFTA should be lauded, much work remains to be done as critical parts of the agreement are yet to be finalised, stressing that several key issues including schedules of tariff concessions, schedules of service commitment, rules of origin, investment, competition policy and intellectual property rights have not been concluded.
The LCCI boss said AfCFTA has the potential to accelerate socioeconomic development of the African continent, saying that if well-implemented, it would stimulate economic growth, generate job opportunities, and helps to facilitate the economic diversification of African economies while ensuring people, products and services move freely across the continent.
She said according to estimations by the United Nations Economic Commission for Africa (UNECA), AfCFTA has the capacity to expand Africa’s manufacturing output to $930 billion by 2025, from $500 billion in 2016.
“The Brookings Institution also sees Africa’s economic size rising to $6.7 trillion by 2030 from $3.4 billion in 2019 on the back of a well-implemented AfCFTA.
A successful AfCFTA requires the active participation of Africa’s Young leaders in the implementation process, which is the rationale for selecting this edition’s topic which seeks to prepare, equip and put in place machinery that will help young leaders improve their management dexterity and hone their administrative expertise,” she added.
She stated that there is still a lack of clarity about the type of value addition that must occur within an AfCFTA State party for a product to benefit from tariff reduction, adding that there are pending negotiations at continental level delaying the implementation of the trade agreement.
“A great deal of sensitisation and enlightenment still need to be done on the implementation modalities,” she advised.
She also noted that there are concerns about the adherence of participating countries to the protocols within the AfCFTA framework, saying that Africa’s trade narrative, has been challenged by trade malpractices such as smuggling, unilaterism and violation of trade protocols,” she added.
In his lecture, Dr. Michael Omolayole said the provisions of the treaty setting up AFCFTA are, if sincerely implemented by African countries, likely to propel them from the third world to the first world.
“Believe me, | am not exaggerating. On our part as Nigerians, | think we were over cautious in being reluctant to ratify the treaty until the last moment. We could have avoided the hesitation, if we had set up a think-tank of brilliant and knowledgeable Nigerians in the matter of economics and free trade, right from the beginning of the African Union (AU) deliberating on the matter,” he said.
In his words: “Although | have not seen the treaty, | believe as an international instrument, provisions would have been made for countries especially the large ones like Nigeria, to protect themselves against breach of the treaty and against acts of sabotage.
It is better late than never, but thinktanks can still be set up and our brilliant young people with requisite knowledge should be encouraged to dissect and digest the treaty and to set up study groups to master the treaty inside out.”
Nigerian fintech giant Moniepoint is set to unveil the second edition of its widely acclaimed Nigeria’s Informal Economy Report in Abuja, reinforcing its commitment to financial inclusion and data-driven policy advocacy.
The launch event, scheduled to take place later this month, will bring together key stakeholders from government, finance, and development sectors to explore insights into Nigeria’s vast informal economy, which accounts for a significant portion of the country’s workforce and GDP.
Moniepoint’s first edition of the report, released in 2024, was praised for shedding light on the challenges and opportunities within Nigeria’s informal sector, including access to credit, digital payments, and regulatory gaps.
According to company officials, the second edition will feature updated data, expanded regional coverage, and actionable recommendations aimed at empowering small businesses and informal workers through technology and financial services.
The report is expected to serve as a valuable resource for policymakers, researchers, and financial institutions seeking to better understand and support Nigeria’s informal economy.
Moniepoint has emerged as a leading force in Nigeria’s fintech space, providing digital banking solutions to millions of individuals and businesses across the country.
FirstBank of Nigeria has launched its latest Digital Xperience Centre (DXC) in Area 10, Abuja, marking a significant step in its drive to revolutionize banking through technology and innovation.
The Group Chief Executive Officer, First Bank of Nigeria Limited, Olusegun Alebiosu (second from left) and Senator Babangida Hussaini commissioning of FirstBank Digital Xperience Centre in Abuja on Wednesday, October 8, 2025.
The fully automated branch is the seventh of its kind across Nigeria, offering customers a paperless, self-service banking experience available 24 hours a day, including weekends.
Speaking at the unveiling ceremony, FirstBank Group CEO Olusegun Alebiosu said the initiative reflects the bank’s commitment to creating a modern, customer-centric banking environment.
“For us, the future is digital,” Alebiosu said. “From account opening to transfers, customers can now perform almost every transaction on their phones. But for those who still need to deposit or withdraw cash, our Xperience Centres provide a 24/7 self-service option.”
He added that the bank has integrated artificial intelligence and biometric verification into its security systems to protect customers against fraud.
The event was attended by dignitaries including Senator Babangida Hussaini, who commended FirstBank for its forward-thinking approach.
“This is a forward-thinking initiative. I commend FirstBank for investing in both people and technology,” Hussaini said.
Customers also expressed satisfaction with the new centre. Mrs. Toyin Balogun described the experience as “smoother and faster,” praising the staff for their friendliness.
The new Abuja centre joins existing DXC locations in Victoria Island, University of Ibadan, Wuse, Banana Island, Lekki, and the University of Nigeria, Nsukka.
FirstBank says the centres are designed to provide seamless access to world-class banking solutions, including instant account opening, interactive digital support, and advanced transaction automation.
E-Financial
Fidelity Bank Set to Disburse NCGC N5bn Credit Guarantee Facility to Boost MSME Financing
Fidelity Bank Plc, tier one lender, has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.
L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos.
This was disclosed by the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.
According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.
The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.
Dr. Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.
“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”
Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.
Also speaking at the event, Managing Director of NCGC, Mr. Bonaventure Okhaimo, emphasized that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.
“Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”
Mr. Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.
The Fidelity Bank–NCGC partnership reinforces both institutions shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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