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FG says 4m MSMEs Benefited from N150bn Funding

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More than four million Micro, Small and Medium Enterprises have benefitted from various schemes of the Federal Government, amounting N150 billion, targeted at uplifting the sub-sector in the country.

Mr. Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, in a statement, said beyond providing interest-free microcredit loans to petty traders, the various social intervention schemes of the Buhari administration have made significant impact in the lives of millions of ordinary Nigerians.

He quoted Professor Osinbajo, as saying: “This is a shining case study of what President Muhammadu Buhari strongly believes: that Nigerians will solve Nigeria’s problems. This is an example of what we can achieve when we unleash the best of our people – especially our young – on the toughest of our challenges, and give them the free-hand to deliver results.”

Osinbajo spoke at the launch of a Bank of Industry Business Growth Platform.

The BOI Growth Platform includes interventions schemes such as the renowned Government Enterprise and Empowerment Programme (GEEP) loans (MarketMoni, FarmerMoni and TraderMoni) – regarded as Africa’s largest fully-digitized micro-credit scheme, the MSME Survival Fund under the Economic Sustanaibility Plan (ESP), the North-East Rehabilitation Fund, the recently launched World Bank $750million NG-CARES programme, and state-based interventions, among others.

He said: “This demographic was far too important to ignore. We had to start solving for them, especially having been left far behind historically,” a reason he noted led to the implementation of intervention schemes through the BOI’s Growth Platform for MSMEs.

“What might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150billion deployed in the past five years.

“57 percent of these MSMEs are owned by Nigerians below 35 years of age, and close to 60 percent of the beneficiaries are women. What is even less glaring is that the team of Nigerian professionals behind this work is largely young, with an average age of 28 years old.”

Highlighting the transparency and impact of these microcredit schemes, particularly the Government Enterprise and Empowerment Programme (GEEP loans – MarketMoni, FarmerMoni and TraderMoni) under the SIPs, Prof. Osinbajo recalled his interaction in 2018 with a petty trader, Jafar Abubakar, one of the Tradermoni beneficiaries at Abubakar Gumi Market in Kaduna when he visited to launch the scheme in the State.

He narrated: “Jafar Abubakar, who trades in ginger and garlic was one of 5,000 or so traders who had just received N10,000 to advance his business in that market. What struck me was what he said about how he was selected to get the credit.

“He said ‘I just applied. I didn’t know anybody. They came here and captured my data last week and I got the alert yesterday.’”

The VP added that Jafar then “showed me the alert on his phone. Stories like Jafar’s have become all too familiar to me over these years. It is a consistent tune I hear as I engage thousands of beneficiaries of our intervention programmes.”

Indeed, the TraderMoni scheme, which provides N10,000 interest-free & collateral free loans to petty traders, mostly with an inventory of less than N5,000, had made huge positive impact nationwide. This includes enhancing the small businesses of beneficiaries, improving their families and contributing to the informal economy.

“This is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. That there is a platform that can process applications from potential beneficiaries, pay out credits or other benefits, maintain auditable records seamlessly. It is those people and infrastructure that make this happen that we are celebrating today,” Prof. Osinbajo noted.

Osinbajo further highlighted the nationwide impact of the Administration’s Social Investment Programmes, which he noted was the “most ambitious social intervention project in Nigeria’s recent history, with a series of people-centric programmes.”

“This is a journey that only began as an idea six years ago: that we can build systems that will serve everybody fairly and justly and bring credibility to government programmes. One of the biggest barriers we identified was the ability to reach people directly, capture and digitize their information (even if they are illiterate) and process a benefit to them directly in a way that is transparent to all. Our vision set out to solve this.

“For some programmes, the everyday Nigerians were young graduates who would benefit from a direct stipend and employment placement from the government. For others, it would be pupils for whom a reliable meal per day would make the difference between staying enrolled in school or skipping school to earn money for that meal.”

Prof. Osinbajo also praised the infrastructure and transparency behind the BOI Growth Platform schemes. For instance, he recalled his visit to the Growth Platform’s Command Centre, which now has “22,000 agents, living across all LGAs in Nigeria and equipped with its proprietary mobile technologies, receive mandates to capture and digitize businesses eligible for its growing suite of programmes.

“Every detail of each business is trackable centrally at the Bank of Industry, down to biodata, geolocation, images and facial IDs of every micro, small and medium entrepreneur where applicable. This has greatly simplified the profiling and decision-making processes that have allowed for direct outreach and impact on Nigerian MSMEs at tremendous scale. And this is being done with entirely home-grown solutions and an ecosystem of institutions, donor partners, service providers and technology companies in Nigeria.”

The Vice President also commended the Managing Director of the Bank of Industry, Mr. Olukayode Pitan; as well as the BOI Growth Platform team led by its Executive Director, BOI, Toyin Adeniji; with Uzoma Nwagba as its Chief Operating Officer.

According to the VP, “they have brought to bear the best of experience and bold thinking, the depths of innovation and youth, and a detailed understanding of the Nigerian spirit, to build an operation and impact that have become a national pride. The over four million micro, small and medium enterprises impacted till date, and the several more to come, are a direct testament to their hard work.”

Adeniji and Nwagba are the co-authors of the “Aid for Productivity” report, which they formally presented at the launch.

The VP also applauded pioneering partners, particularly the Bill and Melinda Gates Foundation for providing the much-needed early support to the Bank of Industry to build this operation to the large scale it is now.

In his remarks, the BOI Managing Director, Mr. Olukayode Pitan, restated the impact of its programmes, noting how programmes such as GEEP have won several local and international awards, including the award at the 2019 African Bankers’ Awards as the most impactful Financial Inclusion program in Africa.

The event also featured closing remarks by representatives of BOI partners: including Mr. Ahmed Rostom, Senior Financial Sector Specialist, World Bank; and the country director, Bill and Melinda Gates foundation, Dr Jeremie Zoungrana.

Prof. Osinbajo also commended the commitment of Nigerian financial institutions, technology companies, service providers and programme partners who he said “have given the best of their expertise to this work over the years.”


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NiDCOM Launches Diaspora Startup Challenge to Boost Nigerian Talent

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The Nigerians in Diaspora Commission (NiDCOM) has sought to harness the innovation and expertise of Nigerians across the globe with the launch of the Connected Diaspora x DOWA Start-Up Challenge and the Connected Diaspora Flagship Event 2025.

Speaking at a news conference in Lagos, Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, described the initiatives as timely and transformative, noting that they are strategically designed to tap into the creativity, enterprise and professional strength of Nigerians in the diaspora.

She said the Start-Up Challenge, themed “Building, Breaking and Believing in Nigeria,” aims to energise innovators abroad by promoting knowledge transfer, enterprise development and strategic investment to support Nigeria’s rapidly expanding economy.

According to a statement by NiDCOM, the challenge, which offers cash prizes of up to ₦1 million, is targeted at spotlighting exceptional ideas and supporting impactful ventures created by Nigerians living overseas.

According to Dabiri-Erewa, the initiative aligns with the Federal Government’s overarching goal of engaging the diaspora community as key partners in national progress.

She further announced that the Connected Diaspora Flagship Event will take place on December 19, 2025, in Lagos, and will bring together entrepreneurs, policymakers, investors, technology leaders and strategic partners for critical discussions on Nigeria’s future.

Kadiri Hamzat, Deputy Governor of Lagos State, will serve as the Special Guest of Honour and is expected to speak on the importance of collaboration between government and the diaspora in accelerating development.

NiDCOM also revealed that notable contributors from the global diaspora community and Nigeria’s entrepreneurship ecosystem will enrich the sessions and help shape new pathways for meaningful engagement.

Dabiri-Erewa said their support remains invaluable in driving the success of the initiative. She emphasized that their continued collaboration helps unlock the potential of Nigeria’s global talent pool and fosters sustainable economic growth.

The Commission called on stakeholders across both the public and private sectors to support the initiative, stressing that the opportunities for innovation, collaboration and nation-building are immense.

NiDCOM urged young Nigerians and diaspora returnees to participate actively in the Start-Up Challenge, reminding them that entries close on December 12, 2025.

The December event will also feature a Diaspora Talent Career and Internship Fair, aimed at connecting diaspora returnees with internship opportunities offered by DOWA partner organisations.

NiDCOM said the fair will further strengthen talent exchange and deepen the country’s development capacity.

The programme timeline includes the opening of applications for the Start-Up Challenge from November 18 to December 12, followed by public voting on Instagram from December 13 to 17.

The winner will be announced on December 18, ahead of the final presentation at the JK Randle Centre in Lagos on December 19.

NiDCOM encouraged interested participants to follow the provided registration details and take advantage of the platform created to connect, innovate and contribute to national advancement.


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PromoPrint Rekindles Nigerian Resilience @ 25th Anniversary

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L-r; Dr. Chukwuka Monye, Founder, Ciuci Consulting; Mrs. Bola Adesola, Chairman, Ecobank Nigeria; Mrs. Patricia Ojora, CEO PromoPrint Ventures Ltd and Mr Jonny Baxter, British Deputy High Commisioner at the 25th anniversary of PromoPrint Ventures held in Lagos recently.
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Indigenous printing company, PromoPrint Ventures Ltd, celebrated 25 years of operations in the country on Tuesday 2nd December, at an event held at the Lagos Motor Boat Club in Lagos.

The evening saw business executives, clients and stakeholders in the printing space gathered to attest to the dexterity and Nigerian resilience demonstrated by Mrs. Patricia Ojora, the Founder and Chief Executive of the company in sustaining the growth of PromoPrint over the last 25 years.

Amongst many things on display that evening were PromoPrints very first t-shirt printed in the year 2000. Guests also cheerfully adorned custom-made patterns done by Promoprint on our indigenous cotton fabric (Funtau).

In her opening remarks, Mrs. Patricia Ojora recalled the past 25 years of operation in Nigeria at the helm of PromoPrint. While not easy, she says:

“We’ve been able to do it and we enjoy it. There’s nothing better than creation. To create something from nothing and do it so well, it’s a passion for me. It’s something that I really, value.  I’m a great supporter of Nigeria, so I believe that we should be able to do things well in Nigeria. We don’t need to always import, that’s why we’re doing this today, to be able to collaborate with people. Most of the people here are people we’ve collaborated with and have worked hard to build Nigeria back up”.

She recounts how she was able to change the narrative of many Nigerians that were printing outside of the country who are now printing with PromoPrint Ventures. “People used to print outside the country because they didn’t trust the quality that was here in Nigeria,” Patricia explains with an understanding that “we can produce good quality here within Nigeria.”

The company is a one-stop shop for all things printing with all operations happening in-house, from the expertise of crafting graphics and garment production to the t-shirts, roller banners, corporate gifts and more being rolled out on a daily basis. “What we are selling is peace of mind in a chaotic place.” Patricia says, with nearly three decades of successful operations and collaboration under her belt.

Significantly, she makes sure the company remains primed for the future, using AI and the like to remain progressive in strategy and implementation. Patricia proudly states, “Our automated printing carousel can churn out 10,000 tees a day if needed and our many corporate clients can attest to this.”

In attendance was Atedo Peterside (CON), Founder, Stanbic IBTC Bank Plc, one of many guests in the room who spoke to PromoPrints impact. “There’s something about longevity,” he shares with the crowd, “If you’ve kept the business going for 10 years, I always tell people, it means you’re doing something right. If you get it going for 20 years, you’re doing something very correct. Patricia must be doing something phenomenally right and it’s my sincere hope that she keeps it going, keep building, keep innovating.”

“Patricia can create almost everything,” Peterside remarks, “she has the courage, audacity and the commitment.”

Mrs. Ibukun Awosika, Nigerian businesswoman and the first female Chairperson of First Bank of Nigeria, contextualises the tenacity of Patricia’s efforts rather well. She reminds the room that “when you think of how many big multinationals who have so much that protects them, who have a lot of support systems internationally and locally, who gave up on Nigerian manufacturing, then you have to go back and think about those of us like Patricia.”

Even after 25 years, Nigeria remains in need of more Entrepreneurs, particularly those like Patricia, to boost the SME and manufacturing industry in the country despite the odds. “She didn’t give up,” Awosika says in admiration.

“What is key is that, when we celebrate the likes of Patricia and her company, we know without a doubt that it’s not just because they want to have a celebration. It’s because, in truth, the Nigerian entrepreneur is a star, and even more so, the Nigerian manufacturer.” Awosika concludes.

So, we celebrate Mrs. Ojora and her PPV entire team, and all that has gone into 25 years of hard work, commitment, creativity, we also recognise the passion that does not allow you to give up on the vision, the commitment to not only creating jobs for other Nigerians but creating value within Nigeria. The commitment to innovating a solution for every challenge and every situation. Indeed, it was a worthy celebration.


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Optimus AI LABS CEO Showcases AI Breakthroughs in Nigeria’s Financial Sector

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Mr. Lanre Basamta, Chief Executive Officer and Co-Founder of Optimus AI LABS, has unveiled a suite of artificial intelligence innovations poised to transform Nigeria’s financial services industry, aligning with recent Central Bank of Nigeria (CBN) directives on consumer protection and fraud prevention.

Optimus AI LABS CEO Showcases AI Breakthroughs in Nigeria’s Financial Sector

Mr. Lanre Basamta, Chief Executive Officer and Co-Founder of Optimus AI LABS

Basamta, speaking at a media parley in Lagos, said the company’s flagship product, Omnis, is redefining customer engagement in banking by serving as a virtual assistant embedded within mobile applications.

According to him, the platform is capable of analyzing customer behavior to recommend tailored financial products, effectively functioning as a “digital salesperson” that boosts bank revenues while enhancing customer experience.

He noted that Optimus AI LABS, which began as a modest startup targeting small businesses such as schools, has now identified greater opportunities in serving banks, fintechs, and microfinance institutions.

“The financial sector presents the biggest opportunity for AI to deliver value at scale,” Basamta said.

In response to rising fraud concerns and new CBN regulations mandating resolution of fraud cases within 14 days, Basamta highlighted the company’s AI-powered support platform designed to address customer frustrations over delayed assistance.

The system, he explained, interacts naturally with users, resolves issues promptly, and escalates unresolved cases, thereby strengthening compliance and improving customer satisfaction.

Basamta also recounted the firm’s global expansion, citing its work with Canadian clients, including the development of a dental learning environment for a major dental group.

He said this international footprint demonstrates Nigeria’s capacity to compete globally through homegrown innovation.

Reflecting on the company’s relocation into office space formerly occupied by KUDA, a fast-rising Nigerian fintech, Basamta expressed optimism that Optimus AI LABS is on a similar trajectory toward scaling into a major industry player.

He emphasized that the company’s growth would contribute not only to technological advancement but also to national development.

Basamta concluded by appreciating partners and stakeholders, stressing that “big things can emerge from small beginnings when powered by AI’s transformative capabilities.”


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