E-Financial
Financing Options For Nigeria’s Ailing Textile Industry

Regardless of the much touted “infrastructure deficit” of the Nigerian market, there have been unprecedented flow of investments from multinational manufacturing corporations into various sectors of the economy in the last decade.
Testaments to this flow are the firm roots established in Nigeria by the likes of SABMiller, Bayer, General Electric, Arla Foods, BASF and Bosch among others.
These multinational corporations are here to do good business, and are affirming the potential of Nigeria as an exceptional, exciting and largely unexploited consumer environment offering a huge opportunity for agile local and global enterprise in all sectors.
Just like the venturing enterprises, I am extremely confident in the opportunity here. Nigeria is a market that manufacturers and original equipment manufacturers cannot ignore. Truly, the market is challenged for now, but this does not detract from its exciting future.
However, I have a concern, a major one. I cannot confidently say that home-grown enterprises are equally positioned to take advantage of opportunities in their home market.
Unlike multinational corporations and/or budding enterprises from Asia and Europe, Nigerian companies are deterred from rising to national acclaim and stupendous Returns on Investments by high costs of funds.
Bringing this home, in the fashion industry in which I do business, some of the hottest trends are coming out of Nigeria.
Yet, the local multi-billion Naira industry is largely serviced through distributive trade dominated by offshore manufacturers.
The local textile and garment manufacturing value change are nearly comatose, transferring benefits accruable to Nigeria such as employment creation, industrialisation, currency stability, and market surpluses to Asia, Europe and the Americas.
Ironically, we once had a thriving textile industry. From the 1950s up to the 1980s, the country had over 140 textile manufacturing industries, accounting for 25% of the nation’s employees in the manufacturing sector.
The industry once employed about a million people, contributing about 15 per cent of the manufacturing sector earnings to the Gross Domestic Product (GDP) and accounted for over 60 per cent of the textile industry capacity in West Africa.
The industry so thrived that it ranked as the 3rd largest textile producer, only behind Egypt and South Africa.
However, with the government’s apparent focus on the oil sector in the 1980s as a result of the oil boom and the subsequent abandonment of the primary sector, the development of the textile industry gradually became stagnated.
Funding it no longer became a priority for the federal government and state governments which owned textile companies.
The economic recession of the 1990s further compounded the woes of struggling textile manufacturers and many of their secondary sector counterparts. With the banks only willing to lend to the lucrative oil and gas sector, they were unable to procure raw materials and modern machinery.
Year on year, a yawning gap was created with the vacuum being filled through distributive trade that benefits only foreign enterprises and economies.
As such, an industry whichonce boasted of an annual growth rate of 67 per cent in 1991 now has 25 textile mills operating, with all running at less than 40 per cent of installed capacity and employing just over 25,000 people.
On the other hand, the well-funded textile industry in India is the 2nd largest employment generating sector in the country, offering direct employment to over 35 million people.
It contributes 13 per cent to the export earning of the country and around 4 per cent of India’s GDP.
For instance, public-private partnerships drive the textile industry in the United States of America (USA).
This has seen investments in the sector soar to the tune of $1.8 billion in total capital expenditures in 2014 and US exports of textiles increase by 39 per cent between 2009 and 2015, to $17.6 billion.
Taking learnings from India and USA, where textile manufacturing is making huge economic contributions and driving growth and development, Nigeria’s near comatose textile industry can leapfrog from inefficiencies to efficiency just like the now booming telecommunications sector.
Though not elected to be a business entity, government must do more for the fashion value chain than providing the fashion intervention fund being presently disbursed by the Bank of Industry (BOI).
It must breathe life into fund raising alternatives that include a credit guarantee scheme, venture capital funding, second-tier fund raising market on the Nigerian Stock Exchange, and cluster financing, among others in order to deepen access to credit across the industry value without the usual stringent collateral requirements set by the commercial banks.
Only by enacting all these would Nigeria benefit from the textile industry’s potential to galvanise job creation, raise household incomes and improve food security due to increased trade.
Unfettered access to funding by players in the fashion industry value chain will ultimately boost Nigeria’s economy.
Ronke Ademiluyi, Founder and Chief Executive Officer, Africa Fashion Week Nigeria & London, writes from Lagos.
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E-Financial
Fidelity Bank “Basking in Approval” under Onyeali-Ikpe, CEO

Fidelity Bank Plc is basking in endless and stakeholders are happy.

Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc
With nearly 10 million customers, Fidelity Bank is demonstrating excellent market traction.
This a crucial evidence for investors that the bank is solution driven.
For instance, at the capital market, the bank was the toast of investors as its market value surged amid bargain hunting on the Nigerian Exchange, with investors gaining more than 11 percent after few days of tradings last week only.
Fidelity Bank’s share price increased to N22.30 at the close of the market last Friday, as 11.227 million units valued at N251.523 million.
Investors are simply reacting positively to strong earnings, technology-driven growth, and strategic expansions.
Fidelity Bank, emerged a more robust financial institution after the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) ordered massive banking recapitalization exercise.
Dr. Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, is being credited for driving these exceptional shareholder value, operational performance, and sustainable growth.
Despite the immense responsibility and intense pressure, especially during turbulent times, Onyeali-Ikpe, has been strutting her stuff by strategic vision and exemplary leadership.
Onyeali-Ikpe has built Fidelity Bank as beacon in the banking industry underpinning the bank with trust, innovative technology, strategic growth, and strong leadership as well as reputation.
She has broken every glass ceilings delivering milestones and solid imprints in the annals of banking.
The bank only recently completed CBN-verified share allotment, hitting N532 billion capital.
This heavy chest now guarantees the bank long-term stability, and enabling it operate with speed.
Since appointment on January 1, 2021, Onyeali-Ikpe, has-anchored the bank on bespoke digital, financial, and technology-driven tools designed to enhance customer experience.
By integrating AI, automation, and advanced data analytics, Fidelity Bank is today delivering solution banking.
Under Onyeali-Ikpe’s leadership, the bank has significantly improved brand equity.
Fidelity Bank also announced the completion of the acquisition of a 100 per cent stake in Union Bank UK, under the CEO.
A recent Brand Finance report ranked Fidelity Bank as the fastest-growing Nigerian brand, with its brand value more than tripling.
Onyeali-Ikpe was also named among the 2024 Most Influential Global Top 100 Export and International Trade Leaders, recognizing her contribution to expanding Nigeria’s trade and export financing capabilities.
Under her, Fidelity Bank has received multiple awards, including Export Finance Bank of the Year (2023 BAFI Awards), Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 (Global Banking and Finance Awards).
The bank was also recognized by Euromoney for Best Bank for SMEs (2023) and Best Domestic Private Bank in Nigeria (2023).
Onyeali-Ikpe will be leaving as head of the bank this year but her record of placing the institution upward trajectory will be indelible.
She may be leaving “big shoes to fill” because of her high-energy, infectious positivity which made her successful in everything she does.
E-Financial
FCMB, BHM Champion New Revenue Models for Media Sustainability

First City Monument Bank (FCMB), in partnership with BHM, hosted the pilot edition of The Monetised Content Masterclass, bringing together reporters, content creators and editors to address growing pressure on the sustainability of newsrooms and media platforms.

L-R: Adeola Adejokun, Head, Communications, First City Monument Bank; Chris Ihidero, Award-winning Director and Producer; and Diran Olojo, Divisional Head, Corporate Affairs, First City Monument Bank, during the Monetised Content: A Media Masterclass Presented by FCMB and BHM, in Victoria Island. Lagos on Monday, April 20, 2206.
The session comes at a time when traditional advertising revenues are declining for news publishers, even as Nigeria’s entertainment and digital media market continues to grow and is projected to reach $4.9 billion by 2026.
Against this backdrop, the masterclass focused on practical ways for media organisations, independent content creators, and digital platform owners to diversify income, build financial resilience, and sustain editorial independence and integrity.
Participants explored revenue opportunities beyond traditional advertising, including brand partnerships, digital content monetisation, and audience-led models. The one-day session featured panel discussions, Q&A sessions, and peer exchanges designed to translate industry trends into practical action.
Speaking at the event, Divisional Head, Corporate Affairs, FCMB Group, Diran Olojo, said: “Traditional models are under pressure, and attention is more fragmented than ever. The focus now is on building structured, sustainable platforms that can deliver both impact and long-term value.”
Also speaking, CEO and Founder of BHM, Ayeni Adekunle, said: “The economics of media have changed. For journalism to remain independent, it must also become financially resilient. That shift requires new thinking and deliberate action.”
The session was moderated by Fatu Ogwuche, Founder and CEO of Big Tech This Week, and featured speakers including investigative journalist Fisayo Soyombo, storyteller and producer Chris Ihidero, executive and storytelling expert Jennifer Mairo, and digital media entrepreneur Peter Oluka.
The initiative reflects a shared commitment by FCMB and BHM to support the long-term sustainability of the Nigerian media ecosystem through capacity building and industry collaboration.
E-Financial
CRMI Backs CBN’s New Measures to Curb Fraud

Chartered Risk Management Institute of Nigeria (CRMI) has backed recent regulatory measures by the Central Bank of Nigeria (CBN) aimed at strengthening the security of the country’s digital financial ecosystem, while urging stricter compliance across the banking industry.

Kevin Ugwuoke, president and chairman of Council, in a statement, described the new framework as a timely and proactive response to rising risks such as fraud, identity theft, and unauthorised access within the instant payment system.
He noted that key safeguards introduced by the apex bank including a N20,000 transaction limit on newly activated mobile banking applications within the first 24 hours, mandatory device binding, and real-time enterprise fraud monitoring are designed to reduce vulnerabilities associated with account takeovers, especially during the early stages of account activation.
“By limiting transaction exposure during the high-risk activation window, the framework significantly reduces the opportunity for fraudsters to exploit newly onboarded or compromised accounts,” Ugwuoke said.
The institute, however, stressed that the success of the measures would depend largely on effective implementation.
It called on banks, fintech firms and payment service providers to strengthen cybersecurity infrastructure, invest in fraud analytics and prioritise staff training as well as customer awareness.
CRMI also welcomed the introduction of the Nigerian Overnight Financing Rate (NOFR), describing it as a major step toward standardising overnight funding rates, deepening financial markets and improving monetary policy transmission in line with global best practices.
The endorsement comes as the CBN unveiled a draft revised Guide to Charges for Banks and Other Financial Institutions, 2026, signalling a broader shift toward transparency, consumer protection and efficiency in the financial system.
The revised guide introduces caps on key banking charges and mandates stricter disclosure requirements.
Under the framework, interbank transfers between N5,000 and N50,000 are capped at N10, while transactions above N50,000 attract a maximum of N50, with transfers below N5,000 remaining free.
The apex bank also standardised ATM withdrawal charges, pegging fees at N100 per N20,000 for on-site withdrawals from other banks’ machines, while off-site transactions may attract an additional surcharge of up to N500, subject to disclosure at the point of use.
In a bid to protect borrowers, the regulator directed that all lending rates be presented as Annual Percentage Rates (APR), ensuring full disclosure of interest and associated fees.
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