…Disburses over N600bn through BoI to support business

By Yinka Kolawole

The Federal Government has captured more than 500,000 Micro, Small and Medium Enterprises (MSMEs) in a national database as part of efforts to strengthen industrial development, improve policy planning and enhance Nigeria’s competitiveness in regional and global trade. This is even as over N600 billion has been disbursed through the Bank of Industry (BoI) to support businessesMinister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this at the 17th National Council on Industry, Trade and Investment held in Enugu, where she reaffirmed the Federal Government’s commitment to driving industrialisation, attracting investments and expanding non-oil exports under the Renewed Hope Agenda.

She said the MSME database would provide government with credible information to design targeted interventions, improve access to finance and support business growth, noting that the initiative forms part of broader efforts to build a more competitive and inclusive economy.

Available statistics estimate the number of MSMEs in Nigeria to be over 40 million, many of which operate in the informal sector, accounting for about 48% of the GDP and 86% of national employment. However, the sector faces an estimated N13 trillion credit gap, with businesses heavily impacted by inflation, poor electricity, and a high reliance on personal savings.

Highlighting recent achievements, Oduwole said Nigeria has facilitated more than $50 billion in Foreign Direct Investment (FDI) commitments, recorded $6.1 billion in non-oil exports, and disbursed over N600 billion through the Bank of Industry (BoI) to support businesses across critical sectors.

She added that nearly 300,000 Nigerians have also benefited from government-backed skills development programmes aimed at improving workforce capacity and supporting industrial productivity.

According to the minister, the achievements demonstrate tangible progress towards the administration’s ambition of building a $1 trillion economy through increased production, investment, exports and job creation.

She said the ministry would continue to prioritise the development of industrial clusters, expansion of manufacturing capacity, investment facilitation, digital trade and the implementation of the National Single Window to ease the cost of doing business.

Oduwole also identified stronger intellectual property protection and deeper participation in the African Continental Free Trade Area (AfCFTA) as critical to improving Nigeria’s export competitiveness and positioning local businesses to take advantage of opportunities across Africa.

She urged agencies under the ministry to ensure that resolutions reached at the council meeting are backed by clear ownership, implementation timelines and measurable performance indicators to guarantee effective execution.

Also speaking, Minister of State for Industry, Sen. John Enoh, reaffirmed the government’s commitment to implementing the Nigeria Industrial Policy 2025, noting that the policy would focus on affordable industrial financing, value addition, manufacturing expansion and stronger public-private partnerships to drive sustainable industrial development.

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reinforced its position as one of the continent’s leading financial institutions after emerging as Nigeria’s Best Bank for Retail and Sustainability Leadership (ESG) at the prestigious 2026 Euromoney Awards for Excellence. 

The awards, presented on Thursday, July 17, 2026, at The Peninsula London in the United Kingdom, celebrates  banking institutions that demonstrate outstanding financial performance, innovation, customer impact and sustainable business practices. 

The double recognition underscores UBA’s leadership in driving sustainable finance while expanding access to innovative banking solutions for millions of customers across Africa.

 According to Euromoney, UBA distinguished itself through significant strides in environmental, social and governance (ESG) performance, including the launch of a Green Financing Facility to support households and businesses transitioning to renewable energy, a N5 billion financing programme in partnership with the Bank of Industry to empower women-owned businesses, and its long-term commitment to achieving net-zero emissions by 2050. 

The publication also highlighted UBA’s efforts to embed sustainability within its operations through the deployment of solar-powered energy solutions across 50 branches and comprehensive ESG capacity-building initiatives that have trained more than 16,000 employees across the Group.  In the retail banking category, Euromoney recognised UBA’s continued expansion as one of Africa’s largest retail banking franchises. The Bank grew its customer base to over 37 million by the end of 2025, while retail revenue more than quadrupled to N429.5 billion. 

The awards also acknowledged UBA’s continued digital innovation, particularly the enhancement of its award-winning AI-powered chatbot, LEO, which became Africa’s first artificial intelligence banking platform to facilitate cross-border money transfers in local currencies through the Pan-African Payment and Settlement System (PAPSS). 

Commenting on the recognition, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, described the awards as a validation of the Bank’s unwavering commitment to creating value for customers while advancing sustainable development across Africa.

“To be recognised as Nigeria’s Best Bank for both ESG and Retail Banking in the same year sends a powerful message that sustainable banking and commercial success are mutually reinforcing. 

“At UBA, we are committed to financing Africa’s future, supporting businesses and communities, promoting financial inclusion, and delivering innovative banking solutions that improve lives. These awards belong to our customers for their confidence in us and to every member of the UBA family whose dedication continues to make our vision a reality.”

By Obas Esiedesa

The Rural Electrification Agency (REA) has unveiled plans to establish 3.7 gigawatts (GW) of local solar photovoltaic (PV) panel manufacturing capacity by the end of 2027 as Nigeria intensifies efforts to expand electricity access and reduce dependence on imported renewable energy equipment.

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

He said the agency is encouraging Chinese solar manufacturers to establish production facilities in Nigeria, noting that locally assembled solar panels are already being exported from Lagos to neighbouring Ghana.

According to him, the planned manufacturing expansion will significantly reduce imports while strengthening Nigeria’s renewable energy value chain. Aliyu attributed the rapid global growth of renewable energy to falling prices of solar panels and lithium batteries, saying technological innovation has made off-grid electricity the most cost-effective solution for millions of underserved communities.

He said Nigeria’s electricity access rate currently stands at 61.2 per cent, leaving about 80 million people without reliable power supply.

To address the challenge, REA has adopted a least-cost electrification strategy that determines the most suitable technology for each community rather than relying solely on national grid expansion.

The agency has mapped more than 700,000 communities nationwide, with plans to serve about 45 per cent through solar home systems, 31 per cent through mini-grids and the remaining 24 per cent through grid extension.

Aliyu added that REA has developed one of Africa’s most extensive geospatial electricity databases, covering more than 51,000 health facilities, 11,000 markets, thousands of schools, factories, dams, electricity feeders and existing mini-grids to support investment planning. 

He noted that the agency’s interventions also target underserved communities receiving less than six hours of electricity daily. The REA boss warned that electricity demand would continue to rise sharply as Nigeria’s population grows, more sectors become electrified and emerging technologies such as artificial intelligence and data centres consume increasing amounts of power.