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BoI Partners AfDB, IsDB, NCMDB to Fund Female-Led Enterprises

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Bank of Industry BoI MSMEs

By Adedapo Adesanya

In further commemoration of the International Women’s Day for 2021, the Bank of Industry says it is currently collaborating with the African Development Bank (AfDB) on the launch and implementation of the $300 million Affirmative Finance Action for Women in Africa (AFAWA), adding that the bank is also pushing for other women-aimed financing initiatives.

This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan at the bank’s webinar themed Recognising Women’s Leadership In Enhancing Nigeria’s COVID-19 Recovery to celebrate International Women’s Day.

Mr Pitan said the AFAWA fund was expected to unlock $3 billion in private sector financing to empower female entrepreneurs through capacity-building development.

He added that the fund would grant women access to finance as well as spearhead legal policy and regulatory reforms to support enterprises led by women.

Mr Pitan also said that the bank was also partnering with Islamic Development Bank to implement the Business Resilience Assistance for Value-adding Enterprise (BRAVE) Women Nigeria project.

“BRAVE Nigeria is part of a larger $32.2 million five-year initiative coordinated by the Islamic Development Bank.

“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.

“Furthermore, BOI invested $10 million in the Alitheia Fund, also toward supporting Nigerian women-led businesses, some of which will be export-oriented.

“In addition, the Nigerian Content Intervention (NCI) Fund, a partnership between the BOI and Nigerian Content Development & Monitoring Board (NCDMB) has allocated 20 million dollars as an intervention fund to women businesses in the oil and gas sector.

“These are just a few of the initiatives the Bank of Industry is engaged in to promote female gender equality, especially as it relates to business financing and support.

“We believe that our support to female entrepreneurship will not only revitalise their businesses during this pandemic but will enable them to thrive beyond it and close the inequality gap.

“BOI remains committed in our drive to support women; and I encourage other organisations to do the same because when women win, the society wins,” he said.

The BoI managing director said that the International Women Day (IWD) theme Choose To Challenge, highlighted the importance of challenging biases, stereotypes, and misconceptions in the interest of creating a more inclusive and gender-equal world.

He said that the establishment of the bank’s gender business desk, which catered specifically for female entrepreneurs had successfully disbursed close to N100 billion to over 1,500 women-led enterprises.

“In addition to financial support, the gender desk also provides much-needed business advisory and capacity building services, leveraging our strategic partnerships with more than 300 Business Development Service Providers (BDSP) nationwide.

“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education, and healthcare, it could add 1.25 per cent points to the economy.

“Despite what we know now, the representation of women at the decision-making level is still minimal today.

“There are only 25 countries that have elected women as Heads of State or Government – just about 11 per cent of all countries and territories in the world.

“Beyond participation in the political space, representation of women in the corporate sphere is very much skewed as only eight per cent of Fortune 500 companies are led by females.

“Yes, it is safe to say that we have made progress over the years, yet, it is far from acceptable and insufficient to meet the Sustainable Development Goal Five to ‘Achieve Gender Equality and Empower all Women and Girls’.

“The female gender has also been marginalised when it comes to access to finance.

“The gender financing gap in Africa is believed to be $42 billion between men and women.

“This is a worrisome statistic and at the Bank of Industry, we continue to take deliberate steps to address issues around gender equality in entrepreneurship,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

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ANLCA Airport Chapter

By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

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FG Declares Holidays for Christmas, New Year Celebrations

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as public holidays

By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

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Dangote Refinery Warns Against Artificial Petrol Scarcity

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petrol scarcity

By Modupe Gbadeyanka

Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.

The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.

“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.

It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.

With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.

Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.

“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.

Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.

By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.

“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.

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