General
IFC, C2FO to Enhance Financing for Local Enterprises in Africa
By Adedapo Adesanya
The International Finance Corporation (IFC), a member of the World Bank Group, has made a strategic partnership with a leading global supply chain finance platform, C2FO, to increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa.
The partnership, announced on Monday, will see IFC and C2FO jointly develop, test, and deploy a specialised, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) across Africa.
This move is IFC’s first dedicated supply chain financing facility in Africa for smaller businesses where MSMEs account for up to 90 per cent of businesses and 80 per cent of jobs across the continent, yet these enterprises struggle to obtain working capital through the traditional financial system, constraining the growth of firms.
This comes after World Bank President Ajay Banga last week announced a strategic priority that will make such financing critical for helping build more sustainable economic ecosystems and for strengthening food security.
The programme will utilize C2FO’s patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions.
The programme will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around $25 billion in annual financing for MSMEs.
IFC has estimated that for every $1 million of working capital made available in developing countries,16 new jobs are created over two years.
“Those institutions will use the platform to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers. In turn, African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending,” a statement added.
Speaking on this, Mr Makhtar Diop, IFC Managing Director, said, “IFC is committed to addressing the financing challenges faced by SMEs in Africa. By partnering with C2FO, we aim to unlock significant funding opportunities for these enterprises, enabling them to thrive and contribute to economic growth.”
“C2FO is honoured and delighted to collaborate with IFC to broaden the global impact of our working capital finance model throughout Africa. We believe this innovative approach will provide much-needed liquidity to MSMEs, helping them to grow and succeed,” said Mr Alexander “Sandy” Kemper, C2FO founder and CEO.
“It’s only natural that this work begins in Africa’s most populated country, Nigeria, which has an especially promising small business sector.”
General
Nigeria to Benefit from $50m World Bank Solar Agric Project
By Adedapo Adesanya
The World Bank has approved $50 million for a solar agricultural expansion project in Nigeria and five other African countries.
The country will benefit from the programme under Productive Use Financing Facility (PUFF), a financial initiative backed by the World Bank and the African Development Bank (AfDB) designed to accelerate the adoption of solar-powered equipment in Sub-Saharan Africa.
PUFF operating under Mission 300, a flagship programme backed by the World Bank and AfDB, which aims to mobilise tens of billions of Dollars to provide electricity access to 300 million Africans by 2030.
The expansion of PUFF-backed solutions is expected to have significant implications for Nigeria’s agricultural value chain, particularly in tackling post-harvest losses driven by inadequate storage, unreliable electricity, and limited access to modern processing tools.
The project disclosed through programme updates involving the World Bank and its partners, including the Rockefeller Foundation, will boost productivity, cut post-harvest losses, and expand clean energy access.
The funding will support the deployment of solar-powered cold rooms, refrigerators, water pumps, and grain mills across Kenya, Nigeria, Ethiopia, Sierra Leone, Uganda, and the Democratic Republic of Congo, with implementation led by Clasp, a Washington DC-based non-profit organisation focused on energy efficiency and clean energy access.
The World Bank-backed initiative has attracted strong backing from development partners, with officials indicating that the programme could expand further as country-level implementation gathers pace.
The Rockefeller Foundation, which has already committed $12 million to the scheme, has signalled that additional resources may be deployed over time.
“There is always the ability to scale that up,” the President of the Rockefeller Foundation, Mr Rajiv Shah, said on January 15 during a visit to a solar-powered cold storage facility operated by SokoFresh in Nairobi.
“There’ll be more resources country by country as well,” Mr Shah added.
“We finance the innovations, the new projects and the new ideas that governments, the World Bank and others can then take to scale,” he said during a separate visit to a farm facility using solar-powered cold rooms for export-bound produce.
Sub-Saharan Africa remains the epicentre of global energy poverty, accounting for more than 80 per cent of the world’s population without access to electricity.
An estimated 600 million people in the region still live without reliable power, a gap that continues to constrain economic growth and limit productivity for farmers and small businesses.
PUFF is designed to bridge the affordability gap by providing grants, subsidies, and technical assistance to suppliers and distributors of solar-powered equipment.
The programme focuses on enabling these suppliers to reach rural and off-grid communities that are typically excluded from conventional financing.
Between 2022 and 2024, PUFF completed a two-year pilot phase, supporting 24 businesses across the six participating countries.
With the pilot phase completed, the programme is now transitioning into full-scale deployment, backed by fresh World Bank financing and philanthropic capital.
General
Ekiti Expresses Readiness for Special Agro-Industrial Processing Zones
By Adedapo Adesanya
The federal government has selected Ekiti State to participate in a Special Agro-Industrial Processing Zones (SAPZ) Phase Two Programme, an initiative supported by the African Development Bank (AfDB).
According to the Commissioner for Information in Ekiti State, Mr Taiwo Olatunbosun, the state’s inclusion in SAPZ Phase Two “is a clear acknowledgement of the government’s sustained efforts to reposition agriculture as a key driver of industrialisation, employment generation, and sustainable economic growth.”
“This programme will significantly enhance value addition, attract private sector investment, and improve livelihoods across Ekiti State,” he said.
He noted that the benefits of the SAPZ Programme would be far-reaching, with thousands of jobs expected to be created for young people, particularly in agro-processing and related industries.
The commissioner added that small and medium enterprises (SMEs) would also gain from strengthened value chains and improved access to new markets, thereby boosting their growth and contribution to the State’s economy.
“This initiative is not just about agriculture; it is about empowering our people especially our youth and SMEs to build sustainable livelihoods, improve food security, and drive Ekiti’s economic future,” he said.
“The state government is fully prepared to ensure the timely and effective implementation of the programme with the execution of Subsidiary Loan Agreements, establishment of a State Implementation Unit, compliance with environmental and social safeguards, such as compensation of Project Affected Persons at the Agro-Industrial Hub in Itapaji, as well as the opening of dedicated project accounts and preparation of procurement plans and annual work programmes.”
Mr Olatunbosun also disclosed that the SAPZ National Coordination Office has indicated plans to organize an onboarding workshop to provide technical guidance and support to participating states ahead of full implementation.
He reaffirmed Ekiti state’s readiness to collaborate closely with the Federal Government, development partners, relevant ministries, departments and agencies and the private sector to ensure the successful delivery of the SAPZ phase two programme.
The commissioner concluded that the programme aligns with Ekiti State’s broader vision of enhancing food security, strengthening agricultural value chains, and creating sustainable economic opportunities for its people, adding that the state remains committed to leveraging the initiative to drive inclusive growth and long-term prosperity.
General
Alkali Tasks Onne Customs Officers on Professional Ethics
By Bon Peters
The Customs Area Controller of Port Harcourt 11 Command, Onne Port Harcourt Rivers State, Comptroller Aliyu Mohammed Alkali, has emphasized the importance of maintaining a positive attitude and professional conduct among officers in the discharge of their legitimate duties.
Speaking on Wednesday at a Reputation Management Cascade Training at Area 11 Command, the Onne customs chief stressed the importance of discipline and professionalism in the Nigeria Customs Service (NCS).
He emphasised that every employee of the agency is an ambassador of the NCS and has a role to play in shaping its reputation.
“Reputation management training is designed to equip the officers and men with a right attitude and professional ethical conduct that will portray the Nigeria Customs Service in a good light in the discharge of their duties.
“Our image is shaped daily by our actions, decisions and interactions with the public and the stakeholders,” he stated, reiterating that the knowledge gained from the engagement will enhance professionalism, ethical conduct and public trust amongst the officers and men.
He tasked them to take the training seriously, insisting that the knowledge gained will reinforce the service commitment, integrity, accountability and service excellence.
The training featured presentations from resource persons serving in the command such as Deputy Comptroller of Customs Abbas Oladepo, Chief Superintendent of Customs Dennis Gotar, and Chief Superintendent of Customs Akinwale Fatoki.
The facilitators spoke about modules drawn from the Nigeria Customs Service’s Reputation Management Guide and the Service’s Golden 7 Cs.
There was a question and answer section as participants were engaged actively and provided feedback by stating their key takeaways.
The training received positive reviews, with participants acknowledging its relevance to their roles.
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