Business
Nigeria-India Business Summit Triggers N1.4trn Annual Investment
As part of efforts to en
courage Nigerian content development, Shell Petroleum Development Company (SPDC) has organised a business parley in Abuja that brought together more than 50 Indian and Nigerian companies to explore areas of collaboration and partnership.
A statement by Shell’s Corporate Media Relations Manager, Tony Okonedo, said the business summit, which held February 24, and included 10 Indian firms, has set the stage for joint ventures that would create more opportunities in the volume of trade between India and Nigeria now worth about $9billion (about N1.4 trillion) every year.
Okonedo quoted the Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Ernest Nwapa as saying at the opening ceremony of the summit that, “the business summit is a welcome opportunity to help drive new partnerships.”
Nwapa stressed that “the growth recorded in the Nigerian economy has not resulted in employment opportunities, so we are looking for partners to set up manufacturing bases in Nigeria, thereby creating jobs and developing talent and technology. SPDC has done well in providing the connection – last year, it was China, now it is India.”
Also speaking, General Manager, Materials, NAPIMS, Engr. Hussaini Tahir, who outlined the opportunities in the oil and gas sector in Nigeria, reechoed Nwapa’s remarks, adding that, “the fundamentals are right at this time because, in addition to the huge resource base of oil and gas, investors can expect to benefit from ambitious reform programmes and tax incentives and the presence of a large workforce.”
General Manager, Nigerian Content Development, Shell Companies in Nigeria, Igo Weli said “India and Nigeria have a lot in common, and we believe both countries will benefit from increased trade and cooperation, especially in the oil and gas sector. SPDC is happy to provide the platform.”
According to Okonedo, representatives of the Nigerian Investment Promotion Council and the Petroleum Technology Association of Nigeria – a group of indigenous contractors involved in the oil and gas sector – also made presentations.
The Tide learnt that the Indian companies that participated included leading manufacturers of carbon steel, alloy steel and stainless steel forgings, valves and well completion equipment.
It would be recalled that last year, SPDC linked up Nigerian companies with their Chinese and United Kingdom counterparts in a series of business summits in Abuja and Aberdeen, and also organised several vendor development sessions in Port Harcourt for nearly 300 Niger Delta-based contractors.
Every year, SPDC awards contracts worth billions of Naira to Nigerian companies and community contractors as part of its compliance with the Nigerian Content Development Law.
The company stated that all dredging projects in its operations are now reserved exclusively for Nigerian contractors, 60 per cent of whom are from the Niger Delta while also promoting the use of locally manufactured goods and Nigerian service companies in production operations, projects and well engineering.
In recognition of their commitment to Nigeria, Shell companies in Nigeria were awarded a prize for Excellence in Nigerian Content Development at the just-concluded Nigeria Oil and Gas Conference in Abuja.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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