Business
Chime Tasks Commission On Renewable Energy
The Governor of Enugu State, Mr. Sullivan Chime has charged the Energy Commission of Nigeria (ECN) and scientists across the country to take up the challenge of ensuring that the nation fully exploited the opportunities offered by renewable energy to improve her economy and promote avenues for self employment and economic empowerment of youths in the country.
He gave the charge last Tuesday at the opening ceremony of a 5 – Day Training Workshop on Rural Renewable Energy for National Youth Corps members at the Scientific Equipment Development Institute (SEDI) Enugu, Enugu State.
Governor Chime noted with dismay that the absence of appropriate technologies to convert energy resources derivable from solar, wind and biomass from animal and crop wastes into their useful forms was robbing Nigerians especially the poor of their inherent benefits.
According to him, the training programme added value to the NYSC scheme as it also introduces youth Corpers to renewable energy and its technologies with a view to developing businesses in the area for self employment and economic empowerment.
Chime who was represented by his Deputy Sunday Onyebuchi said such programmes would enhance awareness on renewable energy as an instrument of increasing energy access in the rural areas with lower negative environmental consequences, and bridge the gap between energy resources and energy needs of the rural communities.
He, however, expressed delight that Enugu State is fortunate to be chosen amongst other contesting states for this training programme as a large proportion of the people live in rural communities, where modern infrastructural facilities are yet to reach them.
Also speaking, the Director-General, Energy Commission of Nigeria (ECN) Professor Abubakar S. Sambo, represented by the Director Renewable Energy Commission of Nigeria, Professor Eli Jidene Bala, listed the major objectives of the project to include, getting renewable energy and its technologies adopted as a business, by young men and women in the country thereby serving as an instrument for self employment and economic empowerment.
Professor Abubakar Sambo stated that one of the strategies employed to achieve the objectives of the project was engagement of NYSC members since their empowerment with the knowledge and skills of renewable energy and its technologies such as biogas plants, solar lighting systems and improved woodstoves would expose them to avenues for self employment and economic empowerment
In their separate speeches, the Director General Youth Service Corps, Brigadier General Nnamdi Okorie Affia, speaking through the State Coordinator of NYSC Enugu, Elder Joshua Olowookere and the State Coordinator, Enugu State National Directorate of Employment, Barr Nnamdi Asomugha, explained that the training was to equip the corpers with skills that can assist them towards self employment and economic empowerment.
According to them, it would also help the corpers to disseminating these technologies at their places of primary assignment, to the benefit of their host communities for sustainable national development.
In his opening remarks, the Director/Chief Executive of Scientific Equipment Development Institute (SEDI), Enugu, Professor Christian O. Nwajagu, stressed that SEDI was one of the centres of the National Agency for Science and Engineering Infrastructure (NASENI) aimed at developing products and technologies released to scientific equipment and other items including machines and conceding same to private sectors for local mass production and commercialisation.
Professor Nwajagu who was represented by Mr. Emmanuel Onwubuya noted that renewable energy was available in most rural communities adding that when exploited and utilised would not result into significant green-house gas emissions (GHG) which is the major cause of global warning and its effects.
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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