Business
MAN Backs New Customs Clearing System
Manufacturers Association of Nigeria (MAN) has commended the single window initiative by the Nigeria Customs Service, saying it would eliminate human contact, bottlenecks and corruption from goods clearing environment.
President of the association, Chief Kola Jamodu, described it in Lagos recently at the end of single window workshop organised by the Customs Service, as a necessary platform needed to significantly boost government revenue from trans-border trade. Besides, he said it would help in actualizing the nation’s dream for 48-hour cargo clearing scheme.
“From all accounts, the aspiration of the Government and the private sector is the attainment of 48-hour cargo-clearing, which at present is about five days, having come down from the dismal 40 days obtainable three to four years ago.
“The impressive reduction in the long chain of regulatory/ security agencies operating at the port from about 19 to seven were to prepare the port for the Single Window Clearing System. This will no doubt significantly reduce both direct and indirect costs of clearing cargoes in the country,’’ he said adding, that the NSW would certainly increase the competitiveness of locally produced goods, either for domestic consumption or for export.
Meanwhile, the Comptroller General of Customs, Alhaji Dikko Inde Abdullahi, has assured the nation that when the NSW comes on stream, it might wipe off stakeholders’ complaints on issues of man-made bottlenecks in cargo administration.
“The creation of a NSW holds many benefits for Nigeria: increased levels of service efficiency, predictable process and elimination of administrative bottlenecks; and which will ultimately increase revenue and economic growth”, he declared, in a statement delivered by Deputy Comptroller General (DCG), Mr. J. Atteh, who represented him at the workshop.
According to the Customs’ boss, single window was a tool which manufacturers, exporters, importers, terminal operators, financial houses and regulatory bodies have all been waiting for.
“The Nigeria Customs Service recognizes these benefits and therefore reiterates its continuous commitment to creating the perfect NSW for Nigeria as the leading agency. All hands are on deck to realize the target of improving our trading across borders ranking by 50 percent in the next five years”, he said.
Meanwhile, a Single Window expert, Johan Ponten has advised that though the initiative was a positive change, Nigeria must ensure that it proactively implement plans to prepare and support those to be affected by it.
Presenting his feasibility study as a resource person, Ponten stressed the need for proper use of communication to intimate reasons behind every decision, for staff see reasons and understand why such change was needed, as well as the possibilities and challenges that lay ahead of them.
“New information should be given in a coordinated, effective and timely way. Roles should be clear, detailing who is responsible for sending what messages” he counseled, even as reiterated the need for accuracy of information, being precisely shared at regularly arranged stakeholders’ fora. “If stakeholders are not convinced about what they are listened to, they will go silent” he posited further. In her contribution, resource person and NSW content enhancer, Valentina Mintah traced NSW journey back to strenuous and painstaking efforts, studies and stakeholders meetings held between April, 2012 and September 2012, especially from the first National Stakeholders Conference which was supported by UNECE, UNECA and the WCO, organized by the NCS and MAN to enable both the private and public sectors define the concept of the NSW.
“There have been a number of attempts at Single Window implementations around the world with a mixed bag of outcomes. Successful implementations such as Singapore, Senegal and Thailand have organically grown their Single Window environment by focusing on the streamlining of processes; empowerment of system operators and users; the inclusion of private sector in implementation activities; strong technical capacity; the creation of ICT systems owned by the nation; strong consultation framework and sound governance and management structures.
“To ensure a similar success story, if not better, we adopted a systematic approach of conducting a Feasibility Study by ensuring adequate focus was given to the 4Ps, which is People, Processes, Platform and Policy”, she highlighted, noting that the feasibility study involved days of desk research, countless stakeholder meetings and strategic site observations to ensure that the needs of the nation’s trade environment was fully captured, the gaps understood and a road map laid out to help in a collective attainment of vision.
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
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.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
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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