Business
Cross Border Trade, Key To Economic Recovery – Association
The President, National Association of Nigerian Traders (NANTS), Mr Ken Ukaoha, says cross border trade is key to economic recovery and revenue generation.
He said this in Abuja on Monday during a policy dialogue on combating corruption along Nigeria-ECOWAS trade routes.
Ukaoha, who said corruption along trade routes must be addressed, added that “unnecessary trade barriers created by non-transparent, burdensome rules and procedures which in turn constitute vulnerabilities, breed corrupt behaviours.
“Similarly, unnecessary delays in movement of goods continue to increase the burden of losses to operators, consumers, as well as diminish revenue to government coffers while increasing the cost of doing business.”
According to him, the aim of the dialogue is to strengthen integrity of border controls, customs administration and to strike a balance between security of lives and property and free movement of goods.
He said the dialogue would proffer practical recommendations toward facilitating free trade and to reduce corrupt practices.
Ukaoha added that traders, clearing agents and transporters on their part were not honest in their practice.
He explained that over-invoicing, under-declaration of goods, false declaration, illegal importation, trade vices such as smuggling, trafficking either in human or small arms, as well as drug peddling were perpetuated daily along trade routes.
Ukaoha said “sometimes, the actors lure government agencies into unholy collaboration that tend to swindle government of potential or impending revenue.
“Some goods categorised as arms are sometimes allowed in with the collaboration of officials and the country continues to bleed with insecurity, among other negative vices.
According to him, there is need to examine the practice of every actor in order to send appropriate messages to appropriate quarters.
The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Ekpo Nta, said, aside from poor infrastructure and corruption, abuse of procedure was often identified as most formidable cog in the nation’s desire to maximise benefits from trade.
Nta, represented by Deputy Director, Corruption Monitoring and Eradication department in the commission, Mr Akeem Lawal, complained about corrupt practices such as extortion, bribery, intimidation and harassment by trade and product regulators and enforcement officials across the land, sea and air borders.
He said “Federal Government and relevant agencies are aware of the importance of smooth trade facilitation that contributes to job creation and economic wellbeing of the people.
“This informed the commission to conduct Corruption Risk Assessment exercises in Nigerian seaports of Apapa, Tincan Island, Warri, Onne and Calabar.
“Others are international airports at Lagos and Abuja, with the objective of assessing the nature of corrupt practices among officials and operational practices and procedures that dispose them to corruption.”
Nta emphasised that traders and businessmen must understand that they also had
critical roles to play to promote right conditions for corruption-free trade.
He said traders must obey regulations and practices that concerned exports and imports, pay appropriate charges and duties, obtain and provide required documentation.
The ICPC boss added that traders must avoid dealing in contrabands and controlled items and also have the responsibility to report demand and solicitation for bribe to appropriate agencies.
“It is when traders play by the rules that they have equity on their side.
“The haste to clear goods should not make them deviate from patriotic roles to sanitise the nation’s economic and trade environment.”
The Head of Unit, Trade Policy and Facilitation of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Mr Alexander Werth, also stressed the need for Federal Government to work toward reducing trade route corruption.
He advised traders to report any corruption that occurred as they export or import goods, adding that traders should also have all the required documents to avoid any form of corrupt practices.
“The traders must have the relevant documents so that security agencies will not use it against them,’’ he said
Werth, of the German service provider GIZ, called for sensitisation and change of attitude from traders and security agencies.
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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