Business
Calabar Textile Firm Eyes Aba Shoe, Garment Plants
Golden Giants Industries Limited, a Calabar-based textile firm, has solicited collaboration with shoe, leather and fabric makers in Aba, to enhance the quality of their products.
Deputy General Manager of the company, Mr David Ajayi made the call in an interview with newsmen at a Made-in-Aba fair hosted by the Pride of Aba, a group of leather manufacturers yesterday.
Ajayi said that partnering with the company would help the Aba shoe, leather and garment industry in the commercial nerve centre of Abia State, to access raw materials needed for shoe production at a cheap rate.
“Textile is embedded in the production of shoes; so, we want to partner with these our friends who are making us proud as shoemakers so that from us, they can source some of their raw materials.
“And we want to give them the opportunity to benefit from us, so that we can also benefit from them.
“We want to make them take advantage of where we are and even what we do not have, we can import it for them; that is why we are here.
“They need raw materials for their production and what we produce is useful to them as raw material which they are currently sourcing from overseas.
“It is better for them to source from within Nigeria than overseas.”
He said that beyond sourcing their raw materials from his company, the Aba manufacturers could use the facilities of the company to import other raw materials and export their products.
He said that the manufacturers could save cost using the Export Processing Zone facility which is duty free, to import or export their products, especially when they produce within the Calabar Free Trade Zone.
“What I am telling them today is that we should cooperate with each other so that we can work together to raise the glory of this nation to a first world nation.
“The Chinese are dominating now. We want these people to reclaim what the Chinese are taking away and to move to dominate them as well,” he said.
South-East Director, Nigerian Youth Chamber of Commerce, Dr Obinna Nwaogwugwu said that they were at the fair to enlighten the entrepreneurs on how to export their products and raise business funds.
According to him, would-be Nigerian entrepreneurs have problems with raising business funds because of ignorance on how to go about it.
“One of their major challenges is having a good business idea. The issue is that once you have a good business idea, there are people even within Aba here who are willing to support your business.
“But the key issue with some of these business people is that they go to people beggarly.
“They don’t present real proposals that would enable them to get the funding they want from would-be sponsors,” Nwaogwugwu said.
He urged prospective entrepreneurs to register their businesses with relevant agencies to enable them to access funding and help to develop their businesses.
Nwaogwugwu said that the chamber’s entrepreneurship clinic had been ongoing from January 2017 and urged residents to use the opportunity to advance their business plans.
In a remark, Mr Amaobi Nwanaago, the President, Stand Up Africa Multi-purpose Cooperative Society, Aba North, said that the fair was organised to encourage footwear and garment makers.
He said that by coming together and showcasing their latest products, the fair would foster a healthy competition among its members.
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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