Business
‘FG Committed To Viable Partnerships, Policies On Job Creation’
The Minister of State, Industry, Trade and Investment, Hajiya A’isha Abubakar, recently reiterated Federal Government’s commitment to facilitate viable partnerships and policies on employment generation in the country.
Abubakar stated this at the commencement of Community Focal Programme part of Google Digital Skill Training for 1,000 youths enrolled in Sokoto State.
She said the programme was designed to enhance the capabilities of job seekers through digital means in recognition of importance of information technology dominance in all aspects.
She said the collective target for this wave of training was to reach out to 500,000 Nigerians in the next 12 months and to triple that number over the next five years.
“This will be achieved working together with parastatals under our Ministry such as SMEDAN, SON, ITF, BOI and others like NITDA and NOTAP.
“We projected training 1000 youths over the next three (3) training days, but I am told that we have over 1,600 registered on the portal within just a few days of their opening,” the minister said.
She said the event was aimed at enhancing employability of job seekers and the growth of small enterprises, who were keen to join the digital world by improving their skills.
She commended Google, Mind the Gap, D9 Consulting, Usmanu Danfodio University and other stakeholders for organising the event.
“Over 50 million Nigerians are connected online and lacked necessary expertise, thereby needed optimum skills to tap the opportunities it provided.
“Google should accord Sokoto State with enhanced connectivity platforms for people to access recent upgraded services for job creation and social engagements,” the minister said.
She called on Nigerian youths to utilise empowerment training platforms for productive engagements.
She further cautioned youths against fake news and other cyber crimes, noting that the programme solely aimed at capacity building.
Abubakar added that relevant government agencies were positioned to ensure actualisation of the project and commended Google and other partners.
The Sultan of Sokoto, Alhaji Sa’ad Abubakar, urged community groups and institutions to sensitise people to the importance of the programme.
Abubakar, who was represented by Ubandoman Sabonbirni, Alhaji Malami Shehu, commended the organisers and assured maximum traditional rulers’ support and cautioned people against misusing the skills.
The Vice Chancellor of Usmanu Danfodio University, Prof. Abdullahi Zuru, said the university had enough facilities to support the programme.
Zuru, represented by Deputy Vice Chancellor Academics, Prof. Atiku Yahya, commended the organisers for selecting the university on hosting the programme and urged the beneficiaries to sustain the skills.
Mr Emmanuel Abiodun from Google, said the programme was started in 2016 on how to use internet to develop knowledge, targeted 1 million people but at present increased to 10 million.
Abiodun said out of 1 million people started, 450 are from Nigeria in first 12 months, noting that different government agencies had been engaged in the execution of the programme.
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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