Business
Funding SMEs’ll Bridge Class Gap -Experts
An expert in the co-operative sector, Dr. Larry Goodwill Ajiola, has stated the need for government and philanthropic organisation to fund Small and Medium Enterprises (SMEs) in the country.
Dr. Ajiola, who is the Chairman/President of IBBS Matrixx Co-operative Investment and Credit Society Ltd, said the funding of SMEs would bridge the socio-economic gap between the rich and the poor.
According to him, the funding of SMEs will go a long way in closing the huge gap that exists between the rich and the poor in the Nigerian society, especially as COVID-19 counts down.
Ajiola, who is also the Eminent Peace Ambassador to the United States told The Tide in an interview in his office, in Port Harcourt, that the “Matrixx makes moves to secure loans to help those in business”.
He advised SME owners to always take opportunities that are available from different sectors in the society, especially the Central Bank of Nigeria (CBN) recovery loan.
He explained that grants take time to mature due to the documentation associated with the non refundable fund, adding that the moves by Matrixx to secure grants and loans for SMEs would soon pay off.
He noted that the Covid-19 pandemic slowed down the economy, stating that “many companies operated online during the lockdown and have continued that way to cut down cost even after the lockdown”.
In his contribution, the Financial Secretary of the Co-operative, Mr Aghominukanse Olumide, said that some SMEs fail to secure loans due to ignorance on how the system works.
Olumide stressed: “SMEs should ensure that money for business transactions move in and out of their business bank accounts. This is called cash flow.
“Pay every money into your account, no matter the number of days it stays before removal. Even in securing VISA, you need cash flow”.
The Secretary of the Co-operative, Mr. Ifeanyi Nwaefuna, called on entrepreneurs to have a rethink and exploit opportunities where other people complain.
“Until you think, you cannot grow. Opportunities showcase themselves where people complain”, he said, stating that many entrepreneurs became millionaires during the lockdown.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
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