Business
Nigeria Needs Intra African Trade To Modernise Economy – Enelamah
The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, yesterday said that the country needed to grow and modernise its economy through African trade integration.
Enelamah made the statement in Abuja during the launch of the National Committee for the Continental Free Trade Area (CFTA) negotiations.
“To achieve the objective it will require focus, discipline, organization, determination and the exercise of famous entrepreneurial spirit for which Nigerians are renowned the world-over.
“The inauguration is therefore, intended to reinforce the process for national economic recovery and development, across all areas,” he said.
He said Nigeria’s goal with the CFTA was to create win-win partnerships that would drive inward investment.
The minister added that the goal was also to support Nigerian exporters of goods and services to secure expanded market access in other African economies and create jobs for Nigerians.
He said that the Nigerian Economic Summit Group (NESG) would be part of the Nigerian negotiating team for the CFTA, as approved by President Muhammadu Buhari.
Enelamah said that the CFTA was part of Africa’s plan to industrialise the continent by 2063.
The committee members various organisations including inistry of Industry, Trade and Investment; Office of the Vice President, Ministry of Budget and National Planning, Ministry of Justice and Ministry of Foreign Affairs.
Enelamah said its terms of reference included to serve and advise government, as the national multi-stakeholder technical platform on the CFTA Negotiations, across all the negotiating areas.
He said they would also monitor negotiations and undertake analysis to ensure that the negotiations and emerging results approximated the goals.
The committee would identify the opportunities and challenges facing the country in trade with other African countries, both intra and Inter-Regional Economic Communities (REC).
During the opening mark, Permanent Secretary of the ministry, Mr Aminu Bisalla, said the CFTA programme would cover negotiation on trade in goods and services.
Bisalla added that it would also cover negotiations on investment, intellectual property rights and competition policy which would be undertaken by dedicated structure.
He said in order to optimise Nigeria’s gains from the CFTA, government was determined to negotiate a CFTA that would support ongoing efforts for structural transformation, economic diversification, modernization of the economy and sustained growth.
Bisalla said the key objectives of the CFTA were to accelerate the diversification of intra-Africa Trade with the aim of increasing it by 50 per cent by the year 2022.
Other objectives, he said, were to create a free market for goods and services and pave the way for the establishment of continental customs union and enhance competitiveness at all levels.
“When concluded, it is estimated that the CFTA will lead to about 16 billion dollars net gain for member countries.
In his speech, Prof. Mike Kwanashie, Vice Chancellor, Vritas University, Abuja, who spoke on behalf of the committee, urged the government to give more attention to export policies.
Kwanashie said Nigerian export must be encouraged to be able to stand among its member nations.
He said there was the need for the national interest to be promoted at all levels.
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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