Business
AFREXIM Bank Moves To Facilitate AfCFTA Implementation

The African Export Import Bank (AFREXIM) says it has created trade financing programmes to facilitate the implementation of the African Continental Free Trade Agreement (AfCFTA) in the manufacturing sector in Nigeria.
President, AFREXIM Bank, Prof. Benedict Oramah, made the disclosure yesterday at the 2nd Annual General Meeting of the Manufacturers Association of Nigeria – Export Promotion Group (MANEG) in Lagos.
The event was themed: “Leveraging On The African Continental Free Trade Agreement for Export Expansion in Nigeria’s Manufacturing Sector”
Oramah, who was represented by Managing Director, Intra Africa Trade Initiative, Mrs Kanayo Awane, said the policies were borne out of the need to upscale the Nigeria’s manufacturing sector in the intra African trade arena.
“Between 1980 and 2018, Asia’s share of contribution to global trade increased from 4.4 per cent to 20 per cent, while Africa’s share fell from 6 per cent to 2.3 per cent.
“The marginalization of Africa in global trade is a consequence of a number of factors.
“Most notably is the continued reliance on the imports of private commodities in a world where global trade is increasingly dominated by manufactured products.
“Private commodities and natural resources continue to account for a significant share of Africa’s total import.
“We have to reposition African economies as competitors rather than collaborators,” he said.
Oramah noted that AfCFTA held phenomenal growth and export opportunities for Nigeria, adding that AFREXIM was working with the African Union to support its implementation in Nigeria.
Oramah, therefore, called on stakeholders in the manufacturing sector to work together to place Nigeria in its rightful place as the largest economy in Africa.
Similarly, the Executive Director, Business Development, Nigeria Export Import Bank (NEXIM), Mrs Stella Oketete, said the bank had approved over N54 billion since 2018 to support exporters in the country.
“We also developed a programme to support Small and Medium scale businesses called Small and Medium Export Development Fund, she said.
According to Oketete, the bank is working with the Central Bank of Nigeria Financial System Strategy 2020 (CBN) and other key stakeholders to promote the introduction of factoring in Nigeria.
“This is a financial inclusion strategy that would be an alternative financing instrument for small and medium scale enterprises, thereby broadening local trade financing instruments,” she said.
Earlier in his address, the Chairman, MANEG, Mr Ede Dafinone, lauded the Federal Government for the part payment of the Export Expansion Grant (EEG) for the 2017 EEG applications.
He, however, expressed optimism that the Federal Government would pay the balance to exporters.
“Total non-oil export earnings data received through the banks as reported by CBN revealed a marginal increase of 1.5 per cent at the end of 2018.
“The low performance would need for a more export friendly government and in particular the need to restart EEG which is on record as the most successful export incentive deployed by the Federal Government,” he said.
Dafinone also urged the Federal Government to consider opening the border soon to facilitate the exportation of goods.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
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