Business
‘Nigeria’s Business Environment Improving’
Nigeria has over the last seven years, delivered over 180 reforms to enable its business environment thrive.
Vice President Yemi Osinbajo, gave this figure at the State House Banquet Hall in Abuja at a ceremony to honour stakeholders in the nation’ efforts to enhance the environment for business.
He said the Presidential Enabling Business Environment Council (PEBEC), which organised the event, also developed home-grown National Action Plans (NAPs) to implement priority reforms by select Ministries, Departments, and Agencies (MDAs) for each yearly reform cycle.
On the achievements of the Council, which he has chaired since its establishment in 2016, the Vice President said: “What we have seen over the last five years is a pointer to the possibilities for a new Nigeria.
“The private sector also deserves our heartfelt gratitude and commendation for its commitment and collaboration, especially their contributions in technical support and capacity building.
“They take much of the credit for the quality output of the EBES, especially through the first three years of the project.”
In conveying the appreciation of President Muhammadu Buhari to members of the Council and to every stakeholder who made the PEBEC success possible, he said, “But we must remember that success births success”.
Osinbajo was honoured at the event with “The PEBEC Catalyst Award”, a new category of award “reserved for the most impactful, dedicated and consistent supporter of the implementation of ease of doing business reforms”.
The Vice President was also credited with going “over and above the call of duty in the course of supporting the delivery of reforms for micro, small and medium-sized enterprises operating in Nigeria, making it an easier place to start and grow a business”.
On May 18, 2017, Prof. Osinbajo, then Acting President, signed Executive Order 001 (EO1) on Promotion of Transparency and Efficiency in the Business Environment, the first executive order of the Buhari administration, which gave directives on Transparency, Default Approval, One Government, Port Operations, and Registration of Businesses.
At the event, Gombe State was adjudged the best state in ease of doing business in Nigeria and presented with an award for the category by the Vice President, having emerged the highest score based on empirical data from micro, small and medium-sized enterprises (MSMEs) in the 2021 and 2023 sub-national ease of doing business. The award was received by Deputy Governor of Gombe State, Dr. Manassah Daniel Jatau.
Recently, in the Sub-national Ease of Doing Business Report for 2023, Gombe State won the highest points, leading the 36 states and the Federal Capital Territory.
Awards were also presented to some ministries, departments and agencies (MDAs), as well as private sector stakeholders who have made significant contributions to the ease of doing business interventions.
Welcoming guests to the ceremony, Dr. Jumoke Oduwole, the Secretary of PEBEC and Special Adviser to the President on Ease of Doing Business, said the PEBEC model draws on collaboration and much-needed high-level political buy-in across all arms and levels of government, as well as the private sector.
The Council is chaired by the Vice President, with the minister of Industry, Trade & and Investment as Vice Chair.
It consists of 13 key ministers, the Secretary to the Government of the Federation, the Head of Civil Service of the Federation and the Governor of the Central Bank of Nigeria, while PEBEC also has representations from the National Assembly and the Judiciary, as well as State Governments (Lagos and Kano), Local Governments (AMAC), and the private sector.
Among the important dignitaries at the event were the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; ministers of Finance, Budget and National Planning (Zainab Ahmed); Trade, Industry and Investment (Niyi Adebayo); as well as heads and personnel of development finance institutions, including The World Bank, African Development Bank (AfDB), and Nigerian Export-Import Bank (NEXIM).
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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