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Nigeria SMEs Get A Boost As Afreximbank, Woodhall Sign $25 Million Facility To Support Export Businesses

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Woodhall Capital, a financial Services firm, has signed a $25 million loan facility with the African Export–Import Bank (Afreximbank) to provide a support vehicle for Nigerian SMEs entering export markets.

The signing ceremony took place during the inaugural Afreximbank SME Development Workshop and Stakeholder Engagement Programme, themed “Nurturing African SMEs: Bridging the Barriers to Export”, currently ongoing at the prestigious Zinnia Hall, Eko Hotels & Suites in Lagos.

While declaring the workshop—attended by over 400 stakeholders—open, the Executive Vice President of Intra-African Trade & Export Development (IAED) at Afreximbank, Kanayo Awani, noted that the event is a call for Nigerian SMEs to be champions of trade that accelerate development in Africa.

“This event, held in collaboration with Woodhall Capital, aims to develop the capacity of SMEs, the backbone of Africa’s economy. It’s not just about nurturing SMEs; we’re also looking to identify financial institutions that can better serve SMEs,” she said.

In Africa, SMEs account for 90% of business activity, and studies indicate that they also represent an average of 60% of total formal employment in developed and developing countries.

Stressing the importance of the collaboration with the financial advisory firm, Awani disclosed that around 60% of SMEs struggle with access to finance.

“SMEs in Africa still face significant obstacles to growth and prosperity, as only a small fraction venture into the export market, and even fewer have sustained long-term success. Bridging these barriers can empower SMEs to thrive on a continental and global scale. Access to affordable, appropriate finance is consistently cited as a major obstacle for SMEs.

“Over the past year, Afreximbank has provided capacity-building and market access support to around three thousand SMEs across 34 countries.”

According to Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented by the Executive Director of MSMEs at the Bank of Industry, Alhaji Shekarau Umar, out of the 58 African countries, 39 do not have populations exceeding 39 million.

“So if, in Nigeria, we have SMEs alone totalling 39 million, it means that selecting Nigeria to launch the inaugural workshop is both deliberate and significant. We believe that Afreximbank’s interventions will enable African SMEs to overcome barriers to cross-border trade.

“I urge you all to go beyond the traditional issues SMEs face, like access to funds, and start discussing access to markets and capacity. We must understand that the funds provided to SMEs, if not accompanied by capacity-building, will be wasted,” Dr. Uzoka-Anite said.

Other notable speakers addressing stakeholders at the workshop included the Managing Director of Export Development at Afreximbank, Oluranti Doherty; the Governor of Nigeria’s apex bank, Dr. Olayemi Cardoso, represented by Director of Risk Management at the Central Bank of Nigeria, Dr. Blaise Ijebor; and the Head of SME Development at Afreximbank, Ody Akhanoba.

The US Consul General, Will Stevens, represented by the Managing Director of Trade at Prosper Africa, Daniele Jean-Pierre, and the founder of Oriki Group, Fola Olowu, also participated, discussing the African Growth and Opportunity Act (AGOA).

In addition to various presentations equipping over 400 Nigerian SMEs with tools for scaling up and succeeding in export, panel discussions addressed creating an enabling environment for sustainable growth and facilitating access to finance for African SMEs, with input from industry leaders across sectors.

Discussing the role of Woodhall Capital in enabling financial institutions, governments, and SMEs to access funding, the founder of the financial advisory firm, Mojisola Hunponu-Wusu, shared how the firm grew from a small-scale operation to a global institution with Afreximbank’s support.

“Afreximbank has been integral in taking this small company and giving us the audacity to believe an African indigenous company can go global. They have supported us with various products and the backing of our esteemed advisory board members. Woodhall Capital is living proof that a small firm, with proper training and guidance, can achieve global scale with the support of African institutions.

“This workshop demonstrates that any SME here, no matter how small, with the right mindset, can achieve success. We are here to discuss what African SMEs need to gain the right support,” she stated.

BIG STORY

UPDATE: Nigerian Police File 12 Fresh Cybercrime Charges Against Dele Farotimi [PHOTOS]

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The Nigerian Police have brought new cybercrime charges against detained human rights lawyer, Dele Farotimi.

The additional 12-count charge was filed on Friday, December 6, 2024, before a Federal High Court sitting in Ado-Ekiti.

This comes after 16 charges were previously filed against Farotimi by the Police on Wednesday.

It will be recalled that the human rights lawyer was arrested in Lagos on Tuesday, December 3, 2024, by operatives of the Ekiti State Police Command.

The following day, he was arraigned in a magistrate court in Ado-Ekiti on a 16-count charge of defamation of character against Senior Advocate of Nigeria (SAN) Afe Babalola, who was mentioned in his book, ‘Nigeria and its Criminal Justice System’.

In his ruling, Magistrate Abayomi Adeosun remanded Farotimi in prison custody until December 10.

In the latest charges, Farotimi is accused of making defamatory statements on Seun Okinbaloye’s podcast, based on content in his book, ‘Nigeria and Its Criminal Justice System’.

He is further accused of intimidating and maligning Afe Babalola during the podcast.

The lawyer was also charged with publicly discussing details of legal actions taken against him during a press conference on December 2, 2024, prior to his arrest on December 3, 2024.

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Taraba Governor’s Sister “Accidentally Shot By Police Escort” During Gunmen Attack

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Atsi Kefas, the sister of Agbu Kefas, the governor of Taraba State, was reportedly shot by a police escort during an attack by gunmen on Thursday.

According to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, Jumai, the governor’s mother, and Atsi were traveling along Kente Road in Wukari LGA of Taraba State when they were attacked.

The publication stated that a police officer assigned to escort the family “accidentally shot Atsi” while attempting to fend off the assailants.

Following the attack, troops rescued the victims and evacuated both Jumai and Atsi Kefas from the scene using an air ambulance.

The injured sister was rushed to the hospital for treatment, and her condition remains undisclosed at the time of this report.

The vehicle used by the gunmen was recovered by security forces, along with an empty magazine, and the luggage of the passengers was found in the vehicle.

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BIG STORY

Governor Sanwo-Olu Seeks Investors For Proposed $1.9bn Purple, Green Rail Line Projects

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Babajide Sanwo-Olu, the governor of Lagos, announced that he is seeking investors for the proposed $1.9 billion purple and green rail lines.

Sanwo-Olu made the statement on Thursday at the ongoing Africa Investment Forum (AIF) Market Days in Rabat, Morocco.

Discussing the state’s investment strategy for the purple rail line, Sanwo-Olu emphasized that the project presents a strong investment opportunity with promising returns.

The governor expressed enthusiasm about moving forward with the project, stating that his administration is ready to be flexible with investors to ensure its successful delivery.

He added that the purple rail line would connect Lagos and Ogun states.

“The purple rail line is a 60 km electrified rail system that will include 16 stations and seamlessly integrate with existing metro and bus services to enhance connectivity,” Sanwo-Olu said.

“It is projected to serve over 300,000 passengers daily, significantly reducing greenhouse gas emissions by encouraging a shift from road to rail transportation.”

Sanwo-Olu informed potential funders that the immediate requirement is $866.05 million, which will cover survey and design, as well as civil works.

He outlined a short-to-medium-term funding projection of $602.81 million and a long-term funding plan of $497.7 million.

The governor highlighted that the state is working toward a transportation master plan aimed at creating a brighter, more effective, efficient, sustainable, and safer system.

He emphasized the state’s focus on integrated transportation systems and mass transit solutions to reduce traffic congestion and commuting time, ultimately improving the health and wellbeing of residents.

He further explained that each corridor features a bus rapid transit (BRT) system and waterway routes, designed to take commuters off the major roads and alleviate traffic.

“Two of the stations that were built on the same line are also connected with water, rail and BRT altogether,” he said.

  • ‘THERE WOULD BE NO BACKLASHES, DISPLACED PERSONS WOULD BE COMPENSATED’

Sanwo-Olu assured investors that the state is committed to ensuring there would be no disruptions or backlash from displaced communities.

“The government would even pay compensations to displaced persons where necessary, so no additional burden is brought to would-be funders,” he added.

“We don’t want to lock in anything, we know all the various options. We understand how some of these things work.”

“We’re willing and ready to make those transactions work. We’ve seen from our experience how to guarantee revenue assurance.”

“We have a payment system under the cowry card, which is where we’d block leakages to a large extent, and the same contactless card can be used on our bus, train, and ferry, where it will all be integrated.”

“On a daily basis, they know what the traffic is and what is due to everybody. Whatever, based on the study or the ridership guarantee, we would look at it.”

Sanwo-Olu added that the state government would need “to either top up on other forms of revenue that can help out in terms of advertising rides on the corridor.”

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