As the Central Bank of Nigeria (CBN) prepares for its 300th Monetary Policy Committee meeting, the House of Representatives Committee on National Planning and Economic Development has raised alarm over the toll high interest rates are taking on key sect… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader High interest rates hurting SMEs, reps tell CBN By Busola Bamidele on May 19, 2025 As the Central Bank of Nigeria (CBN) prepares for its 300th Monetary Policy Committee meeting, the House of Representatives Committee on National Planning and Economic Development has raised alarm over the toll high interest rates are taking on key sectors. Committee Chairman, Gboyega Isiaka, warned that the policy intended to fight inflation is stifling growth in manufacturing, agriculture, and especially SMEs, which are vital to job creation. He acknowledged that the government's bold reforms have started yielding positive results, including a rebounding capital market, stronger external reserves, and a shift from N1.15 trillion loss in 2023 to a N38.8 billion CBN profit. Read also: High interest rates hurting SMEs, reps tell CBN DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan Nigeria nears final phase in hosting Africa's first energy bank APPLY NOW: Interior Designer APPLY NOW: Sales Executive However, with the Monetary Policy Rate rising ten times since January 2023 now at 27.5%—Isiaka stressed that structural challenges are undermining its impact. He urged monetary authorities to adopt a more balanced approach that tackles inflation without strangling growth or employment.

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The Development Bank of Nigeria (DBN) has unveiled a bold five-year strategic plan to grow its loan portfolio to over N1.8 trillion and generate two million jobs by boosting support for Micro, Small, and Medium Enterprises (MSMEs).Managing Director Tony… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan By Busola Bamidele on May 19, 2025 The Development Bank of Nigeria (DBN) has unveiled a bold five-year strategic plan to grow its loan portfolio to over N1.8 trillion and generate two million jobs by boosting support for Micro, Small, and Medium Enterprises (MSMEs). Managing Director Tony Okpanachi disclosed this in Lagos, stating that the bank aims to raise N3 trillion in debt and equity to deepen MSME financing, a key driver of economic growth and employment in Nigeria. "We want to scale up what we've done in the first five years. There's still a lot to be done in Nigeria," Okpanachi said. Read also: DBN targets N1.8tr loan portfolio, 2m jobs in 5yr MSME plan Nigeria nears final phase in hosting Africa's first energy bank APPLY NOW: Interior Designer APPLY NOW: Sales Executive APPLY NOW: Sales Lead The plan includes allocating 20% of loans to women-led businesses and 40% to those owned by economically disadvantaged Nigerians. DBN also seeks to expand green financing and support underserved regions. With 1.2 million jobs already supported in the bank's first five years, the new strategy is designed to enhance inclusivity, sustainability, and financial resilience.

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Nigeria is entering the final stage of launching the African Energy Bank (AEB), with the country playing a lead role in driving the landmark initiative. At a high-level meeting in Abuja, Minister of State for Petroleum Resources (Oil), Senator Heine… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Nigeria nears final phase in hosting Africa's first energy bank By Busola Bamidele on May 19, 2025 Nigeria is entering the final stage of launching the African Energy Bank (AEB), with the country playing a lead role in driving the landmark initiative. At a high-level meeting in Abuja, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, hosted Afreximbank President Prof. Benedict Oramah and APPO Secretary General Dr. Omar Farouk Ibrahim to review progress. Lokpobiri affirmed that the AEB will become a game-changer for financing energy projects across the continent. "We've hit key milestones and are on schedule. Thanks to President Tinubu's support, Nigeria is set to make history as the host country," he said. Read also: Nigeria nears final phase in hosting Africa's first energy bank APPLY NOW: Interior Designer APPLY NOW: Sales Executive APPLY NOW: Sales Lead Embracing lifelong learning for career growth Legal frameworks have been finalised and capital mobilisation is gaining momentum, with strong backing from member countries and private investors. Dr. Ibrahim praised Nigeria's speed and commitment, while Prof. Oramah said Afreximbank is fully prepared to leverage its financial capacity and expertise to help the AEB attract global investment. A launch timeline and inaugural board meeting have been confirmed and will be announced soon. The AEB aims to boost energy access, drive industrial growth, and deepen investment across Africa.

SMALL BUSINESS INSIGHTS © 2025. Manage your email settings or unsubscribe. Get the Jetpack app Subscribe, bookmark, and get real‑time notifications - all from one app! Automattic, Inc. 60 29th St. #343, San Francisco, CA 94110