Business

NEXIMbank, AFDB commences training on launching of Factoring Service in Nigeria

Published

2 years ago

July 31, 2023

Joel Ajayi

In its determination to promote and drive factoring Service as an alternative financing instrument to traditional lending to support Small and Medium Scale Enterprises (SMEs) the NEXIMbank, AFDB has launched factoring training activity to elevate the knowledge of factoring in an emerging markets.

While Speaking on Monday in Abuja on the occasion of the FAPA Grant workshop Training Programme on the launching Factoring activity, the Managing Director and Chief Executive Nigerian Export-Import Bank NEXIM Abba Bello expressed that there is need to promote financial inclusion and Macro, Small and Medium Enterprises MSMEs development for economic growth and employment generation in the country and beyond.

While highlighting the numerous benefits of the training to Nigeria and Africa Region, Mr Bello said the workshop wil facilitating the mainstreaming of the informal sector into the financial sector of the economy with the attendant benefits of access to finance/ working capital support, thereby enhancing financial inclusion of MSMES.

“It will broadening the supply chain financing with alternative funding window for emerging SMES with no credit records / history, thereby enhancing their export trading and employment generation potentials.

“Creation of a regulated funding environment for SMEs to operate, grow and sustain their operations without depending on tangible collaterals to secure institutional funding support.

“Ensuring Nigeria’s readiness to competitively trade under with attractive payment terms for buyers of Nigerian goods and services in all sectors of the economy, thereby broadening the national export basket.

“Facilitating the growth and development of the trade credit insurance market, and other key financial infrastructure that will engender a sustainable factoring ecosystem.”

He however, said that the training will no doubt facilitate capacity building and technical skills acquisition preparatory to the introduction of factoring service in Nigeria.

In his addressed the Head , Client Relations, Anglophone West Africa Representative of the Regional Chief Operating Officer, Mr Peter Olowoloni reiterated that Afreximbank, will not relent in its efforts at supporting SMEs, factoring companies, banks and corporates in Africa with the requisite financing, capacity building and technical assistance amongst other interventions.

According to him, as the implementation of the AfCFTA gathers pace and with the immense opportunities it provides for SMEs, Afreximbank has redoubled its efforts towards providing an institutional stimulus for SME financing through its factoring strategy.

“Our factoring strategy is complemented by our Supply Chain Finance product/platform and SME development programme. The latter is deployed through financial intermediation using commercial banks and trade finance intermediaries and includes technical capacity building and training of SMEs. Afreximbank has prioritised thought leadership and awareness campaigns on factoring in Africa and in 2023, we are undertaking a series of events to drive factoring.

“In March, we convened a webinar in collaboration with Making Finance Work for Africa (MFW4A), FCI and Association of African Development Finance Institutions (AADFI). The event saw over 150 participants from the development finance sector, commercial banks and financial institutions participating and focused on rallying these key capacitors while developing their technical skills in factoring.

“The time is now for Africa to take its development destiny into its own hands. The reality is this, SMEs have to be included in intra-African trade as direct or indirect exporters, to guarantee success of the AfCFTA.” He disclosed.

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Business

FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools

Published

5 days ago

November 25, 2025

The Gleamer

By Joel Ajayi

The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.

Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.

He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.

Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.

“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.

A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.

He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.

Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.

Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.

Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.

The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.

Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.

International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.

“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.

The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.

With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.

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