Business

FG Strengthens Partnership with Impact Investors to Drive Nigeria’s Economic Transformation

Published

5 months ago

June 10, 2025

Joel Ajayi

The Federal Government of Nigeria has reaffirmed its commitment to fostering sustainable economic growth through a landmark $50 million investment in the *Nigeria Wholesale Impact Investment Fund (WIIF), anchoring the fund’s first close at $100 million. This strategic initiative supports President Bola Ahmed Tinubu’s vision of achieving 7% annual economic growth, with a focus on critical sectors including agriculture, infrastructure, and digital innovation.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today hosted a high-level delegation comprising leadership from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and key private-sector stakeholders. The meeting, attended by Mrs. Ibukun Awosika (Chairman, IIF/GSG), Mr. Wale Adeosun (CEO, Kuramo Capital), Ms. Sanyade Okoli (Special Adviser to the President on Finance & Economy), and Mrs. Lydia Shehu Jafiya (Permanent Secretary, Federal Ministry of Finance), underscored the government’s resolve to leverage impact investment as a catalyst for job creation and poverty alleviation.

During the session, stakeholders reviewed the operational framework for the WIIF and agreed on actionable next steps, including structured engagement with the Development Bank of Nigeria (DBN) to finalise the fund’s drawdown schedule. Further discussions will explore innovative financing mechanisms, including government guarantees, to enhance private-sector participation. Additionally, the WIIF will be strategically aligned with the African Development Bank (AfDB)-supported Youth Entrepreneurship Bank to amplify opportunities for young entrepreneurs.

The Honourable Minister of Finance commended the collaborative efforts, stating:

“This partnership exemplifies the power of public-private collaboration in advancing Nigeria’s economic priorities. We are committed to ensuring transparency, efficiency, and measurable impact in deploying these resources to benefit all Nigerians.”

The initiative is projected to unlock significant financing for micro, small, and medium enterprises (MSMEs) and generate millions of jobs across priority sectors.

www.finance.gov.ng

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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