Business
Fostering a Strategic Collaboration Between FMITI and BPE to Drive Nigeria’s Industrial Growth
The Honourable Minister of State for Industry, Federal Ministry of Industry, Trade, and Investment (FMITI), has reaffirmed the government’s commitment to sustainable industrial growth following a high-level briefing by the Bureau of Public Enterprises (BPE) on the 26th of Nov. The meeting underscored the crucial role of privatization and reform in revitalizing Nigeria’s industrial and manufacturing sectors.
The Minister emphasized the importance of aligning BPE’s privatization objectives with FMITI’s vision of boosting industrial productivity and economic diversification. With a focus on promoting efficiency in previously privatized entities, the Ministry aims to ensure these assets contribute meaningfully to job creation, value addition, and economic growth.
Discussions highlighted the need to optimize operations in sectors such as sugar and automotive manufacturing, which currently operate below capacity. Collaborative efforts between FMITI and BPE will target barriers to growth while fostering backward integration and encouraging local production.
Acknowledging BPE’s role in facilitating reforms, the Minister reiterated the critical need for workforce training and skill development. Through strategic partnerships with stakeholders, including the Industrial Training Fund (ITF), FMITI will drive human capital development to meet the demands of modern industries.
The briefing also emphasized the necessity of robust oversight mechanisms to monitor and evaluate the performance of privatized entities. This approach ensures accountability and drives the achievement of Nigeria’s industrialization goals.
The Honourable Minister expressed optimism about the synergies between FMITI and BPE, emphasizing that a shared vision and coordinated efforts will position Nigeria as a global industrial powerhouse. These collaborative initiatives align with the President’s vision of a creative and self-reliant economy.
This renewed partnership marks a significant step toward transforming Nigeria’s industrial landscape and ensuring sustainable development for all citizens.
Business
TAJBank Emerges Nigeria’s Biggest Non-Interest Bank
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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