Business
NAMB President Urges FG On More Interventions, Regulatory Supports
The newly elected President of the National Association of Microfinance Banks (NAMB), Dr. Adenrele Oni, at the weekend solicited more Federal Government’s support for microfinance banks (MFBs) in view of their critical roles in financial inclusion and sustainable economic growth of the country.
The renowned banker made the appeal during his interactive session with journalists at the sidelines of the 16th Annual General Meeting of the NAMB with the theme “Beyond 20 Years: Engineering Sustainable Microfinance for the Next Generation” held in Abuja.
Oni, who commended the Presidency, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) for the supports being extended to the MFBs under the ongoing monetary reforms, said the MFBs would be better positioned for their roles in national development if the government and the apex bank improved supports in terms of intervention funds and creation of a more friendly regulatory regime.
He said: “I think so far, the current administration both at the Central Bank of Nigeria (CBN) and at the Presidency are giving us the needed support. They understand our industry better and proactively release policies and guidelines that support and protect our sector. But in terms of what we need, we need more support.
“We need more support in terms of intervention funds. It is only when you have the intervention funds, through the CBN and other government agencies, that we can lend cheap to the public and when you lend cheap to businesses and ordinary Nigerians, you add more to the growth of the economy. So, we need more intervention funds. We also want regulations that will be more friendly to make microfinance banks to be more manageable and more operational.
“I think with these supports from the government and the monetary authorities, microfinance banks will go places and better positioned to deepen financial inclusion and positively transform the grassroots for socioeconomic wellbeing of millions of ordinary Nigerians and sustainable growth of micro, small and medium enterprises (MSMEs) nationwide”, he added.
Reflecting on the evolution of the MFB industry over the years, the new NAMB President, who is also the Managing Director of Richway Microfinance Bank Limited, noted that the micro lenders had done well despite the micro and macroeconomic challenges they have been contending with over the years.
Specifically, he explained the MFB industry had done well given how the MFBs started operations, growing the industry’s total balance sheet of less than N300 billion five years ago, to over N6 trillion now reaching out to multiple millions of Nigerians in their operations. Our loan books as at March 2026 was N2.4 trillion with total deposit of the sector now standing at about N4.3 trillion
He said: “Microfinance banks have contributed so much in terms of supporting Federal Government’s reforms targeted at transforming the economy, financial inclusion and poverty alleviation. You can now see that from where we are coming from and where we are now, we have done very well.”
To improve public confidence in the MFB ecosystem in the years ahead, Oni hinted that the leadership would intensify advocacy campaigns with a view to enlighten more Nigerians on the critical roles of MFBs in national development.
Earlier in his welcome address, the outgoing President of the association, Alhaji Abubakar Ahmad, said the achievements of the NAMB over the past years had been possible based on the unwavering commitment, through regulatory guidance, constructive engagement and the confidence, of the CBN and the NDIC to the growth, stability and sustainability of Nigeria’s microfinance banking industry. We deeply appreciate you continue to repose in our Association.
He recalled that during his tenure, the association strengthened its strategic partnerships with development organisations, including WASH and Atmosfair, creating new opportunities for capacity building and industry development.
Noting that although the leadership of the NAMB recorded significant progress under his leadership, the banker acknowledged that the work remained far from being completed.
On the outlook of the microfinance industry and what needed to be done to brighten it, Ahmad maintained that “the future demands stronger institutions, better corporate governance, digital transformation, improved risk management, increased capitalisation and continued advocacy for policies that will strengthen our industry.
“As I hand over the mantle of leadership, I do so with confidence and optimism. I urge every member to give the incoming administration the same cooperation and support that you generously extended to me. Institutions become stronger when leadership transitions are peaceful, united and focused on continuity rather than division.
“My appeal to all members is simple: let us protect the unity of our Association above every personal interest. Let us continue to speak with one voice in advancing the cause of microfinance banking in Nigeria”, he added.
Business
Turning Africa’s Raw Materials Into Wealth: The ARMS 2026 Industrial Agenda
By Joel Ajayi
For decades, Africa’s vast natural resources have powered industries and economies far beyond the continent, while many African countries have remained largely exporters of unprocessed commodities and importers of finished products.
That familiar pattern is now coming under renewed scrutiny as policymakers, researchers, investors and industrialists seek to change the direction of Africa’s resource economy.
At the centre of that conversation is the second edition of the Africa Raw Materials Summit (ARMS 2026), scheduled for October 19 and 20 at the Abuja Continental Hotel, Abuja, under the theme: “From African Feedstock to African Factories.”
Organised by the Raw Materials Research and Development Council (RMRDC), the summit is being positioned as more than another gathering of policymakers and industry stakeholders. It is intended to provide a platform for confronting the structural challenges that have kept African raw materials largely disconnected from local manufacturing.
Africa has for years operated largely within a “pit-to-port” economic model, exporting raw materials while importing expensive finished products.
Speaking at a press conference ahead of the summit on Tuesday in Abuja, the Director-General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, said the event would bring together policymakers, investors, researchers, technology providers and industrialists to develop practical strategies for transforming Africa’s abundant natural resources into industrial wealth.
The challenge, therefore, is not simply the abundance of resources, but the continent’s ability to transform those resources into industrial value, employment, technology and wealth within Africa.
Nigeria alone, according to the RMRDC, has more than $582.4 billion in documented non-renewable natural resources, while the wider continent possesses substantial deposits of critical minerals, agricultural raw materials and industrial feedstock.
Yet, the benefits of this resource endowment have often been constrained by inadequate processing capacity, weak infrastructure, limited technology, financing gaps and fragmented regional value chains.
From Dialogue to Industrial Action
ARMS 2026 builds on the maiden edition held in May 2025, which attracted more than 1,000 delegates from across the world.
The inaugural summit also witnessed the unveiling of the Ten-Year Raw Materials Transformation Roadmap (2025–2034) by the Minister of State for Industry, Senator John Owen Enoh.
The roadmap was designed around areas including technological capability, climate-resilient processing and backward integration, establishing a policy framework for greater domestic utilisation of Africa’s raw materials.
The second edition is expected to move the conversation further by bringing policy, capital, technology and industrial stakeholders around practical mechanisms for turning raw materials into locally manufactured products.
One of the major proposals highlighted by the RMRDC is the 30 per cent Mandatory Value Addition Bill, which seeks to establish a statutory minimum level of value addition to Nigerian raw materials before export.
The Council says the proposed framework could support job creation, import substitution, foreign-exchange conservation and increased manufacturing contribution to the economy.
Building the Infrastructure for Value Addition
The industrial transformation envisaged by ARMS 2026 goes beyond legislation.
A major concern is the “missing middle” between where raw materials are produced and where factories are located.
Poor transportation networks, inadequate cold-chain facilities, weak rural roads, limited testing and certification infrastructure and border-related delays can make locally sourced materials more expensive and less competitive.
Consequently, logistics and infrastructure constitute one of the five principal pillars of the summit.
The objective is to develop more reliable corridors connecting farms and mines with processing centres and manufacturing facilities, thereby reducing losses and improving the movement of industrial inputs.
The Digital Dimension
Technology is also becoming an important part of the Council’s strategy.
The RMRDC says it has developed the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP), described as a digital repository containing information on feedstock deposits, specifications, production outputs and industrial absorption rates.
The Council has also highlighted its transition towards paperless operations and its certification as a Data Controller/Processor of Major Importance by the Nigeria Data Protection Commission.
Such digital infrastructure could provide investors and manufacturers with better information about the availability and characteristics of raw materials while supporting more informed industrial planning.
Turning Waste Into Industrial Inputs
Another major component of ARMS 2026 is the proposed expansion of the circular economy.
The summit will examine how agricultural by-products, mine tailings, scrap metals and biomass can be recovered and reused as inputs for new production processes rather than being treated simply as waste.
The RMRDC argues that such an approach could lower raw-material costs while supporting more sustainable and climate-resilient manufacturing systems.
For Africa, where industrial expansion must increasingly balance economic development with environmental considerations, waste industrialisation could become an important part of the continent’s manufacturing conversation.
From National Production to African Value Chains
The African Continental Free Trade Area is another important element of the summit’s agenda.
The RMRDC sees AfCFTA as an opportunity to create regional value chains in which raw materials sourced in one African country can be processed and supplied to manufacturers in another.
Under such a model, Africa would move beyond simply exporting commodities to external markets and develop stronger internal networks for supplying chemicals, refined minerals, agricultural inputs and other industrial materials across national borders.
This approach places regional integration at the heart of Africa’s industrialisation strategy.
Bridging Research and Capital
A recurring weakness in many developing economies is the gap between research and commercialisation.
Innovations may emerge from universities, research institutions and laboratories without receiving the financing, equipment or market connections required to become commercially viable.
ARMS 2026 intends to address that gap through technology commercialisation and capital linkages, connecting research outputs with investors, development finance institutions and industrial off-takers.
The RMRDC has also cited partnerships with the Bank of Industry for commercial-scale post-harvest processing and a South-South technology-transfer partnership with the National Innovation Centre par Excellence in Shanghai, China.
A Larger Industrial Conversation
The scale of ARMS 2026 is expected to be significantly larger than the maiden edition.
The organisers project more than 1,800 delegates from all 54 African countries and global industrial partners.
The programme will feature high-level policy dialogues, technical panels, an advanced raw materials and technology exhibition, industrial site visits and the African Raw Materials Industry Awards.
The exhibition, in particular, is expected to showcase locally fabricated processing machinery, advanced domestic materials, green chemicals and engineered commercial inputs.
Beyond the speeches and exhibitions, however, the real significance of ARMS 2026 will ultimately depend on what happens after the summit.
Africa’s challenge has never been a shortage of raw materials. The more difficult question has been how to transform those resources into factories, products, skilled employment, technology and sustainable economic opportunities.
For Nigeria and the rest of the continent, the proposed shift from “pit-to-port” to “feedstock-to-factory” therefore represents a broader debate about the future structure of African economies.
ARMS 2026 seeks to place that debate firmly on the industrial agenda — with value addition, technology, finance, infrastructure, circular production and regional trade at the centre.
If the commitments and partnerships generated by the summit translate into measurable industrial activity, the event could provide another platform for Africa to examine how its enormous resource base can support stronger domestic manufacturing.
The message from the organisers is clear: the continent’s raw materials should not only leave African soil as commodities; they should increasingly become the foundation for African industrial production
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