Business
NEXIM Launches N36 Billion Fund To Promote SME Sectors Across Dtates On Nigeria

The Nigerian Export-Import Bank (NEXIM) has launched a N 36 billion Export Development Fund to be disbursed to targeted export-oriented projects in the Small and medium-sized enterprises (SME) sector across the country.
The Managing Director/ Chief Executive, Mr Abba Bello, who disclosed this at the exporter enlightenment forum for the South West region held in Akure, the Ondo state capital, pointed out that a minimum of N1billion for every state of the Federation to be disbursed to targeted export-oriented projects in the SME sector,
Bello said that “As the nation’s Export Development Bank, the Nigerian Export-Import Bank (NEXIM), is in the vanguard of promoting economic diversification, towards increased jobs creation and foreign exchange earnings for the country.
“In this regard, and in line with the Zero Oil Plan of the federal government, which seeks to develop at least one exportable commodity in every state of the federation, we have launched the State Export Development Fund.
READ ALSO: FG Funds 200 MSMEs Under Payroll Support Programme In Bauchi
“Under this programme, we have earmarked a minimum of N1billion for every state of the federation to be disbursed to targeted export-oriented projects in the SME sector, towards crowding in investment and promoting regional industrialization and economic development.
“This fund is also expected to support the various states to benefit from the opportunities provided by the African Continental Free Trade Agreement (AfCFTA) to which Nigeria is a signatory.
” As you may all be aware, the AfCFTA, which commenced in January 2021 comes with enormous benefits, including a borderless market of about a 1.2billion people, with a combined GDP of about $3.4trillion.
” It, therefore, offers our SMEs, particularly those engaged in cross-border trade, the opportunity to increase their sales under a more liberal market condition.
“This scheme also seeks to corporatize and onboard our informal exporters into the formal sector, and through this capture the huge volume of informal trade which has been estimated at about four times the value of recorded trade.
“While our intervention under the State Export Development Programme is targeted mainly at export-oriented projects promoted by the private sector, the State governments have a major role to play towards creating an enabling environment for the effective utilization of the fund, particularly in such areas as land allocation, issuance of permits and other necessary support.
“We have already commenced discussions with some state governments on this scheme and we hope to continue the engagements with all the state governments present here at this forum.
“Aside from the State Export Development Programme, NEXIM also offers other intervention schemes, which include the Women and Youth Export Facility (WAYEF), which was recently launched as a financial inclusion strategy for the vulnerable groups.
” We also have the N500bn Non-Oil Export Stimulation Facility, which is targeted at the medium and large-scale exporters.”
Bello lamented that “it is rather a paradox that despite our huge human and natural resource endowments, Nigeria remains a mono-product economy, with the crude oil sector contributing about 70% of government revenue and about 90% of export earnings.
“Nigeria has over 44 solid minerals in commercial quantities, found all over the country, largely unexploited.
“The point of emphasis is that our country is so blessed, and our economy need not be tied to the vagaries of one commodity, which contributes less than 10% of our Gross Domestic Product.”
The Executive Director, NEXIM Business Development, Mrs Stella Okotete said the bank came to Ondo State because of the export potentials available in the state.
She said the bank was ready to partner with the southwest governments to develop the export capacities in the region.
On his part, Governor Rotimi Akeredolu said that Governors in the Southwest are steadily working together in the Agriculture sector through the formation of the Southwest Agric Company (SWAgCo).
READ ALSO: NDE Trains 300 Unemployed Youths In Cosmetology, Other Trades In Bauchi
According to the Governor, SWAGCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.
(VANGUARD)
Business
Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.
This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.
Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.
READ ALSO:Asian Stocks Rise As Trump Postpones Mexico, Canada Tariffs
Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.
To this end, the market breadth also closed positive with 32 gainers and 21 losers.
Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.
READ ALSO:UK Stock Markets Plunge In Biggest Daily Fall Amid Trump Tariff
Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.
Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.
Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.
According to DAILY POST, NGX has continued its bullish run from last month’s end to date.
Business
CBN Sets POS Maximum Transactions In Fresh Guidelines

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.
The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.
CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.
The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
CBN noted that the guidelines would take effect from April 1, 2026.
“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.
“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.
“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.
“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.
Business
Naira Records First Appreciation Against US Dollar At Official Market

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.
The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.
This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.
READ ALSO:Naira Appreciates Massively Against US Dollar In The Black Market, Highest In 15 Months
Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.
However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.
The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.
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