Economy
ECOWAS Reiterates Commitment to Support SMEs for Job Creation, Devt.

Mrs Massandje Toure- Litse, the Commissioner for Economic Affairs and Agriculture, ECOWAS, has reiterated the commission’s commitment to support the growth of small businesses in Nigeria and the West Africa region.
Toure- Litse said this while receiving an award of excellence from the National Association of Small and Medium Enterprises (NASMEs) in Abuja on Saturday.
Reports says that the award was one of the highlights at the on-going 2023 West Africa SMEs Exhibition.
Toure- Litse was recognised for her collaboration and contribution towards the development of Micro, Small and Medium Enterprises (MSMEs) in the West African region.
While reiterating ECOWAS commitment to continue partnering with NASMEs to boost small businesses, she expressed her pleasure at receiving the award.
”That is the result of all the interests that ECOWAS shows in that segment of our economy in all our countries.
”Development of SMEs is a way to really empower women and youth and to create jobs. And it is the cognisance of the work of my team.
”And it is really an opportunity for me as a commissioner, to reiterate the fact that ECOWAS will in the years to come, continue to work to attain this objective.
” Of helping more and more SMEs integrate the formal economy and create jobs for women, for youths in usage of the internet for developing more trade volumes between our countries,” she said.
The commussioner said ECOWAS with its 15 countries, had more than 300 million inhabitants.
Toure- Litse said: ”Its a big market, and we definitely need to take those opportunities, those business opportunities by helping the SMEs.
Earlier, the President and Chairman Governing Council of NASMEs, Dr Abdulrashid Yerima, recognised its partners which included the ECOWAS, SMEDAN, Deputy Speaker and Office of the Lhuillier’.
“Today, we are presenting an award to the ECOWAS Commissioner, in recognition of her outstanding contributions to MSMEs development in the West African region.
”We appreciate her and her commission’s sponsorship of this Maiden event which we intend to hold annually going forward.”
The president reiterated that the NASME’s N1 billion each Women and Youth Empowerment Fund would be extended to other West African States.
” We are bringing in our brothers and sisters from West Africa to be part of this empowerment programme.
”We are also bringing in new partners like the International Trade Centre, Nigerian Police Micro Finance Bank, Bank of Industry, Sterling Bank and other international partners.
On the beneficiaries , he said they would include graduates, non-graduates, nano and micro business owners and those in the digital innovation technology.
Yerima said the objective of the fund was to support the green and digital economies in the country, “Yerima said.
NAN reports that another highpoint of the event was the inauguration of steering Committees on the establishment of ECOWAS Small Business Coalition (ECOWAS SBC) and Small Business Partnership Platform (ECOWAS SB – PP).
The objective of the committees is to mobilise SMEs development agencies, partners and associations in ECOWAS countries to promote SMEs businesses within the region.
The committees comprised representatives of NASMEs, CPU-PME Côte d’Ivoire, SMEDAN, Ministry of Commerce, Côte d’Ivoire and Ghana Enterprise Agency.
The three-Day workshop which began on Thursday ended today and was attended by stakeholders in the sector and participants from some West African countries. (NAN)
Economy
Naira Ends Week Stronger Against Dollar, Gaining N11.17

The Naira further appreciated in the official market on Friday, trading at N1,474.
78 to the Dollar.Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.
This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.
95 to the Dollar.Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.
01 and a low of N1,447.50.The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).
The reforms aimed at ensuring transparency in the foreign exchange (FX) market.
CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.
Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)
Economy
CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.
Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.
Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.
She said that the currency was one of the currencies to be received as export proceeds by the bankers.
“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.
“We will be working with CBN and the banks to ensure full implementation.
“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.
Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.
She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.
She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.
The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.
According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.
“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.
“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.
She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.
Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.
She said that the effort would increase foreign exchange earnings and help to capture export data for the country.
“Interactive sessions were held with several trade associations operating within some borders”.
According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.
“We will build on this,” she assured. (NAN)
Economy
Ecobank Promotes Savings Culture, Rewards N42m to Customers

Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.
Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.
She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.
“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.
Ogunyemi also noted the increasing awareness of savings amid economic challenges.
“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.
“This has led to a steady rise in deposits across the banking sector,” she said.
Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.
“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.
“This initiative is about showing our customers that every amount saved adds up over time,” she said.
Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.
“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.
“Month after month, deposits have increased, which is very encouraging,” she added.
She further emphasised that savings, beyond just winning rewards, provide financial security.
Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.
“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.
“Across the banking industry and within Ecobank, savings deposits have consistently grown.
“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.
She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.
Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.
“It is important to note that what gave them the opportunity to win was their commitment to saving.
“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.
“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.
He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.
“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.
Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.
A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.
Similarly, four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)