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Business News

CBN issues guidelines to access N50 billion COVID-19 credit facility

The Central Bank of Nigeria has disclosed the guidelines that must be followed by individuals and companies to access the N50billion tarheted credit facility  for households and Small and Medium Enterprises that are badly hit by COVID-19. 

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The Central Bank of Nigeria (CBN) has disclosed the guidelines that must be followed by individuals and companies to access the N50billion targeted credit facility for households and Small and Medium Enterprises that are badly hit by COVID-19.

This was disclosed in a circular issued by CBN and signed by its Director, Financial Policy and Regulation, Kevin Amugo.

The apex bank had last week unveiled the fund in response to the coronavirus pandemic, which had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.

Why it matters: The outcome of the disease have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

READ MORE: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

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In this respect, the CBN introduced the N50billion Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

How it works: CBN explained that those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the pandemic and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

According to the CBN guideline, activities covered under the scheme include agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.

READ MORE: COVID-19: All courts to shut down immediately

It said, “The scheme would be financed from the Micro, Small and Medium Enterprises Development Fund and the eligible participating financial institution for the Scheme would be NIRSAL Microfinance Bank.”

The apex bank added that the loan amount would be determined based on the activity, cashflow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

It said households can access a maximum of N3million while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

112 Comments

112 Comments

  1. Dada Femi Sunday

    March 26, 2020 at 2:37 am

    How can I get a loan

  2. Dada Femi Sunday

    March 26, 2020 at 2:41 am

    Please somebody should direct us to where we can get the room without that the big wings we share the money with themselves

  3. Elizabeth Adenike Kentebe

    March 26, 2020 at 9:54 am

    Is there loan for students? PhD student that have to work from home at this time

  4. Promise

    March 26, 2020 at 11:26 am

    How can I get a chance to access this COVID-19 CREDIT FACILITY?.. We know the bigger fishes will devour them before our reach. Nigerians already know hands that created this opportunity and the real owners. God save the poor .

  5. Onwubu Edna chidinma.

    March 26, 2020 at 11:31 am

    How do l apply. Am in yenagoa. And am interested on the loan. I Have a land here which l intend to use for agricultural produces. But need money to start up. Thank you.

    • Anonymous

      March 26, 2020 at 11:22 pm

      Key into AGSMEIS loan, register with 10k and choose EDI close to you

      • No name

        April 13, 2020 at 10:53 pm

        Please don’t mind anyone asking you to register

    • Dickson Ofem

      April 16, 2020 at 1:56 am

      how do i access the loan?

      • Rabiu Yau

        June 18, 2020 at 12:01 pm

        How may I refound the money.

  6. Okunuga Adejoke

    March 26, 2020 at 11:40 am

    How to get it

    • Abell Kennedy

      April 15, 2020 at 4:16 am

      The intervention looks good on paper. I hope it would reach those it is meant for.. We need the contact of NMFB. Thank yes

      • Hyrin Kenneth Ojong

        April 16, 2020 at 8:58 pm

        Will be so grateful to the Nigerian Government if I can access this loan….God bless u all.

  7. Kevin

    March 26, 2020 at 12:09 pm

    Great mindset, but who are going to benefit from it? Only the big wings. God we’re in your hands save us because nigeria ur beloved country has turned to something else.

    • Justin

      March 27, 2020 at 10:34 pm

      I doubted if CBN and co know the meaning of corona virus. Before you set any criteria to. Qualified. You must first provide first Aid that will make people survive. One of the major factors that drag Nigeria to poverty is the lack of our economic team to identify the ratio at which poverty had destroyed Nigerians. Let CBN keep her money. When corona affected quatre of Nigeria. They Will know what to do

  8. Zoejames

    March 26, 2020 at 2:23 pm

    How’s this loan accessed please Mr Abiola Odutola keep us posted thanks

  9. Litinin Reuben Christopher

    March 26, 2020 at 2:31 pm

    Comment: AM interested in the loan please

    • Dickson Ofem

      April 16, 2020 at 2:04 am

      how do i access the loan?

    • Anonymous

      April 16, 2020 at 8:56 pm

      Will so grateful if I can access this loan now…God bless u all..08037304203

  10. Okenile Arike Ibidunni

    March 26, 2020 at 2:48 pm

    How can I access the loan am a business owner with registered document and sculm certificate am in Lagos

  11. Godwin Ojiaku

    March 26, 2020 at 3:01 pm

    We do not have adequate institutional structure to disburse such huge social welfare assistance to Nigerians, without abuse from those assigned to effect the payments. We have serious problem of corruption, nepotism, and accountability in Nigeria. I am available to help in developing a workable structure for this purpose.

  12. Ubani Divine Damas

    March 26, 2020 at 6:32 pm

    I am interested. I have a land good for agriculture. I will be glad for I can have a loan to enable me start up. Thanks

    • Adediran Adebayo

      April 14, 2020 at 9:22 am

      Am interested how can I access this loan

  13. Lawal Kehinde

    March 26, 2020 at 7:47 pm

    How can I access the loan?

  14. Oluwabunmi olutayo

    March 26, 2020 at 9:19 pm

    Pls am interested in the loan ao can l apply

  15. Olabode olayinka s

    March 26, 2020 at 10:37 pm

    How can I get this loan, this pandemic has closed down buy business.

    • Abayomi opeoluwa adebola

      April 22, 2020 at 3:55 pm

      Am interested in the loan

  16. onoriode oghenekevwe

    March 27, 2020 at 11:02 am

    How can someone fulfill all these requirements before accessing this loan when this COVID 19 is a big threat to lives . Nigeria government is never establish for commoners. God help us

  17. Abdul aderonke adetoun

    March 27, 2020 at 6:17 pm

    How can l get a loan ,in D’s time of covid 19

    • rima_jeeb trading

      April 15, 2020 at 2:55 pm

      I need the loan,how can I apply

  18. Anonymous

    March 27, 2020 at 10:07 pm

    government of the rich,what about the millions of persons in the rural areas how are they going to benefit from ur one sided loan ,or do they not have mouth to eat??? Washed and faded leaders.

    • Adolphus

      March 28, 2020 at 8:32 am

      Here they come again, they have mapped out.a plan to compensate themselves…these greedy people can never do anything without using the masses as their ladder…I throw you a challenge …No neutral member of the masses with benefit from this facility until they finish the money…l will ask you when it’s all done

  19. George George Ekpo

    March 28, 2020 at 1:13 am

    How can I access the loan?

    • Ubah Obi

      April 13, 2020 at 9:02 am

      Please how can I access this CBN loan,I am in Benin, Edo State,I am a farmer and I still have small scale business, please help me so that I can establish my business well and expand my farming work, thanks and God bless our country Nigeria.

  20. Henry

    March 28, 2020 at 7:11 am

    I’m quite sure the so called loan will go to northerners alone. Southerners please save your energy and inks.

  21. Colin Chidiogo

    March 28, 2020 at 7:17 am

    Am a trader. Due to COVID-19 our market will be shut from Monday 30, March 2020. No more trading or means of survival.

    I need the loan or assistance for my household to survive.

    Please how do I access the loan?

  22. Stanley anyanwu

    March 28, 2020 at 7:57 am

    How can one access for the loan

  23. Oma

    March 29, 2020 at 3:12 pm

    I’m interested in the loan.how can i register for it.

  24. IORYINA T.C.IORYINA

    March 29, 2020 at 8:57 pm

    Everything is worth trying. Don’t get to the end without a start point. Bravo

  25. GODWIN A A

    March 30, 2020 at 6:45 pm

    This, really is not the right time to impose this kind of eligibility rule on Emergency Injury Disaster Loan. This guideline shows that the welfare of the masses is not the watch ward of our leaders at this very time of National Pandemonium.

  26. Samson

    March 31, 2020 at 12:34 pm

    How do I access the loan. I’m a worker and I’m faced with Mandatory unpaid leave from my worker from 1/4/2020. I need money(3m) to start Uber Service. I have cushion own cash in my bank. I will back as appropriate monthly

  27. Funmilayo Fadunsin

    March 31, 2020 at 1:03 pm

    I’m interested in the loan for my farm. How can I access or, apply for it, please?

  28. Queentina ugo

    March 31, 2020 at 6:08 pm

    Please how do we apply for dis loan, pls I need it to pay my workers n also pay rent

  29. Adenigna

    April 1, 2020 at 3:25 am

    I need this funds, how do I apply.

  30. Adenigba

    April 1, 2020 at 3:30 am

    I need this funds, how do I apply. I am already in production. I produce groundnut oil. But for the covid-19 Land mic around the world, we have to stop production as we cannot access raw materials.
    When will the application form be available, since its online.

  31. Anonymous

    April 1, 2020 at 11:01 am

    I am interested in the loan, how can I access the process.

  32. RAAP.ESE

    April 1, 2020 at 8:01 pm

    This idea if it can reach the grassroot will achieve its aim.

    One sure way if CBN ensuring it reached the desired audience is to use the beneficiary’s BVN

    INTERESTING

  33. virginus odoh

    April 1, 2020 at 8:29 pm

    How can I apply for the loan

  34. Adegboye Joshua

    April 2, 2020 at 7:38 am

    How can I apply for the loan pls Link

    • Dr John Arome

      April 2, 2020 at 2:15 pm

      How cani apply for the loan pls link

  35. Ogugofor Sunny Anthony.

    April 2, 2020 at 1:10 pm

    My name is Ogugofor Sunny Anthony.am a chemist my shop has been shot down do to this coronavirus,so am seriously in need of fund.Tnx.

  36. Kabiru Aliyu

    April 3, 2020 at 7:52 pm

    When will them start giving the loan?

  37. Gbadebo olamilekan

    April 4, 2020 at 9:34 am

    Please I’m into gadgets business and my dad is into agriculture and accommodation
    Pls how can I access this loan cause it is very needed.

  38. Johnolorun

    April 5, 2020 at 12:46 pm

    Am interested, how can I access this loan please?

  39. Olowoyo monsurat

    April 5, 2020 at 7:51 pm

    Leave a reply and you didn’t attend to any. People I’ve asking and I’m also asking now how we can assess the loan

  40. Ebun Moyo

    April 8, 2020 at 1:44 pm

    I am interested, how can I apply for the loan

  41. Ebun Moyo

    April 8, 2020 at 1:56 pm

    I will appreciate if I can access the loan.
    Thanks

  42. Owoeye James

    April 8, 2020 at 2:06 pm

    I am interested, please, I do I access the loan. Thanks

  43. Ebun Moyo

    April 8, 2020 at 2:10 pm

    Please, I am interested. How do I access the loan. Thanks

  44. Ubani uwaoma

    April 8, 2020 at 9:42 pm

    This a laudable idea from our Apex Bank. However every effort must be made by the Governor that sincere Nigerians like us access this for once.

  45. NWOSU POLYCARP EBERE

    April 11, 2020 at 12:29 pm

    how can i access this loan?

  46. BASHIR MALAM

    April 11, 2020 at 6:11 pm

    Comment:Pls how and where should i go inorder to apply

  47. Tukur

    April 13, 2020 at 12:44 pm

    How can I access the loan?

  48. Aghaeze

    April 13, 2020 at 5:40 pm

    Pls is this loan still available. Am a business man. Pls how can I access the loan

  49. Chibuzor

    April 13, 2020 at 9:22 pm

    I. Need this loan for expansion of my business, but the condition involved is not easy to go to through pls cbn see easier way to help people like us.

  50. Martha simon

    April 14, 2020 at 7:39 am

    How can I apply for this credit facility if the ones in charge won’t share it for themselves.

  51. Sadiq haruna

    April 14, 2020 at 7:42 am

    Please can I apply for the loan

  52. Anonymous

    April 14, 2020 at 7:44 am

    How can I access the loan

  53. Odugu Boniface

    April 14, 2020 at 7:52 am

    Am also interested in d loan

  54. Cyril Egbo

    April 14, 2020 at 8:51 am

    I need the loan to boost my business,and also to provide food for my family we are dieing for huger.

  55. Buabee Ben Baale

    April 14, 2020 at 8:56 am

    I am interested in getting the loan.
    What are the possible means for applying to get the loan?
    I am a business person and this would have helped boost me easily.

  56. Laya Tony

    April 14, 2020 at 9:39 am

    Accessing this loan is pretty difficult and l advice that simplifying this loan processing would be wise. Put yourself in the shoes of SME owners.

  57. Laya Tony

    April 14, 2020 at 9:42 am

    Make the loan easy to access, its very difficult to access presently.

  58. kelechi king nwankwo

    April 14, 2020 at 9:51 am

    How will I apply?

  59. Seun David

    April 14, 2020 at 11:02 am

    Please #CBN how do we access this loan? Where is the link? My business is almost crumbling, I really need this loan, am a registered company (enterprise). I’d anyone knows the link, please share

  60. Emmanuel Edet

    April 14, 2020 at 11:49 am

    How can I apply for the loan, in this lockdown period?

  61. Dominic Joice Oluchi

    April 14, 2020 at 12:53 pm

    Please I need a loan so that I can pay my school fees, as am the one training myself, the saving I had for my school fees, I used if for feeding, due to the lockdown, God bless you, am a 300level student.

  62. Anonymous

    April 14, 2020 at 3:05 pm

    How do I access this loan?

    • Choon Teryima Augustine

      April 22, 2020 at 2:57 pm

      How can I acces form

  63. Lukman mikail olawale

    April 14, 2020 at 8:00 pm

    Please how do I access the loan ?

  64. Babalola samson

    April 14, 2020 at 11:09 pm

    Please what are the procedure of accessing the loan for the upright of my business again please contact me back

  65. Nyaghve Joel Taryuhwa

    April 15, 2020 at 12:49 am

    How can I access it? That is our big problem.

  66. Olatunde

    April 15, 2020 at 7:08 am

    How do we access it

  67. Emma

    April 15, 2020 at 7:17 am

    Rubish headline – your headline says guideline for accessing the loan and still none is pelt out here.

  68. Anonymous

    April 15, 2020 at 7:40 am

    They didn’t make the registration available for the public and they said 80,000 people have registered. They are bunch of thieves and evil people

  69. Veronica

    April 15, 2020 at 8:29 am

    How do I apply for the loan, any application form?

  70. Chuks Amuka

    April 15, 2020 at 8:38 am

    How do I get the involved in this loan ,am into agriculture value chain ,cash crop farming ,piggery ,etc .

  71. Adeola Adeyeri

    April 15, 2020 at 9:44 am

    How do i apply for this loan, it is a good one for us at thus time. I am in the EDUCATION SECTOR. Thank you.

  72. Asogwa Sarah J

    April 15, 2020 at 12:22 pm

    Please how do I access it

  73. Marc Chuks

    April 15, 2020 at 2:19 pm

    I am very much interested in the loan to help me bounce back in my small business.

  74. Ajibola Temitope

    April 15, 2020 at 3:54 pm

    This is a good idea by the central bank of Nigeria. My question is how do i access this loan am a farmer practised? Thank you.

  75. Bolarinwa oluwafemi Olubunmi

    April 15, 2020 at 7:12 pm

    I am interested pls how do l apply for d loan .
    I live in Ijebu ode Ogun State

  76. ECHE BARTHECHSON

    April 15, 2020 at 8:15 pm

    HOW CAN I APPLY?

  77. ECHE BARTHECHSON ECHE

    April 15, 2020 at 8:18 pm

    what are the procedures of applications

  78. Adum Dennis Matthew

    April 16, 2020 at 9:37 am

    Is a good idea for federal government to bring this issue. Please how do I apply so to support my small business.

  79. Favour A

    April 17, 2020 at 9:52 am

    Pls direct me on how to access the loan thank u

  80. Muyi

    April 17, 2020 at 10:02 am

    you apply through NIRSAL Microfinance Bank.

  81. olusola oladeji

    April 17, 2020 at 12:30 pm

    I have a registered business dealing with food and agro allied supply, this pandemic is affecting my business right now. How can I get the application form.? My company’s name is RAYSOLAB VENTURES.

  82. Eloagu

    April 17, 2020 at 8:12 pm

    I need the loan pls

  83. Cynthia

    April 19, 2020 at 11:03 pm

    My dear, that’s what baffles me. No registration link, no information on how to get application form and here they are telling us 80,000 people have applied.

  84. Ismaila

    April 20, 2020 at 5:58 pm

    Please how can I get the loan

  85. Iniobong Ekop

    April 21, 2020 at 12:28 am

    How do I apply for the loan?

  86. James Monday Isangedighe

    April 22, 2020 at 6:19 pm

    Please due to lockdown order by FG to contain Covid-19 and it’s spread, My business enterprise can no longer receive goods and services even my customers have all shutdown leaving me alone, few staff stranded. I need this loan to have a new start.
    Thanks for consideration.

  87. Ojobor Bethel patience

    April 22, 2020 at 8:20 pm

    I am interested in this covid19 credit support facility. I run a school in FCT, how can I apply now? Thanks

  88. IZUCHI EJAKU

    April 22, 2020 at 11:15 pm

    how can I apply for the loan

  89. Aluko Olubunmi

    April 23, 2020 at 7:20 am

    How do we access the loan?

  90. Dada Kazeem Olatunbosun

    April 24, 2020 at 9:04 am

    Comment: I’m interested in the loan offer, what are the guidelines to follow to access it please

  91. Azeez Adeniyi

    April 26, 2020 at 1:21 pm

    This is the right time for us to wake up and go back for Agriculture in Nigeria, May God gives more courage to our present government to empower us., I am much interested.
    Thanks.

  92. Okunlola kayode

    April 26, 2020 at 2:45 pm

    With all how can I apply? No comment from anyone. I will also join the train of how can I apply. Think of it in a wide way. Gutantor, Bvn, and someone bank statement should be okay.

  93. Tony

    April 26, 2020 at 9:38 pm

    Is this fake? Why is Nisral debunking their involvement in this?

  94. Safiya Magana

    June 9, 2020 at 7:53 pm

    Pls how do I access the loan?

  95. Raymond

    June 12, 2020 at 12:56 pm

    I had network issue will trying to inpute my account number the accept the loan after approval; how can i go back and inpute the required info(Accont details)?

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Economy & Politics

Senate President lists benefits of PIB as public hearing on the bill opens

Ahmad Lawan has listed the benefits of the PIB presently before the National Assembly for consideration.

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Senate president warns about dangers of youth unemployment, National Assembly to ensure youth empowerment schemes are realized - Lawan

The President of the Senate, Ahmad Lawan, has said that the Petroleum Industry Bill (PIB) which is presently before the National Assembly for consideration and passage will ensure that Nigerians benefit optimally from crude oil production and sale of fossil fuel reserves.

According to a statement that was issued by the Special Assistant, Press to the Senate President, Tabiowo Ezrel, this disclosure was made by Lawan, while declaring open a 2-day public hearing on the bill by the National Assembly on Monday, January 25, 2021.

The Senate President pointed out that the National Assembly in its consideration of the piece of legislation would ensure that the bill when passed into law, guarantees improved revenue earnings for the country.

What the Senate President is saying

Lawan in his statement said, ‘’Let me say this, we (National Assembly) will pass this bill not without ensuring that it is a bill that satisfies certain conditions. Nigeria is blessed with these resources, we want Nigeria to benefit optimally from them. In fact, we are in a hurry because we have lost so many years of benefits that we could have had.’’

He, however, noted that the non-passage of the PIB had been a major drag on the industry over the years, significantly limiting its ability to attract both local and foreign capital at a time when many other countries are scrambling to exploit their oil and gas resources.

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Going further, Lawan said, ‘’The mere knowledge that the nation’s oil industry is still being governed by laws enacted more than 50 years ago is ludicrous and extremely disappointing.

‘’As legislators, we will strive to deliver a Bill that will enhance the growth of our oil and gas industry, modernize our fiscal system and enhance competitiveness, while creating harmony for all stakeholders. This is a promise we have made and that we shall achieve.’’

‘’Nigeria must have an oil and gas industry that benefits its people. Equally, our oil and gas industry must be competitive. We must create a sustainable investment climate, where business in the sector will flourish,’’ he said.

He also added that the determination by the legislature to pass the Bill is driven by the need to overhaul a system that has refused to operate optimally in line with global standards, resulting in loss of continental competitiveness, transparency, accountability, good governance and economic loss for the petroleum industry and the country.

The Different chapters of the PIB

The Senate President revealed that the PIB comprises of 4 chapters that outline;

  • How to create efficient and effective governing institutions with clear and separate roles for the petroleum industry,
  • Establish a framework for the creation of a commercially oriented and profit-driven National Petroleum Company,
  • Promote transparency, good governance and accountability in the administration of the petroleum resources of Nigeria among others.

Other benefits of the PIB

He also noted that the PIB upon passage and assent into law by the President;

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  • Would foster sustainable prosperity within host communities, provide direct social and economic benefits from petroleum operations to host communities,
  • Create a framework to support the development of host communities among others
  • Establish a progressive fiscal framework that encourages investment in the Nigerian Petroleum Industry,
  • Balancing rewards with risk and enhancing revenues to the Federal Government of Nigeria,
  • Provide a forward-looking fiscal framework that is based on core principles of clarity, dynamism and fiscal rules of general applications,
  • Establish a fiscal framework that expands the revenue base of the Federal Government while ensuring a fair return to investors.

Lawan assured that the National Assembly during the public hearing would deal with all issues relating to the oil and gas industry with thoroughness and effectiveness so as to avert colossal losses to the nation’s economy.

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Spotlight Stories

Nigeria’s Sparkle partners with Network International for virtual and physical payment cards

Nigeria’s Sparkle signs with payment experts Network International for virtual and physical payment cards.

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Nigerian fintech startup Sparkle, a digital ecosystem providing financial, lifestyle, and business support services, has partnered with Network International, to power its recently launched payment card offering.

This is coming months after collaborating with Visa to enable them to issue Visa cards to its users.

Founded by former Diamond Bank chief executive officer (CEO) and tech entrepreneur, Uzoma Dozie with the aim of providing seamless solutions to Nigerian individuals, SMEs, and retailers. Sparkle’s new virtual and plastic debit cards are targeted at SMEs and upwardly mobile, unbanked consumers across Nigeria, bringing them the convenience, flexibility, safety, and security of cashless payments across various channels.

What they are saying

  • According to Uzoma Dozie, “Digital adoption and customer experience are going to be dependent on the people, platform, and partnership. In the area of payment processing and data insights, Network International brings that to our platform, and we are truly excited about the future of the partnership and what it means for the enablement and transformational impact for Nigerians anywhere in the world who are connected to the Sparkle platform.”
  • Also speaking on this new partnership, Andrew Key, Managing Director – Africa, Network International, said, “We are delighted to strengthen our strategic alliance with Sparkle as it seeks to further disrupt the payments offering to consumers and retailers in Nigeria. Building on our two decades of experience within payments and deep insight of the African market, we look forward to deploying our trusted platform and best-in-class technology towards supporting digital and financial inclusion of Nigerian consumers and businesses.”

Sparkles’ collaboration with Network International is based on their shared commitment to further the adoption of digital payments among emerging markets across Africa and the Middle East. Its users can make in-app payments with the new virtual card, and also make e-commerce transactions with the cards attached to their Sparkle profile.

This collaboration will offer Sparkle access to the Network’s years of experience and expertise in creating card solutions for emerging markets. The company can also benefit from Network’s advanced digital infrastructure and robust security protocols, avoiding the need to invest in expensive card management infrastructure.

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Appointments

AFEX appoints Kamaldeen Raji as MD of AFEX Fair Trade Limited

Mr Kamaldeen Raji has been appointed as the Managing Director of AFEX Fair Trade Limited.

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AFEX appoints Kamaldeen Raji as Managing Director of AFEX Fair Trade Limited

Leading commodities market player, AFEX has announced the appointment of Kamaldeen Raji as the Managing Director of AFEX Fair Trade Limited (AFEX Fair Trade).

This information was contained in an exclusive disclosure sent to Nairametrics today the 25th of January 2021.

According to the information contained in the press statement, the appointment is in line with AFEX’s mandate of strengthening trade infrastructure for Nigeria’s commodities market, while providing support for smallholder farmers, who are key players in the agricultural value chain.

What they are saying

The CEO of AFEX, Ayodeji Balogun, who commented on the appointment of the New Managing Director, said:

  • “I am delighted to have Kamaldeen stepping into the leadership at AFEX as the Managing Director of AFEX Fair Trade. This is in alignment with AFEX’s five-year strategy that consolidates the best aspects of our business into business units that will deliver impressive wins in trading, financing and market system development for Africa’s commodities market.”

Kamaldeen Raji, Managing Director, AFEX Fair Trade limited said:

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  • “AFEX has delivered on its promise for a working commodities exchange model for West Africa after six years of operations in Nigeria. I am excited to join the executive leadership to contribute to our next five years as a business.”
  • “As I drive our strategy to reach one million farmers and expand our national storage capacity to 500,000 MT over the next five years, AFEX Fair Trade will build on the success of previous years.”
  • “Through AFEX Fair Trade, AFEX will continue to contribute to impact metrics that align with the United Nation’s Sustainable Development Goals (SDGs) 1, 2, 5, and 8; no poverty, zero hunger, gender equality, and decent work and economic growth.”

Kamaldeen prior to his appointment as the Managing Director of AFEX Fair Trade Limited had previously served in Commercial Manager’s capacity for AFEX. This position monitored all commercial partnerships with a focus to drive revenue activities and growth opportunities.

It is important to note that, AFEX Fair Trade is one of AFEX’s business units, responsible for commodities trading and storage, the company is charged with the task of providing extension services to farmers in a bid to boost their productivity and incomes across all segments of the agricultural value chain.

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