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Bingham University Experts Warn Insecurity, Poor Funding Threaten 40 Million Nigerian SMEs

Stakeholders at Karu conference urge urgent reforms as entrepreneurs face rising business risks and shrinking investment

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Stakeholders at Karu conference urge urgent reforms as entrepreneurs face rising business risks and shrinking investment

Over 40 million small and medium-sized enterprises (SMEs) in Nigeria are facing increasing setbacks due to widespread insecurity and poor access to finance, experts said on Monday at the first International Conference on Entrepreneurial and Managerial Innovation for Sustainable Socio-Economic Development (ICEMISD 2026) held at Bingham University, Karu, Nasarawa State. The event brought together academics, business leaders and policymakers who raised alarm over the hostile environment limiting the growth of Nigeria’s vital SME sector.

Stakeholders at the conference noted that entrepreneurs across the country now operate under unprecedented risks, with many forced to scale down or close operations entirely. Dr Edinen Usoroh, Managing Director of Executive Guards Ltd, explained that “insecurity—ranging from terrorism and kidnapping to cybercrime and political instability—has heightened business risks, increased costs, and discouraged investment.” Usoroh emphasised that security is not just a condition for peace but a fundamental determinant for sustainable enterprise.

Nigeria’s SMEs have long been recognised as a major driver of job creation and economic diversification. However, participants at the Karu conference stressed that current conditions are making it harder for these businesses to thrive compared to their counterparts in other countries. Limited access to affordable credit and structural inefficiencies were cited as major challenges holding back expansion and innovation. Many entrepreneurs struggle to secure bank loans or government grants needed for day-to-day operations or long-term growth.

Experts called on government at all levels to prioritise policies that will improve security nationwide and boost funding channels for small businesses. They recommended targeted support programmes for SMEs affected by insecurity as well as regulatory reforms aimed at reducing barriers to entry. Participants also urged financial institutions to develop products better tailored to the realities of local entrepreneurs.

As Nigeria faces rising unemployment and slow economic recovery, observers warned that continued neglect of SME challenges could undermine national development goals. The conference resolved that without swift action on insecurity and improved access to finance, millions of livelihoods remain at risk.

Source: https://guardian.ng/business-services/insecurity-weak-funding-killing-nigerias-40-million-small-businesses/

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Nigeria News (Standard)

Simba Power Unveils Renewable Energy Solutions for Hospitals at Lagos Exhibition

Firm introduces battery storage and hybrid systems to cut costs, urges healthcare providers to embrace sustainable power sources

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June 17, 2026

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Firm introduces battery storage and hybrid systems to cut costs, urges healthcare providers to embrace sustainable power sources

Simba Power, a leading energy firm, on Monday showcased new commercial and industrial energy solutions designed for healthcare facilities at the 2026 WHX Medic Exhibition in Lagos. The company urged Nigerian hospitals and clinics to adopt renewable energy technologies in order to improve service delivery and reduce operational expenses.

Presenting the new offerings at the event, Simba Power’s Spokesperson, Debdeep Mukherjee, said reliable electricity is essential for modern healthcare, from running diagnostic machines to maintaining critical patient care equipment. He encouraged operators in the sector to leverage renewable power sources such as solar and advanced battery storage systems to enhance efficiency and lower running costs.

Mukherjee explained that Simba Power’s latest products include scalable battery energy storage systems, hybrid inverter platforms, and grid-connected solutions tailored specifically for the needs of healthcare institutions. These systems are aimed at boosting energy reliability, cutting down on frequent power interruptions, and strengthening the overall resilience of hospitals across Nigeria.

“Our solutions are designed to address the unique challenges faced by healthcare providers in Nigeria when it comes to stable electricity supply. By adopting these technologies, hospitals can significantly reduce their dependence on diesel generators and bring down operational costs,” Mukherjee stated during a presentation at the exhibition.

The call for sustainable energy in healthcare comes amid ongoing concerns about unreliable power supply in Nigerian hospitals—a challenge that often leads to higher costs and compromised patient care. Stakeholders have repeatedly highlighted the need for alternative power solutions as government efforts to improve public electricity infrastructure continue. With initiatives like Simba Power’s latest launch, industry observers say hospitals now have more options to strengthen their operations while contributing to national climate goals.

Source: https://guardian.ng/business-services/firm-seeks-sustainable-energy-for-healthcare-sector/

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Nigeria News (Standard)

NCC Reports Nigeria Hits 30.8 Million 5G Connections, Makes Up 1% of Global Total

Ericsson projects global 5G subscriptions to more than double by 2031 as Nigeria’s penetration reaches 14 percent

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June 17, 2026

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Ericsson projects global 5G subscriptions to more than double by 2031 as Nigeria’s penetration reaches 14 percent

Nigeria has recorded an estimated 30.8 million active 5G connections as at March 2026, representing just under one percent of the world’s total subscriptions, according to new data released by the Nigerian Communications Commission (NCC) and the Ericsson Mobility Report. The announcement was made in Abuja on Monday by Dr Aminu Maida, Executive Vice Chairman of NCC, following the global report’s publication.

The Ericsson Mobility Report stated that a total of 162 million new 5G subscriptions were added globally in the first quarter of 2026, pushing the worldwide figure to about 3.1 billion as at end-March. Nigeria’s contribution stands at approximately one percent of this number, with current national penetration at 14 percent and usage rate at five percent, according to NCC.

Nigeria officially launched its commercial 5G network in September 2022, making it less than four years old in the country’s telecoms sector. Since then, uptake has grown steadily due to increased investment by mobile operators and rising demand for high-speed internet access. The technology has been promoted as a key driver for digital transformation across sectors like financial services, education and health.

Dr Maida explained that while Nigeria’s share is still modest compared to leading regions such as Western Europe, North America and North East Asia, local uptake is expected to rise sharply over the next five years. “The NCC is committed to expanding coverage and ensuring affordable access for all Nigerians,” he said during a press briefing in Abuja. As at now, some 390 service providers worldwide have launched commercial 5G services, including over 90 with standalone networks.

According to Ericsson’s forecast covering up to year-end 2031, global subscriptions are projected to more than double from today’s figures to reach around 6.4 billion. By then, it is expected that up to 85 percent of all mobile data traffic worldwide will run on 5G networks – up from the current level of about half. The NCC noted that continued infrastructure expansion and regulatory support will be crucial for Nigeria to keep pace with international trends.

Source: https://guardian.ng/business-services/nigeria-accounts-for-1-of-3-1-billion-global-5g-subscriptions/

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Nigeria News (Standard)

CBN Mandates Banks and Fintechs to Localise Payment Data by January 2027, Sector Faces Capacity Test

Industry experts warn majority of operators lack required technology skills as migration deadline approaches, citing talent shortages

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June 17, 2026

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Industry experts warn majority of operators lack required technology skills as migration deadline approaches, citing talent shortages

The Central Bank of Nigeria (CBN) has directed all banks, fintech companies, and payment service providers nationwide to store payment transaction data generated in Nigeria within the country, starting from 1 January 2027. The policy, announced on Monday in Abuja by CBN Governor Olayemi Cardoso, also requires operators to fully disclose ownership structures and comply with new data capping rules.

According to the CBN circular, the move is intended to strengthen data security and boost confidence in the Nigerian payments ecosystem. However, stakeholders in Lagos and other major financial centres say most industry players will need major system upgrades to comply before the transition window closes. While a few large banks may have already built capacity for local data management, many smaller operators are expected to struggle due to existing skill gaps and recent increases in professional emigration.

The regulation comes amid a persistent shortage of high-end technology skills in Nigeria’s financial sector—a problem aggravated by an ongoing exodus of skilled professionals seeking better opportunities abroad. Analysts predict some companies may be forced to import technical expertise or partner with foreign firms just to meet the localisation mandate. “Data localisation is a specialised service that requires advanced expertise, which many payment service providers do not have at present,” one Lagos-based technology consultant noted.

CBN Governor Cardoso said at the press briefing that localising payment data will ensure compliance with national security standards and protect sensitive financial information from foreign access. He added that strict enforcement will begin from January next year, giving operators over six months to prepare. Operators who fail to meet the requirements risk regulatory sanctions, including possible suspension or heavy fines.

Industry observers argue that while the new rule could boost investor confidence and promote indigenous data management firms, it also threatens to widen operational disparities between large banks and smaller fintech startups. The coming months are expected to see increased recruitment drives and cross-border collaborations as firms race against time to overhaul their systems ahead of the deadline.

Source: https://guardian.ng/business-services/concerns-over-new-rules-on-payment-data-domestication-ownership-disclosure/

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