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Kwara State Aims for 2% Global Garment Market Share with Mega Factory Launch in 2024

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Kwara State in the northern part of Nigeria is gearing up to claim a substantial share of the global garment market, targeting at least 2% with the commencement of operations at its newly established factory—the largest in the West African subregion. Governor AbdulRahman AbdulRazaq’s initiative includes the launch of a garment factory, a pivotal project in the state’s drive for socioeconomic growth.

Olubukola Kifayat Adedeji, the Managing Director of the state’s garment factory, emphasized the significant gap in the ready-to-wear garment market in Nigeria. She outlined the factory’s mission to mass-produce locally and internationally for brands and corporate organizations, aiming to secure 2% of the global market share.

The state-of-the-art facility boasts cutting-edge machinery, including the Oshima automatic fabric cutting machine, the first of its kind in West Africa. Production is set to begin in the first quarter of 2024, with the current recruitment phase aiming to employ 300 workers initially and reaching a full capacity workforce of 4,000.

Adedeji highlighted the broad economic impact, anticipating increased revenue generation, job creation, and a boost to various sectors, including transportation, catering services, and raw material supply. The factory’s future plans include backward integration, sourcing raw materials locally, and setting up a cotton farm for competitive pricing in the global market.

Quality control measures are a priority, ensuring that products meet the established standards before leaving the factory. Adedeji emphasized the importance of maintaining high standards through continuous training of quality control officers.

The initiative aligns with a comprehensive feasibility study, addressing market gaps and ensuring sustainability. Adedeji mentioned a production target of 10,000 garments daily, utilizing the advanced cutting machine capabilities.

In addition to being an empowerment and employment hub, the factory aims to foster creativity, especially among unskilled women and youths. Training opportunities will be provided, and partnerships with the private sector are envisioned for future sustainability.

A focus on Aso-Oke materials, representing the heritage of Ilorin, is planned, tapping into the Aso-Oke market and industry. The Kwara State Garment Factory aims to redefine the Nigerian garment manufacturing environment and achieve global recognition by catering to both local and international markets.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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