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Only 18% of Nigerian retailers access formal loans, report reveals
via Punch Nigeria10 min read
A new report, the Nigeria FMCG Industry Report 2026 by Omni, indicates that only 18% of retailers in Nigeria have accessed formal loans, highlighting significant financial exclusion within the fast-moving consumer goods sector. The report, unveiled by Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Lagos, states that 74% of retailers consider access to credit crucial for daily operations. Despite this, over half of retailers face shortfalls impacting their ability to restock. Nigeria's FMCG market is valued at $25 billion, with credit sales reaching N325 billion in the first half of 2025, a 55.4% year-on-year increase. The sector shows resilience amidst macroeconomic pressures, supported by urbanization, a youthful population, and digital adoption, with 78% of surveyed retailers using POS systems. Dr. Oduwole noted that Nigeria's over 40 million MSMEs drive approximately 80% of retail transactions, largely through informal channels. The Bank of Industry disbursed N636 billion last year, including N56 billion in MSME loans and N5.2 billion in grants. The report emphasizes the importance of data, visibility, and collaboration to strengthen Nigeria's trade ecosystem.
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MTN Nigeria has launched the 2026 edition of its Live it 100 Campus Tour, a nationwide program aimed at empowering students through learning, creativity, entertainment, and digital opportunities. The tour will visit seven tertiary institutions across Nigeria's South-West, North-West, South-East, South-South, and North-Central regions between June and November 2026. According to MTN Nigeria鈥檚 Chief Marketing Officer, Onyinye Ikenna-Emeka, the initiative provides platforms for young Nigerians to learn, create, connect, and thrive, supporting them beyond connectivity. The three-day activation at each institution will feature activities such as a Digital Game Village with video games, board games, silent party experiences, food, drinks, photo opportunities, SME showcases, product demonstrations, device displays, and SIM registration. A Content Creation Forum will teach aspiring creators to produce and monetize digital content, followed by a Cinema Experience. The final day will include a celebrity appearance, live performance, social media engagement, and a chance for a lucky student to win a new car.
The Stephen Keshi Stadium in Asaba, Delta State, will host the finals of the 2026 President Federation Cup for both men's and women's competitions. The men's final on Saturday, July 11, will feature three-time champions El-Kanemi Warriors against Ikorodu City. El-Kanemi Warriors secured their spot by defeating Wikki Tourists 3-1 in Katsina, with captain Zayyad Musa crediting home support for their win. Ikorodu City advanced after beating Nasarawa United 4-2 on penalties following a 1-1 draw in Benin City. In the women's competition, the quarter-finals continue this week, with matches including Sunshine Queens versus Confluence Queens, Rivers Angels against FC Robo Queens, Heartland Queens battling Ibom Angels, and Edo Queens facing Nasarawa Amazons.
African Taekwondo champion Harun Usman shared insights into his taekwondo journey, his achievement as Africa's best Poomsae athlete, and his Olympic dreams. Usman began taekwondo in school for fitness and self-defense, developing a deep passion for the sport. His parents supported his decision, providing a strong foundation for his pursuit. He described his happiest career moment as becoming African champion and receiving the MVP award at the African Taekwondo Championships in Mali, viewing it as a victory for Poomsae in Nigerian taekwondo and an inspiration for young athletes. Usman emphasized that winning gold for Nigeria means everything to him and he embraces the role model responsibility. He views his African champion title as a testament to sacrifice and dedication, raising his personal standards and responsibility to elevate Nigerian taekwondo. Competing at the African Championships, especially winning gold and MVP, is a significant honor for him. Usman dreams of competing at the Olympics and, if he qualifies, aims to become a world champion to create a pathway for young Nigerian Poomsae athletes. His biggest challenges are funding and sponsorship, though he is grateful for recent support from the National Sports Commission and the Nigeria Taekwondo Federation. He hopes his recent accolades will attract further sponsorship for future demanding tournaments like the World Championships. Usman's ultimate goal is to be the best in the world and inspire the next generation,