Nigeria launches digital invoicing strategy to boost SME capital

The Nigerian Federal Government has inaugurated the Steering Committee for the National Digital Invoicing and Financial Optimisation Strategy (NDIFS). Approved by President Bola Tinubu, the initiative aims to improve access to working capital for businesses, specifically targeting small and medium-sized enterprises (SMEs).

Minister of Industry, Trade and Investment Jumoke Oduwole stated that the strategy seeks to address cash-flow challenges by establishing a “national receivables-finance corridor.” This corridor is designed to allow verified invoices from various sectors—including exporters, manufacturers, and agro-processors—to be converted into affordable working capital.

The proposed framework relies on four interconnected components: a trusted digital system for authentic invoices, a legal framework for enforceability and collateral, a financing system involving banks and fintechs, and a market network of businesses and suppliers.