Tag: MSMEs

  • FG Inaugurates Broadband for Higher Institutions, MSMEs

    FG Inaugurates Broadband for Higher Institutions, MSMEs

    The federal government has unveiled broadband infrastructure to support 18 higher institutions of learning and for micro, small and medium enterprises in the six geo political zones of the country.

    The Minister of Communications and Digital Economy, Dr. Isa Pantami stated this during the unveiling in Abuja at the weekend,

    At the inauguration, the minister said the initiative was aimed at achieving the nation’s national digital plan and boosting the economic drive of the government.

    He said this would accelerate broadband penetration in the country and advance the course of digital economy projections for the nation.

    He said that digital connectivity and expanding access to information play a role in enhancing the economy.

    “This will result in an addition of up to $2 trillion dollars per year to the world GDP and the creation of about 140 million jobs

    “Similarly, a report by the Information Technology and Innovation Foundation states that 80 per cent of economic benefits in developing countries are as a result of the use of ICTs and digital skills. While in developed countries, it is even higher at 90 per cent.”

    He said Nigeria had experienced the impact of the digital economy on other sectors of the economy.

    “You will recall that the digital economy of Nigeria played a key role in stabilising and growing other sectors of our economy.

    Pantami noted the fact that digital connectivity, access, and skills are critical for human and economic development in both developed and developing countries.

    Pantami listed the institutions to include University of Lagos, College Of Education (Special), Ibadan, Obafemi Awolowo University, Ile-Ife, University of Nigeria, Nsukka, Federal University of Technology, Owerri and Nnamdi Azikiwe University, Awka.

    Others are University of Calabar, University of Benin, University of Port Harcourt, Ahmadu Bello University, Zaria, Bayero University, Kano, Umaru Musa Yar’Adua University, Katsina, Borno State University, Abubakar Tafawa Balewa University,

    The remaining institutions that benefited from the initiative are Bauchi, Gombe State Universities, Federal University of Technology, Minna, University of Ilorin and University of Abuja.

    Pantami used the opportunity to launch a book he recently authored with a title, “Skills Rather than Just Degrees.” It was the culmination of the minister’s drive to help equip the Nigerian higher institutions of learning and MSMEs with digital innovation to make young entrepreneurs less dependent on degree certificates.

    Also at the inauguration, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta said the interventions were ambitious.

    He added that the commission “is committed to implementing the various projects and various policies regarding broadband infrastructure in a manner that is ubiquitous.”

  • 130 Youths Empowered By Sokoto Govt Under MSMEs In Sokoto

    130 Youths Empowered By Sokoto Govt Under MSMEs In Sokoto

    By Muhammad Goronyo,Sokoto

    Sokoto state Governor, Aminu Waziri Tambuwal has said that his administration has in the last couple of years spent N2 billion on the development of entrepreneurship in the state.

    The sum spent on provision of capital to entrepreneurs “and reactivation of some moribund industries in the State” was raised by the government in collaboration with the Bank of Industry and disbursed as Micro, Small and Medium Enterprises (MSMEs) Development loan to beneficiaries.

    Muhammad Bello said governor Tambuwal disclosed during the weekend when he closed a three days entrepreneurship skills development training for 130 youth in the state organized by the Sokoto State Small and Medium Scale Enterprises Development Agency (SOSMEDA) held at the state capital.

    According to the Governor, another sum of N1. 5 billion will also be provided soon to poor and vulnerable households and the MSMEs “impacted negatively” by the Covid-19 Pandemic.

    The money, provided by the World Bank, which responded to a call for intervention by the Nigeria Governors’ Forum (NGF) for provision of soft landing to states on the effects of the disease, will soon be accessed by the potential beneficiaries.

    “I am pleased to inform you that Sokoto State has successfully completed the documentation for eligibility and implementation will soon commence,” Gov. Tambuwal said, stressing that the money will be disbursed “as grants to 7,224 Entrepreneurs in Sokoto State.”

    The two interventions, the Governor explained, is in realization of the roles of MSMEs in economic development and poverty alleviation in the state.

    He added that apart from opening up the vast rural areas of the State and creating series of employment opportunities, they serve as springboards through which indigenous entrepreneurs can undertake ventures in the manufacturing and production sectors and eventually attract investments through partnership.

    In his address, the Special Adviser to the Governor on SOSMEDA, Akibu Dalhatu, said the training was designed to strengthen the capacities of youth in the state and empower them through a combination of information communication and entrepreneurship skills acquisition that ensures innovative approach to enterprise creation.

  • CBN releases guidelines for regulation, supervision of CGCs in Nigeria

    CBN releases guidelines for regulation, supervision of CGCs in Nigeria

    The Central Bank of Nigeria (CBN) on Tuesday, released guidelines for registration and supervision of Credit Guarantee Companies (CGCs) in Nigeria.

    The guidelines are contained in a circular by Ibrahim Tukur, CBN’s Director, Financial Policy and Regulation Department, addressed to Commercial Banks, Other Financial Institutions and Stakeholders in the Financial Services Industry.

    Tukur said that the guidelines were in furtherance of efforts to improve lending for Micro, Small and Medium Enterprises (MSMEs).

    He said that the guidelines seek to ultimately reduce credit risk, stimulate lower interest rates on loans and complement other initiatives of regulatory authorities aimed at stimulating lending to MSMEs.

    “An exposure draft of the guidelines is hereby issued for comments and observations. The document may be obtained from the CBN’s website, www.cbn.gov.ng,’’ the director said.

    He urged stakeholders to send their comments and observations on the guidelines within three weeks.

  • Katsina Govt Signs MOU With SON To Develop MSMEs

    Katsina Govt Signs MOU With SON To Develop MSMEs

    Katsina State Government has revealed its effort towards achieving success in the development of Micro, Small, and Medium Enterprises (MSME) in the state.

    Some of these efforts include among others; identification of priority products, capacity building to Micro, Small, and Medium Enterprises as well as the provision of land to the Standard Organization of Nigeria, SON for the construction of office and laboratory.

    The State Governor, Aminu Masari, through his Deputy, Mannir Yakubu made the revelation on Monday after he signed a Memorandum of understanding with the Standard Organization of Nigeria (SON) led by the Director-General of the organization, Malam Faruq Sulaiman.

    According to Yakubu, the signing of the MOU which was held in his office at the Katsina Government House followed a visit by the Katsina state delegation under the Micro Small and Medium Enterprises Council to the SON Headquarters in Abuja.

    He explained that part of the requests forwarded to the Standard Organization of Nigeria by the state government includes the establishment of Certification Centre and sensitization to Micro Small and Medium Enterprises on how to make their products and services up to standard.

    In his response, the Director-General of the Standard Organization of Nigeria, Mallam Faruq Sulaiman, explained that the MOU was out to facilitate training and create awareness programs aimed at building capacity in the area of standards development, application, quality assurance, and conformity assessment as enshrined in Standard Organization’s mandate.

    Shortly after the state deputy governor, Mannir Yakubu signed the MOU on behalf of the Katsina State Government, and the SON Director-General, Malam Faruq Sulaiman signed on behalf of his organization an offer for the piece of land was presented to the Standard Organization of Nigeria by the state government.

  • Sule Inaugurates 21 man committee to implement national policy of MSMEs to open up economic activities in the state.

    Sule Inaugurates 21 man committee to implement national policy of MSMEs to open up economic activities in the state.

    Abel Leonard/ lafia

    Nasarawa State Governor, Engr. Abdullahi Sule, of Nasarawa state has inaugurated the State council on implementation of the national policy on Micro, Small and Medium Enterprises (MSMEs), in line with the policy thrusts of President Muhammadu Buhari, with a view to opening up the frontiers of economic activities across the country.
    Sule inaugurated the committee, at a ceremony the Government House recently.

    While the national committee on MSMEs will be headed by the Vice President, Professor yemi Osibanjo, the committee at the state level will be chaired by the Governor, with members drawn from relevant ministries, as well as major stakeholders.

    According to the him, the state council on the implementation of the national policy on MSMEs, will see to the domestication of the policy in Nasarawa State, earlier formulated by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), which will serve as a vehicle to enhance sustainable economic development.
    Being the first ever national policy on MSMEs, Engineer Sule opined that it is meant to facilitate and sustain a vibrant MSMEs subsector, which will promote national economic growth and employment.

    The Governor disclosed that with SMEDAN being a one-stop shop for MSMEs development in the country, part of its mandate is to initiate and articulate policy ideas for the Small and Medium Enterprises growth and development, as well as promote, facilitate developmental programmes, instruments and support services to accelerate the modernization of MSMEs operators.

    “It will also serve as a vanguard for rural industrialization, poverty reduction, job creation and enhanced livelihood,” he stated.
    The 21-member committee inaugurated in Nasarawa State, will have Engineer Abdullahi Sule as Chairman, Hon Obadiah Boyi, Commissioner of Trade, Industry and Investment, as Vice Chairman, while Bashir Shola, State Director, SMEDAN, will serve as Secretary.

  • Nasarawa MSMEs in high hope as Sule Unveils Business plan in the state

    Nasarawa MSMEs in high hope as Sule Unveils Business plan in the state

    By Abel Leonard/ lafia

    Governor of Nasarawa state Engr. Abdullahi Sule, has unveiled the Nasarawa business entrepreneurs plan for interested Micro Small and Medium Entrepreneur (MSMEs) in the State.
    The governor who open up the plan in Lafia, the State capital at the city centre shandam Road Lafia, said it is in line with his administration policy of the Nasarawa Economic Development Strategy, adding that  his administration will continue to promote these kind of programmes with the objective of increasing revenue generation of the state.
    In his word,” We will continue to promote and support this kind of programme and partner with them. That was reason why we have Nasarawa Economic Development Strategy which inaugurated by Mr Vice President.
    The only way to empower people is to support this kind of programme in order to reduce over depending on government for anything in the State. He stated.

    Earlier in his remark, the Executive Director, Nasarawa Business Entrepreneur Mr Kefas Tigga said  the programme is aimed at showcasing  the various  business opportunity found  in the state and its benefit  to the people of the state and country at large.
    Tigga however, narrated that apart from showcasing and promoting Nasarawa state, it will also aid the  exportation of the Nasarawa state mineral resources across the glob.

  • COVID-19: Osinbajo lists support schemes for MSME survival

    COVID-19: Osinbajo lists support schemes for MSME survival

    Vice President Yemi Osinbajo says the Federal Government, through the National Economic Sustainability Plan (NESP), is  set to implement a number of schemes to keep Micro Small and Medium Enterprises(MSMEs) afloat.

    The vice president listed Survival Fund including payroll support for three months, guaranteed off-take scheme among others as part of efforts to support small businesses in Nigeria to survive the effects of the COVID-19 pandemic,

    Osinbajo’s spokesman, Laolu Akande, in a statement on Thursday in Abuja, said the vice president spoke at the 2020 edition of the Micro MSMEs Awards which held via video conference.

    He said that locally, businesses were facing their most challenging time and the impact was particularly severe on MSMEs

    “The central plank of our response as a government to the economic challenges posed by the COVID-19 pandemic has been the Economic Sustainability Plan recently approved by President Muhammadu Buhari and the Federal Executive Council.

    “In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.

    “The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, Personal Protective Equipment(PPE) for medical workers among others

    “These products will be distributed to Nigerians, Nigerian institutions and entities that would require them.

    “The survival fund will help provide payroll support to MSMEs with a minimum of 10 and maximum of 50 staff. The MSMEs that qualify for these will make available their payroll for verification by government.

    “Companies that meet the requirements will then be eligible to have the salaries of their verified staff paid directly from the fund for a period of three months.”

    According to the vice president, the target beneficiaries of this scheme will include private schools, hotels, road transport workers, creative industries and others.

    He said that the verification process would  be very rigorous and painstaking.

    Osinbajo added that N200 billion would be made available to MSMEs in the priority sectors such as healthcare, agro processing, creative industries, local oil and gas, aviation among others.

    “This will be granted through a scheme jointly run by the Bank of Industry and Nigerian Export Import (NEXIM) Bank especially for export expansion.

    “The CBN is also committed to creating a N100 billion target credit facility for MSMEs.

    “Already the recently signed Finance Act already made provision for graduated company income tax rates with zero rates for small companies and a rate reduction for medium sized companies.”

    The vice president said that the Federal Government would continue to implement similar focused MSME interventions around the country.

    Osinbajo said that Kaduna state, for example, was  working on a tomato paste production plant while Lagos was putting together a fashion hub.

    He said that FCT was equally set to launch a carpentry cluster while Anambra state was almost ready to commission its leather works cluster.

    “All of these are scheduled for 2020.

    “In 2021, Edo, Ekiti, Katsina, Ogun, Bauchi and Enugu States would commission shared facilities that will bring MSMEs together by cluster and provide shared equipment and resources and business support hub.’’

    He commended the participants at the awards for their ingenuity in starting up and sustaining their businesses, urging those who were not shortlisted not to relent in what they were doing.

    Osinbajo also commended all those who had started businesses in Nigeria, no matter how small, describing them as champions.

    “Every person who has taken it upon themselves to start a business in Nigeria no matter how small is a champion and we as a government owe it to you to create an enabling environment for you to thrive.

    “This is President Buhari’s commitment to MSMEs in Nigeria, that we will continue to stand by you and to support you and to create opportunities for you to grow and prosper,” he said.

    Adejoke Lasisi of Planet 3R Limited won the MSME of the Year Award while Kaduna State was awarded the Best MSME Clinic Support State.

    The winners got cash and car prizes.

    The event was attended by several state governors and their representatives, the FCT Minister Malam Muhammed Bello, the Minister of State, Trade and Investment, Amb. Mariam Katagum, various heads of MDAS and captains of industry.(NAN)

  • French coy, FCMB partner to grow MSMEs in Nigeria

    French coy, FCMB partner to grow MSMEs in Nigeria

    Proparco and First City Monument Bank (FCMB) have signed a N2 billion risk-sharing facility agreement to promote the growth of Micro, Small, and Medium-Scale Enterprises (MSMEs) in Nigeria.
    According to statement by Claude Abily, Political Counsellor of the French Embassy in Nigeria, MSMEs represent 96 per cent of all businesses in Nigeria and attest to their strategic role in the development of the Nigerian economy.
    “The agreement covers up to N2 billion worth of loans granted by FCMB to MSMEs, representing 96 per cent of all businesses in Nigeria and testifying to their critical role for the economy.
    “However, most SMEs still lack access to appropriate sources of financing needed to develop their activity.
    “FCMB was created in 1982 and currently ranks among Nigeria’s top ten banks and has its growth strategy of supporting SMEs through tailored products and services to entrepreneurs.
    “Proparco’s support will help FCMB extend its financing to a greater number of SMEs in Nigeria.
    “It is estimated that this risk-sharing facility agreement could support close to 245 MSMEs in the country and contribute to creating or maintaining more than 440 jobs,” Abily said.
    According to Abily, the agreement between Proparco and FCMB is the second since 2012, when it granted a loan of 25 million dollars to the Nigerian bank, to support lending activity to the infrastructure sector.
    “This project contributes to the French initiative `Choose Africa’, which was launched by AFD Group in 2019, with ambitions to dedicate €2.5 billion and accelerate growth of MSMEs in Africa by 2022,” he said.

    The political counsellor said that Proparco, a subsidiary of Agence Française de Développement (AFD), was into projects development with focus on renewable energies, agribusiness, financial institutions, healthcare, and education with a view to strengthening the contribution of the private sector to achieving the objectives of the Sustainable Development Goals.

    Toward that end also, Proparco is  focused on funding and provision of support to both businesses and financial institutions in Africa, Asia, Latin America, and the Middle-East. (NAN)

  • FG lauds SMEDAN MSMEs online registration programme

    FG lauds SMEDAN MSMEs online registration programme

    The Federal Government has commended  Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) on its MSMEs Mass Registration Project (MMRP) aimed at facilitating comprehensive database for the sector.

    Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment, gave the commendation in Abuja during a meeting with members of the SMEDAN Governing Board, led by its Chairman, Mr Femi Pedro.

    The project, which would  be run in phases, would be facilitated by the development of a comprehensive database for Micro Small and Medium Enterprises (MSMEs), leading to the creation of a unique SMEDAN identification Number (USIN) which would be peculiar to each MSME.

    A statement signed on Monday by Mrs Oluwakemu Ogunmakinwa, Assistant Director, Press of the ministry quoted the minister as commending the brilliant idea of the introduction of MMRP on-line for all MSMEs by SMEDAN.

    The minister said that the on-line programme would not only benefit the Federal Government but would benefit and impact positively on the Nigerian populace.

    Katagum urged the agency to intensify efforts in ensuring that the benefits outweighed any difficulty in trying to access the portal and promised adequate funding for the agency.

    The Chairman, Governing Board of SMEDAN, Mr Femi Pedro thanked the minister for granting them audience and informed her that members of the board were in the ministry to seek more support for SMEDAN development.

    The chairman further said that the on-line programme would enable the government to register all MSMEs operators.

    “This will help the federal government to eradicate poverty in the country as well as achieve the aim of having a data base and current statistics for all registered businesses in the country just like other developed countries,” he said.

    He, therefore, solicited the support of the federal government to increase the fund allocation to SMEDAN to enable the agency carry out the on-line project seamlessly.

    According to him, all efforts are being made to ensure that MSMEs operators commence registration as soon as possible. (NAN)

  • DBN disburses N133bn to MSMEs in 18 months – MD

    DBN disburses N133bn to MSMEs in 18 months – MD

    The Development Bank of Nigeria (DBN) says it has in the last 18 months disbursed a total of N133 billion to Micro, Small and Medium Enterprises (MSMEs) operators in the country.

    The DBN Managing Director, Mr Tony Okpanachi, disclosed this at the ongoing Nigerian Export-Import (NEXIM) Bank, South -South Enlightenment and Engagement Forum on Wednesday in Asaba, Delta.

    The forum is with the theme: “Maximizing Export Potentials of the Region for Economic Growth”.

    Okpanachi, represented by Mr Bona Okhaimo, Chief Operating Officer of the Bank, said no fewer than 100, 000 MSMEs in the country benefited from the N133 billion through Participating Financial Institutions (PFI).

    According to him, the bank disbursed the fund though 27 participating financial institutions in the country.

    “In the South South region alone, the bank has disbursed about N20 billion to 15, 000 MSMEs operators while in Delta State, it has disbursed N3.1 billion to 3,000 MSMEs operators.

    “DBN in 2020 has helped to build capacity by training 100 MSMEs in Lagos Business School,” he said.

    He said that as a finance institution, the bank had the reach to access over 120 million U.S. dollars to drive investments in the country.

    According to him, the bank provides access to MSMEs that braced up to the ethics and standards on investment in all sectors of the economy including the non-oil sector.

    The managing-director noted that the MSMEs sector was still men dominated and called for more women to venture into the sector.

    He encouraged the investors to take advantage of the financing infrastructure available in DBN to raise their investment and key into the export potentials in the country.

    Also speaking, Mr Aliyu Abdulhameed, Managing-Director, Nigeria Incentives-Based Risk Sharing System for Agricultural Lending (NIRSAL), said that the agency had since inception disbursed N121 billion to finance projects without recording any loss.

    He urged the MSMEs that produce the same commodity to form a Geo-cooperative for ease of financing by the agency.

    He urged NEXIM Bank and other financial institutions to ensure they provide finance to all the various segments of the production value chain to encourage and promote MSMEs in the country.

    He said that the major challenge with the MSMEs, particularly the agriculture sector was that participating farmers were scattered and not in clusters to make for easy financing.

    He said that the agency had identified 19 agricultural commodities that farmers could engage in and form Geo- cooperative by acquiring enough hectares to enable the agency give them the needed support and financing.

    According to Abdulhameed, NIRSAL created four years ago has as at 2019 financed projects to the tune of N121 billion.

    “A Geo-cooperative model will enable the farmers grow a single commodity, process the commodity and get a single buyer, this makes it easier to finance”.

    “It is not just enough to have potential, we need to have the reality on ground, NEXIM Bank and Bank of Industry must ensure that availability of raw materials so that there will be processing and exportation.

    “You cannot have a successful export except you have the production and if you finance the farmers and all the four actors along the value chain; Pre-upstream, Upstream, Mid stream and downstream, there will be success,” he said.

    The officials of some other agencies took their time to educate the participants on investment standardisation and export guidelines and regulations.

    The agencies include the Bank of Agriculture, National Agency for Food and Drug Administration and Control, among others.(NAN).