Business

Economic Dev: BoI, Benue Raise SMEs Funding

Published

8 years ago

March 1, 2017

The Bank of Industry (BoI) says the Benue Government and the bank have increased the N2 billion marching fund for Small and Medium Enterprises (SMEs) to N4 billion in order to fast-track development.
The Acting Managing Director of the bank, Mr Waheed Olagunju, said this in a statement yesterday in Abuja.
Olagunju, who spoke at the official commissioning of BoI state office in Makurdi, noted that the increase was to ensure a boost in economic transformation.
He said that the decision to open a branch office in the state was to sustain the efforts of providing better service to the people of the state.
According to him, it will improve the agency’s turnaround time of processing transactions.
“Benue state governor has left no one in doubt about his commitment to ensuring rapid economic transformation of the state christened, food basket of the nation.
“The governor has expressed readiness to increase the state’s contribution to this fund between N3 billion to N4 billion naira. And we assure you that we will match this in equal sum.
“The bank processes are interlinked with its offices nationwide such that transactions are made easier and faster.
“With the state’s rich endowment in mineral resources, all the building blocks for industrialisation are present and BoI has come to help the state realise the potential,’’ Olagunju said.
H e noted that the state and the ýbank had earlier inaugurated a N2 billion marching fund dedicated for the provision of concessional financial assistance to entrepreneurs operating in the state.
Olagunju said that both parties provided one billion each.
According to him, the governor has agreed to raise the fund to N4bn, while the bank will raise its own contribution from one billion naira to two billion naira.
He explained that the bank had earlier in the month approved loans of approximately N1.5 billion to more than 13 companies and micro enterprises spread across the state.
Governor Samuel Ortom, while encouraging people of the state to go into small trade, also warned beneficiaries that the money was not meant to marry more wives, but to grow their businesses.
“This money is not for you to go and start marrying more wives and to buy more cars. It is meant to do business and make profits,’’ Ortom said.

Business

Nigeria, China Opens $2b Maritime Investment

Published

2 days ago

August 8, 2025

The Tide

The Federal Government, through the Ministry of Marine and Blue Economy, is set to advance a Nigeria/China Maritime Strategy aimed at unlocking over $2 billion in shipping investment.

The initiative, expscted to accelerate indigenous vessel ownership and position the country as a regional maritime hub, has been formally presented to the Minister of Marine and Blue Economy, Adegboyega Oyetola, at the Ministry’s headquarters in Abuja.

The $2 billion investment deal is the result of a strategic collaboration between the Nigeria-China Strategic Partnership (NCSP) and the Global Investment Advisory Community (GIAC), through its Nigerian operator, Anabel Capital.

The strategy is designed to catalyse local participation in the maritime industry by capitalising Nigerian-owned shipping companies and linking them with Chinese shipyards, charter firms, and investment banks.

It also outlines substantial investment in vessel acquisition, maritime training institutions, and the procurement of modern training vessels.

According to the economic blueprint, the initiative will deliver $2 billion in vessel investments, $20 billion in freight contracts for Nigerian operators, $200 million for maritime training, and $50 million for training vessels.

The programme is expected to create over 2,000 new maritime jobs annually, train 25,000 globally certified Nigerian seafarers, and build a robust local shipping ecosystem.

Minister Oyetola described the strategy as a “game changer” that aligns with the Ministry’s overarching priorities for sectoral reform and economic growth

He stressed the need to rapidly build indigenous capacity, deepen public-private collaboration, and transition toward Nigerian ownership of commercial vessels.

Also present at the meeting were Permanent Secretary of the Ministry, Mr. Olufemi Oloruntola; Managing Director/CEO of the National Inland Waterways Authority (NIWA), Mr. Munirudeen Bola Oyebamiji; Director-General of the NCSP, Mr. Joseph Tegbe; Managing Director of Anabel Capital, Dr. Nicholas Okoye; and Project Manager at NCSP, Ms. Lela Omo-Ikirodah.

The Nigeria–China Maritime Strategy forms part of broader efforts to translate strategic diplomacy into high-impact, private-sector-driven economic outcomes, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Business

FG Boosts Local Energy Supply Chain

Published

2 days ago

August 8, 2025

The Tide

The Federal Government says it is taking concrete steps to build a resilient local energy supply chain to cushion Nigeria against global disruptions that have increasingly threatened the stability of cross-border energy operations.

Speaking at the 2025 Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said Nigeria could no longer afford to rely solely on international supply chains amid rising uncertainties globally.

“On the matter of supply chain, we recognise the multifaceted challenges trade wars, sanctions, currency instability, regional conflicts, and security concerns.

“These disruptions have affected the flow of goods and services across borders”, he said.

The oil minister stated further, “While we continue to engage internationally, we must also strengthen local capacity and resilience to mitigate future shocks.”

Lokpobiri explained that these efforts are part of the government’s broader strategy to fortify the country’s energy ecosystem while expanding opportunities for local players.

He noted that the administration of President Tinubu has pursued deliberate and investment-driven reforms to position Nigeria as a preferred destination for energy investment.

“The Federal Government, under the leadership of President Tinubu, has pursued deliberate and investment-friendly policies aimed at positioning Nigeria as the leading destination of energy investors.

“The implementation of the Petroleum Industry Act has brought about liberalisation of the national sector, improved wealth and mobility, and boosted investor confidence.

“Through that solid base, executive orders, and other strategic incentives, we are making Nigeria increasingly attractive to both local and international partners”, he said.

He stated that this renewed investor confidence is evident in “the growing number of engagements we are having with foreign governments and private sector leaders exploring mutually beneficial collaborations.”

To further deepen Nigeria’s human capital and technical base in energy, the Minister announced the establishment of a new postgraduate energy university in Kaduna, through strategic partnerships with three top British universities.

He explained, “These efforts complement the ongoing participation of international professionals who have long contributed meaningfully to Nigeria’s energy development. To further deepen our capacity, we have established a postgraduate energy university in Kaduna.

“In line with our transnational education policy, we are partnering with three of the United Kingdom’s top universities to expand our field of specialised energy professionals, developing homegrown expertise in global-based practices.”

He closed his remarks with a call to action, urging stakeholders to collaborate toward building a sustainable and profitable energy future.

“In conclusion, I urge everyone here, industrial experts, policymakers, investors, and scholars, to actively engage, share insights, and chart solutions as we work toward a truly sustainable energy future.

“Let us leverage technology for innovation and profitability, strengthen our supply chains, develop our local and international human capital, and continue to foster a stable, environment-friendly, investment-friendly environment that this administration is committed to sustaining”, he stressed

Business

FOCPEN Seeks Direct Energy Purchase From GenCo

Published

2 days ago

August 8, 2025

The Tide

The Forum for Commissioners of Power and Energy in Nigeria (FOCPEN) which are representatives of state governments have sought the signing of interim Power Purchase Agreements (PPAs) for SubCos to buy energy directly from electricity Generation Companies (GenCos).

It is an indication that the state governments are seeking the application of the eligible customer regulation of 2017 that makes it possible for customers to purchase energy directly from the GenCos.

In this case, the states are requesting for agreements to bypass the DisCos in the value chain.

According to a press statement the forum issued from Abuja, “Such regulation may include a mandate for NBET to enter into direct or interim Power Purchase Agreements (PPAs) with SubCos.”

The forum also called on the Minister of Power, Chief Adebayo Adelabu to intervene and ask the Nigerian Electricity Regulatory Commission (NERC) and Enugu Electricity Distribution Company (EEDC) to restore electricity to the people of the state.

The EEDC had reduced energy allocation to the state owing to the decision of the Main Power Electricity Distribution Ltd to reduce band A tariff from N209/kWh to N160/kWh.

According to Main Power, EEDC has said implementing the adjusted tariff would cause a monthly loss of N1 billion. The EEDC has therefore reduced energy supply to the people of the state.

Responding to the situation, the FOCPEN stressed that “FOCPEN calls upon the Minister of Power, Chief Bayo Adelabu, to immediately intervene and prevail upon NERC and EEDC to reverse the power cuts and restore electricity to the people of Enugu State.”

The forum insisted that as the chief policy maker for the sector, the Minister must take decisive action to stop the lawlessness by DisCos who can arbitrarily and without consequence deprive citizens of electricity.

The forum also said NERC must develop appropriate regulations that would allow SubCos enter into bilateral contracts with GenCos to procure wholesale power from the national grid.

The forum said the current arrangement, where SubCos receive power through their HoldCos is an anti-competitive practice that limits their operational autonomy within SEMs and creates a potential for abuse, as evidenced by the current crisis.