Business
MSMEs, Remarkable Examples Of Nigeria’s Entrepreneurship -Osinbajo
Acting President Yemi Osinbajo has launched the MSME Clinic as part of efforts to encourage the contributions of MSMEs to the country’s economic growth.
The acting president said he was delighted to reward and recognise outstanding MSMEs as they represent remarkable examples of Nigeria’s entrepreneurship, creativity and innovation.
According to him, efforts are underway to double government’s commitment to ensuring that MSMEs find an enabling environment to thrive.
He said that in addition to the one-stop-shop launched in some states to carry the MSMEs clinics intervention, the Federal Government would soon launch its shared facilities for MSMEs initiative.
Osinbajo said the initiative would be in partnership with the Bank of Industry (BOI), Federal Inland Revenue Service (FIRS), Nigerian Export-Import Bank (NEXIM) and the Nigerian Export Promotion Council (NEPC).
“This initiatives will provide MSME access to fully equipped cluster style facilities for which they can pay an affordable fee to operate.
“These facilities would have been pre-certified by relevant agencies like NAFDAC, Standards Organisation of Nigeria (SON), Industrial Training Fund (ITF) and NEPC thereby removing the layers of bureaucracy that in the past held back many aspiring entrepreneurs.
“In the shared facilities, you already have the requisite licences that regulate your operation. So, using the facilities means that you will not go through all the regulatory bureaucracies.
“We will also partner with the Central Bank of Nigeria (CBN) and commercial banks to launch a credit facility that will make available to MSMEs loans from N2m to N10m with a period of five to seven years with little or no collateral.
“The interest rate will be five percent. All that you need is to provide the committee with a bankable business proposal and guarantor,’’ he said.
Osinbajo said that the Federal Government was also exploring an initiative by CAC to allow a special window of 90 days for MSMEs which had not registered their businesses to do so at a highly subisidised price.
He said he was aware of complaints from some states and warned that he would not tolerate the shirking of responsibilities from agencies on the one-stop- shop for MSMEs.
Earlier in her remark, the Minister of State for Industry, Trade and Investment,Hajiya Aisha Abubakar had commended Osinbajo over the MSME clinics initiative and awards.
She said that efforts were being made to give the MSMEs expert advice on legal, accounting among other areas to strengthen their businesses.
The awards were in 12 categories, NEXIM Bank Excellence Award in Agriculture, won by Promaka Farms, Imo State; NAFDAC / SON Excellence Award in Beauty and Wellnesss won by Yelwa Shea Butter, Sokoto; DBN/ITF Award on Fashion and Style won by Hanbows, Oyo State.
Others are CBN Young MSME Award won by Chrisblo Glimmer Touch, Cross River State and MSMEs of the Year Award won by Bennie Agro Machineries, Plateau State; NEPC Award in Creative Arts, CAC Award on Furniture and Wood Works, SMEDAN Awards on Leather works, BOI Award on Manufacturing.
Also featured was NITDA Award on Technology Innovation, FIRS Award on Non-Profit Service to Humanity and Most Friendly MSME State won by Abia State. The event attracted the Governor of Plateau State, Simon Lalong, Deputy Governor of Abia, Mr Ude Oko Chukwu and the Deputy Governor of Cross River State, Prof. Ivara Esu.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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