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Forum Mulls Establishment Of Bank For MSMEs

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The Forum of Micro, Small and Medium Enterprises (MSME) Business Membership Organisations of Nigeria (FOMBMO) has urged all BMOs to work toward actualisation of its MSME Bank.
The bank, it said, would mitigate financial challenges and be fully owned and subscribed by MSME operators in Nigeria with highest number of shareholders estimated at 42 million.
The Chairman, Board of Trustees, MSME Forum, Dr Albert Akinyemi, gave the charge in Abuja at its second strategic planning meeting.
“Lack of Access to finance remains serious constraint to operations and ability of MSME operators.
“In the bid to fully develop and expand businesses, operators are faced with bottlenecks and challenges when seeking for loans and credit facilities from financial institutions.”
Akinyemi noted that this kind of sectoral bank are obtained in South Africa, India, Malaysia, Singapore and South Korea.
He said that they were not fragmented but collectively owned by MSMEs to tackle its financial constraints and spur economic growth.
He said the forum wants to change the MSME Sub-sector by institutionalising it as being done in developed economies where courses on MSME are taught in universities.
“Part of the process of institutionalisation is to have a data base that contains necessary information on all MSMEs for projection and research purposes.
“We have kick -started the process with the creation of our website (www.msmeforum.org.ng),” he noted.
Chairman, MSMEs Forum Inauguration Planning Committee, Mr Joseph Attah, while expressing displeasure at the current financial pace of MSMEs, said the proposed bank would be the most capitalised bank in Nigeria with N1 trillion.
Attah said the bank, to be established in the six geopolitical zones, would provide sustainable single digit financial services, using simplified low cost digital model.
In terms of addressing infrastructural challenges, he explained that the bank would look into solar panel establishment and facilities that could improve profitability of business.
The Director -General, Raw Materials Research and Development Council (RMRDC), Prof. Hussein Ibrahim,acknowledged the MSMEs as veritable platform to achieve mandate of the council.
Ibrahim, in a goodwill message, said the council was in the vanguard of promoting MSMEs in Nigeria through raw materials availability and sustained distribution of seedlings to boost farmers’ produce.
The representative of the Bank of Industry (BOI), Alhaji Abdullahi Abubakar, also restated the bank’s commitment to provision of financial assistance and funding for equipment and working capital to MSMEs operators.
According to him, BOI offers low interest rate of 10 per cent while beneficiaries must be registered companies or operators who meet all regulatory requirements.
Majority of the MSMEs operators in attendance also raised concerns on the scope and decentralisation of the bank with hope to capture different categories of MSMEs and address their financial and infrastructure challenges, especially power.

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PH To Host SME Ankara Carnival, Trade Exhibition

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Port Harcourt would next month play host to traditional fashion carnival/ trade exhibition.
The programme according to the organisers is aimed at prompting the business and rich cultural heritage of Nigerian traditional Ankara material.
Speaking in a telephone interview with The Tide, the programme Director of “PH Ankara Carnival”, Dr. Larry Goodwill Ajiola, said that Entrepreneurs in the fashion/designing industry would have the opportunity to showcase their talents.
Dr. Ajiola who is the Chief Executive Officer (CEO) of I.Conntact Connect Communications, Port Harcourt, said, “there will be Ankara trade exhibition, sales of both sewed and materials, in addition to the presence of manufacturers and distributors of Ankara materials.
“The event is meant to reach out to young and creative fashion/designers and models in the industry.
“It is a creativity carnival birth with passion driven vision which tends to influence and change the minds of young individuals about the Ankara clothings. The event would promote young entrepreneurs in the fashion industry”.
Dr. Larry who is also the Chairman of IEBS Matrixx co-operative, Port Harcourt noted that the theme of the event, “The unending Heritage in Africa Traditional Dressing”, has a lot to say about the sustenance of African culture.
He reiterated the need for Mass turn out for the October 10th programme, stressing that Ankara would be sold at an affordable price by the Manufacturers and distributors.

By: Lilian Peters

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SMEs

108 Ogoni Youths To Enjoy Entrepreneurial Training Abroad

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The Ogoni Liberation Initiative says it has concluded arrangement to train 108 Ogoni youths in various businesses and skills development abroad.
The President of the organisation Mr. Richard Douglas Fabeke who said this during the unveiling of a magazine in Port Harcourt, also hinted of the plan by the group for the establishment of a hitech polytechnic in Ogoni land.
Fabeke said the polytechnic which will be the first of its kind in the country will enable students to develop enterprenural skills.
According to him, the organisation has also acquired land for a university, adding that
Ogoni liberation initiative is not political but would focused on the development of Ogoni land.
Fabeke also warned the people against involving in violence, stressing that time has come for the people to focus on making Ogoni the industrial hub of Nigeria and the entire west Africa.
He also criticised the federal government amnesty programme, saying that the programme has not improved the life of any Ogoni youths.
 He said this is the time for the Ogoni to free themselves from economic slavery by tapping into programmes that will improve their lives.
Fabeke also said that Ogoni liberation initiative is registered in four countries adding that the organization is working with international media to spread the cause of the Ogonis across the world.
He said that Nigerian Petroleum Development Company (NPDC) is the preferred company for the Ogonis.
Fabeke said the magazine will enable members of the international communities to know the true situation of things in Ogoni Land, adding that one million jobs will be created through the magazine.

By: Oribim Ibama & Inimgba Victor

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NIRSAL Trains 700,000 Farmers, Others On Agribusiness

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The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has trained 700, 000 farmers and other agricultural value chain actors across the country, in its ongoing efforts to improve the capacity and productivity of Nigerian farmers.
“Since its inception, NIRSAL Plc has provided training on Good Agronomic Practices to over 700,000 farmers and trained over 2,600 mid-management and Agric desk officers of commercial banks,” the organization, disclosed in a statement, yesterday.
It said that it has just concluded a series of training sessions under the NIRSAL Strategic Business Support Services (SBSS) which were held in the six geo-political zones .
The agency described the programme as a continuation of efforts targeted at achieving a key component of NIRSAL PLc’s mandate: de-risking of the agricultural value chain in order to encourage more investment in agribusiness by the financial sector,
It addressed NIRSAL’s Technical Assistance pillar which aimed at building the capacity of value chain actors for improved production, handling, processing and marketing of agricultural commodities.
The sessions focused on 10 Commodities of Interest (COI) that have ecological and economic advantages in each region.
The commodities were: Rice, Ginger, Maize, Fresh Fruit & Vegetables (FFV), Cassava, Beans, Aquaculture, Oil Palm, Livestock and Cotton.
According to the organization, the choice of the selected commodities was informed by the NIRSAL Agricultural Commodity Ecological Area (ACEA) map which it developed and obtained validation for from relevant research institutes. NIRSAL Plc believes that ACEA-compliant agricultural investments hold the highest chances for success in terms of production and sale.
In the North-Central, the Benue State SBSS focused on Rice, Ginger and Maize, which are NIRSAL COIs that possess the highest factor productivity in the state.
“Consequently, in the Federal Capital Territory (FCT), the SBSS trained operators in the FFV Value Chain. The rationale for selecting FFV is hinged on the FCT’s urban consumer market. The training sessions took place in Kuje, Nyanya, Mararaba, Apo, Lugbe, the Municipal, Gwagwalada, Dei-Dei, and Abaji.
“In the South-South, the Rivers State SBSS focused on FFVs as well, in addition to Aquaculture. Stakeholders were trained in Rumuola, Wenpey, Aluu, Enekah, Elekahia, Eleme, Mgbuoba, Elelenwo, Igwuruta, Eliozu, and Rumuodomaya.

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