Business
‘Banks’ Lending To SMEs, Retail Sector To Increase In 2015’
Banks lending to small and medium enterprises (SMEs) and the retail sector has been projected to increase in 2015, Heritage Bank said last Thursday in Lagos.
A director of the bank, Mr Tony Madojemu, made this known while speaking at a forum organised by the Business Networking International (BNI) to mark its International Networking Week.
“The retail sector was booming and some of the ‘big firms’ are beginning to dictate unnecessarily to the banks; so, attention is shifting from them to these sectors.
“Even though the banking sector outlook for 2015, according to Fitch, tells us that banking may not fair favourably this year, it could still favour some small business owners.
“So, banks are beginning to seek new opportunities to increase profitability and guard against collapse by seeking ways to deal with only well-structured SMEs; so, I see this as good news.
“The only challenge is how small businesses can manage their systematic and operational risks in order to keep a well-structured business that would attract banks to lend them money.
“Knowing well that access to finance is one of the major challenges of our SMEs today, we must also point out that business owners should brace up their competence if they must access loans.
“Most businesses are guilty of poor accounts presentation, lack of business plans, legal backings and structure, such businesses might not expect to get loans,” he said.
Also speaking at the event, Mr Chimaobi Agwu, National Director, BNI Nigeria, noted that small businesses needed networking and referrals to cushion the cost of advertising their business.
He said the BNI was meant to supply network marketing services and referrals that could help small businesses grow and increase their market share.
“In 2014, we had 6.2 billion referrals all over the world worth 8.6 billion dollars; BNI is looking at generating 15 billion dollars worth of referrals all over the world.
“In Nigeria, in 2014, we did referrals worth N300 million and this year, we plan to generate referrals worth N1.5 billion worth for businesses in 2015.
“The way the referrals work is that it also provides more employment for the masses, as much as 5000 in about 100 organisations every month, you can see how it generates employment,” he said.
He urged small businesses to see networking and their customers as one of the assets of their businesses.
A recent research states that the retail sector generated N205.4 billion in the last two years with the advent of mega malls, internet banking, online shopping, and Point of Sales (POS).
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
-
Business2 days ago
Smuggled Rice Tops Seized Items List In 2025
-
News2 days ago
Adeleke Approves N4bn Bond To Clear Pension Arrears
-
Opinion2 days ago
Ending Malaria Menace For Improved Health
-
Sports2 days ago
Arsenal Eye Special Performance In Paris
-
News2 days ago
FG Licenses 11 New Private Universities
-
Business2 days ago
Over 2m Passengers Board Blue Rail Train – Commissioner
-
News2 days ago
NDDC Seeks UN’s Support To Accelerate Niger Delta Development
-
Opinion2 days ago
Nigeria’s Poor Economy And High Unemployment Rates