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MSMEs Financing: BoI Strengthens Relationship With Group

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The Bank of Industry (BoI) says it has set up mechanism to improve relationship with its over 200 Business Development Support Providers (BDSP) across the country.
BoI said the aim was to deepen financing of the Micro, Small and Medium Enterprises.
The Managing Director of BoI, Mr Kayode Pitan, announced this on Monday in Lagos, during an interactive session with stakeholders on the operation of the bank’s BDSP Scheme.
Pitan, represented by Dr Waheed Olagunju, the Executive Director, SMEs said that the country’s private sector was not as developed as it ought to be, thus necessitating the need to deepen its entrepreneurship space.
He said that the BDSP scheme was created in 2014, to bridge the gap of access to finance, entrepreneurial development, assist MSMEs develop bankable business plan to facilitate finance and improve their record keeping.
The BDSPs are also expected to support SMEs develop synergies and sustainable relationships with large enterprises, industrial buyers and suppliers along the value chain.
“We plan to grow our risk asset to N1.29 trillion by Dec. 2019, and presently our risk assets is in the region of N600 billion and we hope we can double this figure in the next 18 months.
“We cannot do this on our own, given the size of this country and numbers of entrepreneurs that we intend to reach.
“We are trying to increase the contribution of MSMEs from less than 10 per cent of our risk assets to at least 30 per cent by 2019.
“We are looking at about N376 billion and we are looking to disburse this amount to about 9,600 entrepreneurs across the country, approximately about 10,000 entrepreneurs.
“Given the size of Nigeria, BoI as a DFI cannot effectively engage more than 10,000 entrepreneurs effectively and efficiently, that is why we are working with partners, collaborating with Enterprise Development Centres and BDSPs across the country,” he said.
Pitan noted that there was the need to collaborate and leverage on the expertise of the BDSPs to evaluate and access the character, competency and viability of the 10,000 enterprise across the country.
He urged the BDSP operators to attract quality customers with viable business plans that would effectively utilise the loans in order to achieve an inclusive and sustainable economic growth and development in the country.
“To achieve this inclusive growth, we need to intervene more in the MSMEs space because that is where the developmental impact and multiplier effects of investment is much higher,” he said.
Pitan said that the bank was taking steps to review the BDSP scheme and would continue to engage the operators on the modalities that would serve the interest and growth of MSMEs in the country.
Mr Simon Aranonu, the Executive Director, Large Enterprises, BoI said that the collaboration between the bank and BDSP operators was critical to catalyse growth of MSMEs in the country.
According to him, MSMEs requires more than capital to grow.
“We are relying on you to assist the MSMEs get structure, hand hold them, improve their capacity, inculcate in them sound corporate governance and enlighten them on global best practices.

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Imported Goods Killing Local Production – Presidency

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The Presidency has frowned at the rate of consumption of imported goods in the country, and has urged Nigerian consumers to change their mindset and patronise locally-produced goods, especially in the agricultural sector, to boost revenue and job creation.
Special Adviser to President Muhammadu Buhari on Media and Publicity, Femi Adesina, disclosed this while speaking at a one-day seminar/exhibition with the theme, “Re-orientation towards ensuring preference and consumption of domestic agro-allied products”, which was organised by Zakclair Investment Limited.
Adesina, who was represented by the Special Assistant to the President on New Media, Tolu Ogunlesi, said more Nigerians would be financially empowered when people patronise locally manufactured goods.
He explained that no nation could truly develop its production capacity when its economy was based on imported products.
The presidential spokesperson observed that most developed nations of the world were those whose economies were based on the local production of goods.
He said the unbridled importation of products was weighing heavily on the country’s foreign exchange reserve.
“We must also be willing to innovate with our local products in ways that can get us a wider audience.
“Instead of expending scarce resources and importing goods and services, we can channel them to create jobs for people. We need to believe more in the value of what is indigenous to us, as a people.
“When we consume locally made products, there will be less pressure on our foreign exchange. In the same breath, the value addition that happens locally means jobs.
“The economic value of consuming locally made goods is in all the jobs that will be created.
“I think that with the kind of market that we have in Nigeria, 200 million people, you can see there is a lot that we can do with domestic products”, Adesuna said.
Delivering the keynote address, the Executive Secretary of the Agricultural Research Council of Nigeria, Prof. Garba Sharabutu, urged stakeholders to stop paying lip service to the efforts to drive the consumption of made-in-Nigeria products, saying “we need to take it from words to action”.
Earlier, the CEO of Zakclair Investment Ltd, Adelabu Abdulrazak, explained that with the country’s ailing economy, there was a need to direct attention to preference and consumption of locally-made products.
“Consequently, we believe there is a need for a discourse in this aspect of our national life with the aim to infuse patriotism, encourage policies that tackle this lifestyle, reorientate our citizens and massively stimulate the growth of our economy,” he said.

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Commission Extends Deadline For Digital Money Operators’ Registration

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The Federal Competition and Consumer Protection Commission (FCCPC) has announced the extension of deadline for registration of online money lenders and operators, otherwise known as Digital Money Lenders (DML).
Making the registration extension known in a statement that was made available to The Tide at the weekend, the FCCPC Chief Executive Officer, Babatunde Irukera, said the process has been extended to March 27, 2023.
The FCCPC boss stated that the extra time was to ensure that the registration of DML whose registration was still in process was adequately achieved, and to also prevent significant market disruptions.
It is the third time the commission has postponed the deadline for registration, since it enforced compulsory registration in August 2022.
“On December 6, 2022, in furtherance of the collaboration of the Inter-Agency Joint Task Force, the FCCPC extended the deadline for the registration of DML to January 31, 2023.
“This was to ensure the registration of DMLs whose registration was still in process and to prevent significant market disruptions.
“The Commission noted, however, that several DMLs have not yet provided all relevant documentation to complete their registration process.
“To this end, the Commission is further extending the registration deadline to Monday, March 27, 2023″, The statement read in part.
The FCCPC recently released a limited interim regulatory and registration framework for digital lending in order to curb unethical interest rates, violation of consumer privacy, and other unethical lending practices perpetrated by unchecked digital lenders in the country.

By: Corlins Walter

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Manager Clarifies PH Airlines Building Occupancy Issues

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The Port Harcourt Airport Manager, Mr Felix Akinbinu, has given reasons for the delay by airlines operating at the Port Harcourt International Airport, Omagwa, in occupying the newly commissioned Airport Building.
Noting that airlines still operate from the Terminal building, he said the nature of business operations of airlines is such that makes them operate from the terminal building in order to meet the boarding requirements for passengers.
Akinbinu, who disclosed this while interacting with aviation correspondents, stated that the newly commissioned airlines building is not just for airlines alone.
He said it’s office space for any group or individuals to use, though it bears the name, “Airline Building”.
According to him, the airlines will still operate from the terminal building because the newly commissioned airlines building is to provide additional office space for airlines to accommodate their other activities and staff.
“To be frank with you, what we have in the new airlines building is just eight office space accommodation, and it is not only for airlines, it is open to everyone or group that need an office space.
“It is not that we are ordering the airlines to leave the terminal building, not at all, because they are to operate at the terminal building for the ease of their business and passengers facilitation.
“It is also not an issue of disobedience on their side for still operating at the terminal building. All they will do is to acquire additional office space for their staff and operations”, Akinbinu said.
The Tide’s check earlier showed that the new airlines building is sited at a distance place from the terminal building, which makes it difficult for airlines to easily access, considering their style of business operations.
Some officials of airlines The Tide interacted with stated that they will not operate from the new airlines building because it was sited across the airport major road, distant from the terminal.
They, therefore, urged the airport management to consider the nature of their operations, and make alternative for them.
It would be recalled that the Managing Director, Federal Airports Authority of Nigeria (FAAN), Salisu Yadudu, represented by the Director of Operations, Murktar Munye, had at the commissioning ceremony of the airlines building, early December last year, directed the airport manager to ensure that airlines occupy the building immediately.
This, he said, was to decongest the terminal building. But the building is yet to be occupied.

By: Corlins Walter

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