Business
N220bn MSMEsFund: Bank MD Lauds FG

Chairman, House Committee on Capital Market, Rep. Yusuf Tajuddeen (right), discussing with representative of the Minister of Finance, Dr Mahmud Isa-Dutse (left) and Director-General, Security and Exchange Commission (SEC), Alhaji Munir Gwarzo, at the inauguration of the study team on Voice and Voting Power in the Nigerian Capital Market in Abuja on Monday.
Managing Director, Nige
ria Police Force (NPF) Microfinance Bank (MFB) Plc., Mr. Akin Lawal has commended the Federal Government for setting aside N220 billion to boost Micro Small and Medium Enterprise (MSME) development in the country.
Lawal told newsmen in an interview yesterday in Abuja that the decision was one of the best things the regulators had done for the sub-sector.
“Basically, I think it is one of the best things so far that the regulatory authorities have done in the subsector in the area of the N220 billion MSME fund.
“In terms of cost, they have been able to bring it down at a very considerable low rate of initially three but now two per cent; and you cannot get that anywhere
“But we need more of such funds to strengthen the system.’’
According to him, the fund has been very supportive and it will go a long way in reducing the cost of funds being that it is given at a single digit of nine per cent.
Recall that the Federal Government earmarked N220 billion MSME intervention fund to support the microfinance subsector.
“The fund has been helpful in provision of finance to address the core sector of the economy because, of course, it is restricted to the productive sectors of the economy
“You are only expected to do about ten per cent of that fund in commerce but mainly into the productive sector.
“And that is what actually is needed for us to create jobs and these are the things that will boost the economy of the country.
“Because, in anyway, if you are engaged in productive sector, there is no how you will not employ two or three people to join you and that is what we need at this point in time.’’
On bad loans, Lawal said it could be avoided with due diligence ‘’because with proper due diligence, one will be able to identify a bad loan before it is even granted’’.
According to him, most operators grant loans to beneficiaries who use the fund as ‘guinea pig’ for experiment on various business ventures which they are not certain about.
He said intervention funds were not meant for experimentation.
Lawal also urged the regulators to provide a common IT platform for all MFBs at an acceptable cost which would help improve their operations in the country.
“They should come up with more supportive initiatives that will be helpful to the subsector in general.
“The demand for credit is insatiable, the entire 1000 MFB or so we have in the system are not still enough to meet the demand sector
“ As you know, there are still huge numbers of the population that are unserved and how do you manage this, it is from the supply and that is in terms of the fund available.’’
Also, Mrs Nwanna Joel-Ezeugo , the Acting Managing Director, Accion MFB, urged the government to come up with a concrete economic blueprint.
“We are providers of fund, let’s know where we are going, the operators in the market, let them know where they are going to enable us strategies
“Because when there is no clear cut policy, the inconsistency will kill more and more people and throw a lot of people out of job.’’
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
-
Politics4 days ago
Bayelsa PDP Crisis Deepens As Factional CTC Sacks Party Management Structure
-
Featured4 days ago
RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership
-
Niger Delta4 days ago
Health Professions Not Superior To Others – Bayelsa Dep Gov
-
Nation4 days ago
CBEX Resumes Operations Despite SEC Ban, N1.2trn EFCC Probe
-
Women4 days ago
Justice Prevails Over Osinachi’s Death
-
Rivers4 days ago
Book Title “Managing Projects Successfully” Launch In Port Harcourt
-
Politics4 days ago
Enugu LP Loses Pub Sec To PDP
-
Nation4 days ago
HYPREP Inducts 100 Ogoni Youths For Creative Arts Training