Business

SMEDAN Signs MoU With Three Coys To Grow SMEs`

Published

3 years ago

February 23, 2022

The Small and Medium Enterprises Development Agency (SMEDAN) yesterday signed a Memorandum of Understanding (MoU) with three companies to develop Small and Medium Enterprises (SMEs).
This according to the agency will be done through crowdfunding, cashless services and insurance.
The companies are TKFOL Financial Technology, MRAMINI Electronic Insurance and MRPAYFORME for financial technology Limited.
Speaking during the signing of the MoU in Abuja, the Director-General of SMEDAN, Dr Dikko Radda, said that the concept would enable SMEs have easy access to funds.
Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a new business venture.
Represented by Mr Wale Fasanya, Director, Planning, Monitoring and Evaluation in the agency, Dikko described crowdfunding as a welcome development.
While decrying difficulties faced by business owners to access funds from banks, Dikko urged SMEs to explore the opportunity provided by the services of the companies to grow their businesses.
According to him, many SMEs around the world are finding it difficult to access funds from banks and Nigeria is not an exception.
“Our own is even more precarious, because of the risk involved most banks do not want to touch the micro businesses.
“It may not be so for small businesses and the medium ones but for micro businesses which we have in large numbers, it has been difficult for them to access funds from the banks.
“The issue of crowdfunding is very important to our businesses in Nigeria, especially micro businesses and now we have another category of businesses we call NANO in Nigeria.
“I think with what you are putting in place, our micro businesses will benefit largely from this,’’ Radda said
The SMEDAN boss also said that the MoU would take care of the issue of insurance for businesses.
“This can take care of some of the risks that are involved.
“It is a welcome idea and the issue of cashless services through one of the MoUs will also benefit a lot of our MSMEs,’’ he added.
He urged the companies to swing into action to ensure that the objectives of the MoU were implemented.
According to Radda, I believe that immediately after signing this MoU, we will start seeing actions and we will be able to see what has been achieved through the MoU.
Mr Ismail Abdullahi, Management Representative of the companies said that the agreement would enable SMEs in the country to start accessing alternate financing through their services.
Abdullahi said that accessibility to cashless payment services to be rendered by the companies would contribute immensely in the growth of SMEs in the country.

Business

Abia Takes Over Electricity Supply In 8 LGAs

Published

3 days ago

July 28, 2025

The Tide

The Abia State Government said it is finalising a deal with the Enugu Electricity Distribution Company (EEDC) to assume control of electricity supply in eight Local Government Areas currently outside the coverage of Geometric Power.

The move is part of a broader plan to achieve full electricity autonomy and enhance industrial growth across the state.

The Statement Governor, Dr. Alex Otti, made the disclosure while inaugurating professionals to serve on six strategic government boards, including the Abia State Advisory Council on Electricity, chaired by Dr. Sam Amadi, a former Chairman of the Nigerian Electricity Regulatory Commission (NERC).

In a statement signed by the Chief Press Secretary to the Executive Governor, Ukoha Njoku Ukoha, Otti said the ongoing discussions with EEDC aimed to “island” the remaining eight LGAs—similar to the Aba ring-fenced area already powered by Geometric Power.

He added that the state intends to generate, transmit, distribute, and regulate electricity within its territory under the authority granted by the new Electricity Act signed into law in April.

“Electricity is so critical here because everything we are doing, particularly in the area of industrialisation, depends on electricity.

“In the next few months, we should be concluding a transaction with EEDC where we will pull the remaining eight local governments of the state out of EEDC and have them as an island, just like Aba”, the statement said.

The Governor explained that the plan to take over electricity supply in those areas is designed to eliminate dependence on national providers and improve service delivery across the board. Once completed, the deal will allow Abia to independently manage power supply in all 17 LGAs.

The statement emphasised that the State Government views reliable electricity as a foundation for economic development and industrialisation, with the power reform effort serving as a central pillar in its broader reform agenda highlighting the critical role of the Electricity Advisory Council in overseeing Abia’s power transition.

Responding, the Commissioner for Power and Public Utilities and Co-Chair of the Electricity Advisory Council, Engr. Ikechukwu Monday, expressed gratitude for the opportunity, pledging to leverage the council’s expertise to help the government meet its electricity goals.

Business

‘Gas Shortages, Infrastructure Deficiency, Bane Of Power Sector Growth’

Published

3 days ago

July 28, 2025

The Tide

Former Power Minister, Prof. Bart Nnaji, has said that until Nigeria fulfills investment commitments in gas infrastructure that would sustain adequate gas supply to thermal power stations, the growth of the power sector would continue to experience generation shortfall.

Nnaji said in the next two decades power generation in the country would be dominated by gas fired plants.

He attributed Nigeria’s persistent gas shortage to inadequate investment in gas infrastructure and called for more support from both government and the private sector.

Speaking at the 2025 Oriental News Conference, with the theme “Integrating Nigeria’s Gas Potential into Strategic Energy Transition Initiatives”, Thursday, in Lagos, Nnaji, who also doubled as Chairman of the event, said the country’s gas sector remained underdeveloped due to insufficient investment in extraction, transmission and transportation.

Addressing stakeholders from across the oil and gas value chain, including key government officials, Nnaji said “The focus should not rest solely on government-led efforts — the private sector must also play a vital role.

“What we need is for the government to act as a true enabler, offering the necessary support for infrastructure and gas harvesting. It’s baffling that with over 210 trillion cubic feet of gas, we still face local shortages.

“We’re unable to produce sufficient quantities to support operations across the country. Though operations improved this year, they weren’t previously at full capacity. A seventh train is underway, but we need more gas.”

According to him, Nigeria’s history of mining and exporting coal before abandoning it reflects a wider pattern of resource neglect.

The former power minister, who stated that gas-fired plants were critical to Nigeria’s power generation, stressed the need for a reliable supply to ensure thermal plants operate effectively.

He noted that Geometric Power Ltd, which he chairs, is among the companies generating electricity through thermal sources.

“For effective supply from thermal plants, an adequate and reliable gas supply is vital. While we have hydro power, gas-fired plants remain dominant and will likely stay that way for the next ten to twenty years”, he said.

While acknowledging the role of renewable energy in rural electrification, Nnaji stated that Nigeria’s baseload power must continue to come from gas or hydro sources, noting, however, that hydro power comes with limitations that require regional cooperation.

Business

NUPRC Blames Out Service Trunk Lines On Vandalism … As Rivers NUJ Promises Development Journalism

Published

3 days ago

July 28, 2025

The Tide

The Port Harcourt Regional Coordinator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Dr. Musa Zagi, has blamed the out of service of its several Trunk Lines on act of vandalism.

Zagi expressed the reservation while playing host to a Courtesy Visit by the Rivers State Council of the Nigeria Union of Journalists (NUJ), in his office, in PortHarcourt, recently.

Lamenting the increasing incidents of what he described as wilful destruction of trunk lines, Zagi expressed regret over the frenzy for compensation, despite the Petroleum Industry Act (PIA).

He insisted that the vandalisation of the nation’s oil and gas facilities has contributed to the setbacks in the sector as it has also resulted to the out of service state of most of its trunk lines.

Zagi noted with dismay the decrease in production in the faces of increased population and expenses, adding that it has also led to increased trucking on the roads and all, at the detriment of the nation’s economy.

“Regrettably, production is decreasing while expenses and population are on the rise. This has incidentally increased trucking on our roads, since almost all our trunk lines are out of service. It is in this light that your visit to us becomes apt”, he stated.

While lauding the Rivers NUJ for initiating the visit, Zagi urged the Union to, through its reportage, sensitise the people on the need to eschew wilful vandalisation of the nation’s oil and gas facilities.

He said, “again your decision to change the narrative from incident reportage to developmental journalism should be commended by all. We are excited by that cheering news”.

Earlier, the Chairman of the Rivers State Council of the NUJ, Comrade Paul Bazia-Nsaneh, noted the crucial role of the NUPRC in managing the oil and gas industry, the heartbeat of the nation’s economy and stressed the need for partnership for greater productivity.

Bazia-Nsaneh stated that the Council under his leadership was poised to change the narratives of journalism from incident reportage to development journalism.

In his words, “We are moving away from incident or negative reportage to development journalism.

“NUJ, therefore, is open to partnering with you in that regard, having known the crucial role NUPRC plays in regulating the oil and gas, especially the upstream”.

By: Lady Godknows Ogbulu