The Nation Newspaper

Tag: MSMEs

  • BoI to receive ICAN award for supporting MSMEs

    The Institute of Chartered Accountants of Nigeria (ICAN) has nominated the Bank of Industry (BoI) for this year’s edition of its merit award  slated for April 28 in Lagos.

    The nomination was in recognition of BoI’s outstanding contributions to the growth of businesses and the nation’s economy.

    The institute said the bank was being recognised in the corporate body category of its merit award.

    ICAN said having reviewed BoI’s activities in the last one year, it found that BoI has recorded remarkable improvements in supporting Micro, Small and Medium Enterprises (MSMEs) in line with one of the priorities of the Federal Government.

    The institute said, for instance, that a review of activities during the 2016 financial year showed that BoI’s loans approvals as at December 2016 rose by nine per cent to N150 billion, compared to N138.5 billion achieved in 2015.

    Indeed, disbursements to MSMEs also went up by 42 per cent within the same period to N8 billion, from N5.64 billion in 2015, while the bank’s wide ratio of non-performing loans (NPL) reduced to 3.87 per cent in 2016, from 5.75 per cent in 2015.

    Also, BoI’s operating Profit Before Tax (PBT) rose to N17.4b in 2016, from N11.95b in 2015, representing 46 per cent increase.

    “All these culminated in BoI’s ratings by international and domestic rating agencies being upgraded and affirmed throughout 2016.

    “While Moody’s assigned BoI Aa1 in 2016, up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in February 2017”, the bank stated in a statement.

    In the last one year, BoI had taken bold steps to implement the economic programmes of the Federal and state governments in collaboration with domestic and foreign development partners.

    The bank noted that conscious efforts have continued to be made towards evolving a favourable ecosystem for SMEs in Nigeria and further deepen its credit delivery process and have it revitalised for speed and efficiency.

    These include expansion of the bank’s branch network, automation of its operations and equipping youths with relevant business skills in solid minerals, agro processing as well as cotton, textile and garmenting.

  • Akwa Ibom, OPS chart course for MSMEs

    Akwa Ibom, OPS chart course for MSMEs

    The Akwa Ibom State Government and members of the Organised Private Sector (OPS) have met on the way forward for Small and Medium Enterprises (SMEs).

    At a National Enterprise Development Workshop in Lagos, Akwa Ibom State Governor Udom Emmanuel said most countries transformed their economies by prioritising the Medium, Small and Micro Enterprises (MSMEs), saying that Nigeria should support and provide a conducive environment for MSMEs to thrive.

    The workshop organised by Hudson Group and Small and Medium Enterprise Development Agency (SMEDAN) was co-sponsored by the Akwa Ibom State Government.

    Emmanuel, represented by his Commissioner for Information and Strategy, Mr. Charles Udoh, said opportunities were numerous for MSMEs to use. He added that in the last 10 years, the Akwa Ibom State government has invested a lot in infrastructural development and security, and made the environment conducive for investment.

    “The Akwa Ibom State government is committed to providing the enabling environment across different sectors of the economy.

    “Our MSME operations are youth-based, because we know the youths are the future of the world and what we have done is to empower the younger generation by equipping them with the requisite knowledge and skills to run their own businesses,” Udoh said.

    He cited the Akwa Ibom Enterprises and Employment Scheme (AKEES) tailored towards empowering youths. According to him, the state has trained over 4,000 youths  to stand on their own.

    His words: “I am here to showcase the state’s investment and tourism opportunities. In the last two years, Akwa Ibom has been driving these two sectors because we know we have the massive infrastructure that tourist could utilise and we also know the state’s revenue is predominantly oil-based.”

    Udoh pointed out that with the price of oil dwindling, the state government thought of the urgent need to diversify the state’s revenue base to other revenue-yielding opportunities.

    “We have been diversifying our state’s revenue base through agriculture, industrialisation, man power development and the likes. This is just one opportunity that we are trying to use to sell the potentials we have in Akwa Ibom State,” he stated.

    At the event, the Director-General, Small &Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, said the number of persons employed by the MSMEs’ sub-sector as at December, 2013, stood at 59,741,211, representing 84.02 per cent of the total labour force.

    Underscoring the importance of the sector, he stressed that MSMEs’ contribution to the Gross Domestic Product (GDP) in nominal terms stood at 48.47 per cent as at the period under review, while its export contribution accounted for 7.27 per cent.

    On the agency’s activities, Radda said it is involved in designing programmes and projects, creating the appropriate platforms and partnerships for addressing some known constraints of MSMEs.

    He, however, advised that to properly position and develop this all-important sub-sector, all the challenges militating against its optimal performance must be deliberately confronted.

    He said: “Though, MSMEs in Nigeria are still largely informal in nature, they have contributed immensely to the national economy. Several common but limiting factors have however constrained them over the years.

    “These include poor access to useable funds, capital, difficulties in procuring raw materials, lack of access to relevant business information, difficulties in marketing and distribution of products.”

    Radda, represented by the Director of Enterprise, Mr. Wale Fasanya,  listed   low  technological capabilities, high cost of transportation, and communication as problems caused by cumbersome and costly bureaucracy in getting necessary approvals or licences and policies and regulations that generate market distortions among the major draw backs.

    The SMEDAN chief noted that in the face of the economic recession, MSMEs were expected to serve as catalyst for reversing the downslide.

    “This expectation is certainly not misplaced, but would have been more justifiable if an enabling environment can be provided for each of the over 37 million MSMEs,” he added.

    Also speaking, Director, Hudson Group, Mr. Tom Iseghohi, said the event was organised as an event between the Federal Government and the private sector, because the MSME sector remained the engine room of most economies including Nigeria.

    He maintained that MSMEs already provide 70 per cent of the jobs and 80 per cent of Nigeria’s GDP. Iseghohi, however, said the sector was faced with lots of obstacles. “This event would go a long way to chart the way forward to address these challenges.

    “We have brought together the best private sector minds and some Federal Government minds from the state level, international bodies to brainstorm and deploy the strategy that would lead to the sector’s growth.

    “This sector will have massive impact on employment, GDP, exchange rate and the likes,” he said, adding that the main problem SMEs have is lack of access to technical capacity, funding and markets.

  • CBN grants national licence to DBN

    CBN grants national licence to DBN

    The Central bank of Nigeria has granted a national license as a Wholesale Development Finance Institution to the Development Bank of Nigeria (DBN) Plc.

    As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs.

    MSMEs contribute about 48.47 percent to the Gross Domestic Products (GDP) of Nigeria but have access to only about 5 percent of lending from Deposit Money Banks (DMBs).

    A statement from the federal ministry of finance Wednesday said the approval was conveyed in a letter addressed to the Managing Director/Chief Executive of Officer of DBN dated March 28, 2017 and signed by the CBN Deputy Governor in charge of Financial System Stability.

    Granting the license the statement noted was subject to the bank meeting the minimum capital requirement of N100 billion and the reconstitution of the Board of the Bank and the review of its organogram.

    It could  be recalled that the Minister of Finance Mrs Kemi Adeosun had disclosed in the past that the DBN will have access to US$1.3 billion (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency).

    The DBN is also finalising agreements with the European Investment Bank (EIB).

    Adeosun had also stated that the DBN, will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

    “The Federal Government expects that the influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies” the statement from the ministry said.

    The DBN, was conceived in 2014 however, its take-off had been fraught with delays. The President Muhammadu Buhari led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.

     

  • MAN, RMRDC, others to promote resource-based MSMEs,funding

    MAN, RMRDC, others to promote resource-based MSMEs,funding

    The Manufacturers Association of Nigeria (MAN) has put down adequate resources to ensure the success of its yearly Nigeria Manufacturing Expo.

    The event is targeted at Small Medium Enterprises (SMEs) by equipping them with information on new processes of boosting their output, reducing costs, improving product quality and manufacturing for new markets,  MAN President Dr. Frank Udemba Jacob has said.

    Jacob said the infusion of the Nigeria Raw Materials Expo (NIRAM) into the event would afford exhibitors and visitors an opportunity to see the entire manufacturing value chain, including machinery, equipment, financial services, professional consultancy and information on raw materials.

    He said the expo would be one of the best things for the manufacturing sector as there would be on display the latest models of manufacturing equipment, machine tools, technologies, spare parts and raw materials.

    The event is supported by over 3,000 manufacturing concerns in Nigeria and Clarion Events West Africa, the main conduit for the event.

    Raw Materials Research and Development Council (RMRDC) Director-General, Dr. Hussaini D. Ibrahim, who was represented by the Director, Investment Consultancy Services Department, Dr. Zainab Hammanga, at a forum to unveil the expo, said the event provides a unique platform for the resources and raw materials producers to showcase and network with the members of the Organised Private Sector (OPS).

    He said the expo would also serve to sustain local procurement of available raw materials in line with the mandate of the Council to promote the development and utilisation of Nigeria’s abundant natural resources as industrial inputs for manufacturing.

    He said: “The expo also promotes the diversification of the economy in line with the agenda of the Federal Government by encouraging the growth and development of resource-based micro, small and medium scale manufacturing industries involved in the agricultural and mineral sectors.”

    He said the theme “Attaining sustainable industrial development in Nigeria through efficient utilization of resource endowments’’ is apt for the economy as the expo is targeted at assisting in the sustenance of a resource-based economy.

    Clarion Events Managing Director, Mr. Dele Alimi said the uniqueness of the expo include conferences on access to finance and capacity building where the SMEs with challenge of financing would meet investors and development partners who will support them. He said the expo would enable women entrepreneurs to better understand their challenges, adding that they already have over 100 international and local exhibitors with over 5,000 registered visitors.

    Sterling Bank PLC, Head, SMEs, Mrs. Omolara Akintoye, said given where the economy is it is only fair to support MSMEs, agric start-ups and build capacity for women entrepreneurs.

    She pledged the preparedness of her bank to ensure that SMEs and start-ups have access to equipment by financing the process.

     

  • Osinbajo urges stakeholders to promote MSMEs

    Acting President Yemi Osinbajo on Thursday in Sokoto urged stakeholders in the country to promote Micro, Small and Medium Enterprises (MSME) to stabilise the economy.

    Osinbajo made the appeal when he declared open a two-day nationwide MSMEs Clinic.

    He said,” being one of the cardinal points of the present administration, it is important to deepen all of our engagements into agriculture which is what the government is focusing on.”

    Osinbajo implored federal agencies like the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to partner the small and medium business owners.

    This, he said, would ensure that those making local products got to the formal market.

    “The small and medium business owners should partner with all the government agencies by registering their businesses so as to get their products to the formal market,” the acting President said.

    “This country will soon pull out of recession; we have resources of every kind – gypsum, potassium – and there is no reason this country should not be the wealthiest in the world.

    “We must grow what we eat and wear what we produce.”

    NAN

  • SON to partner MSMEs on job creation

    SON to partner MSMEs on job creation

    The Standards Organisation of Nigeria (SON) is to partner Micro, Small and Medium Enterprises (MSMEs) to create jobs.

    Its Director-General, Mr.  Osita Aboloma, said this at an interactive session with freight forwarders and clearing agents in Kano.

    He hinged his support for MSMEs on their potential to create jobs, reduce crime rate and contribute to economic growth substantially.

    He said SON was investing in building the capacity of MSMEs, improving their quality control mechanisms and raising the quality profile of their products for improved competitiveness locally, as well as for export.

    Aboloma condemned any practice that promotes job creation for foreign manufacturers at the expense of local industries, stressing that preference for foreign goods meant boosting the economy of other countries at the detriment of local industries.

    He said Nigeria’s immense potential in human and material resources could be optimised with the deployment of standardisation procedures for quality assurance of products.

    He described quality assurance as a critical element of the standardisation process for the growth of any nation.

    Aboloma added that regular quality control, inspection, sampling, testing and certification of manufacturing processes ensured products met the requirements of relevant standards.

    “They also guarantee continual improvement to satisfy customer expectations,” he said.

    The SON chief said quality assurance had been a major driver of the agency’s standardisation campaigns.

    “As the apex standardisation agency, it is the duty of SON to ensure that consumers get value for money and are protected from the dangers of substandard products; that is why I urge Nigerians to get involved in the campaign. We need the collaboration of all Nigerians to do the job effectively,” he said.

    According to Aboloma, one of the  administration’s main agenda is promoting ease of doing business to facilitate trade the Federal Government’s efforts to focus on non-oil exports, with agriculture and MSMEs as key drivers.

    ”I invite you to further partner SON in our efforts toward trade and business facilitation to ensure Nigeria becomes a better place for all. The government is determined to create an enabling environment for business, thus, we should take up the challenge and let the change start with us as individuals and groups,” he added.

  • So that MSMEs will grow

    So that MSMEs will grow

    Micro, Small and Medium Enterprises (MSMEs) are engines of economic growth worldwide. In Nigeria, they are the fulcrum of the economic transformation agenda. Through various initiatives, the Central Bank of Nigeria (CBN), commercial banks, the Nigerian Investment Promotion Council (NIPC), the Small and Medium Enterprise Development Agency (SMEDAN) and the Federal Inland Revenue Service (FIRS) are targeting better credit access for MSMEs. to quicken their growth, COLLINS NWEZE writes.

    Before they became big players, multinationals were Micro, Small, Micro and Medium Enterprises (MSMEs). They remain the building blocks for new businesses and wealth boosters for every nation. But almost in all cases, MSMEs’ operations are hampered by poor credit access, infrastructure and capacity deficiencies despite their contributions to economic turnaround.

    Available statistics from the World Bank indicate that about 70 per cent of Nigeria’s estimated 170 million people live on about $1 per day. This means that about 190 million Nigerians live below the poverty line, with 35 per cent of this number classified as living in abject poverty, and promoting MSMEs is seen as the easiest route out of poverty.

    However, the Central Bank of Nigeria (CBN) under Godwin Emefiele and other stakeholders believe that funding and poor infrastructure  remain the  most serious challenges  confronting MSMEs, and are taking steps to address them.

    Experts say MSMEs have the potential to create jobs, businesses, wealth and empower people across various incomes, adding that they are engines of economic growth.

    They argue that with 96 per cent of businesses in Nigeria as SMEs compared to 53 per cent in the United States and 65 per cent in Europe, then the nation’s journey to economic revival and survival is still some distance away. The SMEs sector is facing major challenges in Nigeria, a mono-economy country.

    Many administrations since the 1970s, developed quite a number of strategies, programmes and promises to make this very critical sector work. The outcome has been less than ideal. And if the huge percentage falls under MSMEs, then the proportion of the entire populace left akinbo, is better imagined. This excludes the jobless, and the underemployed.

    Besides, the Federal Government, through its agencies, has intervened in the sector with N220 billion MSMEs fund being championed by the CBN with commercial banks disbursing the funds to operators.

    In addition to policies energising the sector, there have been fiscal incentives, grants, bilateral and multilateral agencies’ support in the form of aids, as well as specialised provisions geared towards empowering the MSMEs’ sub-sector.

    First City Monument Bank (FCMB) is one of the banks appointed by the CBN to disburse the fund aimed at supporting the sector. Emefiele has relaxed the rules to make the funds more accessible. He said the CBN has also addressed all complaints raised by financial institutions, including the spread of profits to cover their costs.

    CBN Director, Research and Development, Uwatt Uwatt, said banks remain the engine block of the economy, adding that they are doing everything to boost economic recovery.

    Speaking of plans to diversify the economy from oil, he said the cost of loan-able funds to non-oil exporters must be reduced, adding that the N220 billion MSMEs fund was instituted to enable small businesses access cheap funds.

    Uwatt who spoke on the theme: Overview of non-oil sector in Nigeria, said the drop in prices of crude oil in international market has rekindled the need to revamp the non-oil sector. “Declines in global crude oil prices have triggered major headwinds for the economy. Continued dependence on oil remains a big threat to economic stability. The nation is now trying to retrace its steps from over dependence on oil for major part of its revenues,” he said.

     

    Hope  for MSMEs?

    There is hope around the corner with the start of the series of MSME clinics around the country which Vice President Yemi Osinbajo launched in Abuja.

    The effort is structured to focus on finding a one-stop-shop which addresses different challenges confronting this critical sector. The move is to bridge the information gap between the authorities and MSMEs with the aim of encouraging small businesses to be more efficient and capable of competing at the global level.

    Managing Director, Rockview Business Solutions Limited, Stephen Martins said that though many would say, let this charity begin at home whereby these small businesses are seen to have successfully taken off properly, with some breath of life,   competing among one another locally, the effort of the government should not be disregarded.

    He praised efforts by the Corporate Affairs Commission (CAC), with a  number of government agencies such as, Nigerian Investment Promotion Council (NIPC), Nigerian Export Promotion Council (NEPC), Small and Medium Enterprise Development Agency (SMEDAN), Federal Inland Revenue Service, Bank of Industry, Customs, Ministry of Trade and Investment, among many others, for mobilising to fix the MSMEs sector.

    “This strategic initiative is being organised in 21 cities across the six geo-political zones of the federation. Government is indeed not pretending about the fact that agric value chains and manufacturing, (largely MSME segments), are the way to go. The CBN had in August 2013, launched the N220 billion MSMEs Development Fund to deepen funding to the sector,” he said.

    Martins said that while the weight of today’s global economic downturn, naira’s continued decline, dollar scarcity and crash in crude oil prices, the need to strengthen the struggling MSMEs has become inevitable.

    “While many banks are making an effort, the inputs of First City Monument Bank (FCMB), comes to mind. The establishment has taken financial intermediation to this key sector of the economy as one of its operational areas of strength. This can be buttressed by the fact that the bank’s intervention has resulted in better access to financial resources by needy individuals, women owned firms and empowerment outfits as well as small and medium scale businesses and organizations,” he stated.

    For instance, FCMB has continued to deepen its support to Small and Medium Scale Enterprises (SMEs) in Nigeria by disbursing over N3 billion to such businesses in the last 18 months. The development has led to an increase in the number of Small and Medium Enterprises (SME) operators that have benefitted from the funding support of the bank across the country. The lender is one of the top participating banks appointed by the CBN to drive the N220 billion development fund instituted by the apex regulatory body to provide loans to SMEs.

    It has been discovered that beyond the funding, FCMB has put in place, various initiatives and capacity building programmes that have fast-tracked the growth of SMEs, thereby up-scaling their contributions to the development of the country. Apart from training sessions organised for owners of SMEs, the bank has brought its professional expertise closer to the people by having dedicated Loan Officers at some of its branches nationwide. These officers are trained and equipped to provide SMEs with the best and most effective advice and support.

    In addition, the bank has established an empowerment pro-gramme, called Cluster Marketing, for operators of SMEs. The initiative was designed to enhance their financial, marketing and management skills. In the same vein, FCMB has continued to aggressively support women managed businesses in line with the MSME fund scheme by collaborating with women involved in SMEs for the provision of funding, sponsorship and advisory services. These interventions, the statement explained, are in line with the bank’s value as a helpful bank committed to enhancing the growth and achievement of the personal and business aspirations of its customers and the nation in general.

    Speaking on the lender’s commitment to MSMEs, its Divisional Head, Retail, Olu Akanmu, said:  “SMEs are the bedrock of any country’s economic development. It can hardly make good progress except the SMEs excel. Therefore, being a forward looking bank with the appropriate desire for growth, we have decided to provide this sector with maximum support”.

    He reiterated the commitment of FCMB to support its customers  who are operating in the SMEs space to overcome the challenges they usually face, especially at the take-off stage, ‘’because we want to be part of their success story’’.

    Akanmu advised SMEs to re-examine their operations and effectively position themselves to take advantage of the opportunities within the country. According to him, ‘’there are huge intervention funds from both government and multi-national agencies focused on supporting SMEs. Some are focused on helping with affordability, in other words reducing the cost of borrowing, while others are focused on accessibility, in other words helping to mitigate those risks that make small and medium scale businesses fail credit acceptance tests or requirements. Unfortunately, a good number of the outfits do not know the difference and therefore adopt the same strategy for accessing both. This will rarely work’’.

    FCMB has a number of value-added offerings in the SMEs segment. These include the e-invoicing platform – a unique solution designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliations and other financial transactions, through the internet and other mobile channels among others. Given the current state of the Nation’s economy, the need to effectively support micro, small and medium scale businesses and the informal sector generally, should be faced with the highest level of commitment, by both the public and private sectors.

  • We’ll support local manufacturers – Osinbajo

    We’ll support local manufacturers – Osinbajo

    Acting President Yemi Osinbajo on Thursday said the Federal Government will do all within its powers to support Micro, Small, and Medium Scale Enterprises, (MSMEs) to thrive in the country.

    He stated this during a visit to Aba, Abia State, where he participated in the First MSMEs Clinics after the media launch in Abuja on Tuesday.

    The Office of the Special Adviser on Economic Matters in the Presidency devised the idea of a clinic to bridge the gap between medium and small scale businesses and government agencies such as Corporate Affairs Commission (CAC), Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC) Bank of Industry (BOI), Federal Inland Revenue Services, (FIRS), Nigerian Export Promotion Council (NEPC) and others.

    The clinic is meant to bring together all those agencies in one spot and at appointed times to attend to the needs, questions and requests of people doing business.

    Such clinics would be held in two different cities every month towards educating the public about regulatory issues regarding MSMEs in Nigeria.

    In a statement issued by his Senior Special Assistant on Media and Publicity, Laolu Akande, Osinbajo said it is important to pay attention to MSMEs.

    He said: “We will spend time to ensure that we give those who produce locally all the support that we can give, and that is why we are doing these clinics.

    Noting that Aba traders, artisans, tailors, shoemakers and others are the bedrock of the nation’s economy, the acting President added: “You can’t do much for manufacturing without coming to Aba.”

     

     

  • Why we launched N1b MSMEs’ solar energy fund, by BoI

    Why we launched N1b MSMEs’ solar energy fund, by BoI

    The Bank of Industry (BoI)  launched the N1billion solar energy fund for the Micro, Small and Medium Enterprises (MSMEs) because of the power challenge in the sector, its Acting Managing Director, Mr. Waheed Olagunju, has said.

    Speaking at the launch in Lagos, Olagunju said solar energy had become alternative for the MSME operators in view of the poor supply in the country.

    The cost of electricity accounts for about 40 per cent of operational expenses for most MSMEs, resulting in reduced profit margins and unsustainable ventures.

    Olagunju said: “Many Nigerians and Nigerian businesses that can afford other alternative energy sources have resorted to the use of electric generators at exorbitant costs. It was estimated that in 2015, manufacturers spent as much as N3.5trillion to generate alternative power due to the challenges in the supply of public electricity.

    “MSMEs play a major role as the engine through which most countries in the world thrive. Their growth and development are crucial to the level of industrialisation, modernisation, income per capita, equitable distribution of income, welfare and quality of life enjoyed by the citizenry.

    “Consequently, the performance of the MSME sub-sector is closely associated with the development of a nation. In Nigeria, the growth of this sector has been hampered over the years by a combination of factors, one of which is access to reliable electricity.

    “For Nigeria to, therefore, achieve sustainable and inclusive development, there is an urgent need to substantially increase the supply of modern and affordable energy services from sources that are affordable, accessible and environmentally friendly,” he added.

    Olagunju said renewable energy provides healthy and sustainable alternative to the continuous use of fossil fuels, with long-term cost saving advantages, especially in the absence of reliable power supply which is an essential ingredient for growth.

    “It is, therefore, important to support the provision of sustainable and reliable energy for MSMEs, which is why the Bank of Industry has decided to provide the solar energy fund to MSMEs.

    “The bank is already playing an active role in lighting up and powering Nigeria through the provision of solar energy solutions for rural communities, having successfully deployed solar solutions worth N240million to six off-grid communities, one each in Niger, Osun, Gombe, Anambra, Edo and Kaduna states, under its pilot scheme. These communities with an average of 200 homes each previously had no access to electricity, but since the provision of clean, reliable and sustainable solar electricity, the lives of the indigenes of these communities have changed significantly.”

    The bank’s General Manager, Large Enterprises, Mr. Joseph Babatunde, who gave a breakdown of how the Fund would be deployed, told The Nation that the projects would be implemented by select development partners to support agriculture, solid minerals, cottage industries, artisans, and service industry, and clusters to improve their operations.

    According to him, what will be due each applicant is N50 million,  adding that the allocation is scalable depending on the project.

    He noted that the initiative would not only boost employment generation, but it would also improve the standard of living of the beneficiaries, revamp the economy, and enhance poverty alleviation.

    Some of BoI’s development partners are Arnegy Solar Limited, GVE Projects Limited, GreenPower Overseas Limited, The Solar Shop Limited, Wayo Tropical Technical Limited, Blue Carmel Energy Limited, Novel Integrated Services Limited  and Solar Force Nigeria Limited.

    They will implement the projects from design to execution.

  • MSMEs critical to revamping economy – Osinbajo

    MSMEs critical to revamping economy – Osinbajo

    Acting President Yemi Osinbajo on Tuesday said strengthening the Micro, Small and Medium Enterprises (MSMEs) littered around the country is critical to revamping the Nigerian economy.

    He spoke during the Media Launch of MSMEs Clinics at the Banquet Hall of the State House, Abuja.

    But the MSMEs in the country, he noted, are presently saddled with lots of problems.

    Osinbajo said: “‎Nigerians complain about how is practically difficult to get approval on practically everything when I toured the nation with the support of USAID. The whole idea was to support MSMEs and to find out what their problems were.

    “But almost every stand ‎I went to had complains about how it was so difficult to get approvals for practically anything. I was frankly taken back on that occasion because practically every point we went to had the same complaint. We also went to Kano on one of our social intervention programme and it was the same problem, same issues.

    “Some ‎small manufacturers even said they had to engage consultants to take them through approval processes and it still took over a year to get approval from some agencies.”

    According to him, the government is also committed to removing bureaucracy hindering ease of doing business in Nigeria.

    Osinbajo said it was very disturbing that some of the government agencies were yet to buy in to the major plan of economic recovery plan, which is aimed at ensuring easier ways doing business in Nigeria.