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Tag: MSME

  • BOI disburses N22.89bn to 29 manufacturers

    BOI disburses N22.89bn to 29 manufacturers

    The Bank of Industry (BOI) says it has disbursed N22.89 billion out of the N75 billion manufacturing sector intervention fund to 29 manufacturers.

    Its Managing Director, Dr Olasupo Olusi, made this known on Monday at the first BOI interactive session with the Organised Private Sector in Abuja, which was monitored virtually.

    Olusi said that out of the N75 billion manufacturing sector fund, other 20 projects valued at N6.3billion were at different stages of disbursement.

    He said that the interactive session was a collaborative milestone, a reflection of shared vision to create a thriving industrial sector.

    According to him, it is also a critical step in driving Small and Medium Enterprises (SME) development through strategic partnerships.

    “Recently, we signed a Memorandum of Understanding (MOU) with your esteemed associations.

    “This agreement underscores a simple truth that we cannot transform Nigeria’s industrial landscape alone.

    “The journey to sustainable economic growth must be fueled by collaboration, innovation, and a shared resolve to address systemic challenges,” he said.

    The BOI MD said that under the signed agreement, the bank had already begun making strides through joint efforts on the Federal Government’s loans programme.

    He said that the event, with the theme, “Driving SME Development through Strategic Partnerships” challenged everyone to reimagine how we work together.

    Olusi said in practice, this meant shared responsibility as the bank’s role was not only to provide financing but also to support an enabling environment for businesses to thrive.

    “This includes addressing infrastructure gaps, regulatory bottlenecks, and access to markets.

    “However, your expertise and insights are essential to inform these efforts.

    “On collaborative innovation, we must work together to introduce technology, sustainability, and skills development as core pillars of SME growth.

    “We are concerned about your most pressing challenges, your operations, how we can further align our programmes with your needs and the innovative solutions we can pursue together to accelerate growth,” he said.

    Olusi urged the organised private sector to keep in mind the six thematic areas of impact that BOI was focused on in line with President Bola Ahmed Tinubu’s renewed Hope Agenda.

    He listed them to include MSME development, digital transformation, youth and skills development, climate and sustainability, gender inclusion and sectoral growth.

    “These are not just BOI’s priorities; they are national imperatives and they require your active participation to succeed.

    “The Bank of Industry stands as your partner in progress, ready to support at every step of the way as together we have the potential to transform Nigeria’s economic landscape,” he said.

  • BoI to support MSME with N120bn after raising $5bn

    BoI to support MSME with N120bn after raising $5bn

    Managing Director of Bank of Industry (BoI), Mr Olasupo Olusi, says the bank has raised over $5 billion  from the international capital markets through Eurobonds, loan syndications, and green finance instruments since 2017.

    Olusi made this known on Thursday at the BoI’s 65th anniversary news conference in Lagos. He highlighted the bank’s evolution from its establishment as the Investment Company of Nigeria (ICON) in 1959 to its transformation into the Bank of Industry in 2001.

    Olusi noted that the bank also concluded global loan syndication that raised not less than two billion euros in November; the largest fundraising in BoI’s history and the largest syndication in the history of African DFls. He explained that the bank was able to achieve the milestones through the years due to its partners.

    According to him, BoI has established strategic partnerships with key local public and private institutions as well as global financial and multilateral institutions to enable the bank to fulfill its mandate, effectively

    “BoI has partnerships with state governments, and foundations to establish the ‘Matching Fund’ scheme. We also have partnerships with trade associations, such as the National Association of Small and Medium Enterprises (NASME), Nigerian Association of Small Scale Industrialists (NASSI), and Manufacturers Association of Nigeria (MAN), to deepen real sector financing.

    “BoI recently signed a partnership agreement with SMEDAN to provide Nano and Micro Enterprises in Nigeria with a one billion dollar fund at a single digit interest rate. We have partnerships with several other public agencies like NCDMB, to support specific sectors,” he said.

    Olusi added that the Federal Government, in November 2023, appointed the bank as the executing agency for the $200 billion FGN MSME Intervention Fund. This included a 50 billion Presidential Conditional Grant Scheme (PCGS), a N75 billion Manufacturing Sector Fund, and a N75 billion MSME Intervention Sector Fund.

    “Our strategic partnerships also extend to numerous organisations, such as African Development Bank (AfDB), the African Finance Corporation (AFC), Investment Climate Reform (ICR) initiative, and the African Guarantee Fund (AGF).

    “Other are the Multilateral Investment Guarantee Agency (MIGA), the United States Export Import Bank (USEXIM), the International Finance Corporation (IFC), amongst others,” Olusi said.

    According to him, the bank, in the last 12 months, has also revised its strategy to focus on impact and introduced various strategic initiatives in alignment with President Bola Tinubu’s ‘Renewed Hope Agenda’ and in response to emerging macroeconomic issues.

    Also, Mr Shekarau Omar, BoI’s Executive Director, MSMEs, revealed that the bank plans to disburse N120 billion to two million micro, small, and medium enterprises (MSMEs) by the end of the year.

    Omar said that, in spite of an initial target of disbursing N103 billion to 1.5 million MSMEs in 2024, the bank had already surpassed the goal. According to him, as of October, the bank had disbursed N107 billion to a larger number of MSMEs than originally planned.

    Omar highlighted the potentials of Nigeria’s MSME sector, saying it was estimated to be between 39 and 40 million businesses.

  • FG to fast-track access to single digit loans for MSMEs – Shettima

    FG to fast-track access to single digit loans for MSMEs – Shettima

    Vice President Kashim Shettima says the  Federal Government will ensure quick access to single digit loans for Nigerian small businesses.

    The vice president made this pledge on Tuesday in a message to mark the 2023 World Micro Small and Medium Enterprises (MSME) Day.

    He said that the Federal Government was aware of the impact of fuel subsidy removal on MSMEs and was working towards addressing it.

    “On this World MSME Day, the government of President Tinubu recognises the vital role that MSMEs play in driving economic growth, creating jobs, and promoting innovation.

    “We remain committed to providing support, fostering an enabling environment, and improving access to finance for MSMEs, especially in these unprecedented times.

    “We urge all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all.

    “We also recognise the plethora of issues that face MSMEs as a result of the subsidy removal.

    “However, the government is working urgently to ensure quick access to single digit loans for Nigerian small businesses within the shortest time possible.

    “Please note that the president is your partner and here to make life easier for your businesses.

  • Dangote, Elumelu, others for MSMEs awards

    Dangote, Elumelu, others for MSMEs awards

    The Nigerian Association of Small and Medium Enterprises (NASME) says 84 individuals and organisations are to receive its Micro Small and Medium Enterprises (MSME) impact awards.

    A statement issued on Friday by the President and Chairman of the Governing Council of NASME, Dr Abdulrashid Yerima, described the MSMEs impact awards as part of activities lined up to mark the association’s 25th anniversary.

    Yerima said that the recipients would be honoured for making remarkable impacts in their various fields of entrepreneurial development.

    According to him, the lecture and awards night is scheduled for Nov. 12 at the Ibom ICON Hotel and Golf Resort, Uyo.

    “Africa’s prominent business promoter, Mr Tony Elemelu, Gov. Emmanuel Udom of Akwa Ibom, Amb. Maryam Katagum and the Dangote Foundation have been nominated for the distinguished impact awards by NASME.

    “Also among those to receive the prestigious impact awards are 84 other individuals and organisations who have made remarkable impacts in their various fields of entrepreneurial development.

    According to Yerima, the aim of the award is to stimulate entrepreneurship consciousness and reward innovation, creativity and hard work among Nigerians in spite the odds.

    He said, “Vice President Yemi Osinbajo as special guest of honour would confer the awards on the recipients in Uyo.

    “While Mr Jean Bankole, the Country Representative of the United Nations Industrial Development Organisation (UNIDO) will be the keynote speaker.’’

    Yerima further said that MSMEs development was of critical importance to productivity in the realisation of the country’s economic emancipation.

    “No nation can be self-reliant and competitive in the international market without the development of the MSMEs sectors of the economy.

    “Without MSMEs, no nation can enhance the quality of life of its citizenry as well as be self-reliant and competitive in the market.

    “MSMEs is indeed the most important determinant of socio-economic growth, wealth creation, employment generation and overall improved standard of living,” Yerima said.

    He expressed NASME’s commitment to the overall socio-economic growth and development of MSMEs as means of improving the standard of living of Nigerians.

    “The NASME Award Committee made up of eminent Nigerians from diverse background had, after a thorough screening, recommended 89 individuals and organisations drawn from all sectors of the economy.

    “Other award winners are, Leo Stan Ekeh of Konga, Kayode Pitan, Wale Fasanya, Unubiko Foundation, LSETF, Ubadigbo Okonkwo, Jach Rich, Lanre Oniyitan and Degun Agboade.

    “Obiora Madu, NPF MFB Limited, SMEDAN, PAWED, NBTI, Opportunities Industrialisation Centre, NIRSAL, Development Bank of Nigeria (DBN), Bank of Industry (BOI) and Bank of Agriculture (BOA).

    “Other organisations include, Konga, UBA, Ecobank; Access Bank; Fidelity Bank, Wema Bank, Delta State Government, Bauchi and Borno State Governments,’’ Yerima said.

  • Non-Oil Exports: Fidelity Bank, NEPC, LBS Trains 100 MSMEs In Kano

    Fidelity Bank Plc, top Nigerian lender is training over 100 SMEs at the 8th edition of the highly acclaimed Export Management Programme (EMP) with the aim of providing impactful, world-class support to Micro Small Medium Enterprises (MSMEs) in Kano State.
    Organised by the bank in strategic partnership with the Nigerian Export Promotion Council (NEPC) and the Lagos Business School (LBS), this programme currently in its third year was designed specifically to enhance the competitiveness of export-oriented businesses.
    The programme has since graduated over 400 entrepreneurs who have transitioned from base level export experience to becoming established exporters with extensive export market footprints.
    Since the commencement of the programme in 2017, the bank had always planned to take EMP to other parts of Nigeria where there are critical mass market opportunities for exports.
    Speaking at the opening ceremony, the Bank’s Deputy Managing Director (DMD), Mohammed Balarabe commended the participants for enrolling for the programme, adding that it was smart investment decision in the light of emerging opportunities in the non-oil sector of the economy.
    “I am very confident that your business will benefit immensely from the insights and knowledge that the programme provides, with return on investment far exceeding the financial and economic costs of the programme to you” Balarabe said. Commenting on the rationale behind holding this edition in Kano, Mr. Balarabe noted that the decision was borne out of the need to exploit the massive potentials of the positioning of Kano as the hub for aggregation of agro commodities in Northern Nigeria.
    “Kano is the hub for agro commodity exports in Northern Nigeria and majority of these exports are done informally. We have brought this Programme closer to you to fully unlock the potentials of the Northern Exports market and help you gain the knowledge required to increase your market access” he said.
    Speaking in the same vein, the Regional Coordinator (Northwest) for NEPC, Mr Hassan Bala stated that the EMP 8 will help scale the capacity of existing and potential exporters to enable them participate fully in the non-oil export business in Nigeria. “The faculties we have gathered have the capacity and experience to assist the participants in achieving the target set for the programme. It is an invaluable training programme for all businesses interested in Nigeria’s foreign trade”.
    The Programme Coordinator and Lagos Business School Faculty Member, Dr. Frank Ojadi decried the over dependence of the country’s economy on oil exports.
    “The truth remains that Nigeria’s economy is overly dependent on the oil sector and this makes the prosperity of the economy reliant on crude oil prices. We need to concentrate on development of our non-oil export to increase revenues for the Government and generate employment for the populace.
    “We have the natural resources to be a world leader in exportation of several products and it all boils down to the matter of unlocking these potentials. This is one of the major reasons why we partnered with Fidelity Bank and NEPC to create a Programme that not only educates budding exporters, but also enhances the capacity of experienced Exporters to unlock new levels of the Export business. He explained that EMP is designed to equip participants with the knowledge, tools and skills required to develop their export businesses in line with global standards.
    “We have held seven (7) editions of this Programme in Lagos and majority of the participants have gone on to develop their Export businesses by leveraging on the information gathered. The facilitators will train the participants on how to package their products, development of supply chain and accessing overseas markets.”
    The EMP is one amongst a portfolio of innovative products and verticals that has positioned Fidelity Bank as one of the leading players in the Nigerian Non-Oil Exports space.

  • Nigeria has enough resources to go round its people – Osinbajo

    Nigeria’s future economic growth will be driven by small and medium-sized businesses, saya to Vice President Yemi Osinbajo, SAN.

    Osinbajo said this during the launch of the nationwide MSME clinic in Osogbo, Osun State on Thursday. He added that the Buhari administration will continue to support small businesses nationwide through its economic initiatives.

    The Vice President further said that there are enough resources to go round if the country and its people use its resources well, while urging Nigerians to tap into the potential in their communities to create wealth through entrepreneurship and MSMEs.

    “It is pleasing to know that over 4,250 participants registered to take part in this MSME clinic and that there are nearly 206 exhibitors across the ago-allied, manufacturing and retail sectors,” Prof. Osinbajo said.

    According to the Vice President “The small business is the engine of growth of the nation. We are here today, and I have seen for myself all the progress that small and medium businesses are making.

    “I am confident that if we work together on this initiative, the business environment for MSMEs in our country will certainly improve significantly and by extension grow the economy.”

    Also present at the event was Osun State Governor, Rauf Aregbesola; the Minister of Health, Prof. Isaac Adewole; Chairman, Federal Inland Revenue Service, Babatunde Fowler; among other government officials.

  • Samsung partners govt to open new technical training schools in India

    Samsung partners govt to open new technical training schools in India

    Samsung India on Friday signed an MoU with the Ministry of Micro, Small and Medium Enterprises (MSME) to open two more technical training schools and to renew the partnership for 10 existing schools being run across the country.

    As per the Memorandum of Understanding (MoU), the technology giant will open two new MSME-Samsung Technical Schools in Bengaluru and Jamshedpur, the company said in a statement.

    “We are committed to creating an industry-ready workforce and provide industry-oriented skills to our youth under the Skill India programme. Samsung has been a valuable partner in our quest to create a vast pool of talent,” Kalraj Mishra, Union Minister for MSME, said in a statement.

    Reinforcing its commitment to the government’s “Beti Bachao, Beti Padhao” campaign, Samsung also announced the MSME-Samsung Technical School Scholarship programme for girls and differently-abled trainees. A Meritorious Reward Programme for toppers at these institutes has also been launched.

    Under the MSME-Samsung Technical School Scholarship programme, 1,000 girls and differently-abled trainees, who have successfully completed the basic course, will be given a scholarship of up to Rs. 20,000.

    The toppers among Samsung Technical School students will also be given a reward of Rs. 20,000.

    “The government, with its ‘Beti Bachao, Beti Padhao Yojana’, has been trying to generate awareness about various welfare schemes for girls in the country,” Harsimrat Kaur Badal, Union Minister for Food Processing, said.

    Meanwhile, H.C. Hong, President and CEO of Samsung Southwest Asia, said: “Samsung is proud to help impart technical skills to youth of this country. Our collaboration with the Ministry of MSME has enabled us to tap the potential of youth and make them job-ready with the help of the Samsung Technical School initiative.”