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Tag: MSMEs

  • Obaseki okays multipurpose production centres in Edo to boost activities of MSMEs

    Obaseki okays multipurpose production centres in Edo to boost activities of MSMEs

    In a concerted effort to support Micro, Small and Medium Enterprises (MSMEs) in the state for increased productivity, the Edo State Government through its skills development platform, EdoJobs, with development partners, are set for the launch of the Edo Production Centre, a multipurpose, one-stop-shop for small businesses.

    The centre is the brainchild of the Governor Godwin Obaseki-led administration and will be managed in partnership with the Market Development for the Niger Delta (MADE) II programme, Benson Idahosa University (BIU) and the Des Moines Area Community College in Iowa, the United States of America.

    Senior Special Assistant (SSA) to the Governor on Skills Development and Job Creation, Mrs. Ukinebo Dare, said that a number of production centres are going to be sited in the three senatorial districts of the state, noting that the pilot centre is situated in Benin City.

    She added that a stakeholders’ meeting has been schedule for January 7, after which different small and medium business owners will be allowed into the centre, which is equipped with 24 hours electricity and other support structures to make them more productive.

    Small businesses expected to be hosted at the centre include welding and fabrication, recycling and waste management, polythene makers, printing press, clothing factories, bakeries and confectionaries, packaging companies, among others. The center is fitted with factory space, security and office space.

    She said there will be live-in desks for relevant government agencies to engage, support and provide services to small businesses at the centre, noting that the agencies to be hosted are the Bank of Industry (BoI), Corporate Affairs Commission (CAC), National Agency for Food and Drug Administration and Control (NAFDAC), Edo Internal Revenue Service (EIRS), among others.

    According to her, “The Edo Production Centre is a space where small manufacturing and production businesses can take advantage of constant power supply, advanced training facilities and a space to do their business.

    “We realised that typical skills acquisition programmes need to be revamped to create lasting impact and provide viable paths to prosperity for youths. So, skills acquisition in Edo is currently delivered alongside entrepreneurship and business management, start-up acceleration, digital marketing and branding programmes.”

    She said the project will be made up of a shared workspace for artisans and an efficient delivery and logistics ecosystem, and users will be able to enjoy power and water supply, internet services, warehousing, a shared online portal to improve access to market and in some cases shared equipment.

    “Artisan groups to benefit from the project include welders, furniture makers, tailors, aluminium fabricators, shoe manufacturers, wood processors and so on,” she added.

     

  • Fidelity Bank To Empower MSMEs In Anambra State

    Fidelity Bank To Empower MSMEs In Anambra State

    …Partners Obiano administration

    Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo has disclosed plans to partner with the Anambra State government in renewed efforts to assist and grow the Micro Small and Medium Enterprises (MSMEs) in the state. This move perhaps, is driven by the increasing role of MSMEs in the transformation of economies.

    Okonkwo who made this known at a breakfast meeting of the Nigerian American Chamber of Commerce (NACC) held recently at the Intercontinental Hotel, Lagos described Anambra as a unique state that boasts of thriving commercial cities such as Nnewi and Onitsha among others. He noted that the Bank was well positioned to provide support to businesses that empower the citizens and boost the economy of the State.

    Providing valuable insights into Fidelity Bank’s unique approach to supporting MSMEs in the country, the Fidelity boss said that the lender established the Managed SME Division to provide one-on-one advisory access to market for its teeming customers. “We want to guide aspiring entrepreneurs on how to run successful businesses. Our goal is to build requisite capacity in order to create the Aliko Dangotes’ of tomorrow”, he added.

    Speaking in the same vein, the Executive Governor of Anambra State, Willie Obiano, said his state provides substantial opportunities for attracting investment in Nigeria. Obiano who was represented by his Deputy, Nkem Okeke said “Indeed, I have absolutely no doubt that any objective assessment of all the 36 states of the federation would put Anambra as the state that has the greatest chances of producing the most surprising development results in the next five years,” the Governor said.

    He explained that he inherited a state with an average ambition which later transformed to a giant investment magnet through his government’s strategic re-focusing and commitment to excellence. “What is widely accepted today as the Anambra Investment Success Story is essentially driven by the resolve of my administration to open a new vista of excellence for Ndi Anambra,” Obiano said.

    “It is a product of a bold determination to change the story of our people and to replace our single story with multiple stories. To the grace of Almighty God, our story has become multi-textured and multi-layered today. He further stated that the government’s “exploits in this regard can be broken down into the Four Pillars in our Blueprint. Thus, we have investments covering the broad areas of Agriculture, Industrialisation, Trade and Commerce and Oil and Gas.”

    Earlier, the President, Nigerian-American Chamber of Commerce, Olabintan Famutimi, commended the Governor for setting up the Anambra State Investment Promotion and Protection Agency (ANSIPPA), which he credited for “creating the desired enabling environment in the State to attract the huge investments so far recorded and potentially to be recorded across diverse economic sectors and value chains, particularly in agriculture. This is worthy of emulation by other States.”

    He disclosed that the NACC has been declared an African Growth Opportunities Act (AGOA) Resource Centre by the US Government, qualifying them to undertake trainings and pledged the preparedness of the Chamber in collaboration with the US Commercial Service and USAID to train the State’s entrepreneurs.

    However, he urged the Governor to embrace AGOA, the free-duty export to America programme of the US Government which will exponentially grow the businesses of MSMEs in the State, increase export of Made-in-Anambra goods, and increase IGR for the government.

  • Microfinance banks loans to MSMEs hit N214b in Dec 2016 — CBN

    Microfinance banks loans to MSMEs hit N214b in Dec 2016 — CBN

    The Central Bank of Nigeria (CBN) on Friday said that total credit granted by Microfinance banks to Micro Small and Medium Enterprises (MSMEs) has hit N214.32 billion as at December 31, 2016

    The Director of Other Financial Institutions Supervision Department (OFISD),Mrs Tokunbo Martins made this known at the 2nd Annual Professional Training organised for Lagos state Microfinance banks operators.

    TheNewsGuru.com reports that the seminar was organised by National Association of Microfinance Bank, Lagos Chapter (NAMBLAG) in conjunction with CA Compusult and Associates with the theme “Sustainable Microfinance Banking in Nigeria’’.

    Martins also said the total assets of the sub-sector presently stood at N365.51 billion.

    She said the figures above was grossly inadequate given the country’s population of 170 million that largely consisted of people at the bottom of the social pyramid that consisted a veritable targets of the banks

    She added, “the industry is highly concentrated and unevenly distributed with the top 10 of the 991 Microfinance banks accounting for 37 per cent to 40 per cent of the total loans, deposits and assets as at March 31, 2017.

    “The sub-sector is also under capitalised with high non-performing loans and characterized by a high spate of distress and failures with many institutions particularly unit Microfinance banks technically insolvent or inactive.”

    Martins said the bank has also expended 12 million dollars to register the 991 Microfinance banks and some finance houses with Credit Bureaux to enable them combat dubious customers.

    Martins, who was represented by Mr Bassey Ekpo, a deputy Deputy Director in OFISD ,however, commended NAMBLAG for organizing the seminar.

    “ I also commend the association for considering it appropriate to hold the the brainstorming seminar outside Lagos to enable maximum concentration.

    “The seminar is significant in three vital aspects, firstly, it holds on the heels of the recent economic recession that hits the country.

    “Secondly, the theme this year underlines the need for stakeholders to re-tool and re-invent themselves in the face of economic challenges.

    “Thirdly the seminar holds at the time of economic challenge in which Microfinance banks is expected to play critical role and contribute to the on –going economic recovery efforts.”

    The Chairman of NAMBLAG, Mr Omololu Fatunbi, in his keynote address, commended CBN for its support to the banks.

    Omololu said that NAMBLAG was not unaware of the many initiatives by the apex bank to push Microfinance banks to higher level.

    The NAMBLAG boss said that the he would also put all efforts to ensure all the banks in the state meet the deadline for the registration of Bank Verification Number (BVN).

    Reacting to performance of the sub-sector, he said the banks in Lagos state were ready to support the Federal Government’s effort to take the country out of recession.

    “By God’s grace, NAMBLAG will ensure that our services are extended to all Nigerians living in Lagos State.

    “We will penetrate the rural towns and villages to empower them for agricultural development.

    Over 100 microfinance banks are participating in the two-day event.

     

     

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  • MSMEs loan accessibility: Osinbajo signs 2 bills into law

    Acting President, Prof. Yemi Osinbajo has signed into law two bills that would facilitate access to more affordable credit for Nigerians.

    The laws are: the Secured Transactions in Movable Assets Act, 2017 (otherwise known as Collateral Registry Act) and the Credit Reporting Act, 2017.

    The Collateral Registry Act ensures that Micro, Small and Medium Enterprises (MSMEs) in Nigeria can register their movable assets and accounts receivable in the National Collateral Registry and use same as collaterals for accessing loans.

    This in turn will increase their chances at accessing financing and tackle one of the major obstacles faced by MSMEs.

    The Credit Reporting Act provides for credit information sharing between Credit Bureaux and deposit lenders as well as other institutions that provide services on credit such as telecommunication companies and retailers.

    A Credit Bureau is a company that collects information relating to the credit ratings of individuals and makes it available to financial institutions that need such information.

    Such information is used to determine an individual’s credit-worthiness and whether or not to grant loan applications to such individuals.

    Access to credit is critical to economic growth and is considered to be the motor for driving private sector development.

    However, in Nigeria more than 70 per cent of private enterprises, typically MSMEs, have limited or no access to credit.

    Credit applications get rejected due to insufficient credit history and information for the lender to use to make a reasonable judgment, as well as unacceptable collateral but the two new Acts remove those obstacles for MSMEs.

    Traditionally, banks only give loans to businesses that can provide fixed land and property as collateral.

    This shuts out MSMEs which usually own only movable assets like motor vehicles and equipment.

    The Collateral Registry Act, 2017, will give confidence to lenders to utilise the Registry and thereby make credit available to MSMEs and individuals through the use of their movable assets as collateral.

    The Credit Reporting Act enables lenders to make reasonable judgment on whether or not to extend credit to an individual, and reduces the cases of bad loans.

    On Feb. 21, the National Assembly (NASS) publicly committed to passing the two bills as part of the 60-Day National Action Plan for Ease of Doing Business initiated by the Presidential Enabling Business Environment Council (PEBEC).

    NASS last week forwarded the bills to the Acting President for assent.

    The Acts, thus replace the existing Central Bank of Nigeria (CBN) Guidelines regulating the operations of the National Collateral Registry and Credit Bureaux by formal legal frameworks.

     

  • Economy recovery only possible if… – MAN

    Economy recovery only possible if… – MAN

    The Manufacturing Association of Nigeria (MAN) has called on Nigerians to patronize made in Nigeria goods to help develop the manufacturing sector, stressing it is the only way to recover the economy.

    Mr Olu Odun, President of the Association told the News Agency of Nigeria at the Media Launch on Made in Nigeria goods in Abuja that there was the need for Nigeria to imbibe the spirit of buying made in Nigeria products.

    “When we buy made in Nigeria, we employ our youths, we also bring money into the country.

    “The economy recovery plan of the government will only be possible if the country’s citizens will buy what is produced in the country thereby keeping her worth” he said.

    The federal government on Thursday launched Media campaign on Made in Nigeria goods.

    The Minister for Industry, Trade and Investment, Okechukwu Enelamah at the launch noted that the whole importance of the campaign was to create the right environment that would encourage SMEs reduce the cost of doing business as well as make local production affordable.

    “This commitment has given born to SMEs clinic which entails taking services to the people”, he said

    He added that government was also working hard to make funds available to SMEs.

    Also, Minister for State Industry, Trade and Investment, Aisha Abubakar stated that this initiative was in line with the fundamental objectives of diversifying the economy from over dependence on oil export.

    She added that the idea would help to increase local industrial capacity and reduced importation of goods and services.

    “This is expected to boost the Nigerian economy by reviving the local industries to produce good quality products of international standards that will be available and affordable.

    We need to motivate our MSMEs and assist them become formidable brands and support those who are successful by utilising their products and celebrating them”. She said.

  • Plans to empower 360,000 MSMEs annually ongoing – FG

    The Federal Government has said it has started implementing plans to empower 360,000 MSMEs annually.

    This was revealed by the Special Adviser to Vice President Osinbajo on Micro, Small and Medium Enterprises (MSMEs), Mr Tola Johnson.

    Johnson, a member of the recently inaugurated 22-member council for Nigeria’s MSMEs sector said this in an interview with newsmen in Abuja on Sunday.

    According to him, the empowerment process is being done through the MSMEs clinics.

    TheNewsGuru.com reports that the MSMEs clinics is an initiative of the Presidency, aimed at addressing grassroots problems of MSMES across Nigeria.

    Vice President Osibanjo had inaugurated the programme in January in Aba, which was home to many local manufacturers in the country.

    “The target of the MSMEs clinics is to try and affect positively, the lives of 360,000 MSMEs in a year. People keep saying it is a very tall order, but it is achievable.

    “So far, we have only gone to three states and we have successfully engaged with 4,602 MSMEs and we haven’t even touched Lagos, Port Harcourt, and Kano.

    “In May, I’m sure the number will double significantly because we are going to five states.’’

    Johnson said that the Federal Government was presently working toward reopening at least six industrial development parks in the country, one for every region.

    “The government has about 23 industrial parks, only about two or three of them are working, the others are moribund.

    “We have gone to inspect the one in Abuja for a start, and look at a few around the country, to see how we can either through Public Private Partnership or whichever way the government decides to quickly reactivate at least six.

    “We plan to have SMES access them, because what this does for them is that it will help solve many of their business problems.

    “When they co-exist in a shared facility, once NAFDAC regulates and confirms that this shared facility meets the standard, you have made the standard, she has made the standard, and he has made the standard.

    “Also, these clusters of 50 to 200 businesses won’t likely be asked for collateral. Your access to loan will be easier and you will not be as risky as you were before.

    “So, the industrial development parks will de-risk the sector in those aspects,” he said.

    Johnson said that from the 4,602 MSMEs they had interacted with so far, contrary to common belief, access to finance was not the main bottleneck of MSMEs in the country.

    For instance, he said many of them do not know how to put up a profit and loss account, which hinders effective management of funds.

    He said first of all, owners of MSMEs in the country were in dire need of capacity building then access to the right kind of financing facility.

    “This is why you have businesses that open in January and shutdown in December. So many of them need capacity building then access to finance.

    “Access to finance has to be in the right structure to be of benefit to MSMEs, because if you want a loan you can go to any commercial bank and get it at 25 to 30 per cent.

    “However, access to finance for at least five years tenure, single digit is the right structure for these businesses and the government is already working to address this with the newly established Development Bank of Nigeria.

    “The core function of the DBN is to address the bottlenecks in the MSMEs sector.

    “It intends to clean it up, make it more attractive and serve as wholesale banker to commercial banks, Microfinance banks so they can lend to the MSMEs at a good rate and longer tenure.’’

    Johnson said that through the MSMEs clinics, other challenges faced by the businesses were being addressed on the spot, from difficulties getting NAFDAC number, adequate electricity and tax clearance, among others.

    “ I can tell you that at least, hundreds of NAFDAC numbers have been collected since we started the clinics.

    “For NAFDAC, when the clinics started, the first thing they did was to reduce MSMEs product registration by 50 per cent.

    “Bank of Industry (BoI) also decided that the MSMEs fund they had inaugurated about two years ago, which wasn’t doing particularly well, they said `you know what, lets re-launch this fund this year in line with the MSMEs clinics.

    “We told them you cannot use universal criteria to judge the MSMEs. So try and reduce some of the criteria.

    “If you have your documentation right, if you need between one and N10 million credit facility, you don’t need collateral. Just get two solid guarantors. So once this is achieved, it will be a step forward,” he said.

    When asked if the government may consider granting tax breaks to MSMEs as encouragement, Johnson said the government was looking at every option that could make their lives easier and better.

    “From the Federal Inland Revenue Service, to the Vice President, they are looking at so many options, to give MSMEs breathing space to strive and expand,’’ he said.

     

  • Empowerment: Osinbajo inaugurates National MMSE Council

    As a way of ensuring empowerment, employment generation and entrepreneurship, the Vice President, Prof. Yemi Osinbajo on Wednesday in Abuja inaugurated the National Council on Micro, Medium, and Small Enterprises (MSMEs).

    Osinbajo also announced the reduction of the membership of the MSMEs from 43 to 21.

    Osinbajo said at the inauguration of the council that the reduction was to ensure effectiveness and proper coordination.

    In his words: “This Council shall be the apex body on MSMEs development in the country, providing guidance and coordination on the establishment of strategies and policies for the wholesome support of MSME development in Nigeria.

    “The next few years will be decisive for Nigeria in many profound ways.

    “Our ability to create a modern industrial economy able to provide livelihoods for millions and a future for multiples will be tested.

    “The challenge calls for our sharpest minds and best talents.

    “And you ladies and gentlemen who form this council are of that required caliber, we simply cannot afford to fail.’’

    The vice president described the council as a fresh, streamlined and refocused National Council on MSME.

    He said that the council “was the coordinating platform for the implementation of all development programmes within the sub sector, especially the National Enterprise Development Programme (NEDEP)’’.

    He said NEDEP was the administration’s repackaged and strategic platform to deliver growth and sustainability within the MSMEs subsector.

    He said the importance of the MSMEs was enormous as they were the bedrock of the nation’s industrialization and inclusive economic development and also the most important component of industrialization.

    “This is the primary driver of employment, wealth creation and poverty alleviation for our government,’’ he said.

    Osinbajo recalled the survey by SMEDAN and National Bureau of Statistics showing that over 37 million MSMEs existed in the country employing no fewer than 59.7 million persons, contributing 48.4 per cent to GDP and 7.27 per cent to exports.

    He, therefore, said that if each MSME employed an additional person the administration would create over 37 million extra jobs.

    “With NEDEP we are making MSMEs a central part of our national growth and economic policy.

    “This is a new model for national enterprise development and would reach every one of the 774 local governments in Nigeria.

    “We have identified and are supporting at least one product in each of the local governments based on each local government’s area of competitive and comparative advantage.

    “NEDEP will unlock the Nigerian MSMEs sub sector by resolving the issues that most small businesses have to contend with.

    “These are access to finance, access to markets, weak business development dearth of technical skills, lack of infrastructure and insufficient market information,’’ he said.

    The VP said that with NEDEP the administration would create enterprise zones with the required infrastructure for small businesses to succeed.

    Osinbajo said the programme would transform the country through employment generation, facilitating economic linkages and engendering rural industrialization.

    “As we look ahead, it is important that we not only sustain the momentum of NEDEP and other development programmes such as the highly successful nation-wide MSME clinics but we must coordinate their impact for effectiveness and sustainability.

    “This is the crucial relevance of the National Council on MSMEs,’’ he said.

    “The Council will effectively coordinate the enterprise development efforts made by the various tiers of government, International Development Partners (IDP) and the private sector towards job creation, wealth creation and poverty alleviation in Nigeria.

    “The Council will draw its membership from the public and private sectors and its secretariat shall be the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    “It is important to re-emphasize the point that this Council will have the same success delivery platform as the Presidential Enabling Business Environment Committee (PEBEC).

    The VP outlined the responsibilities of the Council to include coordinating the activities of all stakeholders in both the private and public sectors to ensure that all efforts and activities are geared towards the priority sectors of the economy.

    Others are guiding the Federal Government on the formulation of broad policies and strategies to drive the wholesome development of the MSMEs sub-sector in Nigeria.

    TheNewsGuru.com reports that the council will be coordinating the roles and responsibilities of Government Ministries, Departments and Agencies (MDAs), State and Local Governments and other stakeholders responsible for MSME development.

    It will be promoting inter-agency synergy and cooperation in MSME development and encouraging and strengthening Public-Private- Partnership and Public-Public-Partnership in MSME development.

    It is to ensure the creation of an enabling environment to facilitate the development of MSME clusters, infrastructure upgrade, access to finance, MSME capacity building and fostering increased awareness and ensuring stakeholders’ buy-in on MSME development programmes, initiatives and projects.

    The council will also ensure the institution of an effective framework for monitoring and evaluating the impact of MSME policies, programmes, projects and initiatives as well as ensure that the principles of the National Policy on MSMEs are achieved and reviewed as the need arises.

    TheNewsGuru.com that the Minister of State for Industry, Trade and Investment, Mrs Aisha Abubakar, in an address said the Council looked forward to creating an MMSE sub-sector that could drive the administration’s diversification programme.

    Also the D-G of SMEDAM, Dr Dikko Radda, said that the inauguration was good for the development of the economic sector and showed the importance the administration had given to MSMEs in the development of the nation’s economy.

    According to him, the creation of additional 37 million jobs being proposed to the council, will eliminate joblessness in the country.

     

     

     

     

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  • BoI, LCCI partner on MSMEs development

    The Bank of Industry (BoI) has reaffirmed its commitment to the development of the Micro, Small and Medium Enterprises (MSMEs) sector in enhancing sustainable economic growth.

    The acting Managing Director of BoI, Mr Waheed Olagunju, said in Lagos on Tuesday during a MSMEs forum that significant attention should be given to MSMEs to enhance their sustainability and societal impact.

    The forum was organised by BoI in partnership with the Lagos Chamber of Commerce and Industry (LCCI).

    Olagunju said that BoI would continue to support projects with potential to create significant jobs and value creation opportunities geared towards facilitating a robust and integrated economic growth.

    According to him, BoI will drive MSMEs penetration through its cluster strategy, strategic partnership with Microfinance banks and business development consultants, customer engagement and capacity building.

    He said that the bank was increasing its nationwide footprints to reach more businesses through its 21 offices located in different parts of the country.

    According to him, the bank’s strategic partnership of matching funds with various state governments, agencies and high net worth individuals is designed to support SMEs at five per cent interest rate.

    Olagunju said that BoI had N11 billion fund in its matching fund partnership with 21 state governments.

    He said that the bank was managing over 10 special funds valued at N1 trillion for Federal Government institutions and high net worth individuals under various schemes.

    Olagunju was represented by Mr Yinka Adegboye, Group Head, Strategy and Corporate Transformation of the bank.

    Also, Mr Sola Oyetayo, Chairman, Trade Promotion Board, LCCI, said that the partnership with BoI was strategic in building the capacity of MSMEs operators to the various financial opportunities and business support available in the country.

    He said that the alliance would translate to increased job creation, poverty reduction, export promotion and increased contribution to nations Gross Domestic Products (GDP).

     

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  • BoI launches N1bn solar energy fund for MSMEs

    The Bank of Industry (BoI) on Friday launched a N1 billion solar energy fund for use by Micro, Small and Medium Enterprises (MSMEs) across the country.

    The intervention fund aims at providing alternative and renewable energy for small businesses.

    Mr Waheed Olagunju, the Acting Managing Director of BoI, said at the ceremony that renewable energy would provide healthy and sustainable alternative to the use of harmful fossil fuels.

    Olagunju said the solar project would afford beneficiaries long-term cost saving advantages, especially in the absence of reliable power supply.

    He said that the cost of electricity accounted for about 40 per cent of operational expenses for most MSMEs resulting in reduced profit margins, uncompetitive and generally unsustainable ventures.

    According to him, many Nigerians and Nigerian businesses that can not 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 N3.5 trillion 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 industrialization, modernization, 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 said.

    Olagunju said that it was important to support the provision of sustainable and reliable energy for MSMEs which was the reason BoI 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.

    “We have successfully deployed solar solutions worth N240 million 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 provision of solar electricity has reduced energy costs, created more micro businesses, improved healthcare and quality of education, and generally provided a new lease of life for indigenes of these otherwise unserved communities.

    “This initiative is being replicated in other rural communities in collaboration with our development partners, UNDP and relevant state governments.

    “It is now being scaled up to provide energy for MSMEs across the country commencing with the N1.0 billion Solar Energy Fund that we are here to launch,” he said.

     

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  • LASG okays funding for 281 MSMEs

    LASG okays funding for 281 MSMEs

    The Lagos State Government says it has so far approved funds for 281 micro-enterprises, of which 150 have received offer letters under the pilot scheme of its Employment Trust Fund (ETF).

    Mr Akintunde Oyebode, the Executive Secretary of the ETF, made the remark on Friday in Lagos, at the presentation of offer letters to some of the beneficiaries.

    According to Oyebode, the pilot scheme of the ETF seeks to support 1,000 Micro, Small and Medium Enterprises (MSMEs).

    Oyebode said the distribution of the offer letters was in pursuit of government’s overall goal to support 100,000 MSMEs and create 300,000 and 600,000 indirect jobs by 2019.

    He said that under the pilot scheme, beneficiaries would be given five per cent interest loans between N300, 000 and N500, 000 and are expected to repay within 12 months.

    “Subsequently, we will roll out the SME loan programme of up to N5 million for three years,’’ Oyebode said.

    He said that a lot of organisations were engaged in the selection, verification and disbursement of loans to the beneficiaries, and also provided applicants through their membership.

    One of the recipients, Mr Charles Obi, on behalf of other beneficiaries, thanked Gov. Akinwumi Ambode for keeping to his promise.

    Recall that Ambode in January signed the N25bn Employment Trust Fund Bill into law, to address unemployment and promote wealth creation through entrepreneurial development.

     

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