MSMEs

Abuja, Feb. 6, 2024: The Nigeria and Germany have agreed to strengthen their collaboration to boost Micro Small and Medium Scale Enterprises (MSMEs) in the country.

The Minister of Industry Trade and Investment, Dr Doris Uzoka-Anite said this during a bilateral meeting organised by the ministry and the German Ministry of Economic Development on Monday in Abuja.

Uzoka-Anite acknowledged the existing partnership between both countries and expressed optimism for a stronger tie that would foster stronger mutually beneficial relationship between them.

“We are very happy to receive you here and as we already mentioned in the side meeting, you are interested in renewable energy, agriculture, increasing access to finance for MSME.

“And that will be a major booster for the industrial sector of the economy.

`The President (Bola Tinubu) is highly committed to and ensuring that the economy turns around job creation, poverty alleviation, inclusiveness, ensuring renewables.

“And all of these gears to increasing food, capital, investment in the country and boosting industrialisation,’’ she said.

According to the minister, to add more weight to Federal Government’s commitment, the president recently formed the Presidential Council on Industrial Revitalisation, which is chaired by the Minister of Finance.

Uzoka-Anite said: “in that we have about 11 point agenda where we are looking at all the different sectors of the economy and looking at how to revive the economy via all of these different sectors.

“The MSME segment cuts across all of the sectors and we know that if we can improve the SMEs we are immediately contributing about 45 per cent to Nigeria’s GDP.

“So, your coming to partner and support us in this development is a major booster to the presidential ambition to grow the economy to a one trillion economy.

“And see a GDP growth rate of almost seven per cent within a period of four to five years.

Responding, the German Minister, Ms Svenja Schulze, said Nigeria was one of the first countries Germany partnered with as early as 1959, and this collaboration had deepened to the benefit of both countries.

“Our cooperation, I want to point out again, is in our common interest.

“Nigeria is Africa’s largest and most populous economy, Germany is an export nation, we are interested in growing markets, so some 90 German companies are already active here in Nigeria.

“And one reason is that Nigeria has so many creative young people and that is what companies like to have and why they are here,’’ she said.

According to Schulze, Nigeria is currently facing security challenges which are overridden by conflicts of resources, climate change and population growth.

“And we all know that the core of these conflicts cannot be resolved by military means alone.

“The underlying causes must be addressed and this includes such as jobs, energy, food security and efforts to strengthen the rights of women.

“ We are aligned in the fight against terrorist. We already have a good cooperation, we have a lot of programmes we do a lot of things together and we want to deepen our cooperation

“And I just want to thank you for the exchange and we are looking forward to deepening our cooperation,’’ she said.

For his part, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, reiterated the commitment of the Federal Government to thrive small businesses in the country.

“This bilateral meeting essentially put together by the Ministry of Industry Trade and Investment and her counterpart, the German Minister of Economic Development and Cooperation, is one among series of interactions.

“This time, it aims at discussions on cooperation and bilateral support with regard to MSMEs in particular and economic cooperation in general across sectors.

“The sectors include agriculture, energy, particularly solar power and entrepreneurship skill development particularly for small-scale businesses and women led businesses,’’ Edun said.

The minister expressed hope that by the next meeting, scheduled for May, more agreements would be completed, and actual funds would be made available.

On taxes, Edun said it was a civic duty and the funds was necessary to improve the economy, increase productivity, create jobs, reduce poverty and carry out other government responsibilities.

According to him, the level of tax to GDP, the level of taxation that is collected, relative to the amount of economic activity Nigeria is one of the lowest in the world at 13 per cent.

He said across Africa, it was about 25 per cent while developed world and rich countries like Germany, it was over 50 per cent of GDP.

 “ This is collected by the government by way of tax and it facilitates there investment, social infrastructure and social services and welfare as a whole.

“So there is no getting away from the fact that adequate tax must be levied, adequate tax must be paid,’’ he said.

On increasing price of goods, the minister who said it was of great concern to the government and Nigerians, added that steps were being taken the government to ameliorate it.

“A lot of emphasis is placed on increasing agricultural production in particular.

“The president has intervened in that sector to provide grains, fertilizer to farmers, to bring additional increase to rice, maize wheat and cassava under additional production.

“In order to increase the output and bring down prices and that will help bring down inflation and of course, we are in the middle of the dry season farming.

“So we are looking forward to good dry season harvest that will help to ameliorate food prices in particular and the price level in Nigeria in general,’’ Edun said.

Abuja, Jan. 3, 2024: The Federal Government says it plans to launch the Expanded National Micro Small and Medium Enterprises (MSME) Clinics in Benue on Jan. 9.

Mr Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, said this in a statement on Tuesday in Abuja.

Adekunle-Johnson said the plan was in line with the administration’s commitment to support the growth of the MSME space in the country.

He stated that the initiative to be known as the Expanded National MSME Clinics would start in Makurdi, Benue in Jan. 9 featuring unique MSMEs in the state.

Adekunle-Johnson said that the ceremony would be performed by Vice-President Kashim Shettima, accompanied by Gov. Hyacinth Alia of Benue, some members of the Federal and State Executive Council and private sector partners.

” Immediately after the Benue event, the Vice-President will be in Maiduguri, Borno on Jan. 11 for the second edition of the Expanded Clinics, featuring small businesses in the state.

” He will be accompanied to the Borno Clinics by Gov. Babagana Zulum of the state, Cabinet Ministers and top government officials from the state.

” In the same vein, the 3rd edition of the Clinics tagged “Mega Clinics” will be held in the FCT on June 26 and will be closely followed with the National MSME Awards on June 27.

” The event will be part of activities commemorating the United Nations World MSME Day.”

Adekunle-Johnson said that the major highlights of the expanded national MSME Clinics included the involvement of private investors in rewarding outstanding businesses at the clinics as well as instant prizes for selected participants.

Abuja, Dec. 20, 2023: The Office of the Vice-President in collaboration with the Bank Of Industry (BOI) is set to commence the disbursement of loans to the Micro, Small and Medium Enterprises (MSMEs) by January 2024.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, made this known in a statement on Tuesday in Abuja.

Adekunle-Johnson said that the move was part of an effort in keeping to President Bola Tinubu’s promise to support the transformation of the MSMEs space in the country.

He revealed that the loans totaling about N75 billion would be given to small businesses across the country at an interest rate of nine per cent.

Adekunle-Johnson explained that the Federal Government and the bank would leverage existing platforms to provide the loans to small businesses, targeting women and youths.

He said that Tinubu’s Federal Government since assumption of office collaborated with stakeholders across the public and private sectors to provide massive support for MSMEs both in grants and loans.

Adekunle-Johnson said,  ” Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion.

” The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.”

Abuja, Dec. 5, 2023: The Federal Government has commended Access Bank P.lc., for the upward review of its loan scheme for Micro, Small and Medium Enterprises (MSMEs) from N30 billion to N50 billion.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice-President, stated this in a statement on Monday in Abuja.

Adekunle-Johnson recalled that in November, the bank announced the provision of N30 billion to support four million MSMEs, women and youths businesses in Nigeria.

He said the Group Managing Director of the bank, Mr Roosevelt Ogbonna, made the disclosure at a meeting with the vice- president, Kashim Shettima at the Presidential Villa.

Adekunle-Johnson said that the upward review of the loan was to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.

He also explained that the loans would be given to beneficiaries at discounted rate of 15 per cent.

According to him, any further review will be based on the loan performance after a year.

He said that Shettima appreciated the gesture by the bank and extolled the impact of its partnership with the Federal Government in the MSMEs space.

Abuja, Nov. 27, 2023: The Federal Government in collaboration with International Philanthropic organisations have partner to raise 200 million dollars to create jobs and support the Micro, Small and Medium Enterprises (MSMEs) space.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, made this known in a statement on Sunday in Abuja.

Adekunle-Johnson said that the funds raised would be invested in key programmes and projects that would create opportunities for employment across different target sectors and facilitate growth in the MSMEs space.

” Furtherance to this, the presidency has established the first ever Nigeria Philanthropy Office (NPO) – a private sector-led coordinating office domiciled in the Office of the Vice President.

” The office will facilitate this high level philanthropic support and impact investing for Micro, Small and Medium Enterprises (MSMEs) for targeted sectors that have high job creation potential.

“The mandate of the new office aligns with the job creation vision of President Bola Tinubu and the administration’s ongoing work in the MSME space. “

Adekunle-Johnson also said the office will contribute towards achieving the Federal Government’s job creation goals by working with donors, impact investors, financial institutions, and foundations.

” This will enable them to catalyse key interventions with potential for employing many Nigerians.

” The office will specifically focus on providing catalytic and non-catalytic support for existing and new entrepreneurs in the following sectors:

” Fashion entrepreneurs, irrigation Solution, Solar Panel Facilities, Agro Processing, Mechanised Industrial Facilities, Furniture entrepreneurs, Sustainable Agribusinesses, Renewable energy solutions.”

Adekunle-Johnson added the office would support the establishment of 12 Mega Hubs and shared office spaces across the country.

He disclosed that the Vice President Kashim Shettima has appointed an implementation committee for the office.

” The committee consist of local and international philanthropic and impact investing organisations, financial institutions and the Bank of Industry (BOI), NEXIM Bank, Wema Bank, Access Bank and the Nigeria Content Development Monitoring Board.”

He said that Ms Thelma Ekiyor-Solanke will serve as the Chairperson of NPO and the implementation committee.

He added that Ekiyor-Solanke has over 23 years experience working in the international development, philanthropy and impact investment sectors.

” She is the current Chairperson of SME.NG. She is a member of Nigeria’s National Advisory Board on Impact Investing (NABII) and the Chairperson of the Centre for Analytics and Behavioural Change (CABC) in South Africa.

” Ekiyor-Solanke has a law degree from the University of Buckingham, an MBA from Imperial College London and is currently completing a Doctorate at Cranfield University, UK. ”

Adekunle-Johnson revealed that the secretariat for the Committee would be coordinated by the Senior Special Assistant to the President on MSMEs and Job Creation.

Abuja, Nov. 11, 2023: Access Bank P.lc., has partnered with the Office of the Vice-President to provide N30 billion to support four million Micro, Small and Medium Enterprises (MSMEs), women and youths businesses in Nigeria.

The Group Managing Director of the bank, Mr Roosevelt Ogbonna, made this known in an interview with newsmen after a meeting with the Vice-President, Kashim Shettima at the Presidential Villa, on Friday in Abuja.

Ogbonna, who explained that the money would be provided to the MSMEs at discounted rates, said the bank had been supporting MSMEs and women over the last 16 to 17 years.

He said that the vice-president had directed the bank to give priority to women, saying, ” Shettima has a biased for women as we do.

” It was a very interesting meeting with the Vice-President Kashim Shettima, we spoke about how we can begin to impact the lives of women and youths in Nigeria as well as how we can support the MSMEs.

” We spoke on broad range of issues. We want to change the lives through the Office of the vice-president of small businesses of women and youths.

” We do agree and determine that about 66 per cent of MSMEs in Nigeria are owned by women and youths. And I think one of the challenges that they faced is access to finance.

” Working with the Office of the vice-president we agreed today that Access bank will provide about N30 billion towards supporting MSMEs and youths.”

He said that the bank had designed four different programmes to benefit no fewer than four million MSMES in the country

” This is not just about lending, we are building capacity by training the youths. We are ensuring that we can empower them through financing.

” We are also ensuring that we can find a new market for this MSMEs, so that any product or service they come up with they can find an outlet for it.”

Ogbonna also revealed that the bank would organise training programmes that would take them beyond the shores of Nigeria.

He added, ” So that they can be better when they return. Financing we expect that about 700,000 to a million people will be impacted but overall the programme will impact about four million MSMEs, youths and women.”

Ogbonna thanked the vice-president for granting them the opportunity to partner with the Federal Government.

He said, ” We are excited to be part of that process and we thank the office of the vice-president for giving us this opportunity to be a partner to his office.

” It will start from today, we just have to look for the deserving MSMEs. As we all know Access bank has been a bank that has supported SMEs and women for the last almost 16 to 17 years.

” All we are doing with this partnership is to give us significant impetus to do more. The vice-president has charged us to do less talking.

” We are now going to be on the streets to try and ensure that we get this off the ground immediately.”

On his part, Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, reiterated the readiness of the Federal Government to partner with the private sector to support SMEs.

He said, ” President Bola Tinubu has told the entire world that Nigeria is ready and truly we are ready. Our doors are open for business and partnership.

” And you cannot thrive in this economy without the private sector and nor can the private sector thrive alone with the public sector.

” So for us it is a partnership that has come to at the right time. They have pledged to their own N30 billion for the Micro, Small and Medium Enterprises (MSMEs) at a discounted rates of between 15 to 17 per cent.

” This is a viable opportunities for MSMEs and it not a programme that we will need to have another conference or a meeting for, it starts now.”

Abuja, Oct. 14, 2023: The Nigerian Association of Small and Medium Enterprises (NASME) says it is committing a N2billion empowerment fund to revolutionise the Micro, Small and Medium Enterprises (MSMEs) sector.

The National President of the association, Dr Abdulrashid Yerima, said this in a media briefing on Friday in Abuja heralding the 2023 West Africa SME Exhibition scheduled for Oct. 26 to Oct. 28.

Yerima said that the ‘MSME 4.0 Program and Empowerment Funds’ were designed to help MSMEs leverage the opportunities and benefits of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA).

According to him, adopting digital technologies and solutions can improve the performance of SMEs, market position and adaptability in the changing world.

“Under the theme MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation, this program is poised to bring about significant positive change for MSMEs and the nation as a whole.

“In recognition of the evolving digital landscape and the need for our MSMEs to thrive in this digital age, NASME in collaboration with a coalition of partners is proud to unveil the MSME 4.0 Program and Empowerment Fund.

“NASME is committing one billion Naira towards a Youth Empowerment Fund and another one billion Naira towards a Women Empowerment Fund.

“These funds are designed to foster entrepreneurship and generate one million employment opportunities, significantly contributing to our national economic growth,’’ he said.

While projecting that the exhibition would harness the potential of the AfCFTA, Yerima said that it would promote trade, foster economic development, and create opportunities for businesses across West Africa.

He added, “Our shared objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, enhanced trade within the sub-region and the structural transformation of West Africa’s economy.

According to him, the launch of the programme and empowerment fund will take place at the exhibition.

Yerima said that the programme would offer training, mentoring, networking, access to markets and finance and other support services to the participating MSMEs.

Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, represented by the Chief Industrial Officer in the ministry, Mr Esther Ajibola, reiterated its commitment to support the growth of MSMEs in the country.

Similarly, Dr Olawale Fasanya, the Director-General of Small and Medium Enterprises Development Agency (SMEDAN), represented by Mr Monday Ewans, Director of Enterprises Development in SMEDAN, Fasanya, emphasised the need to embrace digital technologies and solutions that can improve businesses.

“The agency is also committed to continue to support the MSMEs to overcome the challenges they face.

“We are aware that MSME are confronted with the issues of lack of finance, poor infrastructure, inappropriate legislation, competitiveness, lack of managerial skills among others.

“SMEDAN is committed to help MSMEs tackle the challenges, reduce poverty and create jobs,’’ Fasanya said.

Lagos, Oct. 7, 2023: The Nigerian-British Chamber of Commerce (NBCC) has collaborated with some regulatory agencies to enhance business efficiency and drive development of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

The President of NBCC, Mr Ray Atelly, on Friday in Lagos, via a statement, said the collaboration was done at the second edition of the chamber’s MSME Business Optimisation Clinic.

The key government agencies that partnered with the NBCC include Standards Organisation of Nigeria (SON) and Bank of Industry (BOI).

The others are National Agency for Food and Drug Administration and Control (NAFDAC) and Nigeria Export Promotion Council (NEPC).

According to Atelly, the agencies are critical overseers of activities of the industrial sector, to which MSMEs belong.

He noted that MSMEs played a pivotal role in the economic development of a nation as the backbone of any economy, providing employment opportunities, fostering innovation and contributing significantly to Gross Domestic Product (GDP).

The NBCC president urged key stakeholders to continue to provide extensive assistance to enable MSMEs to thrive.

“It is, therefore, incumbent upon us, as key stakeholders, to empower and support these enterprises in every way possible.

“Our goal is simple but powerful – to equip our MSMEs with the knowledge and tools they need to thrive in today’s dynamic business environment.

“They must henceforth be well-furnished with the expertise and resources required for success in the ever- evolving business landscape of today,” he said.

Mallam Farouk Salim, the Director-General of SON, said that the agency would continue to provide initiatives that would enhance expansion of MSMEs.

Salim was represented by Mrs Phebean Arumemi, Head, Small and Medium Enterprises Desk of SON.

He said that the Federal Government had given MSME operators the responsibility of integrating themselves into the SON-enabling business environment to accelerate expansion.

Mrs Udo Okonjo, Chief Executive Officer, Fine and Country, West Africa, said that there was the need for a robust and adaptable business model for MSMEs.

She urged MSMEs to provide exceptional and optimised products or services and adequate expertise in wealth and financial management.

“Transformative leadership and team collaboration, as well as comprehensive strategies for overall expansion, are very critical for the growth and development of MSMEs,” she said.

NBCC is a foremost bilateral chamber of commerce in Nigeria with the objective of promoting trade and investment between Nigeria and Britain.

Abuja, Sept. 29, 2023: The Federal Government says it is putting in place a N75 billion intervention fund to support small businesses in response to the country’s current economic challenges.

The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this at the beginning of the 18th Abuja International Trade Fair (AITF) on Thursday in Abuja.

The trade fair is with the theme “Sustainable Financing and Taxation”.

Uzoka-Anite, represented by the Director of Commodity and Export in the ministry, Mr Kaura Irimiya, said the fund, which would be disbursed in March 2024 was to strengthen the manufacturing sector.

The minister said that the Federal Government would also provide small grants to micro businesses in each of the 774 Local Government Areas in the country.

According to her, the government has announced a plan to support small businesses and startups in Nigeria in response to the country’s current economic challenges.

“We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector.

“We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation.

“We have also earmarked a fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.

“Last week, we launched the National Technology Export (NATEP) programme, in partnership with Microsoft.

“And earlier this year we launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) program, in partnership with African Development Bank and other partners,’’ she said.

The minister emphasised that empowering MSMEs was key to empowering youths and women and enabling them to contribute to the nation’s economic development.

According to her, the growth of MSMEs has a positive impact on the economy as it enables individuals to support their families and add value.

In his message, the Minister of the Federal Capital Territory (FCT), Nyesom Wike expressed the administration’s readiness to collaborate with the private sector to reposition economic and business activities in the city.

Represented by the Mandate Secretary, Economic Planning in FCT, Mr Chinedu Elechi, Wike solicited the cooperation of the private sector, especially in the area of taxation toward boosting the FCT internally generated revenue.

Speaking earlier on the theme of the fair, the President of ACCI, Dr Al-Mujtaba Abubakar, said: “ AITF had served as a trusted global trade destination attracting over 500,000 consumers.’’

He said that the trade fair provided a platform for business relationships, trade opportunities and ideas.

“As a leading chamber of commerce and industry, we continuously strive to improve the quality of our trade events and this year we have added side attractions such as rewards, free jollof rice tasting and a fashion runway to enhance the fair’s appeal,” Abubakar said.

According to him, the trade fair is part of ACCI’s initiative to connect businesses and create a platform for policymakers to interact with the business community, recognising the vital role of small businesses in the national economy.

“We encourage everyone to participate in the 12-day event, engage in business networking and attend special days organised by government Agencies, Ministries and Parastatals, States, private sector and countries,” Abubakar added..