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FG to Improve Access of MSMEs in Nigeria

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The Federal Ministry of Industry, Trade and Investment says the government is committed to improving access of Micro, Small, and Medium Enterprises (MSMEs) to business support in Nigeria.

Hajia Aisha Abubakar, minister of State, said this in Lagos on Thursday at the launch of Accreditation Framework for the Provision of Business Development Services in Nigeria and the Credit Information Portal (CIP) for MSMEs.

The programme was organised by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and Growth and Employment in States (GEMS).

The minister said the National Enterprise Development Programme (NEDEP) was focusing on MSMEs that had developed bankable business plans to be able to access funds that suited their business.

She said the government had moved to improve the global ranking of its MSMEs by launching the CIP to enable operators to access loans easily.

“According to the World Bank, Nigeria ranks 169 positions out of 190 countries on its Ease of Doing Business Index.

“We are desperate to improve this ranking otherwise our MSMEs will continue to operate sub-optimally locally and globally.

“We are working assiduously towards diversifying the economy which has enormous potential.

“It is been touted that if Nigeria can grow at the rate of seven per cent Gross Domestic Product (GDP) with little or no power, then it should be able to grow at the rate of 10 to 12 per cent,’’ she said.

The minister said the CIP would help to reduce the level of financial exclusion of Nigerians from formal lending.

“We will require SMEDAN and all stakeholders to provide periodic reports on the CIP deliverables and outcome to test its success rate and what can be done to still develop it,’’ she said.

Dr Dikko Radda, the Director-General of SMEDAN, said MSMEs sector urgently needed to move away from talk-shops to actions that would not only accelerate their growth, but make them globally competitive.

Radda said MSMEs were faced with a number of critical constraints which included lack of access to finance, lack of access to market and lack of access to workspace.

“The low level of access of finance and financial exclusion can largely be attributed to lack of credible information on sources and forms of business finance for MSMEs.

“This concern led to the joint effort of SMEDAN and GEMS3 who conceptualised and powered the CIP and the Business Development Service Providers Accreditation Framework Initiative.

“The CIP is designed to facilitate information collection and storage across the financial system and serves as a link between users of business finance and providers.

“We are hoping that this portal will create a better access to finance improve financial inclusion for MSMEs, generate more business for financial institutions and improve the overall climate of doing business in Nigeria,’’ he said.


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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