General News
World MSME Day: Moniepoint Celebrates MSMEs as the Backbone of Global Economies and SDG champions
Micro, Small, and Medium-sized Enterprises, MSMEs have continued to demonstrate remarkable resilience and adaptability, in facilitating economic growth and development across borders in spite of economic downturns and global crises.
Driven by the increased need to improve access to financial services to power sustained and inclusive progress, Africa’s fastest growing financial institution according to the Financial Times, Moniepoint MFB has reiterated its commitment to providing peerless and holistic support for, MSMEs in order to boost their capacity to achieve the Sustainable Development Goals, while promoting innovation, creativity, and sustainable business practices across the country.
According to the United Nations, MSMEs account for over 90% of businesses and 60-70% of employment worldwide. These enterprises make up 50% of global GDP. They contribute to the global economy and sustain livelihoods, particularly among the working poor, youth, women, and workers in vulnerable situations.
It would be recalled that following a resolution adopted by the UN General Assembly in April 2017, 27th of June was designated as “Micro-, Small, and Medium-sized Enterprises Day” to raise awareness of the tremendous contributions of MSMEs to the achievement of the United Nations Sustainable Development Goals (SDGs).
Speaking on the commemoration of this year’s World MSME Day, Managing Director, Moniepoint MFB, Babatunde Olofin noted that MSMEs can lead the charge toward a sustainable and prosperous future with the proper support from governments, financial institutions, and consumers at large while explaining that enablers like Moniepoint is willing to partner with all stakeholders to can create an environment that supports MSMEs in their efforts to invest, trade, and thrive in local and global markets, harnessing the attendant developmental benefits.
“We recognize that MSMEs are the lifeblood of the Nigerian economy. Millions of people depend on them every day for food, daily necessities, and sustenance. For businesses across Nigeria, we have just one promise – we’re always going to be here to make you happy.
“As we celebrate this year’s World MSME Day, we must all acknowledge the hard work, dedication, and perseverance of MSMEs and the driving the charge to not only bolster economic stability but also foster sustainable development, helping to eradicate poverty and improve quality of life for Nigerians,” Olofin said.
He continued, “on a day like this, we must renew our commitment to join hands – agencies of government, private sector operators, and all stakeholders – to continue supporting MSMEs through policies, funding, and capacity-building initiatives.
“By empowering MSMEs, we pave the way for a more sustainable, inclusive, and prosperous future for all, especially the coming generations.”
Moniepoint MFB has been widely recognized for its innovative efforts at giving small businesses access to digital financial services, including the ability to accept payments, access working capital loans and manage their finances, that helps them to increase productivity, serve customers better, and ultimately to grow.
In a bid to look out and champion the survival of small business even as the world celebrates MSMES, the financial services powerhouse recently provided incentives to some business owners across Nigeria to ensure the lights are kept on. Gift vouchers ranging from 3 months’ worth of inventory restock for a general retail services provider to two months’ worth of sewing material to a tailor even as a food & drinks supplier received a fuel voucher in order to solve his logistics needs amongst other recipients.
The beneficiaries who expressed their gratitude to Moniepoint noted that the gesture would go a long way to boost their productivity and ensure that they can better serve their local communities.
As the sector closest to local communities, MSMEs are essential for creating local jobs, empowering women, youth, persons with disabilities and other groups in vulnerable situations. Commemorating MSME Day is a recognition that this vital sector, who are these agents of innovation, growth, and sustainability, at the heart of our societies has tremendous potential to unlock critical pathways to accelerate SDG progress across the globe.
National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate following the approval of a N20 billion take-off fund by President Bola Tinubu.
Speaking in an interview, Dr. Matthew Adepoju, director-general, NASRDA, emphasised that the agency’s regulatory functions, as outlined in the NASRDA Act (2010), have remained unfulfilled since its establishment in 1999.
To address this, Adepoju submitted a memorandum to President Tinubu advocating for enforcement of space regulation, leading to the recent approval of funds.
Adepoju highlighted the urgency of regulating Nigeria’s space sector to prevent misuse, particularly regarding security-sensitive activities.
The regulatory framework will oversee:
Satellite image providers
Geographic information system operators
Satellite-based telecommunications and broadcasting services
He warned that unregulated geographical data intelligence could be exploited by non-state actors, underscoring the importance of strict oversight.
NASRDA has set up a licensing platform open to public and private sector operators in the space industry.
The regulation will cover Nigeria’s three space segments:
Upstream – Deep space activities
Midstream – Satellites and orbital objects
Downstream – Ground stations and space service users
Although the agency has yet to access the N20 billion fund, Adepoju confirmed that regulatory and licensing functions have commenced.
Amazon has released more details on Project Kuiper, its plan to establish a satellite internet service resembling Starlink. The first launch of satellites for Amazon’s Kuiper project is set to ascend as soon as April 9, less than a week away.
27 satellites are planned to be deployed using an Atlas V rocket, which will blast off from Cape Canaveral Space Force Station in Florida.
This is just the earliest beginnings of the system, which Amazon says will be made up of 3200 satellites in low-Earth orbit. And that’s just for the “first-generation” system that will provide home internet to, according to Amazon, “virtually any location on the planet”.
Amazon has more than 70 additional launches for Project Kuiper planned over the next few years, including sending satellites on rival SpaceX’s rockets.
“We’ve designed some of the most advanced communications satellites ever built, and every launch is an opportunity to add more capacity and coverage to our network,” says Rajeev Badyal, Vice President of Project Kuiper.
“This will be the first time we’ve flown our final satellite design and the first time we’ve deployed so many satellites at once.”
Despite being quite early on in establishing the satellite array required for a functional satellite internet system, Amazon expects to be able to start offering the service “later this year.”
Project Kuiper vs Starlink
Rival Starlink currently has more than 7000 satellites in low-Earth orbit, and future plans include expanding that array to a count of 34,400.
Starlink has also become the leading provider of space junk, with the company’s satellites falling out of orbit “almost every day” according to Space.com.
Satellite internet services like those of Starlink and Project Kuiper require a satellite receiver, which currently starts at £300 for Starlink models.
Starlink charges £75 a month for home internet, which can provide up to 220Mbps typical internet speeds, according to the company’s website.
Satellite internet can often be a workable solution for homes not covered by optical fibre or 4G/5G mobile internet.
The company has also supplied Ukraine with internet connectivity since Russia invaded Ukraine in 2022.
“My Starlink system is the backbone of the Ukrainian army. Their entire front line would collapse if I turned it off,” SpaceX CEO Elon Musk claimed on X. He has since claimed he does not plan to deactivate Ukraine’s access to the service.
Nigerian Military, in partnership with Briech UAS, a communications company, has unveiled the first and largest indigenous attack drones and bombs in Nigeria and Africa.
Briech UAS, alongside the Nigerian Army, demonstrated these attack drones and bombs at the company’s headquarters in Abuja on Wednesday.
General Christopher Musa, chief of Defence Staff (CDS), hailed the initiative as a significant milestone in Nigeria’s progress toward self-reliance in defence technology and a crucial step in enhancing national security.
Musa highlighted the importance of developing combat drones, particularly for intelligence gathering. He pointed out that these drones would play a pivotal role in addressing complex and asymmetric security threats.
“These force multipliers will greatly enhance the operational effectiveness of our military, especially in a world where global politics complicate the procurement of advanced military hardware,” he stated.
“Countries that do not produce these solutions face bureaucratic and diplomatic challenges when acquiring essential platforms. We are directly addressing this challenge.
“If we do not produce what we need, we will be at the mercy of others, even if we have the financial resources to acquire them.
“By manufacturing these drones locally, Nigeria reduces dependence on foreign resources, ensures faster acquisition, and strengthens its ability to respond to security threats swiftly.
“With the brilliant minds we have, particularly among our youth, we can create outstanding technology that competes on a global scale,” Musa said.
Plateau Governor Caleb Mutfwang underlined the importance of supporting indigenous products for Nigeria’s growth.
He stressed that the drones would be vital in safeguarding the country’s sovereignty, particularly in Plateau State, where some of these technologies have already been deployed to enhance the efficiency of ground forces.
Mutfwang also revealed that his state was collaborating with local bomb and drone manufacturers like Briech UAS to counter insurgency with domestically produced weapons.
“As a nation, we made a mistake by allowing non-state actors to acquire capabilities nearly on par with state actors,” he stated.
“We’ve entered into a partnership that has led to the deployment of these facilities in our state. We’ve seen substantial improvements in the effectiveness of our security forces.
“It was a mistake to let non-state actors gather capabilities that could almost overpower legitimate state forces. We must correct that imbalance.
“We must ensure no one within our borders has capabilities that surpass or match those responsible for protecting our national sovereignty,” he added.
Earlier, Dr Bright Echefu, chairman of Briech UAS, noted that insurgent groups like Boko Haram and ISWAP have been using commercial drones for reconnaissance and attacks.
“These drones have been used to track and attack our troops, coordinating ambushes and executing crude aerial strikes,” he said.
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