Economy
5,527 MSMEs in Lagos Share N4.5b Funding Support
By Modupe Gbadeyanka
Not less than N4.5 billion has been disbursed to 5,527 Medium Small Manufacturing Enterprises (MSMEs) by the Lagos Employment Trust Fund in the last one year.
Speaking on Monday at the 2nd Micro, Small and Medium Enterprises (MSMEs) exclusive fair themed ‘Unleashing the Potentials of MSMEs for Economic Diversification,’ Governor Akinwunmi Ambode of Lagos State his administration will continue to do more for the sector.
The Governor, who spoke through the Secretary to the State Government, Mr Tunji Bello, noted that despite the contributions of the MSME sector to the Lagos economy, the sector’s competitiveness was weakened by limited access to credible, customized-business support and inability to penetrate local and expanded markets, emphasizing that there is a need to build strong public-private support systems that would enhance the capacity of the MSME sector for economic diversification.
“I charge you to take advantage of the structures our administration has put in place to support your businesses and together, let us build world class businesses which would positively impact on Lagos, Nigeria and the World,” the Governor disclosed.
Mr Ambode urged all exhibitors to take full advantage of the platform of the fair and e-commerce to launch their products to a global but competitive market.
At the inception of his administration in 2015, Governor Ambode set aside N25 billion to support the small scale sector.
Yesterday, the Governor revealed that the fund, in partnership with the UNDP and private sector employers, will also train 16,000 unemployed Lagosians in order to take up technical and vocational jobs, adding that, “The state government would launch innovation driven enterprise framework to support business start-ups in the fourth quarter of this year.”
He reiterated the commitment of the present administration to continually implement enterprise-friendly policies and develop the critical infrastructure that would enhance the productivity and competitiveness of all businesses in the state.
“We will continue to support the growth of MSMEs and make concerted efforts to develop enterprise cluster parks especially the Imota Light Industrial Park”, he said.
The Governor informed that the theme of this year, ‘Unleashing the Potentials of MSMEs for Economic Diversification,’ throws a challenge to all players, both public and private, to look inwards and develop the internal and external capacities of the local non-oil MSME for steady growth and global competitiveness.
He stated that the 4-Day fair would match-up the local small-scale industrial giants with business development support providers, investors from the private sector, public regulatory support agencies at the state and Federal government levels as well as foreign economic development institutions.
Speaking earlier, Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Oguleye, described Lagos as the largest hub of MSMEs and the economic nerve-centre of Nigeria, accounting for more than 3 million micro and 11,663 small and medium enterprises that are significantly boosting the nation’s Gross Domestic Product (GDP), generating employment, creating sustainable enterprises, and accelerating value-added industrialization.
Also speaking, Chairman, House Committee on Commerce, Industry and Cooperatives, Mr Oladele Adekanye, expressed appreciation to Governor Ambode-led administration for introducing the numerous innovative interventions aimed at enhancing the capacity of the small-business sector so that its members could actively contribute to national development and economic recovery.
The event also attracted the President of the Lagos Chamber of Commerce and Industries, Mrs Nike Akande; representative of the National President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson; and members of the Organised Private Sector.
By Aduragbemi Omiyale
The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.
This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.
Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.
“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.
She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”
The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.
“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.
PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.
The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.
The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.
According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.
At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.
Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.
By Dipo Olowookere
The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.
The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.
During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.
However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.
Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.
On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.
There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.
During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.
The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.
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