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Economy

FG Inaugurates National MSMEs Policy Implementation Team

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national MSMEs policy

By Adedapo Adesanya

The federal government has inaugurated the Focal Persons Group for the Implementation of the Revised National Policy on Nano, Micro, Small and Medium Enterprises (NMSMEs) 2021-2025.

The Minister of State for Industry, Trade and Investment, Ms Mariam Katagum, inaugurated the group at the Ministry’s head office on Tuesday.

She said the revised national MSMEs policy is very ambitious and requires multi-stakeholder partnership in implementing some of the recommendations.

The Minister said the entire focus of the policy is to create a platform or framework to collaboratively attend to some of the basic challenges of the sector, adding that this is why the scheme is focused on finance, skills development, marketing, technology, research and development.

“Other areas of priority focus include Infrastructure and Cost of Doing Business, Institutional/Legal/Regulatory issues and awareness creation on NMSMEs. These were areas that the Public-Private Dialogue (PPD) focused on both at the National and Zonal engagements.”

The Acting Director General Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Olawale Fasanya, whose agency coordinated the initiative, stated that the idea to have focal persons was muted during the Public-Private-Dialogue (PPD) sessions facilitated by the Investment Climate Reforms (ICR) Facility.

He said the major problem that most policies usually face is in the implementation stage, adding that the current national policy is obviously an improvement on previous editions with clear recommendations of what the various actors and enablers should be doing to ensure that Nigeria’s MSME sub-sector is not just active but equally globally competitive.

“Essentially, the revised National Policy on MSMEs largely seeks to ensure MSMEs in Nigeria are active, innovative and globally competitive. With over 39 million MSMEs (according to the 2021 SMEDAN/NBS Survey report), the minimum target to be realized before the expiration of the policy in 2025 is to ensure an enabling environment is created for each of the MSMEs to grow and create a minimum of one extra employment which currently stands at over 61 million and also push the sub-sector’s contributions to the Gross Domestic Product (GDP) from the current 49 per cent to 70 per cent.”

On her part, the Director General, Abuja Chamber of Commerce and Industry (ACCI), Mrs Victoria Akai, whose organisation was part of the inaugurated group, in her remarks, stated that the inauguration is one of the key outcomes of the joint support received by SMEDAN and ACCI from the ICR Facility for the development of a coordination mechanism for the implementation of the national policy on MSMEs.

She lauded the commitment of ACCI to the implementation of the policy, adding that it is particularly a great one for the chamber as it demonstrates the realisation of its commitment toward the growth and development of MSMEs in Nigeria.

“It is worthy to note that over 80 per cent of our membership database are MSMEs, therefore we are committed to promoting and supporting every initiative towards the advancement of MSMEs in Nigeria,” Mrs Akai said.

She acknowledged the effort of SMEDAN for the great work and expertise that was put into the development of the national MSME policy, and the revised version which was launched in March 2021, for taking the lead in the development of the coordination mechanism for the implementation policy and for stepping this up by inauguration of the focal points from the various MDAs.

“The chamber appreciates the leadership role being played by SMEDAN as the umbrella body of MSMEs in Nigeria, and will continue to support SMEDAN’s effort as a state chamber and at the national level through the Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA),” she said.

Mrs Akai also added that the Chamber Business Entrepreneurship Skills and Technology (BEST) Centre, being the training and capacity development arm of the body, has also been working closely with SMEDAN in line with our existing memorandum of understanding to support MSMEs in training, access to finance, exhibitions, business support and mentorship.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

CitiTrust Holdings Sells Commercial Paper for 22%

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Cititrust Financial Services Ikechukwu Peter

By Aduragbemi Omiyale

An opportunity has opened for commercial paper investors as CitiTrust Holdings Plc is offering the asset class at a coupon of 22.0 per cent per annum under its N50 billion commercial paper issuance programme.

According to details of the exercise obtained by Business Post, the company, in the financial services sector, is selling the debt instrument in four tenors of 90 days, 120 days, 180 days and 270 days.

The minimum subscription for prospective and potential investors is N5 million and can be purchased through any of the registered stockbrokers.

The 90-day instrument is going for 16.1 per cent, the 120-day paper is being sold for 17.5 per cent, the 180-day note is 19.1 per cent, and the 270-day instrument is going for 22.0 per cent.

The offer commenced on November 23, 2022, and is expected to close on Wednesday, December 7, 2022, with the net proceeds to be used for the company’s general corporate purposes and working capital.

CitiTrust said investors would be paid their interests from the operating cash flows of the organisation, with purchases to be settled via direct debit, electronic funds transfers, NIBBS Instant Payment (NIP), NIBBS Electronic Funds Transfer (NEFT) or Real-Time Gross Settlement (RTGS).

CitiTrust is a leading pan-African financial and investment conglomerate owned by reputable institutional and private investors. The company has a focus on high-end financial products and services for its targeted sectors of the economy, with operations in commercial banking, investment banking, wealth management, pension management, insurance and alternative investment.

The firm is a foremost financial solutions provider and has been an intricate part of the Nigerian economy since 2007. It has grown and evolved over the years into an award-winning market leader in the financial sub-sector of the Nigerian economy, establishing its footprints in 12 African countries: Nigeria, Ghana, Rwanda, Botswana, Liberia, Benin Republic, Malawi, Kenya, Tanzania, Uganda, Cote d’Ivoire, South Africa and the UK.

In 2019, the organisation upgraded its operations into a reputable financial services provider to align with the strategic vision of its shareholders to build an enduring institution that delivers cross-functional services to its clientele.

The company’s deep knowledge of the market, dexterity, smooth and reliable processes driven largely by technology and the high quality of its personnel puts it on the cutting edge of strategic Importance with its clientele.

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Economy

No Individual Should Operate Domiciliary Account in Nigeria—Tope Fasua

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domiciliary account in Nigeria

By Modupe Gbadeyanka

An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.

Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.

As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.

Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.

“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.

“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.

“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”

According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”

Tope Fasua

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Economy

LIBIZFAIR Will Boost Business Opportunities in Lagos

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business opportunities

By Modupe Gbadeyanka

The Chairman of Nigeria in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, has disclosed that the Lagos Island Business Fair (LIBIZFAIR) will improve business opportunities in the state and also attract more investments.

The former federal lawmaker said this at the opening ceremony of the fair organised by the Lagos Island Connect, in conjunction with the Lagos State Ministry of Commerce, Industry and Cooperatives.

At the programme held at the Tafawa Balewa Square (TBS), Onikan, Lagos, Mrs Dabiri-Erewa, represented by the Head of the Lagos Annex of the agency, Mr Oladipo Odebowale, commended the state government for the initiative.

She noted that the platform provides a unique opportunity for entrepreneurs to showcase their businesses, saying, “This will boost investment and business opportunities in the state.”

The Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, in her remarks, described the empowerment of Micro, Small and Medium Enterprises (MSMEs) as critical to the empowerment of youths.

Represented by the Permanent Secretary in the minister, Mrs Adetutu Ososanya, she noted that building the capacity of youth-oriented enterprises, with the goal of providing opportunities for growth, will lead to an increase in prosperity among Lagos Island youths.

“I believe this platform can leverage socio-economic networking and Information Communication & Technology to provide more interactive opportunities for the teeming youth of Lagos Island and its environs from diverse cultural, religious, social and educational backgrounds to grow their businesses and services, as well as the State’s economy,” she said.

The Commissioner explained that the fair aligns with the policy of Governor Babajide Sanwo-Olu of creating a conducive environment for businesses to thrive, widening access to the market and encouraging networking and collaboration among entrepreneurs.

Also speaking at the event, the Special Adviser to the governor on Sustainable Development Goals & Investment (SDG&I), Mrs Solape Hammond, stressed that the programme was geared towards supporting businesses to thrive at the local government level.

“The study discovered that the youths of Lagos Island are versatile, technologically enabled, driven and willing to be positively engaged, particularly in personal and communal development.

“Though most of them are faced with different challenges yet, there is an enormous zeal to be gainfully engaged rather than being idle, which could contribute to community nuisance.

“Young people in Lagos Island have a brighter vision for the future, and all stakeholders must join together to support them to deliver it,” the governor’s aide said in her presentation on the Lagos Island Youth Needs Assessment Survey.

The co-founder of the Lagos Island Connect, Mrs Yemisi Ransome-Kuti, while addressing participants, noted that the LIBIZFAIR 2022 was geared towards taking businesses in Lagos Island from a local to a global level by investing in the youths and preventing their massive migration to foreign lands.

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