Economy
FG Reassures Small Businesses Conducive Regulatory Environment
By Adedapo Adesanya
Nigeria has promised to provide a conducive business and regulatory environment for Micro, Small and Medium Enterprises (MSMEs) to thrive in the country.
The Vice-President, Mr Kashim Shettima, represented by Mr Ibrahim Hadejia, Deputy Chief of Staff to the President, gave the assurance at the inauguration of the Ultra-Modern MSME Fashion Clinic and ICT Hub in Makurdi, Benue.
He expressed confidence that the hub would match global standards, with the potential to create 48,000 jobs annually.
Mr Shettima said the speed with which the hub was built after the MSMEs Clinic was launched in the state earlier this year indicated that promises made by President Bola Tinubu to entrepreneurs were not mere rhetorics.
“Today, as we commission this dual-purpose MSME Clinic, we bear witness to two critical truths. First, it proves that our promises to entrepreneurs are not mere rhetoric.
“Secondly, it affirms that the most durable interventions we can achieve as a government are born out of strong intergovernmental partnerships.
“We are delighted to witness the coming to fruition of these projects, and I am honoured to be part of this milestone,” he said.
He noted that the Benue MSME Hub was one of the largest ever inaugurated by the federal government.
“With over 200 pieces of cutting-edge equipment to support fashion manufacturing and more than 100 ICT devices in the cluster, this hub can ramp up production, provide ICT training and achieve economies of scale.
“It is equipped to produce a wide range of fashion items, including military uniforms, school uniforms and corporate wear, both for Benue State and beyond.
“Beyond providing this cluster, it will also house a one-stop shop where MSMEs can engage directly with Federal Government agencies to resolve their regulatory issues,” he said.
The VP said the one-stop shop would ensure that businesses requiring support or services from some agencies could be attended to under one roof.
He expressed the Federal Government’s readiness to partner with state governments and continue to create opportunities to meet the country’s demands.
He noted that MSMEs were the lifeline of communities across the nation, adding that they were the bedrock of stability at a critical phase of the nation’s economic transition.
“It will be impossible to grow the Nigerian economy if the growth and success of MSMEs do not remain a top priority,” he said on behalf of Mr Shettima.
On his part, Governor Hyacinth Alia of Benue State thanked the federal government and the Vice-President for fulfilling the promise to establish a fashion and MSME hub in the state.
“The project represents more than just an infrastructure; it is an embodiment of our collective vision for a prosperous, creative and empowered Benue State.
“Your visit to Benue State, for the second time in less than six months, is a testament to the partnership between Benue State and the federal government, and we deeply appreciate it.
“The Benue State fashion hub, which is your initiative and a gift to the state, is a cornerstone of our administration’s agenda to promote creativity, foster innovation, create employment and provide opportunity for our people,” said Mr Alia.
Mr Joseph Utsev, the Minister of Water Resources and Sanitation, also expressed appreciation to President Tinubu and Shettima for their love for Nigerians.
He applauded them for fulfilling their campaign promises, which would make life meaningful for Nigerians.
Mr Adekunle-Johnson, Senior Special Assistant to the President on MSMEs, said under the Tinubu administration, five projects had so far been inaugurated.
He said eight ongoing projects would be inaugurated before the end of 2024.
The SSA also stressed that the Benue Fashion and ICT Hub was the biggest and could expand.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
