Economy
FG to Assist MSMEs with Funding to Ease Cost of Doing Business
By Adedapo Adesanya
The federal government has reiterated its commitment to provide access to funding and reduce the cost of doing business for Micro Small and Medium Scale Enterprises (MSMEs) in the country.
The Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite, said this while inaugurating over two million small businesses registered by the Corporate Affairs Commission (CAC) on Wednesday, in Abuja.
“We will provide our support to get cheaper funding and intervention grants to get more people in and reduce the cost of funding for the MSMEs,
“We heard your prayer about how we can reduce the business registration cost for the MSMEs, it is also part of the things we can intervene on.
“And these are part of the things President Bola Tinubu’s administration is excited about to create jobs, ensure financial inclusion, poverty alleviation; and all these adds to economy development,’’ she said, according to a statement.
The Minister added that many people have ideas but are not able to implement them because they lack access to the right education, finance, and learning environment.
“So, we are happy to collaborate with you, to support what you are doing.
“I know there are many more people like you (Moniepoint) and we are willing to support them to bring more people into the financial sector and help the government achieve its mandate,” she stated.
Also speaking, CAC’s Registrar-General, Mr Hussaini Magagi, said the giant stride the commission had achieved so far, was due to the support and guidance of the Minister of Trade.
“This happened under the watch of the current Minister of Trade, because of the free hand given to us to ensure compliance of the Company and Allied Matters Acts (CAMA).
“We are registering two million small businesses through our partner Moniepoint, and we are targeting to register over 20 million this year.
“And this will attract revenue to the government, create jobs among other things,’’ Mr Magaji said.
On his part, the Managing Director of Moniepoint, Mr Babatunde Olofin, said the company had a lot of customers who were into small businesses but were not included in the formal sector.
“We help small businesses to grow their businesses. During the cash crunch, when people were not able to transact their businesses, we aided the provision of point-of-sale (POS) terminals.
“We provided financial services to these businesses, came up with a slogan that says “trade in the business you like” and they all rushed in and in a space of short time, we had over two million customers.
“Now we decided to ally with CAC, to enrol the over two million customers that we have into CAC boot.
“And in a matter of five years, we plan to have about 30 million businesses registered with CAC which is going to be a groundbreaking event in Nigeria,’’ Mr Olofin said.
He said the plan of the organisation was not only to register the businesses but also to provide them with other financial support.
He said, “The best way to execute things in mass is to introduce technology that is why we are also partnering with Norebase, a technology company.
“So that as people open an account with us, we send the transaction through Norebase to CAC and the people are registered. At the end of the day, it will be a win-win for us all.’’
According to Mr Olofin, the bank also intended to woe the over 10 million businesses trading on platforms such as Instagram to be included in the formal sector.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn