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Economy

FG to Ease Access to Cheap Loans for Small Businesses

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Cheap Loans

By Adedapo Adesanya

The federal government is intensifying efforts to enhance industrial expansion, ease access to funding and drive digital innovation to boost Nigeria’s economic competitiveness.

Speaking at the Renewed Hope Global Virtual Conference 2025 held on Sunday, the Minister of State for Industry, Trade, and Investment, Mr John Enoh, highlighted ongoing efforts to improve export processing zones, enhance loan accessibility, and establish an industrial revolution task force.

Addressing concerns about challenges faced by small businesses in securing loans, the Minister reaffirmed the government’s commitment to easing financial access through the Bank of Industry (BOI).

“The BOI is one of our best-performing institutions, but I recognise the difficulties many small businesses face in meeting loan requirements, especially when dealing with commercial banks,” he said.

Mr Enoh revealed ongoing discussions with the BOI to streamline loan access processes.

He also revealed an impending partnership with First City Monument Bank (FCMB) to facilitate loan disbursement to micro and small enterprises across the country.

“In the coming weeks, we hope to announce a partnership that will enable thousands of small business owners to access funding more easily,” he added.

The minister acknowledged that while some targets in oil and gas processing zones had not been fully met, the government remained committed to ensuring these zones contributed significantly to Nigeria’s economic growth.

“Even though the goals may not have been met as initially intended, the focus of this administration is to ensure our export processing zones work efficiently and deliver value to the Nigerian people,” he said.

The minister announced the creation of an Industrial Revolution Work Group, comprising key industry stakeholders, government agencies, and private sector representatives, to drive industrial transformation.

“This workgroup is designed to function as a task force, bringing together agencies such as Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).

“Nigeria Association of Small and Medium Enterprises (NASME), the Ministry of Power, Finance, and Customs to address industrial challenges collectively,” he said.

He noted that the initiative was currently being fine-tuned, stressing that it would significantly advance Nigeria’s industrial sector, once fully operational.

The minister also highlighted the Investment in Digital and Creative Enterprises (iDICE) initiative, domiciled in the BOI, as part of efforts to support Nigeria’s youth-driven digital and creative economy.

“iDICE is a 700 million dollar initiative backed by partners such as Afreximbank, the Islamic Development Bank, and a French financial institution.

“Its goal is to empower young innovators and creatives, ensuring they have access to funding and support for business expansion.”

He restated the federal government’s commitment to fostering innovation and entrepreneurship to position Nigeria as a global leader in the digital economy.

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.

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Economy

Unlisted Securities Exchange Suffers 0.20% Loss at Midweek

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By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.20 per cent decline on Wednesday, February 5, with the market capitalisation going down by N3.50 billion to N1.779 trillion from the N1.782 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) losing 6.19 points to settle at 3,140.55 points, in contrast to the previous day’s 3,146.74 points.

The loss suffered by the unlisted securities exchange was caused by a fall in the price of Central Securities Clearing System (CSCS) by N1.83 as its value ended at N22.00 per share versus Tuesday’s closing price of N23.83 per share.

It upturned the gains recorded by four other stocks on the trading platform.

Business Post reports that Food Concepts Plc appreciated by 14 Kobo to N1.56 per unit from N1.42 per unit, Industrial and General Insurance (IGI) Plc gained 2 Kobo to quote at 40 Kobo per share versus 38 Kobo per share, Mixta Real Estate Plc improved by 13 Kobo to N2.96 per unit from N2.83 per unit, and  Afriland Properties Plc rose by 27 Kobo to N16.52 per share from N16.25 per share.

Yesterday, the volume of transactions went up by 19.3 per cent to 10.1 million units from 8.5 million units, the value of trades depreciated by 0.6 per cent to N13.5 million from N13.6 million, and the number of deals decreased by 41.4 per cent to 17 deals from 29 deals.

At the close of business, Impresit Bakolori Plc was the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, FrieslandCampina Wamco Nigeria Plc was in the second position with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc was in third with 9.3 million units sold for N44.8 million.

Similarly, Impresit Bakolori Plc was also the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, trailed by IGI Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.

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Economy

Naira Trades N1,499/$1 at Official Market, N1,590/$1 at Black Market

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By Adedapo Adesanya

The value of the Naira continued to tumble against against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) amid the decision of the Central Bank of Nigeria (CBN) to extend the window of allowing Bureau De Change (BDC) operators to buy FX from the official market until the end of May.

This policy allows BDCs to purchase $25,000 worth of forex per week and should not resell to their customers at a profit margin above one per cent.

The intention of this scheme is to quell huge forex demand in the black amrket, speculative activity, and ensure proper oversight.

At the spot market on Wednesday, February 5, the Nigerian currency weakened against the greenback by 0.05 per cent or 81 Kobo to N1,499.76/$1 compared with the preceding day’s N1,498.95/$1.

It was the third time the local currency was depreciating in value this week.

In the same official market, the domestic currency traded flat against the British Pound Sterling and the Euro at N1,868.17/£1 and N1,553.41/€1, respectively.

In the black market, the Nigerian Naira, however, appreciated against the US Dollar at midweek by N15 to sell for N1,590/$1, in contrast to Tuesday’s exchange rate of N1,605/$1.

Meanwhile, the cryptocurrency market was bullish yesterday after Mr Eric Trump, son of US President Donald Trump, encouraged the family backed crypto platform to invest in Bitcoin (BTC).

Early this week, President Trump’s AI and crypto czar, Mr David Sacks, said the Trump administration is evaluating the feasibility of a strategic bitcoin reserve, disappointing crypto investors anticipating a swift action on the issue.

Litecoin (LTC) gained 6.3 per cent to sell at $108.22, Ethereum (ETH) appreciated by 3.7 per cent to $2,844.58, Cardano (ADA) jumped by 2.6 per cent to $0.7632, Binance Coin (BNB) went up by 1.2 per cent to $581.16, BTC rose by 0.6 per cent to $98,325.95, and Dogecoin (DOGE) increased by 0.2 per cent to $0.2651.

On the flip side, Ripple (XRP) dropped 1.6 per cent to close at $2.46, and Solana (SOL) recorded a 0.8 per cent depreciation to settle at $203.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

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Economy

Brent Crude Slides Below $75 Per Barrel as US Stockpiles Rise

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By Adedapo Adesanya

Brent crude fell below $75 per barrel on Wednesday, shedding $1.59 or 2.09 per cent to trade at $74.61 per barrel as a large build in US crude stockpiles signalled weaker demand.

Also, the US West Texas Intermediate (WTI) crude was down $1.67 or 2.3 per cent to quote at $71.03 per barrel as the US Energy Information Administration said yesterday that crude oil inventories rose sharply last week in the world’s largest producer as refiners facing soft gasoline (petrol) demand did maintenance work.

Inventories in the US saw a colossal build of 8.7 million barrels during the week ending January 31 after the American Petroleum Industry (API) issued its latest estimates on crude oil and crude oil products inventories showing that crude oil inventories had risen by a whopping 5.025 million barrels for the week on Tuesday.

For total motor gasoline (petrol), the EIA estimated that inventories rose by 2.2 million barrels for the week to January 31, with production averaging 9.2 million barrels daily. This compares with an inventory rise of 3.0 million barrels for the previous week and an average daily production of 9.2 million barrels daily.

For middle distillates, the EIA estimated an inventory fall of 5.5 million barrels for last week, with production averaging 4.6 million barrels daily. This compares to an inventory loss of 5 million barrels for the week prior when production stood at an average of 4.7 million barrels daily.

Meanwhile, worries about a new China-US trade war fueled fears of softer economic growth.

On Tuesday, China announced tariffs on imports of U.S. oil, liquefied natural gas and coal in retaliation for US levies on Chinese exports.

Market analysts noted that China putting a tariff on US imports will reduce the demand for those commodities, which need to be redirected into another market.

Iran has also urged its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to unite against possible US sanctions after President Trump said he would restore the maximum pressure campaign on Iran that he enacted in his first term.

If this happens, the resulting supply squeeze could sustain the upward momentum in oil prices, particularly amid slower than expected supply adjustments from OPEC+ producers.

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