SMEs: NAFDAC woos entrepreneurs, simplifies registration requirement

National Agency for Food Drug Administration and Control (NAFDAC) says it has simplified registration requirement and process to encourage prospective entrepreneurs in Medium, Small and Micro Enterprises (MSMEs).

The South-East Director of NAFDAC, Mrs Olajumoke Ojetokun, disclosed this in an interview with source in Enugu, South-East Nigeria, on Wednesday.

Ojetokun said that the initiative was meant to give necessary government backing to MSMEs to thrive both locally and internationally.

Afreximbank to address access to finance for SMEs through factoring

The African Export-Import Bank (Afreximbank) says ‘factoring’, a form of financial transaction, is a viable and sustainable solution that will address access to finance for Africa’s Small and Medium Enterprises (SMEs).

Ms Kanayo Awani, Managing Director of the Intra-African Trade Initiative at Afreximbank, said this in a statement by Afreximbank’s Head of Media, Mr Obi Emekekwue, on Monday in Abuja, NAN reports.

Factoring is also a type of debtor finance in which a business sells its accounts receivable to a third party called a factor at a discount.

Cotton farmers target 300,000 tonnes production in 2019

The National Cotton Association of Nigeria (NACOTAN) says it is targeting the production of between 240,000 and 300,000 tonnes of cotton in 2019. That is according to Anibe Achimugu, the President of NACOTAN.

Achimugu said the set target would be achieved under the Central Bank of Nigeria’s Anchor Borrowers’ Programme (ABP).

He also said that, the association produced an estimated seed cotton of between 60,000 and 80,000 tonnes in 2018.

Chamber of Commerce calls for urgent Tax Reform to grow SMEs

Abuja Chamber of Commerce and Industry (ACCI) has called for urgent  tax reforms to protect Small and Medium Enterprises (SMEs) from demands for tax even before they begin to make profit.

Mr Adetokunbo Kayode, President of the chambers made the call in a statement signed by Mr Gena Lubem, the Media and Strategy Officer of ACCI in Abuja on Monday.

Kayode said that the practice of mandatory requirement for tax clearance from companies newly registered was a disincentive for the growth and thriving of SMEs in the country.

Association calls for review of funding for MSME

The Nigerian Association of Small Scale Industrialists (NASSI) has called on the Federal Government to review the conditions of loans for Micro, Small and Medium Enterprises (MSME).

Mr Solomon Vougfa, the newly elected president of the association made the call shortly after his emergence through an election in Abuja.

He said the current funds made available by the Federal Government to MSME had a lot of bottleneck that made it difficult for members to access.

Over 6,000 Students Graduate from Lagos Skill Acquisition Centres

Over six thousand students were on Tuesday graduated from the Lagos state skill acquisition centres for 2017 session.

The skill centres under the Ministry of Women Affairs and Poverty Alleviation produced skillful individuals in Photography, Textile designs, shoe making among others from the 17 Skill Acquisition Centres scattered across the State.

NGO Urges FG to Improve Support to Young Entrepreneurs

An NGO, the Young CEO Initiative, has urged Federal Government to improve support to young entrepreneurs and create the enabling environment that would enable the Small and Medium Enterprises (SMEs) to grow sustainably.

The Founder of the initiative, Aigbe Omoregie, made the call at a media briefing in Lagos.

The News Agency of Nigeria reports that the Young CEO Initiative is a platform that provides startups access to mentorship, grants and networking opportunities.

Nigeria Loses $25b to Foreign Ship Owners

The Executive Secretary of Nigerian Shippers Council (NSC), Mr Hassan Bello, said on Friday that Nigeria lost 25 billion dollars to foreign ship owners between 2015 and 2017.

Bello disclosed this when the Nigerian Fleet Implementation Committee paid a courtesy visit to the Minister of Budget and Planning in Abuja Sen. Udoma Udoma.

Bello said that over $9.08 was paid as freight for dry and wet cargos to foreign ship owners in 2015 due to the absence of Nigerian-owned fleet plying the international route.

BoI Increases Lending to MSMEs from ₦8.2b to ₦29.5b

The Bank of Industry (BoI) said it increased lending to Micro, Small and Medium Enterprises (MSMEs) from N8.2 billion in 2016 to N29.5 billion in 2017.

Aliyu Dikko, the Chairman, Governing Board of BoI, made this known at the 58th annual meeting of the bank in Abuja.

According to Dikko, the bank’s disbursement profile also improved significantly from N65.9 billion to N112.5 billion during the period under review.

Entrepreneurship: Escape Route from Poverty

Poverty and unemployment in Nigeria have remained hydra-headed in spite of many government intervention programmes.

The situation is even worsened yearly as the country’s tertiary institutions turn out graduates, who join the endless search for elusive jobs.

The reality is that every job seeker can no longer be guaranteed a paid job but every citizen is entitled to decent living, which in developed countries, is regarded as fundamental human right.