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.

Female Entrepreneurs Urged to Embrace E-commerce for Business Expansion

The South West Regional Head of Bank of Industry (BoI) Nigeria, Ahmed Kagara, has advised Nigerian women entrepreneurs to embrace e-commerce to grow their businesses.

Kagara, gave the advice in an interview with reporters in Ibadan, on the sideline of the three-day 1st South West Regional E-Commerce Summit and Expo.

He said that women entrepreneurs in the country should make use of e-commerce facilities to be in line with best global practices in business.

BoI Strengthens Relationship with Business Developers to Boost MSMEs

The Bank of Industry (BoI) says it has set up mechanism to improve relationship with its over 200 Business Development Support Providers (BDSP) across the country.

BoI said the aim was to deepen financing of the Micro, Small and Medium Enterprises.

Mr Kayode Pitan, the Managing Director of BoI announced this on Monday in Lagos, during an interactive session with stakeholders on the operation of the bank’s BDSP Scheme.

MSME Fund: State Disburses ₦1b to Beneficiaries

The Niger State Government on Monday commenced the disbursement of the N1 billion Central Bank of Nigeria (CBN) Micro Small and Medium Enterprises Development Fund (MSMEDF) to  11, 578 beneficiaries.

The News Agency of Nigeria reports that the fund was the first tranche of disbursement to Micro, Small and Medium Enterprises (MSMEs) aimed at creating financial inclusion, wealth and empowerment of youths.