Investors Pump $90m into Flying Taxi

Top high technology investors have doled out $90 million to Lilium, a German start-up with Silicon Valley-scale ambitions to develop a 5-passenger “flying taxi”.

This is one of the best-funded electric aircraft projects to date, Reuters reports.

The company has emerged as one of Europe’s hottest start-ups as it looks to create a new category of aircraft capable of both vertical take-off and electric powered jet flight.

Content Development Management Backs 100% Local Fabrication

The Executive Secretary, Nigeria Content Development Management Board (NCDMB), Mr. Simbi Wabote, said the $200m Nigerian Content Intervention Fund (NCIF) will facilitate its strategic initiative to achieve 100 per cent local fabrication of modular refineries.

Wabote disclosed this at the signing of the Memorandum of Understanding (MoU) on the implementation of the $200 million NCIF, on Thursday in Abuja.

He said that the aim of the fund was to ensure local content development which had become a moral burden to the sector and country at large.

Inter-African Trade: African Entrepreneurs Urged to Contribute Meaningfully

The Minister of State for Trade and Investment, Aisha Abubakar, has urged African entrepreneurs to contribute meaningfully to inter-African trade to boost the continent’s contribution to global trade.

Abubakar, who made the call at the ongoing African SMEs Expo in Lagos, said that although entrepreneurs were being faced with some challenges, their contribution was essential to the growth of the continent’s trade, the Voice of Nigeria reports.

How Tourism can Boost IGR of Local Councils

A hotelier, Ini Akpabio, on Tuesday advised local councils to explore tourism potential at the grassroots to improve their internally generated revenue.

Akpabio, the Group Managing Director, Nanet Hotels and Suits, gave the advice in an interview with the News Agency of Nigeria in Lagos.

According to him, much tourism assets and potential in rural areas have yet to be tapped.

“There is no local government in this country not blessed with tourism potential; therefore, there is the need to explore tourism potential at the grassroots,” he said.

Nigeria needs Industrial Zones to Boost Local Production

A Lagos-based quantity surveyor, Olayemi Shonubi, has called for the establishment of industrial zone in each of the six geo-political zones of the country to boost industrial production.

Shonubi, a former Chairman of Lagos Chapter of Nigeria Institute of Quantity Surveyors (NIQS), made the call in Lagos on Monday while speaking with the News Agency of Nigeria.

He said that establishment of the zones would help to encourage local manufacturers and enhance the growth of the economy.

Expert wants FG to Update Data on MSME Growth

The Executive Director, Fate Foundation, Mrs Nike Adeyemi, has called for updated data on Micro, Small and Medium Enterprises (MSMEs) in the country, to help government make more impact in the sector.

Adeyemi made the appeal in an interview with the News Agency of Nigeria at the weekend in Lagos.

She said that effective policy for the MSME sector could only be achieved with reliable and updated data to guide policy making, implementation and monitoring.

NAFDAC Waives 50% on Registration Fee of SMEs

The National Agency for Food, Drug Administration and Control (NAFDAC) says it has waived 50 per cent on registration fee for locally manufactured products to promote Small and Medium Scale Enterprises (SMEs).

The NAFDAC spokesperson, Dr Abubakar Jimoh, told the News Agency of Nigeria in Abuja on Friday that the measure would go a long way to promote economic development.

Jimoh explained that it was a new policy of the agency under the leadership of its acting Director-General, Mrs Yetunde Oni.

New Laws: Movable Assets Now Collateral

Acting President Yemi Osinbajo on Tuesday signed new laws that would compel banks to accept movable assets as collateral with which to issue loans to Micro Small and Medium Enterprises (MSMEs) as well as other Nigerians.

The bills which have been signed in Acts by the acting president are part of the bills passed by the National Assembly to ease doing business in Nigeria.

This is contained in a statement signed by signed by Mr Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President.

Osinbajo Visits Garki Market to Encourage Traders

The visit of Osinbajo attracted a large turnout of traders, shoppers and onlookers who besieged his motorcade to welcome him and his entourage to the market.

Osinbajo arrived at the market about 3:10 pm and spent 40 minutes interacting with traders who complained about high cost of shops as well as high cost of wares.

The traders particularly complained of high cost of fish, onions and rice.

He interacted with a fish seller who sought government’s intervention to reduce the cost of the shop which is N250,000 per annum.

Budget: Group Commends FG on Provisions for SMEs

Enugu Coalition of Business and Professional Associations (ECOBPA) has lauded the Federal Government for various provisions in the 2017 Budget meant to facilitate the growth of Small and Medium Enterprises (SMEs).

The Coordinator of the group, Emeka Okereke, gave the commendation in an interview with the News Agency of Nigeria in Enugu on Friday.

Okereke commended the Federal Government for using the SMEs as a tool to boost the economy and get the nation out of recession.