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.

Manufacturers Association wants CBN to Reduce Lending Rate

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to drop the lending rate from 14 per cent to accelerate productivity and economic growth.

The President of MAN, Mr Frank Jacobs, made the appeal in an interview with the News Agency of Nigeria at the weekend in Lagos.

The Central Bank had maintained a 14 per cent lending rate to commercial banks since July 26, 2016 in its bid to check inflation and stimulate economic growth.

Nigeria has Limitless Capacity to Grow SMEs –Osinbajo

Acting President Yemi Osinbajo, SAN, has stated that President Muhammadu Buhari knows Nigeria's capacity is limitless in terms of what we can produce, even as he disclosed that in his relationship with the President in the last two years, he has been treating him more like a brother and a son.

Speaking on the President's convictions he said "when he gave the 2017 budget speech in December 2016, the President said the central vision of our government is to grow everything that we would eat and to make everything we would use."

State Govt Secures $1.5b Deal for Shoemakers

Gov. Okezie Ikpeazu of Abia says his administration will enhance the standard of shoe making in Aba as part of its investment development strategy.

Ikpeazu, who made the promise at a press briefing in Government House in Umuahia on Monday, said that he would facilitate capacity building in the industry.

He said that the state government was determined to reposition shoe makers in Aba and as such had secured a 1.5 billion dollars shoe factory deal with a Chinese shoe industry.

Tax Holiday for Miners in Nigeria –FG

The Federal Government on Thursday Promised to give tax holidays to some miners in the country.

Dr Kayode Fayemi, the Minister of Mines and Steel Development, made the promise at a stakeholders meeting of the Association of Miners Processors of Barite (AMAPOB) and Tse Torkula Community in Guma Local Government area of Benue state.

The Minister for State Mines and Steel Development, Mr Abubarkar Bwari, also attended the meeting.

Empowerment: World Bank gives 81 Nigerians ₦756.3m

Drawing from the successes recorded by the Buhari administration’s youth empowerment schemes, the World Bank, under its Growth and Employment (GEM) project, has approved the sum of N756.3 million for disbursement to 81 young Nigerian innovators who participated in the 2016 Aso Villa Demo Day (AVDD) – one of the economic empowerment initiatives of the present administration.

Young Entrepreneurs form Sub-regional Trade Network

Young entrepreneurs from four African countries have formed a new network to address challenges to sub-regional trade and youth unemployment.

They are from Nigeria, Cameroon, Ghana, and Sierra Leone.

The network is “Commonwealth Alliance of Young Entrepreneurs – West Africa (CAYE-WA)’’.

It was inaugurated on Wednesday in Accra, Ghana, according to a statement by Mr Will Henley, the media contact at the Commonwealth Secretariat.

The network aims to support youth business leaders to expand cross-border trading opportunities.

The Wine Boss who was Glad to be Sacked

Rowan Gormley says he had no idea that he was about to be sacked.

Back in June 2008, as the founder and boss of Virgin Wines, he was trying to lead a management buyout from its then-parent group Direct Wines.

"I got called into a meeting, I thought it was to discuss the purchase price," says Mr Gormley, now 54. "Instead, a letter was pushed across the table to me, which said I was being dismissed.

"I immediately walked out of the room and tried to use my [company] mobile phone, but it had been barred while I had been in the meeting."