SMEs Get ₦310b Financing from BoI

The Bank of Industry (BoI) says its N310 billion five-year financing programme for Small and Medium Enterprises (SMEs) will fast track expansion of the sector.

Mr Waheed Olagunju, the Acting Managing Director of BoI, said this while delivering a lecture entitled: “SMEs as a catalyst for sustained economic growth in Nigeria” on Wednesday in Lagos.

The lecture was organised by the Chartered Institute of Personnel Management of Nigeria (CIPMN).

SMEDAN, ITF Partner on Youth Training

The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Umaru,  said it is collaborating with Industrial Training Fund (ITF) and Bank of Industry to provide entrepreneurship and vocational skills for the youths.

Umaru made the disclosure in Gwagwalada, Federal Capital Territory, at the graduation ceremony of trainees of the first batch of the 2016 National industrial Skills Development Programme (NISDP).

BoI Disburses ₦37b in 9 Months

The Head, SME Group, Bank of Industry (BoI), Adetokunbo Akinsola, said the bank disbursed N36.82 billion as loans in its Large Enterprise Directorate between January and September.

Akinsola, represented by Mr Obaro Osa, gave the figure during the bank’s SME Forum held at the ongoing Lagos International Trade Fair.

“BoI is positioned to deepen finance to small and large enterprises for the expansion of productivity and job creation in the industrial sector.

Minister Charges Women on FG’s Loan

The Minister of Women Affairs, Aisha Alhassan, has called on women in Gombe State to key in to the National Women Empowerment Fund and benefit from the N1.6 billion interest free loan.

The minister gave the advice at the Town Hall meeting on the National Women Empowerment Fund (NAWEP) and Government Enterprise and Empowerment Programmes (GEEP) in Gombe on Monday.

She said that both NAWEP and GEEP were financial inclusion and micro-credit programmes, aimed at increasing financial access for women with a view to reducing poverty in the country.

YEDP: Stimulus for Job Creation, Growth And Economic Development

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said that the Youth Entrepreneurship Development Programme (YEDP) has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance by young entrepreneurs.

Mr. Godwin Emefiele made the statement while welcoming guests to the commencement of loan disbursements to Nigerian youths under the Youth Entrepreneurship Development Programme (YEDP) launched by the Bank on March 15, 2016.

Nigeria Eyes Creative Economy with MoU

The MoU between the Federal Ministry of Information and Culture and the Tony Elumelu Foundation will help to re-position the creative industries in Nigeria, the Minister of Information and Culture, Lai Mohammed, has said.

Speaking at a ceremony for the signing of the Memorandum of Understanding (MoU) between the Ministry and the Foundation in Lagos on Tuesday, the Minister expressed the strong belief that the collaboration will be the much-needed catalyst to transform the country’s Creative Industries to a Creative Economy.

Micro Enterprises to get Succour

The Federal Government says it is making efforts to resolve challenges faced by micro enterprises, in order to provide avenue for them to thrive and contribute more to national economy

Dr Dikko Radda, Director-General, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), said this on Wednesday at the National Economic Advocacy for Growth of Local Enterprise, Summit, organised by GIZ in Abuja.

The theme of the of the summit is,“Sustainable Business Environment for SMEs as a Backbone of the Nation’s Economy’’.

Mining: Nigeria Woos Foreign Investors with Three Years Tax Holiday, Others

The Minister of Mines and Steel Development, Kayode Fayemi, on Wednesday offered prospective investors in the Nigerian mining sector three years tax holidays, as part of federal government’s incentives to serious investors, Premium Times reports.

The tax holiday, according to the Minister, would commence from the date the investor commences mining operations in the country.

CBN asks Banks to give 60% of their Forex to Manufacturing Firms

The Central Bank of Nigeria (CBN) has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy.

Widespread dollar shortages, caused by a fall in oil revenues, have hit manufacturers' ability to import raw materials and spare parts, forcing many plants to close.

The central bank said in a circular it wanted to encourage the production of local goods by asking banks to allocate more hard currency to industrial firms.