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.

Locally made Goods key to Economic Stability –Group

The National Coordinator, Initiative for Leadership Development and Change (ILDC), Ugochukwu Nnam, on Saturday said promotion of local content would guarantee self sufficiency and economic stability in Nigeria.

Nnam told the News Agency of Nigeria in Abuja that the production and utilisation of Nigerian made goods and services was capable of eliminating over dependence on importation.

The coordinator called on Nigerians, especially leadership at all levels, to support President Muhammadu Buhari’s policy on local content.

Nigeria to Sign Continental Africa Free Trade

President Muhammadu Buhari says Nigeria would sign an agreement on the Continental Africa free trade Area next month in Rwanda.

The purpose is to prioritise trade as a significant instrument for reform in the Country.

He stated this at the opening ceremony of the 39th Kaduna International trade fair, holding in Kaduna.

He further disclosed that, the purpose of the agreement will be to promote regional trade.

NEXIM Invites SMEs to Access ₦550b Funds

The Nigerian Export-Import Bank (NEXIM) has invited export-oriented Small and Medium Entrepreneurs (SMEs) in the South-East and Delta States to access the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Development Fund to boost their businesses, create jobs, and contribute to the foreign exchange revenue earnings of the country.

The facilities were made available to NEXIM Bank last December by the Central Bank of Nigeria (CBN) for lending at a maximum of 9 percent interest rate.

Buhari Signs Order to Boost Local Production, Employment

Nigeria’s President Muhammadu Buhari signed an executive order on Monday aimed at boosting the domestic production of goods and creating jobs in science, technology and engineering in the west African country.

Buhari, a 75-year-old former military ruler, has frequently spoken about ending the OPEC member’s dependence on oil exports while also creating jobs by boosting local food production, Reuters reports.