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.

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.