Business

FG Disburses N785bn To MSMEs In Nigeria – Minister

Published

3 years ago

November 10, 2022

Editor

Our Correspondent, Bauchi

The Minister for Industry, Trade and Investment, Otunba Richard Adebayo, said that the federal government had disbursed about N785 billion to over 10 million Micro, Small and Medium Enterprises owners in Nigeria.

The Minister, who stated this in Bauchi on Thursday at the end of the 14th meeting of the National Council on Industry, Trade and Investment, said this was done through the Bank of Industry (BOI) from 2019 to July, 2022.

According to him, the move was made possible because the Bank Of Industry had further deepened its capital base to $5 billion with international partners like the African Export-Import Bank (AFREXIMBANK) and Credit Suisse, among others.

“We have revised the MSME Policy to drive the growth and competitiveness of MSMEs in the country and successfully increased the nation’s capacity to fund tech-driven MSMEs.

“This was done through our collaboration with the African Development Bank (AfDB) to secure the $500 million Technology Fund.

“Furthermore, the MSME Survival Fund Initiative was launched in the wake of the COVID-19 Pandemic as part of the Nigerian Economic Sustainability Plan, which protected MSMEs from the shock of the COVID-19 Pandemic.

“As of July 2022, N67.5 billion had been disbursed to over 1.2 million beneficiaries, thus protecting at-risk jobs and creating new ones,” he said.

He also said that in order to further create an enabling business environment to attract and retain investment, the ministry and the Nigerian Investment Promotion Council were committed to ensure they didn’t just attract but also protect investments that genuinely benefit Nigeria and its citizens.

Adebayo further stated that based on this, the country had successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation that institutionalised the principle of supporting investors to actualise their investments.

“Our initiatives and successes are too numerous to mention at this forum, but there is still a lot of ground to cover.

“The nation is looking to us to solve big problems such as the unemployment of almost 30 million people who are mostly youth.

“Given the size of our challenges as a nation, we must design interventions to address the scale of the problems we need to solve. This will ensure we come up with creative and innovative ways to finance, implement and ultimately deliver transformative results,” said the Minister.

Also, Gov. Bala Mohammed of Bauchi state, said his administration had been initiating and implementing policies with the objectives of moving the economy of the state along the trajectory of the nation’s overall development aspirations.

He added that those policies were also in tandem with President Muhammadu Buhari’s aspiration to make sure that poverty was fought to the last level.

“I want to acknowledge the contribution of one of our own, Hajiya Mariam Katagum who represents us at the Federal Executive Council along with our brother, the Minister for Education, Malam Adamu Adamu.

“We are in the opposition but we have no regret that we have them as our representatives. They have really brought representation to the level of competence that I am proud of.

“I must thank Mr President for allowing them to always contribute. Bauchi state is a state of Buhari and Buhari is Bauchi state and that’s why even as a governor in the opposition I know the position of Mr President,” he said.

Highlights of the occasion was the exhibition of made in Nigeria products by agencies under the ministry, among which were; a Nigerian assembled electric car, fabricated electric cables, tiles, and others.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

1 day ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

2 days ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

5 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.