Business

FG Disburses N785bn To MSMEs In Nigeria – Minister

Published

2 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

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

3 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

1 week ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.