Connect with us

News

Hardship: 10 million MSMEs Shut In 2023, Says ASBON

Published

on

The Association of Small Business Owners of Nigeria has said no fewer than 10 million small businesses under the association were shut in 2023.

ASBON’s President Femi Egbesola, who disclosed this during an interview with The PUNCH, said that the businesses ceased to exist due to economic hardship.

Advertisement

The removal of subsidy by President Bola Tinubu during his inauguration on May 29 and the subsequent increase in the pump price of petrol and other basic commodities, leading to worsened inflation, an increase in unemployment, and poverty rates created hardship for Nigerians.

According to the National Bureau of Statistics, in November 2023, the headline inflation rate increased to 28.20 per cent relative to the October 2023 inflation rate, which was 27.33 per cent.

READ ALSO: FG Receives $2.25bn Afrexim Bank Loan

Advertisement

Speaking on the effect of the economic hardship on members, Egbesola said, “We experienced about 25 per cent death of businesses this year (2023), which is a high and alarming figure. This is the percentage that was determined after thorough research.

“At the moment, we have 40 million MSMEs in the country that are captured by data. When you are talking about 25 per cent of that, that is 10 million businesses that have died.

“In some countries, if this happens, a state of emergency would be declared by the government in this sector because it is a critical sector that will be metamorphosed from micro to small, small to medium, and from medium to large. If you can ask, for the past 10 years, how many micro or small businesses have become large businesses?

Advertisement

“You will never see it, and that tells you that there is a lacuna and that something is mitigating against the growth. If a business has operated as a micro, small, or medium for a period of five to 15 years and is unable to migrate to a large, then there is a big problem that should be investigated and solutions provided for, but without this being done, we will not have bigger businesses, and if we don’t have bigger businesses, there will be more unemployment, there won’t be innovation, our GDP will not improve, and poverty will continue to rage.

READ ALSO: Google Agrees To Settle $5bn Consumer Privacy Lawsuit

“When there is poverty, it goes along with its attendant problems like crimes, like japa, yahoo-yahoo and other social vices which are not good for our country.”

Advertisement

According to him, to save more businesses from collapsing in the coming year, the Federal Government must endeavour to fix power and roads and make forex and funds available to MSMEs.

He added, “When these things are fixed, certainly a lot of businesses will grow. We can no longer buy fuel at very exorbitant prices to power our generators, and one of the critical challenges for MSMEs is that they are unable to access affordable funds.

“This will help to awaken ailing and almost dead businesses. As far as forex is concerned, we depend on the black market, which is very exorbitant because the banks sell only to big companies at the detriment of micro and small businesses.”
PUNCH

Advertisement

Advertisement
Comments

News

Anglican Church Bans Partisan Speeches By Politicians During Services

Published

on

File photo for illustration

The Church of Nigeria, Anglican Communion, has released guidelines on how politicians and government officials should be received during church services and programmes, as part of efforts to maintain the sanctity and neutrality of Christian worship.

The directive was issued by the Primate of the Church, Most Revd Henry Ndukuba, during the Episcopal Consultation held in the Diocese of Nike, Enugu.

Advertisement

According to the Church, via a memo on Friday by the Director of Communication, Korede Akintunde, the guidelines became necessary following growing concerns about the increasing use of church gatherings as platforms for political statements, which risk undermining the core purpose of worship.

The church remains open to all persons, including politicians and government officials.

READ ALSO:Court Sentences Two To Death For Ritual Killing In Ogun

Advertisement

“However, the church must not engage in or promote partisanship,” the memo stated.

The church emphasised that any guest expected to address the congregation must first have a prior discussion with church leadership to offer appropriate guidance.

“Guests are to be informed clearly that the church is not a platform for advancing partisan views or political propaganda.

Advertisement

“Church leaders and officiants must refrain from making statements or behaving in ways that could be construed as politically aligned or sectional.

READ ALSO:Bayelsa Resolves Oil Well Dispute Between Three Communities

⁠No church official should eulogise or exalt any guest in a manner that might bring the church into disrepute.

Advertisement

“⁠Where possible, guests should not be permitted to use the church’s lectern when speaking, as it has been consecrated for the reading of God’s Word,” the statement read.

While affirming its responsibility to engage with government authorities on issues affecting the people and the nation, the church reiterated its commitment to being a moral compass for society.

“The church remains committed, under God, to being the light of the world and the salt of the earth.

Advertisement

“We will continue to uphold the nation in prayer and offer godly counsel to those in positions of authority,” Ndukuba stated.

Advertisement
Continue Reading

News

Lagos LG Poll: Why We Did Not Shut Border – Immigration

Published

on

Comptroller of the Nigeria Immigration Service, Seme Border Command, Absullahi Adamu, says the service did not receive any directive to close the border over the Lagos State Local government election.

Adamu told the News Agency of Nigeria in Seme on Saturday, that the border is an international one, under exclusive list.

Advertisement

READ ALSO:Lagos LG Poll: Fashola Absent At Polling Unit

Closing of an international border should come from higher authority.

“There is no information regarding restriction of movement till 3pm, so our status quo remains,” he said.

Advertisement

According to him, the border cannot be closed against people coming into the country but the service can only advise them to wait till 3p.m after stamping them in before leaving the border.

READ ALSO:LASIEC Releases Validated Candidates’ List Gor Lagos LG Polls

Adamu said that foreigners coming into the country through the border would be urged to hang somewhere, after stamping their passports till 3.p.m before leaving the border.

Advertisement

He, however, said the command would act accordingly if they received order to restrict movement.

(NAN)

Advertisement
Continue Reading

News

FG Secures 44 Fresh Convictions On Terrorism Financing

Published

on

Nigeria has continued to bolster its criminal justice system, securing convictions for 44 out of 54 individuals recently arraigned in Phase 7 of the Kainji Detention Facility Terrorism Trial.

This is contained in a statement by the Head of Strategic Communication, National Counter Terrorism Centre – Office of the National Security Adviser, Mr Michael Abu, on Saturday in Abuja.

Advertisement

Abu said the remaining 10 cases were adjourned during proceedings held across four courts, presided over by four Federal High Court justices.

He said the country had with the recent 44 convictions, secured a total of 785 cases involving terrorism financing and other terrorism-related offences.

READ ALSO:FG Launches Passport Front Office For Senior Public Officials

Advertisement

This, according to him, reflects the country’s intensified efforts to combat violent extremism, dismantle funding networks, and strengthen national security through judicial enforcement.

The verdicts delivered from the trials resulted in prison sentences ranging from 10 to 30 years, all to be served with hard labour, underscoring the severity of the crimes and the Nigerian justice system’s resolve to uphold accountability and deter future transgressions.

“The trials commenced on Wednesday, July 9, with an opening ceremony during which the National Coordinator of NCTC -ONSA, Maj.-Gen. Adamu Laka, delivered remarks on behalf of the National Security Adviser, Mallam Nuhu Ribadu.

Advertisement

“The Attorney General of the Federation and Honourable Minister of Justice, Prince Lateef Fagbemi (SAN), was represented by the Director of Public Prosecution of the Federation, Mohammed Babadoko Abubakar.

READ ALSO:Tension As FG Strips FAAN, NCAA, NAMA Of Revenue Collection Powers

Both officials reaffirmed Nigeria’s unwavering commitment to justice and its determination to confront terrorism through lawful and transparent means,” he said.

Advertisement

Abu said that 237 cases were heard, resulting in 200 convictions in the Phase 6 trials, adding that the convicted terrorists received a range of sentences based on the severity of their crimes, from the death penalty and life imprisonment to prison terms of 20 to 70 years.

He said their offences included heinous acts such as attacks on women and children, the destruction of religious sites, the killing of civilians, and the abduction of women and children during a brutal assault on the Gina Kara Kai community in Borno.

(NAN)

Advertisement

Continue Reading

Trending