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Hardship: 10 million MSMEs Shut In 2023, Says ASBON
Published
4 months agoon
By
EditorThe 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.
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.
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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?
“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.
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“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.”
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
News
EFCC Trial: ‘Even The Prophets Went To Prison’ – Buhari’s Minister Comforts Self In Court
Published
2 hours agoon
May 10, 2024By
EditorA former Minister of Aviation, Hadi Sirika, standing trial for an alleged N7.2bn fraud, said he was ready to go to prison just like the prophets.
Sirika, his daughter, and three others were arraigned at a Federal Capital Territory High Court on Thursday on a six-count amended criminal charge before Justice Sylvanus Oriji.
A video of the ex-minister speaking in court with his lawyers surfaced on X on Thursday.
In the video, Sirika, dressed in cream Babariga, could be heard saying, “It’s okay. Fatima, it’s okay,” while comforting his daughter.
READ ALSO: Cleric Sets Wife’s House Ablaze For Allegedly Refusing To Participate In Late Night Prayer
He continued, “Even prophets have gone (to prison). Those that went, haven’t they finished theirs already?…whatever Allah says”
The Economic and Financial Crimes Commission had accused the ex-minister, his daughter, son-in-law and Al-Duraq Investment Limited, of fraud in connection with the botched Nigerian Air project.
Meanwhile, the court granted each of the defendants bail in the sum of N100m with two sureties each.
Before the trial judge, Justice Sylvanus Orji granted the bail request of the defendants, they pleaded not guilty to all the charges preferred against them after it was read out to them.
The prosecution counsel, Rotimi Jacobs SAN, had informed the court of an amended charge by the EFCC dated May 7, and filed on May 8, which was not opposed by the counsel for the defendants.
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Sirika’s lead counsel, Kanu Agabi (SAN), informed the court of his client’s bail application dated May 6.
The other defendants similarly, moved their bail applications and prayed the court to be liberal in the bail conditions.
Jacobs, on his part, told the court that all the defendants were on administrative bail and asked the court to grant bail on the condition that would make them appear for their trials.
Apart from the N100m bail, Justice Osuji added that one of the sureties must own a landed property with valid land titles in like sum within the Federal Capital Territory.
The judge also held that the sureties must depose to an affidavit of means while he barred the defendants from travelling outside the country without its permission.
He added that failure to fulfil the bail conditions would earn the defendants a stay in a correctional facility.
News
Tiktok Bans Nigerian Content Creator’s Account After Completing 24-hour Buried-alive Challenge [VIDEO]
Published
2 hours agoon
May 10, 2024By
EditorNigerian man, Young C, has been successfully exhumed after spending 24 hours buried alive in a coffin.
Young C began the challenge on Wednesday, May 8 and has completed it.
At several intervals, Young C gave updates from inside the coffin.
His challenge however led to TikTok permanently banning his account.
READ ALSO: VIDEO: Nigerian Man Exhumed After Completing 24-hour Buried Alive Challenge
After he was ‘’exhumed’, he cautioned viewers against attempting similar stunts due to the inherent dangers involved.
Watch a video of him being exhumed below
News
Former Super Eagles Player, Ibrahim Babangida Is Dead
Published
2 hours agoon
May 10, 2024By
EditorFormer Super Eagles star, Ibrahim Babangida has died in a car accident.
It was gathered that the car accident which happened along Zaria road, also involved the ex-Super Eagles brother, Tijani, his wife, son and maid.
However, only Babangida died in the auto accident, while others who were with him were taken to the hospital, where they are responding to treatment.
Tijani is president of the Professional Footballers Association of Nigeria (PFAN).
READ ALSO: Ex-Rep Drags Wabote To EFCC Over Disbursement Of Funds For NCDMB Projects In Bayelsa
According to The Nation, a statement by the General Secretary of (PFAN), Emmanuel Babayaro, confirmed Ibrahim died in the crash.
Details later…
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