News

Hardship: 10 million MSMEs Shut In 2023, Says ASBON

Published

2 years ago

December 30, 2023

Editor

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.

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.

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.

“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

INEC CVR: CSO Expresses Worry Over Poor Deployment Of Machines, Manpower To LGs In Edo

Published

3 hours ago

August 29, 2025

Editor

By Joseph Ebi Kanjo

Edo Civil Society Organisations (EDOCSO) has expressed worry over the poor deployment of capturing machines and manpower to Igueben Local Government Area of the state by the Independent National Electoral Commission (INEC) in the ongoing Ongoing Continuous Voters Registration (CVR).

The Coordinator, EDOCSO, Igueben Study Centre, Leftist Enabulele Larry, and Secretary, Leftist Mark Akande expressed the CSO sentiment when the duo visited the INEC headquarters in Igueben where the CBR in the local government is taking place.

In a statement made available to INFO DAILY on Friday, the leadership of EDOCSO, Igueben Study Centre condemned the “use of only two capturing devices in a local government with over 69, 396 in population.”

The duo noted in the statement that their findings at the INEC headquarters revealed two capturing machines were deployed to each local government across the 18 local government areas of the state.

The civil society members said INEC excuse of deploying two capturing machines to each local government was not germane enough because many do not have a computer or android phone to do the online registration INEC gave as an excuse.

“The question here is, what is the percentage of our people mostly the aged individuals, that have access to Android mobile and other internet gadgets in Edo state?

“How many people can afford internet data to enable them have access internet services in Edo state under the current excruciating economic pains by the people?

“How many of the Edo people can even manipulate the Android mobile phone to the extent of navigating the internet hurdles to undertake the job is INEC? If INEC is not ready for the job, they should tell Nigerians.

“If citizens are now advised to individually undertake the statutory job of INEC, of what purpose does the commission serve to the people? etc,” they said.

As at when filing this report, INFO DAILY was yet to get a reply from the message sent to the INEC in Edo for reaction.

News

Edo Sports Commission Boss Celebrates Okpehbolo On Birthday

Published

8 hours ago

August 29, 2025

Editor

The Executive Chairman of the Edo State Sports Commission, Hon. Amadin Desmond Enabulele, has felicated with Governor Monday Okpebholo, on the occasion of his birthday.

In a statement issued on Friday by his Media Officer, Edoko Wilson Edoko, Enabulele Okpebholo as a visionary leader whose dedication to the growth and development of the state has continued to inspire confidence and admiration across all sectors, especially sports.

Enabulele, who highlighted the governor’s unwavering commitment to youth empowerment through sports development, noted that under his leadership, Edo State has witnessed significant strides in grassroots sporting initiatives and infrastructure.

“His Excellency, Senator Monday Okpebholo, is not just a political leader but a beacon of hope for the younger generation.

“His passion for excellence and inclusive governance is evident in the way he has continued to support policies that uplift our youths and promote sporting excellence,” the statement read.

The Executive Chairman prayed for long life, good health, and continued wisdom for the governor as he steers the affairs of the state towards greater prosperity.

“On behalf of the entire Edo State Sports Commission, I extend our warmest birthday wishes to His Excellency at 55. May this new chapter of his life be filled with more accomplishments and divine grace,” he added.

News

Oba Of Benin Suspends Palace Chiefs

Published

18 hours ago

August 28, 2025

Editor

The Oba of Benin, Ewuare II, has suspended two of his chiefs for falling for dereliction of duties.

This was contained in a statement signed by the Secretary to the Benin Traditional Council (BTC), Frank Irabor and made available to journalists in Benin City.

He said their suspension was as a result of their long absence from the palace, resulting in their failure to carry out their palace responsibilities.

The suspended persons are: Chief John Igiehon, the Izuwako of Benin and chief Aimiukpomonyako Oghogho (Ebengho), the Oyenmwensoba of Benin.

“The under-mentioned two (2) chiefs have been suspended from the Palace of the Oba of Benin.

“This is as a result of their long absence from the Palace, resulting in their failure to carry out their Palace responsibilities.

“The public is advised to be wary of unscrupulous chiefs that are no longer functioning in the Palace. His Royal Majesty has approved their _ Suspension and directed the public be duly informed.

“The names of the chiefs are: – ; 1. CHIEF JOHN IGIEHON, THE IZUWAKO OF BENIN and, _ 2 CHIEF AIMIUKPOMONYAKO OGHOGHO (EBENGHO), THE OYENMWENSOBA OF BENIN”, the statement said.