Connect with us

National News

FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

Published

on

FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

** We’ll be more deliberate in supporting small business owners to grow – VP Shettima

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said that the federal government, working in collaboration with other stakeholders, will be more deliberate in ensuring growth in the Micro, Small and Medium Enterprises (MSMEs) space in Nigeria.

To this end, the National Council on Micro, Small and Medium Enterprises (MSMEs) has set up a committee to interface with the Central Bank of Nigeria to enhance the financing of small businesses in the country.

This was part of decisions taken on Tuesday at the first meeting of the National Council on MSMEs for 2025 held at the Presidential Villa, Abuja.

Speaking after deliberations by members, Vice President Shettima said the federal government, through its agencies and partners, has the moral burden of supporting growth in the MSME space and facilitating job creation across different sectors for Nigerians.

Reeling out the mandate of the committee, the Vice President said the efforts of the administration of President Bola Ahmed Tinubu in supporting small businesses, evident in important policies and programmes, need to be complemented by stakeholders, especially the private sector.

The committee headed by the Minister of State for Industry, Trade and Investment, Sen. John Enoh, has Ministers of Science and Technology; Women Affairs; Minister of State for Agriculture and Food Security and the Senior Special Assistant to the President on MSMEs as members.

Others include the CEOs of Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bank of Agriculture (BOI), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), and the representative of NACCIMA and the organized private sector.

In the same vein, Council also approved a loan scheme for MSMEs known as the syndicated de-risked loans for small businesses.

The scheme will be a partnership between state governments and financial institutions aimed at enhancing access to finance for MSMEs at single-digit rates across the country.

Vice President Shettima advised state governments to set up vehicles that are devoid of political interests to drive the implementation of the syndicated de-risked loans for the MSMEs scheme.

“Some of these initiatives are laudable and will need to outlive the present administrations in the States. Regardless of political affiliations, Nigerians must be seen to be the ultimate beneficiaries of these schemes that we are trying to put in place,” the VP stated.

Earlier, the Senior Special Assistant to the President on MSMEs, Mr Temitola Adekunle-Johnson, presented the ‘syndicated de-risked loans’ scheme for small businesses, seeking the cooperation of members and describing it as a game-changing programme to provide affordable and available loans for businesses.

He said the initiative is in acknowledgement of the President’s passion and commitment to the development of small businesses and aimed at providing more jobs for Nigerians.

In his presentation on the state of MSMEs in Nigeria, the DG SMEDAN, Mr Charles Odii, said the agency was proposing an initiative which was born from a 3-day MSME conference held in 2024.

He said the initiative known as the GROW Nigeria strategy is to provide guidance, resources, opportunities, and the workforce to support the about 40 million small businesses across 8 distinct sectors.

Present at the meeting were the Deputy Governor of Enugu State, Mr Ifeanyi Ossai; the representatives of the Governors of Benue and Katsina States; the Minister of State for Industry, Trade and Investment, Sen. John Enoh; Ministers of Science and Technology, Mr Uche Nnaji; Women Affairs, Hajiya Imaan Sulaiman-Ibrahim; Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi; representative of the Governor of Central Bank of Nigeria.

Others are the CEOs of Bank of Industry (BOI), Bank of Agriculture (BOA), Nigeria Export-Import Bank (NEXIM Bank), Development Bank of Nigeria (DBN), Corporate Affairs Commission (CAC), Nigerian Investment Promotion Commission (NIPC), Nigerian Export Promotion Council (NEPC), NAFDAC, Standards Organisation of Nigeria (SON); National Bureau of Statistics (NBS); the Presidents of NACCIMA and National Association of Small and Medium Enterprises (NASME).

FG Moves To Fast Track MSMEs Growth, Sets Up C’ttee To Enhance Financing

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

NIMC Promotes 523 Staff Members

Published

on

NIMC Promotes 523 Staff Members

By: Michael Mike

The DG/CEO of the National Identity Management Commission (NIMC), Engr (Dr) Abisoye Coker-Odusote has approved the promotion of 523 Staff of the Commission.

The promotion, according to a statement on Saturday by the spokesperson of the Commission, Dr. Kayode Adegoke is in line with President Bola Tinubu’s Renewed Hope Agenda.

Adegoke said: “This is a statutory part of the performance reward system for Staff who sat and met the pre-requisite conditions as spelt out in the Public Service Rules (PSR) in the 2025 promotion exercise.

He disclosed that accordingly, two staff members were promoted to the Director’s cadre (GL 17), and eight staff members moved to the Deputy Director cadre (GL 16) and 35 staff staff members promoted to the Assistant Director cadre (GL 15).

He further disclosed that 35 staff were promoted to the level of Chief Identity Officers (GL 14), with 109 moving to Assistant Chief Identity Officers (GL 13).

Adegoke said 113 officers moved to the rank of Principal Identity Officer (GL 12), while 82 were promoted to Senior Identity Officer ranks (GL 10), and 130 to the rank of Identity Officer 1 ( GL 9).

The DG/CEO congratulated all the promoted staff and charged them to see the promotion as an opportunity to serve the country better. She reiterated zero tolerance for extortion and warned staff to desist from it.

Engr Coker-Odusote, furthermore, encouraged all staff members of the Commission to work harder in the coming year 2026 and ensure the successful implementation of the National Identification Number project. She reiterated her commitment to prioritise staff welfare and ensure the dignity of labour.

NIMC Promotes 523 Staff Members

Continue Reading

National News

VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67

Published

on

VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67

By: Our Reporter

Vice President Kashim Shettima has congratulated Imo State Governor and Chairman of the Progressive Governors Forum (PGF), Senator Hope Uzodimma, on his 67th birthday, saying his exemplary and progressive leadership within the All Progressives Congress (APC), his state, and the nation at large is worthy of emulation.

He noted that as Chairman of the PGF, an umbrella body of Governors elected on the platform of the All Progressives Congress (APC), Senator Uzodimma has demonstrated exceptional capacity to unite and galvanise the party’s Governors towards achieving a collective vision for Nigeria’s development under President Bola Tinubu’s Renewed Hope Agenda.

The Vice President on Saturday, described the age of 67 as an important milestone in the life of Uzodimma, noting that the special moment reflects how far the Governor has come, and sets the stage for what lies ahead.

Acknowledging how Uzodimma’s “exemplary leadership as Executive Governor of Imo State continues to inspire confidence and progress,” VP Shettima described the PGF Chairman as a committed servant of Nigeria.

“Your recent appointment by His Excellency, President Bola Ahmed Tinubu, GCFR, as Renewed Hope Ambassador is a well-deserved recognition of your unwavering dedication to the ideals of our administration and your proven ability to articulate and champion the transformative agenda of the Renewed Hope mandate across our nation,” the VP told the Governor.

This singular honour, Senator Shettima said, reflects President Tinubu’s confidence in Governor Uzodimma’s leadership and commitment to national progress.

He observed that the Imo State Governor’s strategic governance, infrastructural achievements, and dedication to the prosperity of his state exemplify the progressive leadership Nigeria needs at this crucial time.

The Vice President prayed the Almighty God to grant Governor Uzodimma continued wisdom, good health, and strength to sustain his “remarkable service to Imo State and Nigeria.”

VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67

Continue Reading

National News

EU Invests Additional €45 million in Nigeria’s Digital Economy

Published

on

EU Invests Additional €45 million in Nigeria’s Digital Economy

By: Michael Mike

The Europe Union (EU) is investing an additional €45 million in Nigeria’s digital economy.

The package was signed by the Nigerian Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the European Commissioner for International Partnerships, Jozef Síkela in Brussels.

A statement on Thursday by EU read: “At the EU-Nigeria Digital Open Day, which just took place in Brussels, a €45 million programme completing the EU Digital Economy Package for Nigeria was signed between Nigerian Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the European Commissioner for International Partnerships Jozef Síkela. 

“This investment will further support the cooperation in digital sector between Nigeria and the European Union.”

The European Commissioner for International Partnerships, Jozef Síkela, said: “Global Gateway is about delivering new opportunities, and the EU-Nigerian cooperation in the digital area has a very strong potential to do exactly that. Our approach to digitalisation is based on skills-transfer, open standards, data protection, privacy and security. This way, we make sure that technologies truly enrich human lives. The new package will take our efforts even further by supporting modern e-public services and investing in the skills that will prepare Nigeria’s youth for the digital future.”

The Nigerian Minister of Communications, Innovation and Digital Economy, Bosun Tijani added: The EU–Nigeria digital economy cooperation reflects our shared belief that digital transformation must provide a platform for growth in productivity driven by technology. As part of this, Project Bridge provides a commercially sustainable entry point for European investors and suppliers to participate in deploying an open-access fibre network at scale. Combined with our leadership in Artificial Intelligence, Digital Public Infrastructure and programmes such as 3 million Technical Talents, Nigeria offers European businesses a market where talent, demand and policy alignment converge to support long-term investment and expansion.”

The programme signed on Thursday includes a flagship Global Gateway support to the Project Bridge that aims to deploy 90 000 km of fibre-optic backbone across Nigeria. This project is the country’s most ambitious digital investment supported by loans from the European Bank for Reconstruction and Development, World Bank and African Development Bank.
The €45 million grant supports the preparation of this strategic project with technical assistance and equipment in three complementary ways:  for the detailed fiber optic network design, for local skills development and for the supply chain deployment with the mobilisation of the EU private sector. 

The EU programme will also contribute to modernise Nigeria’s public administration through secure, user-friendly digital services. it also involves targeted support for Nigeria’s nationwide digital-skills programme, helping train a new generation of technicians, engineers and IT specialists.

According to the statement, this is essential to create new jobs, because large-scale digital projects can only work if the local workforce can maintain, operate and innovate on these networks.

The objective of the EU-Nigeria Open Digital Day was to facilitate access to information for European investors and suppliers interested in participating in the Nigerian digital ecosystem. The focus was on the Project Bridge, presented as an opportunity for collaborations between the EU tech sector and Nigeria. 

With this €1.7 billion flagship project is projected to extend Nigeria’s total fibre to 125 000 km (+70%), making it the third-longest terrestrial fibre-optic infrastructure in Africa, following Egypt and South Africa. 

 
Digitalisation is a priority area for the EU-Nigeria partnership as reflected in the €820 million Digital Economy Package launched in 2022 under the EU Global Gateway strategy. The EU-Nigeria collaboration in this sector spans from connectivity to digital skills, entrepreneurship, service and governance with multiple projects.

Nigeria’s digital economy has potential to create jobs, foster economic growth and open greater democratic space in Africa. Nigeria hosts big companies, and Lagos offers digital and business ecosystem with incubators, access to finance and digital service platforms. It has the biggest e-commerce market in Africa with 87 platforms, employing some 2.9 million people.

It is also leading on the continent on digital and start-ups – of the 8 existing African unicorns, 6 are Nigerian, with impressively dynamic States (Lagos) eager to create an ecosystem that promotes innovation, youth and growth largely led by the digital sector. 

Global Gateway is the EU’s positive offer to reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.

The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions.

Together, they aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.

EU Invests Additional €45 million in Nigeria’s Digital Economy

Continue Reading

Trending

Verified by MonsterInsights