Atedo-Peterside-1-e1601547660528-750x430

$1.5bn for Port Harcourt refinery repair can build 12 world-class hospitals – Peterside

by with No Comment Business

The founder of Stanbic IBTC and Anap Foundation, Atedo Peterside, says the $1.5 billion earmarked for rehabilitating the Port Harcourt refinery can build 12 world-class hospitals in different geographical zones across the country.

READ ALSO: Rivers courts decide on Indorama’s 7.50% host community equity dividends

“The $1.5bn earmarked for PH Refinery Rehabilitation by #NNPC could build 12 world-class hospitals costing $125m each — two in each geopolitical zone,” Peterside said in a tweet on Thursday.

He advised the Federal Government to sell the Port Harcourt refinery to qualified private sector investors who can carry out necessary repair works with their own money.

“We could then allow private sector core investors to purchase the refinery and rehabilitate it with their own funds,” Peterside said.

Several Nigerians have called on the Federal Government to privatise the refineries and avoid years of losses from them, but the management of the Nigeria National Petroleum Corporation (NNPC) has continued to insist it will rehabilitate them and continue to own them.

A report published by NNPC in 2020 shows that Nigeria’s three refineries still cost the country N10.23 billion in expenses.

The NNPC disclosed in the report that the three refineries, located in Warri, Port-Harcourt and Kaduna, processed no crude because of the rehabilitation works being carried out on them.

The Port-Harcourt Refining and Petrochemical Company Limited (PHRC) has the capacity of producing 210,000 barrels per day, Kaduna Refining and Petrochemical Company Limited (KRPC) can produce 110,000 barrels per day, while the Warri Refining Petrochemical Company Limited (WRPC) has 125,000 barrels per day production capacity.

Recall on March 17, the Federal Executive Council (FEC) approved the sum of $1.5 billion for the rehabilitation of the Port Harcourt refinery.

Timipre Sylva, minister of state for petroleum, said the rehabilitation would be done in three phases of 18, 24 and 44 months.

He added that the contract would be awarded to Tecnimont SPA, an Italian company.

READ MORE

NIN

It’s a crime to do business in Nigeria without NIN – Pantami

by with No Comment BusinessNews

Ahead of the April 6, 2021 deadline given Nigerians to link their SIM cards to the National Identification Number (NIN), Isa Pantami, Minister of Communication and Digital Economy, has said it is a criminal offence in the country to carry out business activities without first acquiring the NIN.

READ ALSO: Edo signs N100bn MOU with 7 oilpalm investors

Pantami, who spoke at the 6th Presidential Media briefing in Abuja on Thursday, cited section 27 of the NIMC Act of 2007 to buttress his point.

“The NIMC Act clause 27 states that you need the NIN number for opening a bank account, for insurance, land transactions, voter registration, and driver’s licence. So, it is an offence to transact any business activity without first having your NIN,” he said.

This is even as indications have emerged that the Federal Government may extend the registration period as only 51 million numbers have been authenticated so far.

Pantami said his ministry had scheduled a stakeholders’ meeting for Thursday afternoon to decide on the fate of those who are yet to process their NIN.

Insider source at the National Identity Management Commission ( NIMC) disclosed that the government has no immediate plans to disband the over 1,060 centres designated to register subscribers despite the deadline, given the large number of Nigerians who are yet to acquire the NIN as at April 1, 2021.

Pantami also put the number of SIM card subscribers linked to NIN at over 150 million, adding, however, that enrolment is 51 million as at March 31, 2021.

He did not state when the suspension of new SIM registration will be lifted.

“The ban may affect our economy, but when addressing the issue of security, the economy takes a back stage. Some of the SIM registration carried out in the past compromised the system.

READ MORE

FG-to-create-4-million-jobs-from-oil-Palm-production

Edo signs N100bn MOU with 7 oilpalm investors

by with No Comment Businessfinance

The Edo State government on Wednesday signed a Memorandum of Understanding ( MOU) with seven oil palm investors under the Edo State Oil Palm Programme (ESOPP) investors group.

AXA Mansard Promotes SMEs in Nigeria; launches Business Insurance Plan

Some of the investors are Agroallied Resources Limited, Agripalm Limited, Saturn Farms Limited; Saro Oil Palm; Fayus Nigeria Limited and Farm Forte Agro Allied Limited.

The state governor, Godwin Obaseki while signing the agreement in Benin, said the MOU, which is valued at N100 billion, would help to increase oil palm production and rejuvenate the sector for global competitiveness.

According to him, the journey started a while ago, but today’s event marks the beginning where allottees will take over the plots allocated to them to cultivate oil palm in the state.

“This exercise today, which involves the signing of 45,000 hectares of land to about seven companies for the purpose of cultivation of oil palm will make Edo one of the largest, if not the largest oil producing state in Nigeria.

This is the first phase. And the second phase, which we hope will be concluded this year, will be about the same size of land.

“At the end of this programme, when our investors may have cultivated over 100,000 hectares, we would be providing over 200,000 jobs at a minimum. It will make the state more competitive in the oil palm production business,” Obaseki said.

Obaseki, who thanked the investors for their interests in the state, reassured that his administration would create the enabling environment for businesses to yield good returns.

READ MORE

AXA

AXA Mansard Promotes SMEs in Nigeria; launches Business Insurance Plan

by with No Comment Business

In line with company’s strategy of fostering the growth of Small and Medium Enterprises in the country, AXA Mansard Insurance PLC, a member of the AXA Group and global leader in insurance and asset management, wishes to announce the launch of its ‘Business Insurance Plan’.

READ ALSO: ITF to Train Seven Million on Agric, Construction, Others

The official launch of this product took place on the 25th of March 2021 at AXA Mansard’s office at Ozumba Mbadiwe Road, Victoria Island.

The Business Insurance Plan (BIP) is a one-stop insurance solution that addresses the business risk exposures of small and medium enterprises. It is a pot-pourri of highly beneficial insurance risks management solutions bundled together. These solutions include Business Content, Group Personal Accident, SME Life, Health Care, Public Liability, Optional Covers, Professional Indemnity, Comprehensive Motor, Stock and General Conditions.

Every business comes with a certain amount of risk. Although pitfalls and challenges cannot be avoided, but they can be mitigated with the proper precautions, planning, and Insurance coverage. These risks and pitfalls are what the Business Insurance Plan seeks to address.

The BIP is available for purchase seamlessly on the company’s transaction website. www.axamansard.com. Purchases can also be made through sales agents and at any of our offices nationwide.

Speaking at the event, the Chief Executive Officer of the company, Mr Kunle Ahmed stated, “Our aim is to deliver the appropriate solutions for small to medium enterprises at a competitive price. It is our expectation that this product will enable the SMEs hedge the risks they face and focus on strategizing and growing their businesses knowing that they are protected.”

With 17.4 million SMEs in Nigeria, the role they play in the growth & development cannot be overemphasized. They are a significant force in reducing unemployment and accelerating GDP growth. We are therefore very excited to be able to provide this innovative solution that ensures they continue to thrive.

The Chief Client Officer, Mrs Rashidat Adebisi stated that “the driving force behind the development of this product is AXA’s purpose which is to “Act for human progress by protecting what matters”. At AXA Mansard, we care about people and their businesses, therefore we constantly listen, think and innovate.”

READ MORE

Industrial Training Fund

ITF to Train Seven Million on Agric, Construction, Others

by with No Comment Business

As a way of saving the country from its rising unemployment and poverty rates, the Industrial Training Fund (ITF) has said that it is set to train over seven million Nigerians in the areas of agriculture, construction and facility maintenance, information and communication technology, manufacturing and services between 2021 and 2031.

READ ALSO: Why Nigerian tech founders are incorporating companies in the US, UK

Disclosing this in Jos during an interactive session with the journalists, the Director General of ITF, Sir Joseph Ari noted that, “skill acquisition remains the most sustainable solution to increasing poverty and unemployment, and the catalyst to economic growth and development.”

According to him, the ITF was among the few agencies requested by the federal government to forward submissions on lifting of 100 million Nigerians out of poverty in 10 years.

“If our proposal, which is currently receiving attention of the authorities, is assented to, the ITF will train over seven million Nigerians in the Agriculture, construction and facility maintenance, information and communication technology, manufacturing and services sector between 2021 and 2031.”

He said that the Fund has implemented several skills intervention programmes, including the National Industrial Skills Development Programme (NISDP), Special Skills Development Programme (SSDP), Federal Government Skills Empowerment Programme (FEGOSEP), Info-Tech Skills Empowerment Programme (ISEP), and Agric-preneurship Training Programme (ATP) with which it has trained thousands of Nigerians that were empowered with start-up packs to set up on their own.

He added, “This year, which we have declared as the year of ” skills Escalation for Prosperity”, we have commenced processes for the implementation of more skills intervention programmes namely: the National Industrial Skills Development Programme (NISDP), the Skills Training and Empowerment Programme for the Physical Challenged (STEPP-C), the Construction Skills Empowerment Programme (CONSEP), the Passion to Profession Programme ( P2PP), and the Agri- preneurship Training Programme (ATP).

He added that the programmes would train about 12,000 Nigerians between three and six months in web design and programming, advance computer networking, mobile app development, iron bending, masonry, crop production, aquaculture, air-conditioning and refrigeration, plumbing, GSM repairs and ladies wig cap making.

Ari added that, in appreciation of their efforts to equip Nigerians with requisite skills and contributions to the development of the Micro, Small, and Medium Enterprises (MSMEs) sector in Nigeria, ITF was named as a member of the steering committee of the federal government to drive the implementation of the various support schemes for MSMEs in the country as part of the national response to the COVID-19 pandemic as part of Government’s social investment programmes under Economic Sustainability Plan.

READ MORE

tech companies

Why Nigerian tech founders are incorporating companies in the US, UK

by with No Comment Business

Investors are once again writing big cheques for Nigerian tech companies as normalcy begins to return.

READ ALSO: Naira gains 0.21% at investors window amid low dollar supply

While the balance sheet of the company, the customer acquisition numbers, and what stage of development the company is currently at, are significant factors that help investors decide which start-up will be getting their money, there is a big catch to land big-ticket funding.

Where is the company incorporated?

Nearly 90 percent of the companies that have closed big-ticket funding in 2021 so far were incorporated either in the US or UK.

In the month of March alone, tech companies have raised more money than they did in the whole of 2020. However, the about $204 million raised so far have mostly come from companies with publicly known incorporation records outside the continent. In fact, four out of the six companies accounted for about $195 million raised so far.

It is the same for companies that have raised funding since January.

uLesson which raised the first big-money – $7.5 million – in 2021 was founded in 2019 and incorporated in the state of Delaware in the United States. Flutterwave, which has closed the most funding so far in 2021 was also incorporated in Delaware and identifies its head office as 1323 Columbus Avenue, San Francisco CA 94133 USA with company number 6031713. Cowrywise which raised $3 million from Quona is another company incorporated in Delaware. Afriex which raised $1.2 million was incorporated in California, US.

Others are Kwik Delivery, which raised $1.7 million, incorporated in Paris, France, and Kuda Bank, which raised $25 million was incorporated in London.

A local investor may not think too much of this, but a tech company incorporated in Nigeria stands little chance of convincing foreign investors they are worth their big cheques.

So why do Nigerian founders prefer to go outside the country and even continent to incorporate the entity that gives birth to their ideas? The least motivation is the difficulty involved in incorporating companies in Nigeria.

READ MORE

ports revenue

N538bn ports revenue shows private sector can generate more for govt

by with No Comment Business

N538bn ports revenue shows private sector can generate more for govt

The Nigerian government is in dire need of money, and while it remains uncomfortable with letting the private sector run its business interests, evidence points to the need to let go.

READ ALSO: Foreign VCs dominate in Nigeria As local investors…

Allowing private capital to stimulate the economy as seen in recent developments from concessioned ports can generate more money for the government than it can do on its own.

Last week, the Bureau of Public Enterprise (BPE) said that private sector fiscal contribution to the port and the Federal Government increased to over N538 billion within 11 years of port concession from 2006 to 2017.

These were monies collected from commencement fees, lease fees, throughput fees, tax payments by the concessionaires as well as revenue put into infrastructure development, and investment on equipment.

A breakdown of the revenue shows that the Federal Government collected N5.68 billion as commencement fees, N196.48 billion as lease fees, N61.45 billion as throughput fees, N67.77 billion as tax payment while the private entities investment in infrastructure and equipment stood at N66.6 billion and N139.9 billion, respectively.

Jonathan Nicol, president of the Shippers Association of Lagos State, reiterated the need for the private sector to take the lead in various sectors of the economy.

He called on the government to take advantage of private sector financing in building infrastructure, especially at this time when the financial capability of the government is dwindling due to unstable prices of crude oil, Nigeria’s mainstay.

READ MORE

Nigeria investors

Foreign VCs dominate in Nigeria As local investors…

by with No Comment BusinessNews

Foreign VCs dominate in Nigeria As local investors bankroll Egyptian startups,

Nigeria tech ecosystem’s march to the throne of a most attractive destination for investors in Africa is likely to be a reality again in 2021 but its local venture capital (VC) scene would take the second seat once again.

READ ALSO: Visa joins cryptocurrency market, now allows crypto transaction, but not bitcoin

In Egypt, though, this is hardly to be the case as local investments compete equitably in the tech investment activities in terms of volume.

Over the years, tech investment has grown significantly in Egypt. In 2019, for example, the number of funded ventures rose to 159 percent on 2018 figures, data from Disrupt Africa shows.

The number dropped to 82 startups in 2020 on the back of the pandemic, the country was nonetheless second only to Nigeria and also means that the number of funded Egyptian startups has grown by 1,540 percent since 2015 when only five startups secured investment.

Egypt, actually, ranked number one in Africa in the number of equity deals with 86, representing over 83 percent growth year-on-year and almost a quarter of the continent’s VC transactions in 2020, according to Partech’s report.

In terms of total equity funding, Egypt also sees the highest growth rate out of the top 4 markets with over 28 percent year-on-year growth, attracting $269 million to represent 19 percent of the total funding and maintaining its third place but significantly closing the gap with Nigeria and Kenya.

Egypt owes much of its rise on the continent’s tech ecosystem to a local ecosystem driven by high-quality entrepreneurs and increased activities from local investors plugged into the many regional Middle East and North Africa (MENA) funds.

However, these would not have grown to the level it is without intentional government investment in technology.

The Egyptian government is one of the biggest investors in the tech ecosystem in Egypt. The government does this through its public venture capital programmes. public venture capital organizations are organizations that are funded and controlled by government institutions.

These types of organizations are either completely funded by the government or partially funded by the government.

According to experts, public venture capital organizations usually have a slightly different aim than other VC firms; their main goal is usually focused on promoting the growth of Small and Medium Enterprises (SMEs).

In other cases, their aim is to invest in certain industries or certain areas. When both the government and the private sector contribute to the funds of Public Venture Capital organizations, they are called hybrid funds.

The Central Bank of Egypt in 2019 established a fintech regulatory sandbox as well as the $57 million Fintech Fund.

According to the bank, the funding to be mobilised directly and indirectly by the new platform is expected to start with $50-100 million upon launch reaching $350-500 million over a period of five years.

Apart from the Fintech Fund, the Egyptian government also runs a number of incubation programmes both independently and in collaboration with other organisations.

The government also made a lot of investment in providing technology infrastructure in the country that enables tech businesses and the ecosystem to thrive.

MSME

45% of N75bn MSMEs survival fund provided for women owned businesses

by with No Comment Business

About 45 %2 of the N75bn MSMEs survival fund has been made available for women owned businesses.

READ ALSO: FG disburses MSME Survival Fund to tailors

This was disclosed by the Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, in Abuja.

Katagum disclosed that over 45 percent provision have been made for women owned businesses in the N75 billion Micro, Small and Medium (MSMEs) survival fund made available for businesses in Nigeria by the Federal government to cushion the impact of COVID-19 in the country.

Speaking at the signing of the Memorandum of Understanding (MoU) between Organization of Women in International Trade (OWIT) and the Nigeria Entrepreneurs Forum (NEF), Amb. Katagum said the intervention fund was targeted at giving support to businesses that have suffered due to the pandemic.

“The N75 billion MSME Survival Fund and Guaranteed Off take Scheme are part of Economic Sustainability Plan (ESP) designed and developed by the Federal Government to cushion the impact of the COVID-19 Pandemic on the economy, specifically targeted at providing succour to the MSMEs sector which has experienced the most adverse effect of economic disruptions caused by the Pandemic.

“The implementation of the scheme which has received commendation by stakeholders across the country has provision for 45 per cent female-owned businesses,” she stated.

The Minister Applauded the organizers for the “efforts towards actualizing this event which provides an avenue for the development of MSMEs especially among women.

“The critical role MSMEs play in the development of the national and global economy in terms of employment generation and contribution to Gross Domestic Product (GDP) cannot be overemphasized.

“It is in recognition of this that the Federal Government of Nigeria gives special attention to the growth and development of the MSME sector, with special emphasis on women-owned enterprises.

Represented by the Deputy Director in the department of Industrial Development, Mr John Opaluwa, the Minister stated that “the Federal Executive Council (FEC) has recently approved the revised National Policy on Micro, Small and Medium Enterprises (MSMEs) which provides the framework to resolve the challenges faced by the sub-sector.”

While delivering her welcome address, the President of OWIT, Blessing Irabor, said “OWIT Nigeria is driven by the believe that trade and investment can help Nigeria develop sustainably and inclusively.

“We also know that women and girls have less opportunity, less access to leadership positions, finance, education, information etc.

“However, in the Nigerian world of trade and business, where the gender blind deliverables in trade has strongly contributed to widening the gap of inequalities between men and women at all levels of economic empowerment”, noting that “strengthening coordination on women participation in trade and investment is now Paramount.”

In his remarks, the President of NEF, Sidney Inegbedion, said NEF “is a private sector driven organization whose services have focused on stimulating economic pdevelopment in Nigeria.

“This is why Nigeria Entrepreneurs Forum is partnering with the Organization of Women in International Trade (OWIT). OWIT Nigeria is an active women organization that focuses on trade and business at the local and international levels as a strategy for women empowerment and social recognition,” he stated.

SOURCE LINK

MSME Tailors

FG disburses MSME Survival Fund to tailors

by with No Comment Businessfinance

The Federal Government has commenced the disbursement of its Micro, Small, and Medium Enterprises, MSME, Survival Fund to tailors, artisans in Lagos State.

The Special Assistant to the President on MSMEs/DFIs, Tola Johnson, said so far in the Bariga cluster alone, over 400 people had benefitted from the scheme, with11other clusters approved last week.

READ ALSO: MSME Clinic To be Flagged Off by VP Osinbajo And Pantami

Johnson stated this at the activation of the Artisan Scheme of the MSME Survival Fund by the Bank of Industry in Bariga area of Lagos on Thursday.

He explained that the fund was created to cushion the effect of the COVID-19 pandemic on small businesses in the country, reaffirming the Federal Government’s commitment to supporting MSMEs.

He said, “It is no news that the pandemic affected many businesses and the government in its wisdom thought about how it could support different clusters of people. We have people for the payroll support, the artisan and the transport sectors.

“We also have people that we give money to cushion the effect of the pandemic on their businesses. The Federal Government resolved to support 500,000 people every month for three months, while also supporting 303,000 artisans with N30,000 one-off grant and N50,000 to about 100,000 businesses that have been affected by the pandemic.”

According to him, the government will carry out monitoring and evaluation of the fund to ensure that it is disbursed judiciously.

Johnson added, “We are carrying out this programme in phases so that we can learn from the mistakes of the first and correct in the second stream. We are actually trying to monitor to a large extent to ensure that what was approved is what is being done.”

He said a second stream of states was waiting for approval for disbursement.

“For the payroll segment, we will let the public know when we want to commence disbursement. Every state has about 6,600 new business names to be registered for free, but the Federal Government is paying N6, 000 per business to the Corporate Affairs Commission.

The Chairman, National Union of Tailors, Bariga Chapter, Balogun Olatunde, commended the government for supporting small businesses and urged the government to do more.

He said most of the tailors under his jurisdiction were looking for loans to expand their businesses.

SOURCE LINK