now now

Registration for FG’s MSME survival fund to open Monday

by with No Comment Businessfinance

The federal government has announced that registration for the N75 billion survival fund for micro, small and medium enterprises (MSMEs) will begin on Monday, September 21.

READ ALSO: CardinalStone’s West Africa SME Fund Closes at $64M

Mariam Katagum, minister of state for industry, trade and investment, said the programme is aimed at tackling the economic challenges faced by small businesses as a result of the coronavirus outbreak.

Katagum was speaking at the virtual commissioning of the fashion cluster shared facility for MSMEs tagged ‘Eko Fashion Hub’ in Lagos on Friday.

Katagum explained that the programme, which would run for an initial duration of three months, would be opened for 1 .7 million entities and individuals across the country.

“The federal government is fully committed to empowering Nigerians; more so in the face of the COVID-19 pandemic,” she said.

“In this regard, the government, through the economic sustainability committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“These programmes include among others, the N75 billion MSME survival fund and Guaranteed Off-take schemes of which I have the honour to chair the steering committee for the effective implementation of the projects.

“The project, which will run for an initial period of three months, is targeting 1.7 million entities and individuals and has provisions for 45 percent female-owned businesses and five per cent for those with special needs.”

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FG SMEs

FG to support MSMEs with $1bn syndicated loan

by with No Comment Businessfinance

As part of efforts to boost Nigeria’s economic recovery and sustainable growth, the Bank of Industry (BoI) under the supervision of the Federal Ministry of Industry, Trade and Investment has concluded a $1billion syndicated term loan in conjunction with international partners to further support Small and Medium Scale Enterprises (MSME) in the country.

READ ALSO: BusinessDay with NetPlusDotCom Set to Host March Edition of Monthly Digital Webinar Series for SMEs

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said the loan is aimed at “further improving the capacity of the bank to effectively support Micro, Small and Medium Scale Enterprises (MSME) – across key sectors of the Nigerian economy – with affordable loans of medium to long-term tenor, alongside moratorium benefits.”

Adebayo who disclosed this on Monday at the Quantum Mechanics Limited MSME Survival Fund capacity building programme in Abuja, also said discussion were ongoing with Dunn & Bradstreet to establish an SME risk rating agency – the SME Rating Agency of Nigeria (SMERAN), to provide empirical basis  for analysing the eligibility of SMEs to access credit.

The Minister who spoke on efforts of the Federal Government at supporting MSMEs in the country said, “I will like to reiterate that our Ministry fully supports MSMEs, as demonstrated by our MSME Survival Fund Initiative launched in the wake of the COVID-19 pandemic by the Federal Government as part of the Nigerian Economic Sustainability Plan (NESP); aimed at protecting MSME businesses from shocks the pandemic. The Fund comprises the Payroll Support Scheme which aims to support MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees in each MSME for three months; the Artisan and Transport Grant which supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals; the General MSME Grant which will provide 100,000 MSMEs with one-off grants of N50,000 each; and the Guaranteed Offtake Scheme which will engage approximately 100,000 businesses across the country to produce items typically manufactured in their locality, targeting 300,000 beneficiaries, including free registration of companies for 250,000 beneficiaries.”

He explained that the survival fund was estimated to save at least 1.3 million jobs across the country…

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Economy Sector

Livestock Sector Can Add N33tn To Economy —FG

by with No Comment News

Nigeria’s livestock sector has the potential to add N33tn worth of investments to the country’s economy, the Federal Government has said.

READ ALSO: Zenith Bank, GTB, Union Bank Lift NSE Banking Index By 2.09%

Minister of Agriculture and Rural Development, Sabo Nanono, who said this to the media in Abuja on Saturday evening, stated that the Federal Government was working hard to ensure the release of this huge investment into the economy.

He said, “Just this week in Kano, I inaugurated the pilot scheme of the National Livestock Breed Improvement Initiative aimed at increasing the diary potential of our indigenous dairy cows and meat yield of our national herd.
“The livestock sector has a huge economic potential netting N33tn which should be explored and harnessed.”

He said the goal of the Federal Ministry of Agriculture and Rural Development was to facilitate economic diversification from an oil based economy to an agro based economy.


Nanono stated that to achieve this, the FMARD had commenced the implementation of agricultural mechanisation aimed at massive cultivation and output.

He said, “This will ensure that we have more than enough to feed the population and export to neighboring countries. We are also deepening our extension services to grow the agricultural sector and make farming an informed profession.


“We’ve inaugurated a compact and viable livestock subsector capable of sustaining the supply of beef and dairy demands of the nation for consumption, processing industry and export.”


In another development, the Nigerian Veterinary Medical Association raised an alarm that the activities of uncertified animal care givers were slowing down the growth and development in the livestock subsector.


NVMA is regulated by the Veterinary Council of Nigeria, an agency under the Federal Ministry of Agriculture and Rural Development.

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Atedo Peterside

Atedo calls $1.5bn refinery bill brazen adventure

by with No Comment Businessfinance

Leading banker and outspoken campaigner, Atedo Peterside, has asked the federal government to halt the outrageous plan to spend $1.5bn to repair the Port Harcourt refinery.

READ ALSO: CBN Denies Placing New Restrictions On Cryptocurrency.

In a tweet, Atedo said “FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate.

“Many experts prefer that this refinery is sold “as is” by BPE to core-investors with proven capacity to repair it with their own funds.”

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FG Refineries

FG Refineries Earn N21bn, Lose N778bn

by with No Comment financeNews

FG Refineries Earn N21bn, Lose N778bn In Five Years

The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019, an analysis of data collated from their financial statements has shown.

READ ALSO: GTBank reports full year PBT of N238.1billion

The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities.
The refineries, which are located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day.
The country relies largely on importation of refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs.

Port Harcourt Refining Company generated a total revenue of N10.33bn from 2015 to 2019, but posted a loss of N229.14bn.
The refinery generated zero revenue in 2019; N1.46bn in 2018; N4.82bn in 2017; N3.37bn in 2016, and N683.52m in 2015.

Kaduna Refining and Petrochemical Company reported revenue of N4.17bn and a loss of N307.27bn in the five-year period.
The refinery generated revenue of N37.17m in 2019, compared to zero revenue reported in 2018. Its revenue had risen to N2.24bn in 2017 from N1.47bn in 2016 and N418.76m in 2015.
It posted a loss of N65.99bn in 2019, N63.64bn in 2018, N111.89bn in 2017, N30.19bn in 2016 and N35.56bn in 2015.
https://insidebusiness.ng/161525/fg-refineries-earn-n21bn-lose-n778bn-in-five-years/

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Survival fund

Excitment as FG credits Nigerian man under Survival Fund program.

by with No Comment financeNews

A young man identified as Kunle O is one of the beneficiaries of the FG’s MSME Survival Fund programme- Kunle O shared a screenshot of a credit alert he got from the Bank of Industry –

READ ALSO: ANALYSIS: Can GTBank replicate WorldPay in Africa with HabariPay?

The young man said he was happy to be one of the beneficiaries of the programme, noting he does not know anyone in government

Simply identified as Kunle O, a young Nigerian could not contain his excitement on Monday, March 8, when he received a credit alert from the Bank of Industry following his successful application for the federal government’s Survival Fund programme.

The Survival Fund is an initiative by the federal government set up to ensure Nigerian Micro, Small & Medium Enterprises (MSMEs) survive amid the damaging impact of the coronavirus pandemic.

The Payroll Support is meant for business owners who are experiencing difficulties paying their staff salary.

The salary support ranges between N30,000 and N50,000. Under the MSME Grant, the federal government will provide credit support to MSMEs and key sectors impacted by the COVID-19 pandemic with a view to enabling an increase in manufacturing capacity.

The Guaranteed Off-take scheme, as the name implies, is to guarantee the offtake of the products of the beneficiary companies.

The target beneficiaries are the MSMEs that are ready to launch their products.

Sharing a screenshot of the bank alert on Twitter, Kunle O, expressed happiness that he benefited from the programme, noting that he got the fund on merit as he does not have any connection in the government.

The excited young man tweeted:

“It don happen ooo! the FG has kept to their words as touching #SurvivalFundNG I know no body in govt. Am happy to say am a beneficiary.”

Answering a question regarding the process, Kunle O said he started the process in 2020. He added that he experienced some “difficulties” along the line but he “didn’t throw in the towel”.

Meanwhile, the federal government has announced that the Nigeria Youth Investment Fund (NYIF), being implemented by the Ministry of Sports and Youth Development, has successfully completed its pilot disbursement of loans totalling N165,700,000 to 239 beneficiaries.

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FG PROCUREMENT CONTRACT WOMEN

FG Mulls Policy to Earmark Procurement Contracts for Women

by with No Comment BusinessfinanceNews

The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, has said that the federal government is currently working on a policy that will earmark a certain percentage of public procurement for women owned businesses.

She also said all MSME groups and individuals would be granted level playing ground to apply and access government funding initiatives, particularly the MSME Survival Fund.

The minister spoke while she received the executive committee members of the NECA’s Network of Entrepreneurial Women (NNEW) Abuja, led by its
Chairperson, Mrs. Amina Zanna Ibrahim, on a courtesy visit to her over the weekend.

Katagum said: “Disabuse your minds about government contracts. We have this initiative that is going on about procurement processes for women.

READ ALSO: SME Loan opportunity for Studentpreneurs in Enugu.

“We are trying to take it at a policy level so that all these procurement processes will at least, try to earmark a certain percentage for women owned businesses.

“But we have to take it at the policy level because the men who are taking all the contracts will not want you to come and compete with them.”

However, the minister assured the women that the proposed framework will ensure that female entrepreneurs get a share of procurement contracts going forward.
She added that already, the Infrastructure Concession Regulatory Commission (ICRC) is currently working to ensure that women are considered in future procurement.

The minister also assured that all government’s funding interventions, particularly the MSME Survival Fund scheme, which was created to ameliorate the impact of the COVID-19 pandemic on small business, will be administered on a level playing ground so all applicants can get equal opportunities.

Katagum added that she will consider it a major, if applicant are able to access the funds on merits and without intermediaries or any kind of influence.

She said: “When we first started this MSME Survival Fund, I told the vice president that I would think I am successful by the number of people that would say, they didn’t know anybody or they heard this on the radio, or their friends told them or they saw it on the TV-and they applied and they got it.

“And we’ve got quite a lot of testimonies of people who even said their friends told them to apply and they said leave me alone; and then suddenly, they saw that their friends got it.”

She however, promised that her ministry will work with the group towards realising a common objective to advance the interest of women owned enterprises at all times.
Earlier, Ibrahim had conveyed the women’s visit to the minister, seeking for better collaboration to better collaboration with the ministry.

To group, among other things, sought to partner with the ministry in the areas of information on government’s interventions that could benefit women as well as capacity building.

SOURCE: THISDAY