Operators in the Small and Medium Enterprise sector say they are repositioning to compete with large companies in different sectors of the economy. This, they said, they had done by adding more value to their products, some of which were exhibited last Friday during the opening ceremony of the Lagos Chamber of Commerce and Industry Members Day Exhibition in Lagos. Speaking during the exhibition, the President, LCCI, Mr Babatunde Ruwase, said that the LCCI members’ day presented a unique exhibition, integration and networking opportunity for members of the chamber across all sectors. He said, “As the largest and most efficient private sector group in the country, we see great investment opportunities coming from stronger business alliances among our members through a robust members
Ecobank Nigeria said it had developed initiatives to support trade business and lending to its target customers. The Managing Director designate, Patrick Akinwuntan, said this during the introduction of the Ecobank Nigeria Emerald Business Club in Lagos. He said,” This is an exclusive product for our key local corporate and the SME clients. This is founded on our long-term commitment to support indigenous businesses within the country and in line with Ecobank‘s vision to contribute to the economic development and financial integration of Africa.” He said the bank recognised the need for Nigeria and Africa as a whole to grow, hence its unrivalled drive to contribute its quota as a bank in developing the economy, through the provision of sustainable banking products and services that w
Jaiz Bank Plc is on the verge of disbursing the $20 million its recently-secured Islamic Corporation for the Development (ICD) for the private sector facility to operators in SMEs. The bank’s Managing Director, Hassan Usman, who made the disclosure at an interactive session with journalists in Abuja, said the fund would be disbursed before the end of the year. He said, “On the SME financing line from the ICD, when you signed publicly that is when you start to do the work and tidy up to make sure the agreement and all the conditions precedent are met. “We have finished all of that and we have lined up a number of customers desirous of benefiting from this facility and very soon we will start to disburse to these customers. “We believe that before the end of this year, we would hav
The Executive Director, Enterprise Development Centre, Pan-Atlantic University, Mr Peter Bamkole, has stressed the need for the Federal Government to enact new policies that will drive the growth of small and growing businesses in the country. Bamkole, who stated this at the West Africa Regional Conference of the Aspen Network of Development Entrepreneurs in Lagos, described small and growing businesses as the driving force for the economy, contributing 50 per cent of the country’s Gross Domestic Product. He said one of the challenges facing small businesses was the inability of entrepreneurs to access finance to grow their businesses. “However, the story is changing and there is nothing we are looking for in terms of services that we do not have somebody within the ecosystem prov
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has commended the Federal Government for its recent decision to establish a five per cent credit facility for the Micro, Small and Medium Enterprises sector. At the maiden edition of the MSME Award on August 2, the Vice President, Prof Yemi Osinbajo, announced that government would institute a five per cent credit facility for the MSME sector to stimulate the economy. Describing the initiative as a welcome development, NACCIMA expressed support for the scheme, noting that it would further stimulate the productive sectors of the economy, create jobs and provide new opportunities for MSME operators. “This initiative with its single-digit credit facility which we have been clamouring for, if well managed,
The Managing Director, Jaiz Bank Plc,Hassan Usman has said the bank would soon begin the disbursement of the $20m facility for operators in the Small and Medium Enterprises sector of the economy. He said this on Thursday in Abuja during a chat with journalists. The bank had in March signed the agreement with the Islamic Corporation for the Development of Private Sector to finance the Small and Medium Sized Enterprises with $20m (N6.1bn). The ICDP is an arm of the Islamic Development Bank. The amount would be provided to SMEs in key sectors of the economy such as industry, communications technology, health, manufacturing, and agriculture among others. Responding to enquiries by our correspondent on the loan, Usman said the bank would soon begin the disbursement, adding that the fund w...
To further bridge the financing gap for more than 74 per cent of Small and Medium Enterprises (SMEs), the Credit Bureau Association of Nigeria (CBAN), has said a single unique identifier would aid improved access to credit to fund small businesses in the country. Indeed, the Bureau emphasised the need for investment in infrastructure for Nigeria to attain financial inclusion, stressing that the present administration must prioritise developmental efforts to implement an aggressive means of identification, otherwise, not much would be achieved. The Chairman, CBAN, Tunde Popoola, at its 5th National Credit Reporting Conference, said access to credit by Micro Small and Medium Enterprises (MSMEs), and consumers in Nigeria is still very low, stressing that despite the country’s huge popul
Heritage Bank Plc has once more reassured promoters of micro, small and medium scale enterprises (MSMEs) of its support, to enable them grow their businesses into generational conglomerates. The MD/CEO of the Bank, Mr. Ifie Sekibo disclosed this in a statement signed by the Divisional Head, Corporate Communications of the bank, Mr. Fela Ibidapo. According to Sekibo, Heritage Bank remains poised to collaborate with operators of MSMEs to grow them into generational conglomerates. He stated that it was the desire of the bank for Nigerian businesses to be listed on the stock exchange and eventually become global brands and household names. Sekibo, noted that surviving in the face of all odds as a business in Nigeria with the present economic situation would not be an easy feat, adding t...
Microsoft, through its 4Afrika initiative, is empowering start-ups that are proffering technology solutions that improve lives and drive Africa’s digital transformation. Some of these start-ups are MAX, Flutterwave and Riby, which provide solutions to facilitate mobility, online payment and savings in Nigeria, respectively. The achievements of the three start-ups since they began operations were showcased at a fireside chat in Lagos. The Microsoft 4Afrika, launched in 2013, supports start-ups in their digital transformation journeys through programmes like MySkills4Afrika and Interns4Afrika. The Chief Technology Officer and Co-founder at MAX, Chinedu Azodoh, described the enterprise as a platform connecting businesses and consumers to safe motorcycle taxis on-demand in areas known
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called for active participation of youths in Micro, Small and Medium Enterprises (MSMEs) to enhance Nigeria’s economic development. SMEDAN’s Director General, Dr. Dikko Umaru Radda, who gave the charge at an event to mark the 2018 MSMEs Day in Abuja, also said that it was imperative to support MSMEs to make them more competitive. June 27 every year was set aside by the United Nations to mark the beauty and contributions of MSMEs globally. The theme for this year is “MSMEs Day 2018: The Youth Dimension”. Radda noted that the day was set aside to bring to the front burner the strong contributions of businesses worldwide to livelihoods, communities and economies. He said the occasion provides a platform and a