SMEDAN MSMES

SMEDAN unveils Initiative To Boost MSMEs Access To Global Market

The Federal Government has launched the ‘SMEDAN SELECT’ initiative to strenghten market expansion for Micro, Small and Medium Enterprises as well as support the creation of brand names for Made-in-Nigeria products.

READ ALSO: Nigeria’s SMEs Get FSD Africa Lifeline For Financial Inclusion

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Dikko Umaru Radda said that the initiative which was designed to create brands from standard Made-in-Nigeria products in the food, fashion, beauty and goods sectors, would increase access to local, regional and global markets.

According to the DG, promoting the activities of the MSMEs is critical to the growth of the Nigeria economy as they collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy.

According to the National MSMEs Survey of 2017 conducted by the Agency in collaboration with the National Bureau of Statistics, Nigeria has a total of 41,543,028 MSMEs, employing 59,647,954 people and contributing 49.7 percent and 7.64 percent to nominal GDP and exports respectively.

He said, “Objectives of implementing SMEDAN SELECT are to increase access to local, regional and global markets for MSMEs; to support market expansion for MSMEs to support the creation of brand names for Made-in-Nigeria products as well as to increase awareness creation on standard Made-in-Nigeria products.”

Speaking at the launch of the SMEDAN SELECT Document,Wale Fasanya, Director, Planning, Research, Monitoring and Evaluation of the Agency, who represented the DG said the products, numbering about 150, have been specially selected across Nigeria.

He said these products would be displayed and marketed on the SMEDAN Website and other social media handles.

Radda noted that MSMEs, if properly harnessed, could trigger an entrepreneurial revolution in industrialization, agriculture and commerce in Nigeria towards creating the platform for job creation, wealth creation, poverty alleviation and food security.

He said, “Globalisation process for MSMEs can be realized through any of a range of cross border activities, including trade, international investment, and participation in strategic alliances, partnerships and networking arrangements.”

Despite the success of MSME strategies in a few countries, he said majority of developing countries have found that the impact of their SME development programs on enterprise performance has been less than satisfactory.

He, however, encouraged Nigerians to patronize all the products profiled as a way of supporting the MSMEs to achieve their collective goal.

SOURCE: THE WHISTLER

SMEs

Nigeria’s SMEs Get FSD Africa Lifeline For Financial Inclusion

As the COVID-19 pandemic takes a toll on businesses across countries, the UKaid has announced an incentive package to support the growth and stability of small and medium enterprises in Africa including Nigeria.

READ ALSO: Osinbajo Highlights Strength of SMEs

The UK aid-funded financial inclusion organisation FSD Africa made the announcement according to a statement by FSD Africa.

With COVID-19 impacting on small and medium sized businesses in Nigeria, a new Private Equity and Private Debt Programme from FSD Africa and the Private Equity and Venture Capital Association of Nigeria will aim to improve the long-term financing available for SMEs in key sectors of Nigeria’s economy, including agriculture and healthcare, the statement said.

It said that given the significant contribution of SMEs to Nigeria’s economy, FSD Africa’s programme hopes to address the obstacles to this sector’s growth.

While quoting a report by PwC, the statement noted that SMEs in Nigeria contribute 48% of national GDP, accounting for 96% of businesses and 84% of employment.

“Long term financing options are essential to ensuring that the SME sector can continue to play a significant role in providing employment opportunities and adding value to Nigeria’s economy.

“The programme will support the development of private capital markets to help SMEs to access long-term financing through technical assistance, grants and investment capital,” the statement said.

The statement added that FSD Africa and its partners will also be conducting sessions where key players in Nigerian investment, business and regulation will be invited to provide their specialised knowledge about the local private equity and debt environment.

SOURCE: The Fact

Fidelity MSMEs

Fidelity’s commitment to drive MSMEs through capacity building.

Fidelity Bank Plc, has reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development.

READ ALSO: Enugu govt. launches loan scheme for entrepreneurs

Fidelity CEO, Mrs. Nneka Onyeali-Ikpe gave the assurance at the Fidelity SME National Capacity Building Webinar organized by the bank for entrepreneurs in Enugu State, in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

The webinar which will take place across the country on a state-by-state basis, is part of concerted efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

Mrs. Onyeali-Ikpe who during her remarks on Wednesday provided insights into the bank’s unique approach to managing MSMEs, pointed out that SMEs which are businesses with less than N100m annual turnover contribute about 48 percent of national GDP, account for 96 percent of businesses and 84 percent of employment in Nigeria.

She noted that despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. Chief among these are funding, lack of infrastructure, poor management, low entrepreneurial skills, improper planning, poor digital skills, etc. The Fidelity CEO however noted that the webinar seeks to proffer appropriate solutions to these challenges in a very practicable manner.

“We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions provides funding, business advisory services for all our customers. This webinar is an excellent opportunity to network, share information and deepen the SME sector in Enugu State,” she explained.

Themed “Funding and Financial Management,” the Enugu Edition had in attendance special guests including Mrs. Monica Ugwuanyi, First Lady, Enugu State, Sir Robert O. Anwatu, Managing Director/Chief Executive Officer, Roban Stores, and Mr. Chiedozie Atuegwu, Director, Michelle Laboratories Limited, amongst others.

In her remarks, Mrs. Ugwuanyi applauded the bank for its unrelenting support for MSMEs in Enugu State, stating that the Ifeanyi Ugwuanyi-led administration remained at the forefront of SME development in Nigeria as exemplified by its continuous investments in infrastructure deployment and provision of labor policy frameworks to further encourage investments.

Speaking in the same vein, President, Association of Bureau De Change Operators of Nigeria (ABCON) (ABCON) Dr. Aminu Gwadabe commended the bank for its sustained efforts at promoting MSMEs nationwide. Gwadabe noted that the bank had been very supportive to its 5,000 licensed members nationwide.

“The Bureau De Change (BDC) does about N1.4trillion per annum. Fidelity Bank controls 60 percent of these transactions in the country,” he explained.

Whilst shedding light on the dynamics of the Bureau De Change sector, Dr, Gwadabe revealed that exchange rate stability was determined by the country’s SME structure. Given the immense potentials inherent in the nation’s MSME space, he said that the fledgling sector, if properly positioned, could assist the Central Bank of Nigeria (CBN) achieve its mandate on exchange rate stability.

SOURCE: Nigerian News Direct

5G Techcnology

‘SMEs Could Generate $433bn Through 5G By 2025’

LAGOS  – Global telecom and communication service providers have been urged to do more to address the needs of Small and Medium sized Enterprises (SMEs) if they are to see a return on their enormous 5G capital investments. 

A new report, published by BearingPoint//Beyond, in collaboration with Omdia, highlights the potential of SMEs as a major source of future 5G revenue for CSPs. 

The report estimates that SMEs around the world could generate up to $433 billion in revenues by 2025. 

READ ALSO: Jumia Lending empowers entrepreneurs.

However, this market segment remains vast and untapped with the majority of CSPs focusing 70% of their resources on the 1% enterprise market. Despite this revelation, not enough CSPs are recognising SMEs as a major source of B2B revenue, especially in regard to 5G. 

Yet SMEs, many of which already see value in 5G, perceive CSPs as their trusted 5G go-to partner with 42% prioritising them to execute their 5G strategies. 

“CSPs are still trying to approach 5G the same way they approached 4G, with a clear focus on consumer and enterprise. However, 5G opens new opportunities for CSPs and one of them is the SME segment. 

“Digitalisation and Covid-19 have transformed the needs of SMEs and their awareness of the impact that new technologies such as 5G, IoT, and AI can have on their business to enhance productivity and efficiency, and boost sales. In fact, our previous research highlighted that on average 73% of global SMEs see 5G as important to their business. 

“However, it’s clear that it’s not 5G technology that they’re after, instead SMEs understand that 5G is one part of a broader technology solution that they need. In fact, 93% of SMEs told us that it’s more important for CSPs to collaborate with an ecosystem of partners to build solutions that better fit their needs than to simply provision 5G services,” said Angus Ward, CEO, BearingPoint//Beyond. 

The report argues that CSPs currently identify large multinational enterprises as the segment that will drive 5G revenues, however the large enterprises surveyed do not regard CSPs as their primary 5G providers. 

In fact, the report finds that 72% of enterprises would prefer to work with a service provider that is not a CSP. Findings show that 31% of large multinational enterprises will choose cloud service providers to execute their 5G strategies and 34% even favour taking a D.I.Y. approach. 

The report emphasises that CSPs should not squander the opportunity to support SMEs in realising their 5G ambitions, as SMEs look to digitalise their business amidst the deeply transformational impact of Covid-19. 

“We’re looking at a new type of SME, one that is seeking a partner that will orchestrate comprehensive partner ecosystems to co-create solutions to provide them with a better service. For CSPs, this is a unique opportunity, especially considering SMEs see them as a strong candidate to fulfil this role. 

SOURCE: INDEPENDENT

SMEDAN INITIATIVE

MSMEs To Receive Support Through SMEDAN

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it will support Nigeria Micro Small and Medium Enterprises, MSMEs in a practical way through its SMEDAN SELECT initiative.

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Dr Dikko Umaru Radda said this at the launch of the SMEDAN SELECT Document in Enugu State, Southeast Nigeria

READ ALSO: Fegho Umunubo, Arinze Chilo-Offiah, Dolapo Adejuyigbe To Speak at BusinessDay, NetPlusDotCom Webinar

The DG who was represented by Director, Planning, Research, Monitoring and Evaluation Mr Wale Fasanya, said the SMEDAN SELECT is designed towards creating brands from standard products amongst the best of Made in Nigeria products in the food, fashion, beauty and goods sectors.

Radda said, “these products, numbering about 150, have been specially sought and selected across Nigeria and the products would be displayed and marketed on the SMEDAN Website and other social media handles.”

“The hardcopy catalogues would also be distributed to Embassies, MDAs and in departmental stores across major cities in Nigeria to improve the patronage of these products.”

He noted that the MSMEs sub-sector is a very important sub-sector in the Nigerian economy.

“They collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy,”  Radda stated.

He said the recent National MSMEs Survey of 2017 conducted by the Agency in collaboration with the National Bureau of Statistics (NBS) revealed that there are 41,543,028 MSMEs, employing 59,647,954 (76.5% of the labour force) and contributing 49.78% and 7.64% to nominal GDP and exports respectively.

The SMEDAN boss said this staggering statistics cannot be ignored in any serious economy, adding properly harnessed, MSMEs can trigger an entrepreneurial revolution in Industrialization, Agriculture and Commerce in Nigeria towards creating the platform for job creation, wealth creation, poverty alleviation and food security.

Dr Radda also said the globalisation process for MSMEs can be realized through any of a range of cross border activities, including trade, international investment, and participation in strategic alliances, partnerships and networking arrangements.

According to him, “governments in both industrialized and developing countries provide a wide variety of programmes to assist micro, Small and Medium Enterprises.”

“Despite the success of MSME strategies in a few countries, majority of developing countries have found that the impact of their SME development programs on enterprise performance has been less than satisfactory, as such there is the need to develop and deploy more specific approaches, hence the SMEDAN SELECT initiative.” 

Dr Radda stated that the objectives of implementing SMEDAN SELECT are to increase access to local, regional and global markets for MSMEs; to support market expansion for MSMEs. to support the creation of brand names for Made-in-Nigeria products as well as to Increase awareness creation on standard Made in Nigeria products.

He however encouraged Nigerians to patronize all the products profiled as a way of supporting the MSMEs to achieve their collective goal of instituting the MSMEs sub-sector of our dream that would contribute significantly to job creation, wealth creation and poverty alleviation.

SOURCE: VON

munaa-real-estate

Munachino Obinna Eze

Dr. Munachino Obinna Eze is an alumnus of the prestigious University of Nigeria Nsukka.
Majored in Architecture under the Faculty of Environmental Studies, he developed genuine responsiveness to the ever changing social, economic, psychological, and technological environment.

Currently Dr Munachino is the special adviser on housing and ecological development to Enugu State Governor.
He hails from Amaeze in Nsukka Local Government Area of Enugu State, Nigeria. Coming from a family of renowned scholars in relevant academic disciplines in the society, he developed the zeal to explore and learn more which has seen him become an internationally certified Financial Modeling Analyst, an International Property Investment Consultant, and
recently, an Honorary Doctorate conferred on him by the prestigious Chartered Institute of Public Resources Management and Politics, Ghana.
With his education background and his burning desire to solve problems,

Dr Munachino further developed refined and astute organizational, administrative and leadership skills which saw him ease seamlessly into the world of business and entrepreneurship.
As a seasoned entrepreneur, he is the founder and Chief Executive Officer of Muna Real Estate Limited – a global property investment company, and also the Chairman of Millennium Group of Companies – a profound franchise in the financial services industry.
As a people-based and solution driven business man, Dr. Munachino through his conglomerate has successfully delivered various profitable property investment projects for private investors and top firms across the globe with a vivid track record to show for it. He has partnered and continues partnering with top executives and international brands in the UAE, Europe, and the UK as he keeps spreading his tentacles to various other countries of the world.

Dr. Munachino is not just a businessman, he is a true born leader, an author, a mentor to many in his field and also a prudent philanthropist whose charity foundation – The EMO Foundation has conducted various philanthropic works that has shaped and brought smiles to the faces of many in his society.
He believes that the future always presents opportunities to create wealth through solving problems and he is ever committed to solving problems and creating wealth that will last a millennium as his paramount goal remains -“the people’s prosperity.

FIRS-Office

Most Nigerians will pay 0.78% stamp duty on rent, not 6% – Tax expert

Stamp duty on most rent agreements in Nigeria is at the rate of 0.78 percent and not 6 percent as being widely circulated, according to Taiwo Oyedele, head of tax at PwC.

The Federal Inland Revenue Service (FIRS) on Wednesday said landlords and property agents should charge 6 percent stamp duty on all tenancy and lease agreements they enter into with all leases and remit same promptly to the Service.

However, Oyedele explained in a tweet that based on the Stamp Duties Act, stamp duty on lease or rent agreement is payable as follows:
If the lease term is less than seven years, stamp duty rate is 0.78 percent (e.g. N780 on N100,000 rent). For a term of 7+ to 21 years, stamp duty rate is 3 percent (meaning N3,000 for N100,000 rent). For a term above 21 years, stamp duty rate is 6 percent (e.g. N6,000 for N100,000 rent).

“Given that most people enter into rent agreements for less than seven years, the applicable stamp duty rate to most people will be 0.78 percent,” Oyedele said.

If you are an individual renting from another individual, he said, your stamp duty is payable to the state tax authority such as Lagos Internal Revenue Service (LIRS) if you are resident in Lagos. If either the tenant or the landlord is a company, then the duty is payable to FIRS.

The obligation to pay stamp duty on rent rests with the tenant. However, FIRS is seeking to appoint the landlord as the agent to collect and remit the tax, Oyedele said.

FEC-5

FEC APPROVES N75BN YOUTH INVESTMENT FUND

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has approved the establishment of a Nigerian youth investment fund for N75 billion.

It was created to support enterprise among Nigeria’s 68 million youths between ages of 18 and 35.

Minister of Youth and Sports Development, Sunday Dare, disclosed this to State House Correspondents, yesterday.

According to him, youth within the age group with genuine business ideas are to pitch their ideas in any of the 125 micro-credit banks across the country and qualified candidates will have access to the funds.

Dare assured that like the N-power programme, the process is digital and will be fair to all youths aged 18 – 35 regardless of their ethnicity or social status.

“For the first time in the history of Nigeria, the Federal Executive Council today (yesterday) approved the establishment of the Nigerian Youth Investment Fund (NYIF) to the tune of N75 billion. This fund is meant to create a special window for accessing credit facilities and financing on the part of our youths that will help to fund their ideas, innovations and also support their enterprise.

“The best way to call it is that for the first time the country will have a youth bank. A fund that will cater specifically for our youth within the stipulated age band, which is going to be between 18 and 35 years.

“The second approval that secured was for the Ministry of Youth and Sports Development to play a lead role in working on necessary steps that need to be taken in terms of legislation, organisation and other aspects of financing.

“The Federal Ministry of Finance, Budget and National Planning will take the lead when it comes to the aspect of financing, working with the CBN, the Ministry of Youth and Sports Development and other relevant MDAs. A couple of other details will be released later, but I think the most important thing is that the N75 billion Nigerian Youth Investment Fund, to cater specifically for this target group, a population of over 68 million, got the attention and support of the Federal Executive Council today and this fund will be assessed by our youths, once they are able to present their ideas, they can assess this fund directly.”

Minister of Work and Housing, Babatunde Fashola, said council approved a memorandum on the initiative of the president to source bitumen locally for road construction.

“It was a policy memorandum which revealed that a significant amount of bitumen we used in road construction in Nigeria is imported, therefore creating jobs abroad and we recommended to council to approve a directive to the Ministry of Petroleum Resources and the Ministry of Mines and Steel to develop strategies to enhance, stimulate, and encourage local production of bitumen.

“Essentially, that policy recommendation was approved by the council today to encourage bitumen production locally in Nigeria. This will of course help to further diversify the economy and open another sub-sector of the extractive and hydro-carbon industry for local opportunities.

“We see a demand of 500,000 metric tonnes of bitumen locally per annum. So, we encourage those who can manufacture and produce bitumen locally to tap into this demand. We see the opportunity for thousands of jobs to be created directly if this is done. And government intends to give encouragement and support to all those who take up this opportunity.”

“We expect Kaduna Refinery to also raise its game by participating in this sub-sector of hydro-carbon industry.

Three-Institutions-Developing-Leaders-For-Joint-Impact

Young Professionals Program (WBG YPP)

The WBG YPP is a starting point for an exciting career at the World Bank Group. Young Professionals are recruited from around the world with various academic and professional backgrounds relevant to the World BankIFCandMIGA. We are looking for applicants who demonstrate a passion for international development, graduate education, relevant professional experience, and the potential to grow into impactful leadership roles across our institutions.

See more details about the program and apply using the link below

https://www.worldbank.org/en/about/careers/programs-and-internships/young-professionals-program