Women Entrepreneurs

FG Urges Women Entrepreneurs To Apply For MSMEs Survival Fund Scheme

by with No Comment Businessfinance

ABUJA – The Federal Government has pledged its commitment to supporting the operations of women-owned Micro, Small and Medium Enterprises (MSMEs) in Nigeria, even as it has advised them to apply for MSMEs Survival Fund Scheme.

READ ALSO: 246,000 Youths to Benefit from FG’s N75bn Youth Fund

Amb. Mariam Yalwaji Katagum, Minister of State for Industry, Trade and Investment, made this commitment when a delegation of the Federation of Women Associations in Micro, Small and Medium Enterprises (FEDWIM) led by its National Coordinator, Mrs. Anne Ugbo, paid her a courtesy visit in Abuja.

A statement on Friday by Mrs. Oluwakemi Ogunmakinwa, Assistant Director, Information in the Federal Ministry of Industry, Trade and Investment quoted the minister to have said that Nigerian women entrepreneurs, through their ingenuity have always contributed their quota to national economy and therefore needed to be encouraged for enhanced contribution to Gross Domestic Product (GDP).

Katagum reaffirmed that Nigerian women formed a very important constituent of the President Muhammadu Buhari-led administration.Katagum reaffirmed that Nigerian women formed a very important constituent of the President Muhammadu Buhari-led administration.

She reiterated that women-owned businesses were allocated 45 per cent and five per cent for those with special needs in the Federal Government’s MSMEs Survival Fund Scheme to cushion the effects of COVID-19 pandemic on their businesses.

According to the Minister, “The Federal Government clearly understands the place of women in economic development of our nation and that is why this Ministry is doing everything possible to support them.

Among other initiatives, the Federal Government has also flagged off is the N50billion Export Expansion Facility Programme (EEFP) on non-oil export businesses thereby safeguarding jobs and creating new jobs.

“I use this medium to encourage more women to apply and we also urge associations to mobilise and sensitise their members,” she said.

Katagum commended the association for the achievements recorded so far and advised the delegation of FEDWIN to formally write to the Ministry, indicating areas of collaboration.

Earlier in her address, the National Coordinator, Federation of Women Associations in Micro, Small and Medium Enterprises (FEDWIM) Mrs. Anne Ugbo said the association was in the ministry to brief the Minister about its programmes and to solicit support for its members across the 36 states, including the Federal Capital Territory.

She commended the Minister of State for her motherly commitment to the well-being of the Nigerian women through her contributions to the growth of Micro, Small and Medium Enterprises (MSMEs).

She stated that “FEDWIM is established to serve as a platform to create synergy among all women economic empowerment focused groups to provide a single mechanism for coordinated engagement with government and other stakeholders.

“This would engender effective supervision and monitoring of participation in the implementation of programmes and feedback for appropriate policy formulation and decision making on matters of economic empowerment and financial inclusion of women.

“This would fast track the development and competitiveness of the MSME sector, especially for women who are faced with challenges of poor access to affordable finance, appropriate technology and other challenges”.

The National Coordinator said the association was currently mobilising 50,000 women across sectors and levels of operations to participate in the ongoing process of accessing the Agribusiness and Micro, Small and Medium Enterprises Investment Scheme (AGSMEIS) loan.

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Ogun

Ogun to launch MSMEs development fund

by with No Comment Business

Ogun State Governor, Prince Dapo Abiodun, on Tuesday declared that the Micro, Small and Medium Enterprises (MSMEs) Development Fund to provide easy credit facilities, will soon be launched in the state.

READ ALSO: Inflation: T-bills 8% return fails to shield investors

The governor equally disclosed that innovation fund for tech-based MSMEs in the state will be launched with the view to encouraging and promoting the digital economy.

Abiodun, who said these while declaring open the 10th Gateway International Trade Fair, noted that the trade fair has grown beyond just a meeting point for business communities, but a veritable platform that affords operators of MSMEs, manufacturers, businessmen and women, managers of corporate organizations and the government.

He added that it was also an opportunity to come together and showcase locally-made products and services, saying the avenue provides a unique opportunity to cross-fertilize ideas; explore new business innovations and make credible business contacts.

Abiodun, however, said that the state has started developing MSMEs clusters across the state that will be provided with full infrastructure of roads, drainage, power, fibre optics, which will be offered at attractive pricing and flexible payment terms to further encourage to and provide incentives for business operators.

The governor further reiterated his administration’s commitment towards the promotion of a private sector-driven economy, industrial development, investment-friendly environment, commercial activities and empowerment and promotion of MSMEs in the State.

“We will soon be launching the Ogun MSMEs Development Fund geared towards providing easier credit facilities. We will also be launching an innovation fund for Tech-based MSMEs. We will continue to be deliberate and methodical in our approach to support our resource-based industrialization of Ogun State.

“Ogun State is the largest industrial hub in Nigeria, we are determined to uphold this position.

No doubt, the theme for this year’s Fair: ‘Transforming Agriculture and Commerce in a Highly Competitive Global Market’ at this trying period could not have been more appropriate.

It is coming at a time when we are all working hard towards diversifying Nigeria’s economy from our over-reliance on the oil sector by developing other sectors such as agriculture, trade and manufacturing.

“The hosting of this Trade Fair is one of our many initiatives toward improving the Ease of Doing Business and in turn promote investment in our state.

Our administration is irrevocably committed to the industrialization of Ogun State and making the State a truly investors’ first-choice destination, not only in Nigeria but in Africa”. The governor stated.

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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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European Fund

European Fund okays $16b for Nigeria, others

by with No Comment finance

The European Development Fund (EDF), the main instrument for EU aid for development cooperation with the African, Caribbean, and Pacific countries (ACP),  has so far  supported Nigeria and other countries  with £4,732,573,734  about $6,622,148,448.77.

READ ALSO: Nigerian stock market extends loss by 0.40%

Project budget is £4,789,417,222. It started  December 13 , 2010. It will end on December 31 Dec 2027.

EDF provides support to African, Caribbean and Pacific (ACP) countries and Overseas Countries and Territories (OCTs) to eradicate poverty, support sustainable development and integrate ACP countries into the world economy. The funding is implemented by European Investment Bank, European Commission  and Directorate-General for International Cooperation and Development.

Information from  the United  Kingdom (UK) – Foreign, Commonwealth and Development Office (FCDO) indicated that the  project was approved before the referendum on the UK’s membership of the EU. Under the terms of the Withdrawal Agreement with the EU, the UK will honour its commitment to the current and previous European Development Funds.

In 2015, the EU, signed a  regional funding for cooperation with representatives of regional organisations from West Africa, covering the time until 2020. The Regional Indicative Programme under the 11th European Development Fund amounted to a total of €1.15 billion. The West Africa Regional Indicative Programme was co-signed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (UEMOA).16 Countries benefited from the EU-West Africa Regional Indicative programme.

These included  Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo. Under the  10th EDF Regional Indicative Programme (2008-2013) for West Africa.The   was  budget €595 million.

The 10th EDF Regional Indicative Programme (2008-2013) for West Africa had a budget of €595 million. The EU is currently implementing its 11th European Development Fund for the period 2014-2020, with an aid budget of €30.5 billion for many of the ACP countries and Overseas Countries and Territories (OCTs), covering both national and regional programmes.

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