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Tag: SMEs

SMEs blame economy as non-performing loans hit N1.32trn
Business

SMEs blame economy as non-performing loans hit N1.32trn

Data acquired from the Central Bank of Nigeria has revealed that the total amount of non-performing loans held by banks hit N1.32 trillion by the end of April 2023. According to The Punch, data from the CBN show that this amount accounted for 4.3% of the N30.64 trillion in total credit given to the banking industry. Following […]

FBN Insurance targets 1m customers in one year
Business featured

Prepare for unexpected challenges, First bank urges SMEs

By Wilson Adekumola   FirstBank of Nigeria Limited has called on Small and Medium Enterprises to build sustainable revenue base in naira and foreign currencies for their businesses against unexpected business challenges.   The bank’s Group Head of Retail Banking, Oludolapo Adigun, gave this urge during a webinar under the SMEConnect initiative dubbed, ”The Power […]

Firm provides training support to SMEs
Business

Why 80% of SMEs fail within five years – Report

A recent survey shows that difficult economic conditions, a lack of access to financing, and bad business practices have hampered the growth and transition of micro-businesses and caused almost 80% of Small and Medium Enterprises to fail before their fifth year. The report, “Perception Study: Efficiency and Impact of Regulatory Activities of Standard Organisation of Nigeria on […]

Economy

Non-oil exports wil surpass $4.8bn 2023 – NEPC

The Nigerian Export Promotion Council has pledged to make sure that Nigeria surpasses the $4.82 billion it made from non-oil exports in 2022.n The Punch reported that NEPC’s Ekiti State Coordinator, Mrs. Iyabode Abe, stated that the organization “Will continue to support the development of non-oil export in order to defend the nation’s economy” under […]

Business

Nasarawa boosts small businesses with N500m

Kazeem Owoseni     The Nasarawa State Government in collaboration with the bank of industry, has come up with another business strategy, by setting aside a total sum of N500 million as loans, to be given to the state’s indigenes for improving micro, small and medium enterprises across the the thirteen Local Government Areas, in […]

Business

Group supports West African SMEs with $100m

The African Guarantee Fund Group, through its subsidiary AGF West Africa, and the Orabank Group, have concluded a portfolio guarantee agreement for a 60bn FCFA worth $100m, aimed at supporting Small and Medium scale Enterprises through its various subsidiaries in West Africa.   According to a statement, the partnership agreement was signed by the AGF […]

Business

OctaFX partners SMEs to celebrate financial independence

OctaFX has joined forces with 62 small and medium-sized Nigerian businesses to celebrate financial independence. The international broker joined forces with the businesses to launch Freedom Freebies: For People, Not Profit, a campaign designed to commemorate Nigeria’s sixty-second anniversary of independence. OctaFX collaborated with fashion brands, household item retailers, lifestyle businesses, and food apps, among […]

SMEs lament multiple taxes, poor power supply
Business

SMEs lament multiple taxes, poor power supply

Stakeholders in the Small and Medium-Scale Enterprises segment of the economy have lamented that lack of adequate power supply and multiple taxes are major issues strangling the growth of SMEs in Nigeria. The stakeholders identified SMEs as key drivers of the economy in Nigeria while calling on the government to do more in areas of […]

Islamic corporation, Uzbek firm boost SMEs with $15m
News

Islamic corporation, Uzbek firm boost SMEs with $15m

The Islamic Cooperation for Development, ICD, has signed a $15 million Murabaha Facility Agreement with Uzbek Leasing International to assist financial institutions in increasing on-financing to SMEs in Uzbekistan. ICD aims to increase access to Islamic finance by directing funds to established financial institutions in its member countries. Eng. Hani Salem Sonbol, the acting CEO […]

SMEs lament multiple taxes, poor power supply
Banking

Primera MFB boosts SMEs with N5bn

Small and Medium Scale Enterprises have enjoyed N5 billion in financing from Primera Microfinance Bank in 2022. According to The Punch, Primera, a fully licensed and technology-driven finance institution that offers financial solutions to businesses and individuals disclosed this in a statement. The bank in the statement explained that it achieved the feat by strategically […]

News

E-commerce offers growth opportunity for SMEs -Google rep

The Google Country Director for West Africa, Juliet Ehimuan, has said e-commerce presents an opportunity for small businesses in Nigeria and other African countries to attract new customers and grow. She disclosed this as google announced its plan to support small retail businesses on the continent as part of a month-long celebration of International Micro, […]

100% cashless economy possible in Nigeria - Emefiele
Economy

CBN’s intervention funds fuelling inflation, World Bank warns

The World Bank has said the Central Bank of Nigeria’s development finance intervention is fuelling inflation in the short term and weakening the ability of the apex bank to control inflation. According to the global bank, the CBN’s continued provision of subsidised funding to certain sectors has to slow down as it is undermining the […]