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Tag: SMEs

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SMEs can’t afford N70,000 minimum wage – Business owners 

Associations and operators of small businesses in Nigeria have stated that SMEs in Nigeria can’t afford to pay the N70,000 minimum wage that the federal government has approved. President Bola Tinubu recently approved a new minimum wage of N70,000 for Nigerian workers and pledged to review the national minimum wage law every three years, according […]

NACC reaffirms commitment to promoting SMEs growth
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NACC reaffirms commitment to promoting SMEs growth

Onwubuke Melvin The President of the Nigerian American Chamber of Commerce, Mrs Adebola Williams, has affirmed the chamber’s commitment to promoting the growth of Small and Medium Enterprises, to ensure their sustainability and compliance with international standards. This disclosure was made during her press briefing on Monday for the forthcoming 2024 edition of the Africa […]

FEC approves N60 billion for SMEs scheme
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FEC approves N60 billion for SMEs scheme

The Federal Executive Council has granted approval for the disbursement of N60 billion from the Central Bank of Nigeria through the Agric Small and Medium Enterprises Investment Scheme. The scheme is aimed at bolstering the growth of small businesses, particularly among young entrepreneurs nationwide. This announcement was made in a statement by the Minister of […]

NICA advocates credit access for students, Informal sector
Business

NICA advocates credit access for students, Informal sector

A credit system that enables participants in the unofficial economy and students to get credit for their studies and expand their enterprises has been demanded by the National Institute of Credit Administration. According to The PUNCH, a nation that supports a healthy consumer credit system allows people to purchase products and use services on credit, […]

CAC registers 330,000 small enterprises
Business

CAC registers 330,000 small enterprises

The Corporate Affairs Commission stated that it has begun the registeration of extra 330,000 small enterprises that were previously conducting business informally throughout the nation. According to This Day, this happened just a week ago when, together with Moniepoint Microfinance Bank, the commission registered two million MSMEs in a single, unprecedented sweep. Additionally, the commission […]

Nigeria, Germany partner on SME growth
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Nigeria, Germany partner on SME growth

Nigeria and Germany have decided to work together more closely in order to support the country’s micro, small, and medium-sized businesses. The News Agency of Nigeria reported that the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, made these remarks in Abuja at a bilateral meeting between her ministry and the German Ministry of Economic Development. […]

Firm provides training support to SMEs
Business

Firm provides training support to SMEs

Stage Africa Media & Advisory has established Small Business Saturday, an initiative to empower and support entrepreneurs across Nigeria. The PUNCH reported that Stage Africa Media and Advisory said in a statement on Tuesday that the project, which is a quarterly strategy session, will provide business owners with important tools, strategic counsel, and invaluable insights […]

NNPCL fuel subsidy gains not fully remitted - World Bank
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$321,867 SMEs receive $1.4bn funding in six years – W’Bank

The World Bank said in a report on Friday that 321,867 Micro, Medium, and Small Businesses have benefited from wholesale funding totaling $1.4 billion over the course of six years. The Punch revealed that the funds disbursed through the Development Bank of Nigeria were to provide long-term loans and risk-sharing facilities to small enterprises, of which […]

Firm provides training support to SMEs
Business

Subsidy: FG to provide SMEs with grants

The Presidential Palliative Program, which aims to mitigate the effects of the loss of fuel subsidies, will shortly begin to award payments, according to the Federal Government. According to The Punch, a statement released on Sunday by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, stated that the two schemes included were the Presidential Palliative Loan […]

AfCFTA, UBA sign $6bn MoU to support SMEs
Business

AfCFTA, UBA sign $6bn MoU to support SMEs

The African Continental Free Trade Area secretariat and United Bank for Africa, one of Nigeria’s Tier One lenders, have signed a $6 billion memorandum of understanding to finance small and medium-sized businesses so they may take advantage of the opportunities provided by the AfCFTA. The Punch reported that this was said at the Nigerian Canadian […]

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 […]

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