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Olugbemi. Adeyinka Ogunleye

2 months ago

Lagos State Disburses ₦‎25 Billion As Grants, Loans To SMEs 


Lagos State Government has disbursed about N25 billion in grants and loans to Small and Medium Enterprises, SMEs, through the Lagos State Employment Trust Fund, LSETF, to enhance productivity and economic growth in the state.

Governor Bababjide Sanwo-Olu disclosed this at a parley on Thursday during the 2024 Business Day Newspaper CEO Forum, with the theme “Governors in Conversation-Innovative Governance: Steering States through Economic Turbulence,” at Victoria Island, Lagos.

The Governor, who was represented by the Deputy Governor, Dr. Obafemi Hamzat, stated that the grants and loans have helped to empower entrepreneurs to flourish in doing their businesses and stimulate the economy.

According to Sanwo-Olu, “The Lagos State Employment Trust Fund over the past six years has given out close to twenty-five billion in terms of grants and assisting people with loans.

“In this case, single-digit loans were offered to them to sustain and train them on how to manage their businesses.”

more: https://www.vanguardngr.com/2024/07/lagos-govt-disburses-n25bn-as-grants-loans-to-smes/

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Olugbemi. Adeyinka Ogunleye

2 months ago

ARTICLE: THAT SMALL BUSINESSES MAY THRIVE
EDITORIAL 

Globally, the Micro, Small and Medium Scale Enterprises (MSMEs) sector constitutes the spine of any country’s economy.  As small industry operators, they weather and overcome stiff competition from foreign operators to grow and keep jobs for locals. Today,

MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of the Gross Domestic Product (GDP) worldwide, according to the World Bank. In Nigeria, the Small and Medium Enterprises Development of Nigeria (SMEDAN) reports that MSMEs currently represent 96 per cent of the businesses in the country and contribute 75 per cent of the national employment. Unfortunately, this is a sector that has been neglected in Nigeria. On a day set aside by the United Nations for the MSMEs, it is important that all relevant authorities in the country move from rhetoric to concrete actions on how to lift the majority of our people out of poverty

https://www.thisdaylive.com/index.php/2024/07/01/that-small-businesses-may-thrive/#google_vignette
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Olugbemi. Adeyinka Ogunleye

2 months ago

How SMEs in Nigeria, others can be drivers of growth – UNCTAD

Small and Medium-sized Enterprises (SMEs) are seen as important players in the global market, despite facing increased competition for large projects and a growing focus on regional markets.
A recent report by the United Nations Conference on Trade and Development (UNCTAD) said SMEs have a pivotal role in achieving sustainable development and can significantly contribute to cross-border economic growth, innovation, and job creation.

“In developed economies, notably in Japan and the Republic of Korea and in Europe, SMEs have been active international investors, especially in the period ranging from the 1990s until the financial crisis of 2008,” the report said.

It said while inward Foreign Direct Investments by SMEs is important, promoting outward FDI in developing countries can also bring development benefits, helping them grow, improve productivity and strengthen their resilience to external shocks.

https://businessday.ng/companies/article/how-smes-in-nigeria-others-can-be-drivers-of-growth-unctad/

Credit: Olamide Ologunagbe
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Olugbemi. Adeyinka Ogunleye

2 months ago

Tax Relief for Small Businesses as Nigeria Overhauls Withholding Tax System

The Federal Government has announced significant tax reforms aimed at alleviating the burden on small businesses, manufacturers, and farmers by exempting them from withholding tax. This decision, approved by President Bola Tinubu and set to be formalized in the official gazette soon, marks a departure from the previous withholding tax system introduced in 1978. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, highlighted that the old system posed challenges such as ambiguity and inequity, particularly burdening businesses with low-profit margins.

Under the new regime, withholding tax rates will be reduced for businesses facing financial constraints, while measures to combat tax evasion and clarify deduction timelines are set to be implemented. Withholding tax, deducted at rates ranging from 5% to 10% on transactions, will no longer apply to qualifying small businesses, manufacturers, and farmers. Late filing penalties are set at N25,000 initially and N5,000 per subsequent month of non-compliance.

These reforms aim to streamline the tax system, enhance equity, and support economic growth by easing financial pressures on businesses. The announcement has been welcomed as a step towards fostering a more favorable business environment amidst ongoing economic challenges.
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Olugbemi. Adeyinka Ogunleye

2 months ago

FMO, FCMB Sign $25 Million Agreement To Aid Small Businesses In Nigeria 

In a move aimed at bolstering Nigeria’s economic landscape, the Dutch Entrepreneurial Development Bank (FMO) and First City Monument Bank (FCMB) have inked a transformative $25 million NASIRA guarantee agreement. This initiative, funded by the European Commission, marks a pivotal step towards supporting agricultural ventures, youth initiatives, and women-owned small and medium enterprises (SMEs) in Nigeria, without the traditional requirement of collateral.

The NASIRA program, renowned for its innovative approach, empowers local banks to extend financial support to entrepreneurs typically considered too risky for conventional loans. This agreement highlights a strategic effort to stimulate job creation amidst Nigeria’s daunting economic challenges, including high unemployment rates and currency depreciation

Credit:Chioma Kalu
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