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25,000 Nigerian entrepreneurs paid N50,000 federal grants — SMEDAN

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SMEDAN
SMEDAN
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The federal government says it has paid 25,000 entrepreneurs N50,000 grant each as part of its conditional cash transfer programme for micro enterprises.

Dikko Radda, the Director-General of the Small- and Medium-Scale Enterprises (SMEDAN), said this Monday at the inauguration of the National Business Skills Development Initiative in Sokoto.

He said the federal government had commenced the training of 5,365 youth entrepreneurs across the country.

He said 145 entrepreneurs were selected in each of the 36 states and the FCT for the programme which is focused on harnessing Micro, Small and Medium Enterprises (MSMEs) towards entrepreneurial revolution in industry, agriculture and commerce.

He said the programme was designed as a practical way to support MSMEs with entrepreneurial and vocational skills.

”The programme was designed to ensure that more professional services will be provided by local and well-trained young artisans, leading to reduction in job losses and immigrants from neighbouring countries.
READ ALSO: Angry mob kills Nigerian soldier

”It seeks to drastically pursue reduction in dependence and poverty, as most of our youths still rely on stipends from parents,” Mr Radda said.

According to him, SMEDAN is determined to address the challenges confronting MSMEs in a holistic manner.

“This is why the agency implemented the ”One Local Government One Product (OLOP) in 109 senatorial districts across the nation.

”This is based on successful implementation of OLOP programme in Katsina, Kaduna, FCT, Osun and Anambra states, with the right intervention on workshop, equipment support, access to working capital and capacity building.

”The Agency also implemented the Conditional Cash Transfer for micro enterprises which are assisted to register with relevant authorities, and opened bank accounts where at present, 25,000 entrepreneurs obtained N50,000 grants each,” he added.
READ ALSO: FG launches cash grants for rural women in Borno, Yobe

He said the federal government facilitated establishment of Business Development Service Providers (BDSPs) that provides standard services to MSMEs, noting that about 150 prospective BSDPs are awaiting practicing licences.
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Mr Radda said MSMEs Digital Academy, along with many other initiatives, were provided by the present administration to enhance peoples’ productive livings.
READ ALSO: Taraba APC accuses Governor Ishaku of arming thugs

”Most recent national MSMEs survey of 2007 indicated that there are about 41.6 million MSMEs, employing 59.6 million labour force, contributing to 49.78 per cent and 7.64 per cent to nominal Gross Domestic Products (GDP) and exports respectively,” he said. (NAN)

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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