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Economy: Oyetola flags off disbursement of N300,000,000 micro credit facilities to citizens



Osun State Governor Adegboyega Oyetola


.. presents free C.A.C certificates to small scale entrepreneurs 

…as 5,000 beneficiaries receive soft loans

Osun Governor, Adegboyega Oyetola, on Wednesday flagged off the disbursement of N300,000,000 micro credit facilities to citizens in the State.

He said his administration would continue to making strenuous efforts to stimulate the state’s economy and create wealth for the benefit of the masses and incoming generations as contained in the government’s Development Agenda.

Oyetola said the noble economic initiative is in line with his resolve to place the state on a sustainable socioeconomic footing and steadily reduce the poverty rate and income inequalities among citizens.

This is even as over 5,000 micro and  small scale entrepreneurs received soft loans ranging from N250,000 to N3million and over 6000 residents received certificates of incorporation having been freely registered by Corporate Affairs Commission (CAC).

The fund is part of the interventions of the Federal Government to the State through the Central Bank of Nigeria (CBN) aimed to raise the bar of  socioeconomic activities in the State.

Recall that the government had in March last year granted N20,000 to 3,000 vulnerable Osun rural women across the 30 Local Government Areas and the funds were distributed in line with the equitable programmes and projects distribution model of the administration.

Speaking at the Year 2022 Medium, Small and Micro Enterprises Development Fund, held at Nelson Mandela Freedom Park, Osogbo, Governor Adegboyega Oyetola said the State had injected a whopping Two Billion, Three Hundred and Seventy Million, Nine Hundred and Ninety Five Naira (N2,370,995,000.00) into the economy of the State and that 4,646 micro and small scale entrepreneurs had benefitted across the State.

He disclosed that the State Government in collaboration with Osun Micro Credit Agency had disbursed the sum of One Hundred and Ninety Nine Million, Four Hundred and Twenty Thousand Naira (N199, 420, 000) to more than 1,000 beneficiaries since coming into office.

Governor Oyetola who was represented by his Deputy, Benedict Alabi, lauded President Muhammadu Buhari and CBN management for emplacing a policy that makes the various agencies of the Federal Government to intervene in the needs of the people of Osun and the revitalization of the economy of the State in manifold areas, including the critical sectors such as security, mining, health, environment and infrastructure.

“As you are all aware, the welfare of the people is the priority of this administration. Today’s intervention by the Central Bank, an annual event since 2018, which is targeted at Medium, Small and Micro Enterprises, is a commendable step towards improving the individual prosperity of our people and further stimulating the economic revolution being undertaken by our administration.

“I thank the CBN for believing in our administration’s transparency tendency in handling the previous disbursements of MSMEDF in the State, which has motivated the nation’s leading bank to continue to release more fund interventions to the State.

“It is on record that frequent injection of small business support funds by our Administration into the economy of the State has had significant impacts on the macro economic variables of the State.

“Our Administration is making strenuous efforts to stimulate the state’s economy and create wealth for the benefit of the masses and incoming generations. This noble economic policy of the State is steadily reducing the poverty rate and income inequalities among citizens.

“Credence to this fact is the injection of a whopping Two Billion, Three Hundred and Seventy Million, Nine Hundred and Ninety Five Naira (N2,370,995,000.00) only by the present administration to Four 4,646  beneficiaries across the State as MSMEDF by the Central Bank of Nigeria.

“This year, the Central Bank of Nigeria released the sum of Three Hundred Million Naira(N300,000,000.00) only to Osun State Government for disbursement as micro credit facilities to qualified Individuals, Small and Medium Enterprises as well as various cooperative societies engaged in viable economic activities both in formal and informal business organizations in the State.

“As usual, we shall weave transparent and open procedures around the distribution of the funds to enable qualified people and groups to have access to the fund.

“Consequently, we will not relent in consolidating the landmark achievements recorded so far in this direction as we, together, match to another political and governance dispensation this year”, Oyetola said.

Earlier, Commissioner for Commerce, Industries, Cooperatives and Empowerment, Dr. Bode Olaonipekun,  commended Governor Oyetola’s resilience and commitment to redefining the economy of the State.

He said the initiative has recorded significant successes and helped to skyrocket the economy of the State as many of the beneficiaries had contributed tremendously to the improved socioeconomic status of Osun.

Olaonipekun who disclosed that over 6000 new micro, small and medium scale enterprises had been freely registered and certified by the  Corporate Affairs Commission (CAC) said the initiative would go a long way to complement the government’s efforts at making soft loans available for the micro, small and medium scale entrepreneurs to start businesses.

In his remarks, the General Manager, Osun Micro Credit Agency, Mr. Sanya Olopade, applauded Governor Oyetola for taking the welfare and general well-being of the citizens as priority.

Olopade described the initiative of regular disbursement of soft loans to entrepreneurs as sine qua non to the collective quest of stimulating the state’s economy and placing it on a sustainable sure footing.

Expressing their profound gratitude to the government, some of the beneficiaries including, Mrs. Opeyemi Longe, Mrs. Ganiyat Ganiyu and Owo-Joy Oluwaseyi, promised to utilize the funds judiciously and for the purpose it was meant for.

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Business & Economy

Nigeria to begin processing of raw gold, others — Minister




Nigeria has begun the process of refining gold, gemstones and other mineral resources in the six geo-political regions of Nigeria.

The Minister of Mines and Steel Development, Mr Olamilekan Adegbite said this when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja.

According to him, adding value to the country’s mineral resources will go a long way in creating jobs and wealth for Nigerians.

He said six plants were being set up in the various regions to process mineral resources deposited in those regions.

“We have set out to do six regional projects and one of them is the gold souk in Kano, the North West region.

“Before now, our gold was being exported in its raw form for close to nothing to foreign counter for processing and we end up buying them expensively.

“We have trained people who will make jewellery and they will be resident in the plant,” he said.

He said similar plants had been set up in the North East, Bauchi for processing kaolin, while in the North Central Kogi State was chosen for establishment of a gold smelting plant .

Adegbite also said in the South West, in Ibadan, gemstone plant had been established while in the South East, lead processing plant was established in Ebonyi.

The minister said in the South South region, baryte processing plant had been established, adding that “Nigeria imports baryte to the tune of 300 million dollars every year.

He said the six regional projects were at advanced stage of completion and would be commissioned soon.






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Business & Economy

Dangote plans 300,000 fresh jobs for Nigerians



Aliko Dangote
Aliko Dangote

Africa’s foremost industrialist, Aliko Dangote, is optimistic that the new multibillion Naira investment in the sugar sub-sector would help provide no fewer than 300,000 jobs in Nigeria.

A statement from the Corporate Communication Department of the company, said that the Group’s President, Dangote said the company was providing fresh funds for expanding its operations in the sugar sub-sector.

Dangote, who was speaking at the Flag-off Ceremony of the 2022/2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa, said the opportunities would include both direct and indirect jobs.

He said: “We are making massive investment in Adamawa State through expansion of DSR Numan’s sugar refining capacity from 3000tcd to 6000tcd, 9800tcd, and to 15,000tcd.

”DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide.”

The Dangote Group is the biggest employer of labour in Nigeria outside the government.

Dangote was appointed Chairman, National Job Creation Committee in 2010 to assist the Federal Government in providing more employment opportunities for Nigerians.

The Dangote President had also announced that his company was doubling its spending on CSR schemes in host communities in Adamawa State, the location of its 32,000 hectares integrated sugar complex.

Speaking in Numan, Minister of Industry, Trade, and Investment, Otunba Adeniyi Adebayo, described the Dangote Sugar Refinery as the biggest contributor to the development of the sugar development effort of the Federal Government.

The Minister also commended Dangote for the massive support through his Corporate Social Responsibility scheme.

In the same vein, the Dangote Refinery and Petrochemicals is expected to create some 250,000 job opportunities when completed next year.

Already Dangote Cement Plc is one of Africa’s biggest job providers in the manufacturing sector.






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Business & Economy

Federal Allocation: FG, States, LGs Shared N736.8bn In October – FAAC





The Federation Account Allocation Committee (FAAC) has distributed a total of N736.782 billion to the three tiers of government as federation allocation for the month of October 2022.

The funds are inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from Non-Oil Revenue.

Of the sum, the Federal Government received N293.955 billion, the states got N239.512 billion, and the Local Government Councils got N177.086 billion, while the oil-producing states received N26.228 billion as Derivation (13 per cent Mineral Revenue).

A communiqué issued by the Federation Account Allocation Committee (FAAC) indicates that the Gross Revenue available from the VAT for October 2022 was N213.283 billion, which is an increase compared to what was distributed in the preceding month.

It also shows that the Federal Government got N31.992 billion, the states received N106.642 billion, Local Government Councils (LGCs) got N74.649 billion.

The Gross Statutory Revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion, states got N104.778 billion, LGCs got N80.779 billion, and Oil Derivation (13 per cent Mineral Revenue) got N25.591 billion.

The communiqué stated that N70 billion augmentation was distributed to the three tiers of government, including the Federal Government (N36.876 billion), states (N18.704 billion), LGCs (N14.420 billion).

In addition, another extra N30 billion augmentation from non-oil revenue was distributed with N15.804 billion allocated to the Federal Government, N8.016 billion to the states, and N6.180 billion to LGCs.

According to the FAAC, N5.775 billion from Exchange Gain was shared to the Federal Government (N2.707 billion), states (N1.373 billion), and LGCs (N1.058 billion), while Derivation (13 per cent of Mineral Revenue) got N0.637 billion.

It also revealed that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases, while VAT, and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.

The total revenue distributable for the current month of October was reportedly drawn from Statutory Revenue of N417.724 billion, VAT of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion augmentation from Non-Oil Revenue, bringing the total distributable for the month to N736.782 billion.

However, the balance in the Excess Crude Account (ECA) as of November 23, 2022 is said to stand at $472,513.64.

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