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Lagos govt invests N103bn to boost MSMEs

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Lagos State Governor, Babajide Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu
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The Lagos State Government has invested N103 billon into the provision of infrastructure to provide downstream contracts for Micro, Small and Medium Enterprises (MSMEs), Gov Babajide Sanwo-Olu said on Tuesday.

The governor made the disclosure during the 6th Edition of the Lagos State MSMEs Exclusive Fair held in Ikeja.

The Fair had the theme: ”Effect of COVID-19: Charting the Way Forward for MSMEs”.

Represented by the Secretary to the State Government (SSG), Mrs Folashade Jaji, Sanwo-Olu said that the state government was passionately committed to the growth of small businesses.

He said that the state government recognised the role of the MSMEs in economic emancipation and their pivotal spot in the social and economic development of the state.

According to him, everyone has the collective responsibility of ensuring that MSMEs successfully overcame the economic and growth challenges posed by the COVID-19 pandemic.

”In the last two years, we have committed significant resources to the sustainability of the MSMEs, but the pandemic has further exposed the need for the public and private sector to meticulously develop the capacity of our MSMEs for growth and profitability.

”It is, therefore, a major reason why small businesses can always count on the Lagos State Government to provide the necessary backing for trade promotion and business development.

”We extended the tax-filing deadline by 60 days and loan moratorium by 90 days to ease MSMEs’ working capital challenges.

”In addition, through the Lagos State Employment Trust Fund, we have provided low interest loans to MSMEs to the tune of N10 billion.

”Our investment in MSMEs reflects our goal of making sure that small businesses are technically and financially empowered to generate lasting wealth,” he said.

The governor said that in the last one year, his administration had put in place significant interventions to boost the trade capacity of MSMEs in the state.

According to him, the goal is to ensure that small businesses in Lagos overcome the challenges of the economic crisis associated with the pandemic, as well as the destruction and looting that followed the EndSARS protest.

He said that government was collaborating with the Central Bank of Nigeria (CBN) to resolve the problem of access to finance by MSMEs.

Sanwo-Olu said that in line with this, the CBN had established the N220 billion Micro and Medium Enterprises Development Fund (MSMEDF), among other schemes.

He called on all relevant stakeholders to collaborate and innovatively chart a new trajectory for economic diversification, growth and sustainability of MSMEs.

”As a proactive government, I assure you that we shall not relent in institutionalising policies that will enable the sustainability of MSMEs,” the governor said. (NAN)(

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Business & Economy

Kaduna refinery will begin production in December – NNPCL Boss, Kyari

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The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL,Mele Kyari has disclosed that the refinery in Kaduna State will be ready for production by December 2024.

He disclosed this during a meeting with the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria in Abuja.

He disclosed that operations at the Port Harcourt refinery are scheduled to begin in two weeks.

According to Kyari: “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.

“The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

 

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Edun Blames Economic Hardship On Free Printing Of Naira During Buhari’s Govt

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Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

The Federal Government has disclosed that the free printing of naira notes for eight years, under the previous administration went into the hands of a privileged few, without corresponding productivity, resulting in the country’s current economic situation.

Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

While elaborating on measures to revamp the economy, the Finance minister vowed to thoroughly audit the 22.7 trillion naira, and mop up the monies from the market and use it to pay the central bank to give the government a balanced book.

Responding to questions, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.

He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.

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Harsh Economy: FG To Begin Distribution Of Grains Nationwide 

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The Federal Government will begin the distribution of grains nationwide to cushion the impacts of the hardship in Nigeria.

Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday.

“Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting.

“Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled out this week.

“We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization.”

The minister who hailed the resilience of the Nigerian people, urged them to back President Bola Tinubu’s government in its quest to address the challenges facing the country.

“I acknowledge the strength of the Nigerian people, and it is this resilience that will guide us through these difficult times. Let us stand together to support Mr. President in his strive for a better Nigeria,” Kyari said.

“Our government under the leadership of President Bola Ahmed Tinubu is committed to addressing these challenges and working towards a more secure and prosperous future for all.”

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