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Experts seek key policies for MSMEs development

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Experts on Monday underscored the need for key policy recommendations for Micro, Small and Medium Enterprises (MSMEs) development

Experts on Monday underscored the need for key policy recommendations for Micro, Small and Medium Enterprises (MSMEs) development to focus on areas of financing, capacity and structure.

They gave the advice at a webinar organised by the Small and Medium Enterprise Group (SMEG) of the Lagos Chamber of Commerce and Industry (LCCI).

The News Agency of Nigeria (NAN) reports that the event’s theme is: “Ensuring SME Growth in a Challenging Economy.”

Mr Yomi Olugbenro, West Africa Tax Leader, Deloitte, stressed that these key areas would increase MSMEs contributions to the country’s Gross Domestic Product (GDP) and spur economy stability and growth.

Olugbenro said that a credible financial system enabled by technology was paramount for funding and operating efficient settlement systems for MSMEs survival in the near future.

He noted that in spite of the various global economic disruptions, Small and Medium Enterprises (SMEs) were expected to survive if only structural development could be established over time.

He also called for improved credit rating systems, expanded credit risks guarantees coverage, and a wider implementation of financing across major markets.

On structure, Olugbenro stressed the need for partnership with business consultants to provide SMEs with technical support and access to markets.

He also called for infrastructure based policies that encompasses efficient power distribution to different industrial clusters.

“We must also build the capacity of entrepreneurs by providing capacity building support services focused on training entrepreneurs on relevant skills.

“The national education standards must be revamped to drive early exposure to entrepreneurship, and improve entrepreneurship education in state owned institution.

“SME loan portfolio must also be diversified following a gender and sector agnostic strategy,” he said.

Dr Peter Bamkole, the Director, Enterprise Development Centre, said that a national survey during the COVID-19 pandemic revealed that 93 per cent of SMEs encountered several challenges which led to some businesses shutting down and downsizing.

He, however, noted that the seven per cent that thrived were businesses that were digitally enabled in their operations from raw materials sourcing to after sales services.

He stressed that henceforth, SMEs must be more collaborative among themselves, and reinvent their business models with operations carried out in a more efficient, innovative and creative manner for profitability.

“A significant number of those in the services sector should think of renewable energy to reduce cost of production.

“SMEs must add more value to their goods and services before exports, connect with SME across the continent to optimise the benefits of the Africa Continental Free Trade Area (AfCFTA),” he said.

Dr Michael Olawale-Cole, President, LCCI, said most recent conversations around the role, challenges, and growth opportunities for MSMEs underscored their importance as the engine of growth of any economy.

Olawale-Cole represented by Dr Chinyere Almona, the Director General, LCCI, noted that United Nations statistics revealed that MSMEs account for 90 per cent of businesses, 65 per cent of employment and 50 per cent of GDP worldwide.

He, however, posited that SMEs were now more than ever in need of support, as they navigate the impacts of the COVID pandemic, insecurity, supply chain disruptions, and the climate crisis.

He stressed that Nigerian policymakers must move beyond recovery and consider ways to lower and eliminate barriers faced by MSMEs, improve the business environment and access to special intervention finance, markets and technology in these fragile times.

He added that government must invest more in export infrastructure to ease the export of goods from Nigeria to the rest of Africa under the African Continental Free Trade Agreement (AfCFTA).

“In recent times, the Nigerian economy has suffered several shocks as a result of rising double-digit inflation rates; tepid growth; high unemployment, and even higher underemployment due to constrained productive activities and others.

“We still believe that these challenges can be fixed with the right mix of fiscal and monetary policies that promote targeted financing for the SME sector and intervention funding for manufacturers.

“The LCCI is also very interested in supporting SMEs in accessing funding opportunities by interfacing with local and international developmental finance institutions on behalf of our members.

“We reiterate our point that SMEs need special intervention funds targeted at supporting production, export capabilities, and building resilient supply chains,” he said.

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Rep felicitates Wike on emergence as THISDAY/Arise TV Minister of the Year

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Wike visits scene of collapsed building, insists structures without approval will go down

The Chairman House of Representatives Committee on Federal Capital Territory (FCT), Rep. Aliyu Betara (APC-Borno), has congratulated the FCT Minister, Mr Nyesom Wike, on his emergence as THISDAY/Arise TV Minister of the Year.

Betara, in a congratulatory message issued in Abuja, eulogised the leadership virtue and dedication of the minister to infrastructural development in the territory.

The lawmaker, representing Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno, said that the award was well-deserved.

“On behalf of the House of Representatives Committee on FCT, I wish to extend my warmest congratulations to the FCT Minister, Mr Nyesom Wike, on your well-deserved recognition as the Minister of the Year by THISDAY/Arise TV.

“This prestigious honour is a testament to your visionary leadership, tireless dedication and exceptional contributions to the infrastructural transformation in the territory.

“Your unwavering commitment to service and your determination to improve the lives of residents and visitors alike to the FCT has been nothing short of exemplary.

“Through your bold initiatives and strategic policies, you have not only enhanced the aesthetics and functionality of Abuja, but have also reaffirmed the FCT’s position as a beacon of progress and modernity in Nigeria,” he said.

Betara said that the recognition was a reflection of the positive impact of Wike’s work and the admiration he had earned across various sectors.

While describing the recognition as an outstanding achievement, the lawmaker prayed that the milestone would serve as an inspiration for greater accomplishments in service, with integrity and purpose.

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Court adjourns case against ex-Kogi governor, others

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A Federal Capital Territory High Court on Wednesday, adjourned hearing in the alleged money laundering case against  former governor of Kogi, Yahaya Bello until April 3 and April 24.

Justice Maryann Anenih adjourned the case for continuation of hearing after the first witness, Fabian Nworah, a property developer, was called to testify.

The Prosecution Counsel, Kemi Pinheiro, SAN, informed the court that he had five witnesses to call for the day.

Justice Anenih said she could only take one witness as she had other matters to attend to.

The court also announced that it would not be sitting on Thursday as previously scheduled.

Counsel for the 1st and 2nd Defendants, Joseph Daudu, SAN, however, informed the court that the prosecution had not made the statements on oath of the 2nd defendant available to the defence team.

He said he was aware that the first defendant had not made any statement.

Daudu also objected to the witness presented by the prosecution, arguing that the defendants had no prior knowledge of the witness and were only seeing him in court for the first time.

Citing authorities, he emphasised that legal proceedings should not be a “hide and seek” game, stating that the prosecution was required to provide the witness’ statements on oath in advance so the defence could adequately prepare for cross-examination.

“The statements of the second defendant have not been served on us to be able to know if we will be able to represent him or not.

“So, it is a serious handicap on us. They need to serve us all the statements made by the defendants.

“I understand the first defendant has not made a statement. Fortunately, we are still within the house keeping stage of the proceeding,” he added.

Corroborating this, counsel for the 3rd Defendant, Abubakar Aliyu, SAN, said, “mine is not a comment but an observation my lord. My application is for the court to order the prosecution to provide us with the statements of the 2nd and 3rd defendants.”

When the judge asked if he had requested for the statements, Aliyu SAN said, he discovered on Tuesday that the said statements were not part of the proof of evidence served on the defendants.

He said: “I am also applying that the court order the prosecution to provide us with copies of recovered digital device and the report or the extract therefrom mentioned on Page 14 of Volume 1 of the proof of evidence and the report of the forensic expert if any.

“I am following the procedure followed in Okoye against the Commissioner of Police, which was adopted by the Supreme Court in Okemini Vs Commissioner of Police.”

The prosecution witness, however, disagreed, saying the defendants were trying to delay speedy trial.

He insisted that the proof of evidence was served on the defendants on Nov. 27, 2024.

“The constitutional provisions, which they rely on, does not imply that the prosecution should provide all the documents which it relies on.

“The law only provides that the prosecution should oblige the defence with all the documents requested for,” Pinheiro argued.

He noted that the issues would be addressed whenever they receive formal applications from the Defendants and urged the court to proceed on the business for the day.

“As it is, we have almost utilised more than an hour on these arguments,” he stated.

The judge asked the defendant’s counsel why he did not raise the issues in December.

Daudu SAN replied that it was because it had to be done after arraignment.

“I have applied and they are not obliging me. It is absolutely necessary for our defence,” counsel for the 3rd defendant said.

The judge, however, declined the application for adjournment and directed the prosecution to proceed with the case.

The prosecution then proceeded to call its first witness, Fabian Nwora, a property developer with EFAB Property Nigeria Limited.

Nwora testified that he was invited to the Economic and Financial Crimes on Feb. 8, 2023, regarding a transaction between Shehu Bello and EFAB Property concerning a property located at No. 1 Ikogosi Street, Maitama.

He stated that he sold the said property to Shehu Bello but observed that the name on the sale agreement was Dr Bello Ohiani, not Shehu Bello.

He said, in 2023, Shehu Bello approached EFAB Property, informing them that the property was under investigation by the EFCC.

He returned all documents related to the purchase and demanded a refund of the N550million that was paid.

Subsequently, he said, EFAB Property was invited by the EFCC to explain what transpired between them and Shehu Bello.

The EFCC instructed the company to refund the entire sum to an EFCC-designated account. EFAB Property complied in two batches of N400 million and N150 million.

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Kebbi to upgrade Zuru hospital to referral centre

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The Kebbi Government says it is assessing the condition of the Zuru General Hospital with the aim of upgrading it to a referral centre.

Gov. Nasir Idris stated this when he visited the Emir of Zuru, Alhaji Muhammadu Sani-Sami on Wednesday in Zuru.

Idris visited the emir to thank the people of Fakai, Sakaba, Danko/Wasagu and Zuru Local Government Areas that make up the emirate.

Idris said that upgrading the Zuru General Hospital to a referral centre would ease the difficulties faced by people of the emirate.

The governor said that quality healthcare services remained an utmost priority of his administration.

He said that the Sir Yahaya Memorial Hospital, Birnin Kebbi and the State Medical Centre, Kalgo, currently serving as referral health institutions were overstretched.

“The government is committed to reversing the trend by making referral hospitals close, accessible and affordable to the people of the state,” he said.

On the expansion of the Zuru Water Works and construction of urban township roads, Idris promised to reappraise the facilities for necessary action.

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