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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.”

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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.

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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.

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“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.

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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.

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“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.

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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.

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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.

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“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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NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

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In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.

The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.

Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.

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“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”

She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.

“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”

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Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.

“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.

Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.

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“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.

“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.

“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”

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He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.

“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.

Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.

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“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”

The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.

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Education

NUC grants ESUT full accreditation for Law, 7 other programmes

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The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.

According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.

Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.

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Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.

Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.

He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.

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He said the session also empowers the NUC to accredit such programmes.

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Crime

Court remands 2 over alleged attempted murder

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Court discharges man accused of burning father’s house in Abuja

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.

Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.

The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.

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Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.

He thereafter adjourned the case until May 31 for mention.

The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.

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She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.

“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.

Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.

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He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.

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