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Nigeria’s Small Scale Businesses To Benefit From ADB’s $500m Fund – Osinbajo

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BREAKING: Osinbajo Hospitalised

The Vice President, Prof. Yemi Osinbajo, at the weekend, said small scale business operators would be the major beneficiaries of a $500 million support fund from the African Development Bank (ADB).

Osinbajo stated this while speaking at the 33rd Inaugural Lecture of the Babcock University, Ilishan-Remo and the 65th birthday celebration of the institution’s Vice Chancellor, Prof. Oluseyi Oduyoye.

The VP at the lecture themed, ‘From the Small Business to Big Business: A Future with Little Hope’, noted that the fund from the ADB would be be a boost to small scale enterprises, noting it would be an addition to the N75 billion the federal government has made available for young people and small businesses in the country.

Osinbajo further noted that it was important for the country to keep on working on its small businesses as they are the future of the country, adding that “such small businesses bring hope and job opportunities for the people”.

He added: “The Africa Development Bank(AFDB) has agreed to support the government with five hundred million dollars for small businesses, technology in particular.

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“So, we think that this is something that is going to be very helpful in addition to the seventy-five billion naira fund which the Federal Government has set up for young people and small businesses.

“We must keep working on small businesses because that sector is the future of our country and those businesses bring hope, job, opportunities and I strongly believe that this is where we will love to be headed.”

The VP disclosed that after the Federal Government realised that the Medium Small Scale Enterprise is the way to go, opted to have MSMEs Clinics in all the states of the federation, with a view to ensuring that small businesses do not go through too many obstacles in meeting with regulatory agencies that could aid their development.

Osinbajo added that about twelve states of the federation have one-stop centers where business owners can meet with all the regulatory agencies as they all have offices in the states, saying “one of the things the Federal Government was able to do for small business owners during the COVID-19 period was the availability of MSME Survival Funds that gave almost a million business owners the needed support”.

“Our government decided to do what is described as MSME clinics, this is a commission that I have the privilege of chairing. And what do the clinics do is that we go to every state of the federation almost on a bi-monthly basis and work with state governments to support small businesses across the country.

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“The clinic was designed to bring regulatory agencies whose work affect the business enterprise of MSMEs, so what we do is that we go to the state and we go with the regulatory agencies. The idea is to bring the regulatory agencies to the various states so that the MSMEs can meet with them and discuss on various problems.

“One of the things we did with MSMEs during COVID- 19 and right after it was MSMEs Survival Fund: The fund gave almost a million businesses support after the pandemic, we paid three month salaries for several MSMEs, especially private primary and secondary schools. We paid for teachers and also for several transport owners,” the VP disclosed.

Osinbajo, who pointed out that the Federal Government created resource centres in some states where clusters for farming and processing are made available, added that the resource centres would avail farmers with the needed resources to get their own equipment come together and use the equipment at the centre.

Earlier, Prof. Oduyoye while calling on the Federal Government to pay more attention towards the survival of small businesses in the country, noted that small businesses often fail to develop as a result of lack of finance and harsh tax policies of government.

He also called on the FG to ensure that it creates a body like the American Small Business Administration(SBA) and the Nigerian Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) to deal with problems of small businesses in the country.

According to him, small businesses when fully backed by government tend to promote innovations through a close cooperation with customers .

 

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NBS Puts Rate Of Inflation In One Month At 19.64%

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NBS Puts Rate Of Inflation In One Month At 19.64%

Inflation rate rose to 19.64 per cent in July 2022 from 18.60 per cent in June 2022, according to the National Bureau of Statistics (NBS).

It was 1.82% increase from that of the previous month, said the Bureau in its report titled “CPI July 2022.”

The report noted the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger, transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Inflation rate which measures Composite Price Index (CPI) was the highest since September 2005.

The report said: “In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%,” It added that “This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.3%).

It added that on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

The NBS said the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all-items basis.

 READ ALSO: CBN Raises Interest Rate To 14% To Tame Rising Inflation

It added that on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

The report noted that on a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

It said in July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

The bureau said on a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

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“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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