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



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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Polaris Bank MD Thumbs-up Ogun Infrastructure, Conducive Business Environment



The Managing Director, Polaris Bank, Mr. Adekunle Sonala and the Ogun State Governor, Prince Dapo Abiodun, during a visit by the management of the Bank to the Governor's Office, Oke-Mosan, Abeokuta, on Wednesday.

Ogun State has been described as one of the most progressive states in Nigeria with adequate infrastructure and a conducive environment for businesses to thrive.

The Managing Director of Polaris Bank, Mr. Adekunle Sonola made the assertion on Wednesday in an interview with newsmen after a meeting with Governor Dapo Abiodun at the Governor’s Office, Oke-Mosan, Abeokuta.

According to the bank executive, Governor Abiodun is doing wonderfully well in the area of infrastructural development and creating the right atmosphere for businesses to thrive.

He said: “Governor Abiodun is running one of the most progressive states in the country with a lot of laudable objectives and achievements in the last four years.

“As bankers to the community, we are here to show our support and to also recognize the achievements on the ground as well as offer our services for the progress and development of the state.”

Sonola said the meeting with the governor centered on a wide range of areas, including infrastructure, housing delivery, health care improvement programmes, education, agriculture and other sectors that the bank would be of assistance as well as the complementary relationship to deliver services to the people.

The bank chief noted that having identified opportunities and the areas of collaboration with the government, the people would begin to see, in few months, the delivery of the project agreed on at the meeting.

He emphasized that his organization had been part of the state for long, having one of the vibrant and modern branches in the state capital, assuring the people of personal banking experience.

He called on investors to take advantage of the potential that is available and the conducive business environment provided by the government to open their businesses in the Gateway State.

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Abiodun Presents N703bn Budget Estimate For 2024 To Ogun Lawmakers



Ogun State Governor Dapo presenting a copy of this year's Appropriation Bill tagged "Budget of Sustained Growth and Development," before the state House of Assembly on Thursday.

Ogun State Governor, Prince Dapo Abiodun, on Thursday, presented N703.03billion Budget Proposal for the year 2024 to the state House of Assembly.

This is against the N472.250billion budgeted for the 2023 fiscal year.

Giving a breakdown of the budget tagged “The Budget of Sustained Growth and Development,” the governor noted that it was made up of N287.37 billion Recurrent and N415.66 billion Capital expenditures.

He explained that N95.05 billion would be used for Personnel Costs, N27.35 billion as Consolidated Revenue while N59.09 billion would go for Public Debt Charges.

Abiodun noted further that N105.88 billion is for Overhead Cost while Capital Expenditure will gulp N415.66 billion.

On sectoral allocation, he said the sum of N109.219 billion, representing 16% will go for education, N81.185 billion representing 12% will be for health, while N28.886 billion, representing four percent will be for housing and Community Development. Also, the governor disclosed that a sum of N14.218 billion, representing two per cent, will go for agriculture and industry, while N209.122 billion, representing 30%, is allocated to infrastructure.

Others are N22.872 billion, representing three per cent for recreation and culture, N28.692, representing four per cent for social protection, while general public service, executive organ will gulp N31.125 billion, representing four percent.

The state government is to spend N34.954 billion for General Public Service Financial and Fiscal Affairs, representing five percent, N1.939 billion, representing 0.3% for General Public Service- General Personel Service, and N12.187 billion, representing two percent for Public Order and Safety.

The governor also said that Economic Affairs will take N3.083 billion, representing 0.4%, Judiciary N7.029 billion, representing one percent, Legislature, N14.412 billion, representing two percent, while N104.114 billion, representing 15% is for the Statewide.

The expenditure policy of the government in 2024, the governor maintained, is designed to achieve the strategic objectives of the Ogun State Economic Development Plan and Strategy 2021 – 2025, including fiscal sustainability; human capital development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization, focusing on Small and Medium Scale Enterprises.

While highlighting the key capital projects for year 2024, the governor said: “The physical capital projects in the 2024 budget include; Light up Ogun Project to include procurement and installation of transformers statewide whilst partnering with the private sector to experience uninterrupted power supply in 24 months. The Hosting of the 2024 Ogun National Sports Festival.

“Construction, rehabilitation, and maintenance of roads across the state, including major ones such as Lagos–Ota-Abeokuta Expressway; Ofada-Owode Road, Lagos Garage – Ikangba – Ilese Road, Ota-Lafenwa-Itele-Ayobo Road; Ita Oshin, Ibara-Orile-Ijoga Orile – Ibooro – Imasayi Road, OPIC Estate Internal Roads, Agbara, 250km Statewide construction in all three (3) senatorial districts road infrastructure to support the 2024 Ogun National Sports Festival.”

He said his administration would focus on the construction of infrastructure at the various Economic Development Clusters, while efforts would be made to extend the Lagos Blue Line Metro Rail Project into Agbara, as well as the extension of the Lagos Red Line Metro Rail Project to Ijoko and Ifo/Kajola in line with the execution of the State’s multi-modal transport plan under the Lagos-Ogun Joint Development Commission initiative.

The governor who emphasized the need to further secure the state, said additional security networks would be deployed and communication systems procured for security personnel, stressing the need for the installation of intelligence and on-street transport management and enforcement systems in all the three senatorial districts of the state.

Governor Abiodun added: “Our administration will construct over 2,000 housing units in various locations across the State like Warewa, Sagamu, Iperu, Ibara, Ayetoro Road (Abeokuta), OGTV Village, Ijebu-Ode, etc. Water reticulation projects to connect more households to potable water supply having completed the Urban Water Supply Project.

“Training the youth on Digital Solutions to enhance youth involvement in Agriculture. Refurbishment and renovation of technical colleges and vocational centers.Construction and Rehabilitation of Blocks of Classrooms, Technical Workshop/Science Laboratory at the Primary and Secondary Schools with the provision of furniture and equipment across the Four (4) Divisions in the State”.

He said as at 30th of September 2023, the state had achieved 74.39% of the pro-rated revenue target for this year’s budget, noting that that budget credibility as determined by performance was the best the State ever had in its financial management history, even as he assured that his administration was poised to finish this year at well above 75% performance.

Earlier, the Speaker of the House of Assembly, Rt. Hon. Olakunle Oluomo applauded the cordial relationship between the executive and the legislative arms, saying this had culminated in the socio-economic development of the state.

He promised that the House of Assembly would work towards giving the bill accelerated passage for the government to continue its developmental stride.

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Ogun Set To Sign MoU With OPS On Olokola Deep Seaport



Ogun State Governor Dapo Abiodun with chief executive officers of the OPS in Abeokuta, the state capital, on Wednesday.

The Ogun State Government and the Organised Private Sector (OPS) have concluded plans to sign a Memorandum of Understanding (MoU) on the construction of the Olokola Deep Seaport located in Ogun Waterside Local Government Area of the state.

Governor Dapo Abiodun made this known during a breakfast meeting with Chief Executive Officers of the OPS in Abeokuta, the state capital, on Wednesday.

Governor Abiodun noted that the construction of the Olokola seaport would provide another opportunity for companies in the state to move their goods and equipment in addition to the Gateway Agro-Cargo International Airport, which is almost at the completion stage, and the planned dry port to be located at Kajola, an outskirt of the state capital.

Prince Abiodun said: “I want to share with you the fact that whilst we are talking about our road, rail and air transport, we will be signing very soon a Memorandum of Understanding with the private sector players for the construction of our seaport in Olokola.

“This is another giant step to ensure that we enable businesses to continue to thrive in our state.”

The governor said that his administration was working towards putting an end to the multiplicity of taxes in the state, adding that the reforms already put in place by the Ogun State Inland Revenue Service would definitely put resolve the issue.

He also urged businesses to patronize government whenever they are in need of land, saying that all land belonged to the government.

“On the harmonization of taxes, we have put in a lot of reforms on our Inland Revenue Service.

“Rest assured, be patient with me, slowly and surely, we will remove all these multiplicities of taxes.

“We are also concerned about our physical planning as well. The lands department and physical planning are now working collaboratively to ensure that all the problems we have had in the past are resolved.

“All lands belong to the government. My advice to you is that if you want to buy land, come to the state. We have ensured that any land to be sold to you is properly enumerated and compensated.

“So, please, I want to discourage all of us to desist from buying land from land speculators,” he said.

Abiodun said that his administration would be distributing 5,000 Certificates of Occupancy (CofO) this Friday.

According to him, the state is now at a vantage position to continue to issue out Certificate of Occupancy to subscribers with a newly acquired equipment that can sign 1000 CofOs daily.

Abiodun called on the OPS in the state to give back to their various host communities by either taking advantage of the state government adopt a school or primary health care center project.

The governor spoke on the importance of businesses imbibing the culture of technology transfer, which would further assist the country to move forward technologically.

He reiterated the commitment of his administration to ensure steady and uninterrupted power supply soon through the Ogun Light Up Project.

The governor noted that his administration deliberately laid a lot of emphasis on reconstructing roads that connect the Ogun with other states of the country, especially Lagos, the economic capital of the country.

While commending the OPS for joining hands with his administration at repositioning its security architecture through the rejigging of the Ogun State Security Trust Fund, Governor Abiodun added that his administration would continue to do all it can to make the state the safest place to live, work or play.

Earlier in his address, Commissioner for Industry, Trade and Investment, Mr Adebola Sofela assured that the state government would continue to create an enabling environment for businesses to thrive.

He said the present administration would continue to partner with industries in the state with a view to propelling the common interest of both the government and industries to greater heights

Also, Ogun State Chairman of the Manufacturers Association of Nigeria (MAN), Chief George Onafowokan, acknowledged the position of the state as the best place for industries to thrive.

He, however, called on the state government to continue to work towards ensuring that the enablers for businesses to thrive are readily made available in the state.

On behalf of the Agbara Cluster, the Director of African Industry Group, Chief Sohan Baghla disclosed that they had been able to provide over ten thousand jobs for the people of the state, adding that a greater percentage of their investments are in steel production and processing, aluminium production and processing, glass, chemicals, steel rolling mills, all situated in the Agbara business cluster.

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