Nigeria: Govt, States Spend N5.3 Trillion On Salaries, Overheads. By Nuruddeen M.
Abdallah Nearly half of the federal and 36 state governments' budgets of N12.2 trillion for the year will be spent on salaries and overheads, Daily Trust investigation has shown. Each of the two tiers has N6.1 trillion, but N5.33 trillion of the total (43.7 percent) will be expended on salaries and overheads. This is coming at a time of concerns over the swollen recurrent expenditures in the face of dwindling oil revenues and low votes for development projects. The total amount earmarked for capital projects by the central and the state governments this year is N5.04 trillion (41.3 percent); N3.3 trillion for the states and N1.75 trillion for the federal government. The total budget carries a combined deficit of N4.5 trillion (36.9 percent), which is made up of N2.3 trillion for the states and N2.2 trillion for the federal government. States with low budgets States with high budgets Of this sum, N1.4 trillion is for capital projects and N859 billion recurrent.
BOI Weekly: Focus On Tissue Paper Production In Nigeria Pt.1. BOI WEEKLY PROGRAM:- BOI/ENUGU STATE MSME DEVELOPMENT FUND’S SUCCESS STORIES. Firms to close down on raw materials scarcity —MAN. By Naomi Uzor Manufacturers Association of Nigeria (MAN) has expressed fears that many of its member companies will close down production at the end of the first quarter of this year.
This is due to raw materials scarcity hitting them hard. In an exclusive chat with Vanguard, the President of MAN, Dr. Nigeria: Ernst and Young Urges Govt to Encourage Entrepreneurship to Grow Economy. By Peter Egwuatu Against the dwindling Nigerian economy, Ernst and Young, EY, has advised the Federal Government to encourage entrepreneurship in order to grow the economy.
Speaking at the EY Gala Award Dinner in Lagos, Henry Egbiki, EY Country Leader and Regional Managing Partner for West Africa, said: " For Nigerian economy to grow, entrepreneurs must be encouraged by the government . Entrepreneurs are critical for the health of the global economy. They create jobs, generate wealth and encourage creativity and competition.
Manufacturing’s contribution to GDP hits N6.16bn - Punch Newspapers. The contribution of the manufacturing sector to the nation’s Gross Domestic Product rose to N6.616bn in the third quarter of last year, statistics from the National Bureau of Statistics indicated.
An analysis of the nine month revenue showed that the sector added N2.141bn to the economy in the first quarter; N2.125bn in the second quarter; and N2.35bn in the third quarter. The figures also showed that the manufacturing sector surpassed the oil and gas industry by N1.93bn during the nine month period. For instance, while the report, which was obtained on Friday, indicated that the manufacturing sector contributed N6.616bn in the months under review, the oil and gas added N4.677bn to the economy.
However, this is in contrast with the output of the oil and gas industry in 2014, which added N7.574bn, an amount that was N1.093bn higher than the contribution of the manufacturing sector for that year. Soon, you will be able to obtain bank loans by depositing bags of rice – or beans – as collateral! In 2016, Nigerians will be able to take bank loans using their reputation, generators, deep freezers, school certificates, farm produce such as rice and beans, and many unconventional properties, the Central Bank (CBN) has confirmed.
Nigeria : Reel Fruits supplying to 80 stores just 2 years after formation. Nigeria’s industrial research institute strengthens partnership with Unido for SME development. Nigeria, Apr 24: Nigerian government’s Federal Institute of Industrial Research, Oshodi (Fiiro) is strengthening its partnership with United Nations Industrial Development Organisation (Unido) with the goal of boosting development of small and medium enterprise (SME) sub-sector in Nigeria.
This was announced when Fiiro director-general Gloria Elemo and the management of the institute hosted Patrick Kormawa, Unido regional office director and representative to Nigeria and West Africa in Lagos. Highlighting the history of the partnership between both parties, Elemo said the history of Unido’s contact and collaboration with Fiiro dates back to 1968. He spoke on the contributions and impact the existing partnership has had on Fiiro’s human capital development, research and development projects and upgrading of facilities.
Nigerian banks target N300 billion for SMEs, agric sector. Electricity gulps 40 % of our production cost – MAN. PRODUCTION D'ALIMENTS DE POISSON AU NIGERIA. SMEDAN pushes for 6% interest rate for MSMEs. By Favour Nnabugwu AS part of the strategy to encourage micro and small business owners, Small and Medium Enterprises Development Agency (SMEDAN) has pushed for the reduction in the interest rate on the N220billion Micro, Small and Medium Enterprises (MSMEs) Fund from 9 per cent to 6 per cent.
Director-General of SMEDAN, Mr Bature Masari, said the agency is pressing for the interest rate charged by commercial banks on the MSMEs to be reduced to 6 per cent. He said: “Our interest is to protect small business owners that constitute the MSMEs sector. The reduction of interest rate to 6 per cent will go along way to reduce poverty in the country.”
Musari also counselled against high interest rate by the proposed SME bank when it is eventually established which he said should not be more than 3 per cent. 86% of Nigerian youths pro-enterprise—Survey. By Princewill Ekwujuru Eighty-six per cent of Nigerian youths are pro-enterprise according to a research findings conducted by Djembe Communications, a pan-African Communications Consultancy firm in association with Forbes Insight.
Small Scale Enterprises (SMEs) and Agricultural Transformation: The Nigeria Experience. Small Scale Enterprises (SMEs) and Agricultural Transformation: The Nigeria Experience Bello R.
S.1, *, Bello M. B.2, Saidu M. J.3. Nigeria Innovation Cluster Map. Nigeria: Mapping Nigeria's Innovative Clusters - allAfrica.com. By Ikechukwu Onyewuchi THE rhetoric of Nigeria's development has, for decades, been punctuated by the paucity of indigenous technology.
Blessed with a talented artisanal population, sprinkled across its cities amid industries surviving on epileptic energy, Africa's biggest economy is still largely indebted to innovations from the global North and the Asian tigers, particularly China. Over the years, very little has been done to stimulate local manufacturing, and Research and Development (R&D) activities by public and private firms chiefly suffering from limited baseline data and unreliable statistics. Universities, particularly, are short of funds for research, depriving students and companies of required empirical input to transfer practical knowledge and drive growth. The last winner of the prize, Prof. After Prof. CBN urges Nigerians to access N220b MSMEs fund. Investors within the micro to medium categories have been urged to take advantage of the N220 billion facility set aside by the Central Bank of Nigeria (CBN) for the development of Micro Small and Medium Enterprises (MSMEs).
Central Bank Consultant and Managing Director, Kajaura International Consult Limited, Dr. Yakub Abdalla who spoke in Gombe, Gome State as part of his company’s sensitisation campaign on the Fund, said farmers, artisans, market men/women and any entrepreneur that is either financially excluded or under-served is entitled to the fund. He said the fund would also trigger job creation for the private non-formal sector, adding that lending would be to only members of cooperative societies. He said qualified Micro Finance Banks (MfBs) could also participate by borrowing for onward lending to others, adding that the apex associations would serve as vehicles for monitoring and evaluation of the funds.
Dr. BoI secures AfDB’s $100m facility for SMEs. To aid its development financing objectives, especially to Small and Medium Enterprises (SMEs), the Bank of Industry (BoI), has secured a $100 million line of credit from the African Development Bank (AfDB). AfDB President, Akinwumi-Adesina According to the bank, the line of credit, which is designed for on-lending to SMEs engaged in export-oriented businesses, is the first of such foreign facility accessed by BoI after its reconstruction in 2001 out of the defunct Nigeria Industrial Development Bank (NIDB). The bank, in a statement at the weekend, explained that already, the first tranche of $50 million was recently disbursed to BoI from AfDB for on-lending to small businesses engaged in export-oriented businesses with capacity to generate foreign exchange.
“In order to deepen the impact of the facility, BoI hired an international firm, Messrs. Capacity building. Tapping Nigeria’s energy to ignite entrepreneurship. MEXICO, Indonesia, Nigeria and Turkey — the so-called Mint economies — are fertile breeding grounds for talented young people who might have considered, or already have, careers in large national or global companies. However, instead of being tempted by what many consider safer careers, members of these countries’ millennial generation — those born since the early 1980s — seem to be determined to set up their own businesses. Nigeria-born Rolake Akinkugbe is one example. Given her expertise in Africa’s energy sector, she could have picked jobs in Nairobi, Dakar, Johannesburg or Cairo, or stayed on in London, where she had spent the better part of 17 years studying and working. Nigeria to develop SMEs through international expo.
The Federal Government has inaugurated a 27-man Multi Sectoral Planning Committee for a maiden International Small and Medium Enterprises (SME) Expo for the first quarter of 2016 in Nigeria. This is contained in a statement signed by Mr Greyne Anosike, Head of Press, Ministry of Industry, Trade and Investment, in Abuja on Wednesday. The statement stated that the country was determined to deploy SMEs as the fulcrum of development in Nigeria and Africa in general. It noted that Mr Ajiya Mamman, Acting Permanent Secretary of the ministry, told the committee that the expo was aimed at providing a continental forum for policy formulation. The committee comprises representatives from the ministries of foreign affairs; science and technology; NIPC, SMEDAN, NEPC SON, BOI, ITF, NACCIMA, NASSI, MAN and the Managing Director of CB Network and Trixy Consult. It added that during the expo, exchange of ideas on fostering synergy within the African SME sectors would be discussed.
BoI partners Grow Africa to raise on $60m venture capital fund for SMEs - Naija247news. GTBank’s SME MarketHub empowers female entrepreneurs. SME MarketHub has partnered with She Leads Africa to support African women entrepreneurs. BOI to invest $6 million on SMEs. Nigeria’s Bank of Industry (BOI) has announced that it will invest $6 million in small and medium enterprises (SMEs). Daily Trust reports that the investment will be carried out through a $60 million venture capital fund being raised by Grow Africa Equity Partners Limited. Untitled. BoI, firm partner on $60m venture capital fund for SMEs. Diversification: Experts canvass appropriate taxation - The Nation Nigeria. Access Bank gives N11b facility to women-owned businesses - The Nation Nigeria. Access Bank Plc has empowered businesses run by women with loans worth N11 billion within one year of introduction of its “W” initiative.
Enabling a more productive Nigeria: Powering SMEs. Jabu Provides Pathway for Entrepreneurial Agriculture. By Gbenga Akinfenwa. Dangote inaugurates N160m technical skills acquisition centre. Problem With Businesses In Nigeria. FG Boosts SMEs By 19m In 3 Year – SMEDAN. Charting a new course for Nigeria’s 37m SMEs. Nigeria's Cafe Neo: hoping to become the African Starbucks. With $1.5bn capital, Nigeria’s Development Bank takes off to revolutionise MSME financing. How This Nigerian Game Developer Built His Enterprise. MasterCard, Grooming Centre to Extend Electronic Payments to 500,000 MSMEs, Articles. Nigeria's enterprising five-to-nine work ethic. FG to Replicate SME Clusters in 9,555 Wards Nationwide - - Minister. NSE Lauds Plan To Link SMEs To New Platform - Nigerian News from Leadership Newspapers. Nigerian economy creates over 1 million jobs. African Tech Startups See Nigeria As A Scale Up Market. How Nigeria makes money out of rubbish.
Ministry Projects Creation of 25 Indigenous Software Firms By 2017. BoI earmarks N5 billion fund for 1000 cottage value-chain drivers. This Fast-Food Start-Up Sees e-Commerce Growing in Africa. TechNigeria - Nigeria's Technology News Point. NITDA eyes 17m Nigerian SMES in tech job drive - technigeria.com.ng. Africa's 88mph startup accelerator eyes Nigerian expansion. What startups may come: a look at Silicon Lagoon in Nigeria. 'Nigeria's Mark Zuckerberg' puts tech into higher learning. iDEA Nigeria- Helping Nigerian entrepreneurs to create successful businesses. Entrepreneurs Are At The Forefront Of Nigeria's Economic Growth. Small Businesses in Nigeria to Drive Economic Growth in 2014.
Nigerian techpreneurs set to receive further investments. FG generates N9bn funding pool for MSMEs. Nigeria slashes business registration fees by half. Nigeria: A model for female entrepreneurship. Lady Mechanic Initiative Trains Women For 'The Best Job' NV2020-NIP-Volume-II-Original-document_edited__versioin3_10_06_2010.pdf (application/pdf Object) Nigeria: SMEDAN to Embark On Electronic Registration of MSMEs. Nigeria's low-cost tablet computer.