By Lucy Ogalue

The Nigeria Association of Small and Medium Enterprises (NASME) has called for the institutionalisation of intervention funds as revolving schemes to ensure sustainable financing for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Dr Abdulrashid Yerima, President of NASME, made the call during a panel discussion at the ongoing 2025 MSME Forum in Abuja.

Yerima said that the practice of disbursing intervention funds as one-off measures was not sufficient to address the long-term challenges faced by MSMEs, especially in a volatile economic environment.

“What we are advocating for is a revolving fund mechanism. Intervention funds should not be one-time disbursements.

“They should be structured in a way that ensures continuity, so that when one group benefits and repays, another group can also access the same opportunity,” he said.

Yerima said that government intervention through the Bank of Industry (BOI) and other platforms had positively impacted businesses in the past.

He, however, said that there was the need to scale up and sustain such efforts through long-term planning.

The NASME president also called for a national MSME financing framework that aligned with Nigeria’s industrial, trade, and youth employment strategies.

He said that donor funds and public resources should be leveraged to de-risk private capital, allowing blended finance models that could attract more private sector participation in MSME funding.

According to him, the newly established Credit Guarantee Company is a welcome development and comes at a critical time for small businesses.

“The credit guarantee scheme is essential, especially as MSMEs are considered high-risk by conventional lenders.

“We believe that with appropriate support, these businesses can thrive and repay loans, making the fund sustainable,” he said.

He also urged financial institutions such as BOI and the Credit Corp to simplify their loan requirements and ensure that MSMEs were adequately prepared to access available financial products.

Yerima emphasised the need for targeted support to critical sectors like agriculture, manufacturing, logistics, and services, stressing the interconnectedness of these industries in building a resilient economy.

He called on the government to subsidise and capitalise MSME funds, ensure low interest rates around three per cent, and invest in capacity building to improve loan repayment and business sustainability.

On regional cooperation, Yerima advocated for the development of cross-border financing tools to support MSME trade across Africa under the African Continental Free Trade Area (AfCFTA).

“We are engaging with other SME associations across ECOWAS and beyond to ensure that African MSMEs are not left behind in the drive for regional integration and trade,” he said.

The Executive Director of Operations at Credicorp, Mrs Nike Kolawale, reiterated the importance of collaboration between state-level MSME leaders and Credicorp to drive grassroots engagement.

Kolawale said that Credicorp was working to establish a robust national credit rating and verification infrastructure to support small businesses and ensure transparency in credit administration.

“There will be a central credit system for the entire country. It will take time, but we are determined to get there,” she said.

Mr Peter Shivute, Executive Director for MSME Development and Export Promotion, Namibia Investment and Development Board, said that unity among African economies would ensure real progress in trade and development.

Shivute reflected on historical and political ties between African countries, citing past collaborations between Namibia and Nigeria as a foundation for stronger economic integration today.

“If we do not leverage ourselves together, just like these three institutions on this stage are committing to work together, we will not get anywhere,” he said.

Shivute highlighted Namibia’s natural advantages in solar energy and emerging industries such as hydrogen.

He emphasised the need for regional economies to pool resources and industrialise strategically.

He called for smarter trade policies under the African Continental Free Trade Area (AfCFTA), including the development of local manufacturing hubs to process imported components and reduce overreliance on foreign markets.

“We must build 50 per cent of the components locally, create jobs, and still export under the trade frameworks.

“Those products are coming anyway, it is up to us whether we produce them or not,” he stated.

Shivute also urged the continent to adopt modern technologies in traditional sectors like agriculture and finance, adding that Nigeria remained a model for digital innovation in Africa.

“The promise of AfCFTA is real, but it needs aggressive execution.

“The bureaucracy will always be there, but unless we are bold about our goals, we will not get results,” he said.

Mrs Ogo Akabogu, Divisional Head of North Central, BOI. also expressed the bank’s commitment to the growth of the sector.

Akabogu said that BOI was exploring ways of shortening the turnaround time of assessing its loans for the betterment of small business owners. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

By Nana Musa

The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, says Federal Government revenue rose to N6.9 trillion in the first quarter.

Edun made this known on Monday during the Citizens and Stakeholders’ Engagement on implementing President Bola Tinubu’s priorities for the second quarter, held in Abuja.

He stated that the figure was higher than the N5.2 trillion recorded in the previous quarter, marking a 40 per cent increase.

According to him, increased transparency and openness in revenue collection and remittance contributed significantly to the improved earnings.

“In the first quarter of 2025, we realised N6.9 trillion, which is up from N5.2 trillion in the same period last year,” he said.

He explained that the 40 per cent increase was largely due to recent adjustments, including those related to the exchange rate.

The minister reaffirmed the government’s resolve to block financial leakages and use automation and technology to boost revenue collection.

He noted that fiscal discipline had improved, with debt service to revenue ratio dropping to 60 per cent from a previous high of 150 per cent.

“As of now, there is no resort to ways and means. Debt service to revenue stands at around 60 per cent by end of 2024,” he added.

He stressed government’s commitment to transparency, particularly in ensuring consistency of fiscal data across official platforms.

“If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed,” Edun said.

He emphasised the importance of data integrity, saying credible fiscal figures are critical to accountability in public finance.

Edun said that the enabling environment created by the government had attracted major investments into Nigeria’s economy.

He cited Shell’s recent $5.5 billion investment commitment in oil production, noting increased investor confidence due to policy stability.

“This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said.

He added that such investment would help grow the economy, generate jobs, and ultimately reduce poverty across the country.

According to him, the economy is now moving in the right direction, with clear signs of positive change.

“Real GDP growth is on a steady path, but 3.4 or even 3.8 per cent is not the ultimate target,” he said.

He stressed that the President’s goal is to achieve sustainable GDP growth of about seven per cent annually.

Such growth, he said, would surpass population growth and help lift millions of Nigerians out of poverty.

The minister also emphasised the importance of curbing inflation, stating: “We are on the right trajectory.”

Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said MOFI manages public wealth for optimal returns.

Represented by Director Tajudeen Ahmed, he said MOFI aims to generate revenue to support Nigeria’s budgetary needs and secure future generations.

He revealed that assets under management had risen to N38 trillion from just 20 company accounts reviewed so far.

“We expect the figure to rise significantly as we complete reviews of all portfolio companies,” he said.

Takang outlined MOFI’s three key pillars, starting with enhanced visibility of federal government assets and their respective values.

The second pillar is professionalising portfolio companies to ensure proper management and increased value creation.

“Many of these companies are poorly managed. We must improve their governance and performance,” he noted.

The third pillar involves capital mobilisation, attracting investors with guarantees and de-risked opportunities in Nigeria.

“Investors are assured of good returns on their investments in Nigeria,” Takang said.

He also announced the creation of a National Asset Register accessible on the Finance Ministry and MOFI websites.

“This register will detail asset values, locations, and ownership – a major milestone for transparency,” he said.

Takang added that significant progress had been made in building the online asset register. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo

By Diana Omueza

The Sea Empowerment and Research Centre (SEREC) has urged the Federal Government to impose taxes on empty unreturned containers especially rickety ones to decongest the ports.

Mr Eugene Nweke, Head Researcher at SEREC, made the call at a news conference on Monday in Abuja.

Nweke said that imposition of taxes or fees on empty unreturned containers was in line with global shipping laws and practices to reduce container dumping, enhance safe environment and boost revenue.

“Today shipping companies charge the Nigeria Shippers in the average of ₦10,000 per day for demurrage after the third period.

“Several countries have implemented taxes or fees on unreturned containers after a specified period.

“Germany, France and the UK have implemented container detention fees or demurrage charges for unreturned containers.

“The United States has a similar system with container shipping lines charging detention fees for containers held beyond the allowed free time.

“Imagine if the government places a demurrage tax on percentage basis, to every unreturned empty container in our ports, how much revenue government will generate from that window alone?

Nweke said that based on research, revenues that could be realised from unreturned container taxes could revive the ports, modernise it and ensure proper maintenance.

He said that without the implementation of these shipping laws, Nigeria would continue to entertain containers littering its ports and with huge financial implications.

Nweke noted that the health and environmental hazards unreturned empty containers pose to the environment were much.

According to him, abandoned containers pose environmental and health hazards, particularly if they are rickety or unseaworthy.

“To mitigate these, it is reasonable for Nigeria to consider implementing these taxes and fees for prompt return of empty containers and reduce the financial burden on shipping lines.

“We have proposed the need for the establishment of a strategic container return system, jointly coordinated or administered by the Nigerian Shippers Council (NSC), Nigeria Port Authority (NPA), among others,” he said.

He encouraged Nigerian businesses to boost exports to balance the number of empty containers and reduce the financial burden on shipping lines.

Nweke also advised the government to invest in better port infrastructure and management systems to streamline container handling, reduce congestion and enhance tracking and return logistics.

He recommended the establishment of an effective container return systems to minimise the number of empty containers left in our ports and reduce storage costs. (NAN)(www.nannews.ng)

Edited by Francis Onyeukwu

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, has announced the Federal Government’s support for the construction of a plant in Nasarawa State.

Alake, through his Special Assistant on Media, Segun Tomori, said the plant was projected to generate more than 10,000 jobs nationwide, adding that it has a projection of 400million dollars in Foreign Direct Investment (FDI).

According to him, the project is Africa’s largest rare earth and critical minerals plan, which will be funded by a private organisation, Hasetins Commodities Limited.

The minister lauded the funders for the move, noting that it aligns with the value addition campaign of President Bola Tinubu’s administration for in-country processing and beneficiation of minerals.

He said that the move was also a confirmation of the capacity of adopting mineral processing as a strategy in creating job opportunities.

“Hasetins hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum,” he said.

He described the move as a significant milestone in efforts to spur investor confidence in the mining sector.

He said that the firm would promote skills transfer and boost the contributions of the solid minerals sector to the economy.

“I applaud the company for its strategic foresight and patriotic investment in a 400 million dollars rare earth metals plant,” he said.

The News Agency of Nigeria (NAN) reports that the management of Hasetins, in a recent statement, said that the company’s model was adopting early-stage beneficiation for the plant.

This is by pre-separating metals locally, generating immediate income for artisanal miners alongside training, provision of protective equipment and broader community engagement.

Hasetins Commodities Ltd specialises in producing critical metals essential for high-tech applications and defence systems, including rare earth metals and Platinum Group Metals (PGMs). (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman