NEWS AGENCY OF NIGERIA
Long-term financial planning, risk management crucial to secure retirement – NAICOM 

Long-term financial planning, risk management crucial to secure retirement – NAICOM 

225 total views today

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The National Insurance Commission (NAICOM) says long-term financial planning and risk management are crucial for securing a comfortable retirement.

 

 

 

Its Chief Executive Officer, Mr Olusegun Omosehin, said this during the 2025 edition of Inspenonline Retirement Summit on Wednesday, in Lagos.

 

 

 

Omosehin, who was represented by Mr Julius Odidi, Lagos Director of NAICOM, said individuals must prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.

 

 

 

The theme of the summit is “Attaining Good Retirement Amid Economic Headwinds”.

 

 

 

The Commissioner for Insurance said that financial planning was essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.

 

 

 

He said, “The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.

 

 

 

“These economic headwinds are not merely statistics, they represent the lived experiences of millions of our citizens. As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience

 

 

 

“From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management.

 

 

 

“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population.”

 

 

 

According to Omosehin, the economic headwinds confronting retirees could be surmounted through coordinated action, strategic foresight, and trust in financial instruments, institutions and systems.

 

 

 

He said to navigate the period effectively, policy alignment and regulatory reforms must be focused on.

 

 

 

He noted that product relevance and accessibility as well as financial literacy and consumer empowerment must also be priotised.

 

 

 

“We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes.

 

 

 

“Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.

 

 

 

“Industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population.

 

 

 

“Micro-insurance and digital platforms hold tremendous potential in this regard,” he said.

 

 

 

Omosehin urged insurers, and regulators to collaborate, innovate, and advocate for policies and practices that will ensure every Nigerian retiree have the means to survive and the resources to thrive.

 

 

 

“At NAICOM, we remain committed to deepening insurance penetration, strengthening consumer confidence, and fostering partnerships across the financial services system.

 

 

 

“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security,” he said.

 

 

 

Also, Mr Akinjide Orimolade, Managing Director, Stanbic IBTC Insurance Ltd. explained the rudiments of the company’s new plan known as “Sunset Benefit Plan”, which allows for effective planning ahead of retirement.

 

 

 

The Chairperson, Nigeria Labour Congress, Lagos Chapter, Funmi Sesi, called on all levels of government to ensure full compliance with the Contributory Pension Scheme (CPS) as only six states were currently complying.

 

 

 

Sesi also emphasised the importance of prompt payment of gratuity to workers, stressing that delayed payments could cause financial hardship and uncertainty for affected employees.

 

 

 

Meanwhile, Mr Chuks Okonta, Publisher of Inspenonline and organiser of the Retirement Summit, stated that the event aimed to shift the narrative around retirement.

 

 

 

According to Okonta, many people view retirement as a daunting prospect, fearing financial uncertainty.

 

 

 

He said: “We want to change this perception, our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty.” (NAN)

 

Edited by Olawunmi Ashafa

Government statistics show New Zealand still has more sheep than people

Government statistics show New Zealand still has more sheep than people

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Statistics by New Zealand Government Agency reveals there are still more sheep than human in the country.

With a population of 23.6 million sheep and 5.3 million people, there are about 4.5 sheep for each New Zealander, the statistic showed.

According to the statistics, that’s down from 22 sheep per person in 1982, when farming sheep for meat and wool was New Zealand’s biggest earner.

Now, years of falling wool prices prompted by a global shift to synthetic fibres have led farmers to change what they do with their land, the sector’s biggest lobby group said.

The lobby group added that, however, humans were gradually trying to catch up with the sheep.

The vast number of sheep in New Zealand relative to the country’s scant human population has long been the subject of jokes aimed at New Zealanders abroad.

The country is one of a handful in the world that’s still home to more sheep than people, but humans are catching up, according to new figures released Tuesday. (AP/NAN)(www.nannews.ng)

Edited by Cecilia Odey/Deborah Coker

 

 

Align African engineering education with global standards – NSE

Align African engineering education with global standards – NSE

284 total views today

 

 

 

By Yunus Yusuf

 

The Nigerian Society of Engineers (NSE) has emphasised the need to align African engineering education with global standards, while adapting such standards to local realities.

 

The society also called for greater investment in infrastructure, partnerships, and digital tools to bridge the gap between academia and industry.

 

Mrs Margaret Oguntala, President of the NSE, made this call during her panel remarks at the African Content Collaboration Session of the 2025 Offshore Technology Conference (OTC) held on Wednesday in Houston, Texas, U.S.

 

The News Agency of Nigeria (NAN) reports that the session has as its theme, “Local Content Development and Partnership for Africa’s Energy Sustainability”.

 

It focused on advancing engineering capacity and energy innovation across the continent.

 

Oguntala outlined key strategies for aligning African engineering education with international benchmarks.

 

She said that these include curriculum and faculty development, stronger engagement with industry, accreditation processes, and fostering innovation.

 

She emphasised the importance of developing syllabi that reflect global best practices while building local talent pipelines.

 

“In Nigeria, we have begun implementing an Outcome-Based Education (OBE) system, which prioritises technical competencies over theoretical knowledge.

 

“This is a significant step forward for engineering education in Africa,” she said.

 

Oguntala also highlighted Nigeria’s efforts toward global recognition, noting that the Council for the Regulation of Engineering in Nigeria (COREN) is a provisional signatory to the Washington Accord, an international agreement promoting outcome, based engineering education.

 

“This progress underscores the importance of collaboration between government, academia, and industry.

 

“The government must be intentional in funding institutions, providing modern training facilities and equipment to ensure hands-on learning for engineering students,” she added.

 

In the spirit of regional collaboration, Oguntala revealed that Nigeria is mentoring engineering boards in Kenya and Ghana to adopt similar standards.

 

According to her, this aims to strengthen the continent’s engineering talent base.

 

She, however, said that inadequate funding remained a major challenge.

 

“The Nigerian Content Development and Monitoring Board (NCDMB) is playing a supportive role.

 

“For example, an innovation hub is being developed in partnership with the University of Lagos, and we need more initiatives like this to expose students to emerging technologies,” she said.

 

Also speaking at the event, Mr Walter Akpani, Managing Director of Providus Bank, stressed the importance of supporting Small and Medium Enterprises (SMEs) as key drivers of economic growth.

 

“SMEs are often overlooked in the oil and gas value chain, but they are crucial,” Akpani said.

 

“There is no one-size-fits-all financing template; institutions must understand the unique transactional dynamics of each SME.”

 

He noted that high naira-based financing costs are a barrier to SME sustainability, advocating for more flexible funding options.

 

“Dollar-denominated financing, despite exchange rate concerns, may offer more affordability in the long run,” he added.

 

In a related presentation, Mr Emmanuel Emefienim, Managing Director of Premium Trust Bank, represented by Executive Director Mrs Bukola Awosanya, discussed financial de-risking strategies for the oil and gas sector.

 

“Banking is fundamentally about providing funds and ensuring repayment.

 

“Within the oil and gas sector, which has a complex value chain, financing models must be structured to manage or transfer risk effectively,” she said.

 

Awosanya described the African Energy Bank initiative as a promising model for pooled funding.

 

“Oil and gas projects typically require substantial, long-term financing.

 

“Financial institutions must collaborate with energy firms and adopt structures that ensure timely access to funds and risk mitigation,” the managing director stressed.

 

She noted that long-term loans should be viewed as strategic balance sheet items, and that alternative financing tools could further support sector development. (NAN (www.nannews.ng)

 

Edited by Olawunmi Ashafa

 

3 Katsina PDP lawmakers defect to APC

3 Katsina PDP lawmakers defect to APC

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By Ikenna Osuoha

Three members of the House of Representatives from Katsina State have resigned from the Peoples Democratic Party (PDP) and defected to the ruling All Progressives Congress (APC).

The lawmakers are Rep. Balarabe Dabayi (Bakori/Danja Constituency), Rep. Aliyu Iliyasu (Batsari/Safana/Danmusa Constituency), and Rep. Salisu Majigiri (Mashi/Dutsi Federal Constituency).

Their defection was announced during a plenary session, where Speaker of the House, Rep. Tajudeen Abbas, formally declared them as the newest members of the APC.

In their separate letters of resignation, read by the speaker, the lawmakers cited the ongoing internal crisis within the PDP as the reason for their departure.

The highlight of the event was the presence of Katsina State Governor, Umar Dikko Radda, who attended in a show of solidarity. (NAN)(www.nannews.ng)

Edited by Abdulfatai Beki/Abiemwense Moru

Advancing press freedom through UN’s human rights declaration

Advancing press freedom through UN’s human rights declaration

302 total views today

By Fortune Abang, News Agency of Nigeria (NAN)

World over, a free press plays a crucial role in informing the public on positive developments; exposing societal ills, holding leaders accountable and acting as a watch dog.

In recognition of the importance of a free press, the UN General Assembly declared May 3, annually, as World Press Freedom Day.

The event is to raise awareness of the importance of freedom of the press and remind governments of their duty to respect and uphold the right to freedom of expression enshrined under Article 19 of the 1948 Universal Declaration of Human Rights.

“Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference, to seek, receive and impart information and ideas through media regardless of frontiers,’’ the declaration states.

Stakeholders say there is need for free, independent and diverse journalism to bolster democratic growth in any society.

They emphasise on the need for adherence to press freedom as it will be instrumental in not only exposing corruption, environmental issues and social injustices but also in shaping public opinion.

Some recounted risks faced by journalists and how most journalists lost their lives doing their job, while calling for sustainable measures to avoid further threats and censorship.

According to policy analysts, there is the need for intervention from media management and government at all levels in order to promote freedom of the press and bolster democratic culture across the world.

Alina Doodnath, a Caribbean Online News Agency “Loop News” Reporter based in Trinidad and Tobago, described Press Freedom as a strong foundation upon which journalists could advance their labour rights, to earn working and living wage.

According to her, in the Caribbean, journalists go above and beyond every day to uphold commitment to the professional ethics, working without overtime pay and, sometimes, under dangerous conditions.

“Their lives are at risk every day, whether it is from physical violence or from vulnerability, due to their employment’s lack of adequate labour regulations, leaving them dependent and also open to outside influences.

“Journalists have unrelenting commitment to helping people by upholding tenets of journalism through unbiased and accurate reporting; sometimes being a reporter can cost your life, whether from violence, physical and mental stress of the job.

“I hope in future media organisations will establish stronger protection policies for journalists to be able to carry out their duties with confidence, knowing their rights as workers are protected,” she said.

Marie Ngono, a journalist at the Cameroon Tribune, a bilingual national daily, stressed the need for various African media management to take proactive measures aimed at advancing press freedom and promoting credible information dissemination across the continent for public interest.

According to her, it entails capacity building centered on fundamental principles of journalism, promotion of editorial independence amidst political, economic and social pressure and the use of digital technology in countering the spread of fake news.

“Journalists should employ measures to ensure their self-protection against violence, including using digital and physical safety strategy, promote diversity and social-inclusion, as well as lend voices to marginalised persons in communities.

“Journalists should build public trust by upholding professionalism and transparency, as well as create awareness about relevant laws and policies designed to protect press freedom,” she said.

In the same vein, Talibeh Hydara, Editor of The Republic, a media-organisation-based in The Gambia, decried unprecedented violence against journalists across the world.

“Governments and societies must prioritise protecting journalists from censorship, harassment, and violence, ensuring they can report without fear.

“There is also an urgent need to strengthen legal frameworks to safeguard media independence, promoting transparency in governance and combating misinformation through education.

“If these measures are in place, media organisations will thrive on their own without any financial support and truth will prevail over falsehood and corruption,” he said.

Mohamed Saad, Editor-in-Chief of the Brown Newspaper based in Sudan, bemoaned bad governance systems and tradition as major challenges facing press freedom, particularly in the Sahel.

“Unfortunately, African journalism is often subordinate to governments’ authoritarian policy and many attempts to criticize or expose corruption can lead to imprisonment or assassination.

“We must change the ugly narrative; the concept of government towards journalism is changing the idea that journalism satisfies power.

“Fear of the authorities is also main reason for lack of press freedom in Africa; for there to be free press, there must be a nascent democracy,” he said.

A Ghanaian Times Senior Reporter, MALIK Sullemana, said that press freedom had become important to ensure sustainability of a just, fair and democratic society.

“No society can thrive without journalism; thus far, the state must ensure the safety of journalists is guaranteed at all times.

“To ensure press freedom, I suggest the enactment of laws or legislation that makes attacks on journalist a first degree felony, plus a fine and minimum prison term of not less than 25 years for offenders,” he said.

Marthe Akissi, a member of the National Organisation of Investigative Journalists of Côte d’Ivoire, underscored the need to strengthen legal frameworks protecting journalists and independent media, to advance press freedom.

She said it entailed abolishment of repressive defamation laws, often used to suppress critical voices and ending impunity for violence against journalists.

“Governments must create legal and institutional environments that protect, rather than repress the press.

“In this regard, my thoughts today, being World Press Freedom Day, are with some of our Burkina colleagues who have been kidnapped and others taken to the front line.

“Citizens’ support for free media and the mobilisation of civil society can also help to create an environment conducive to a free press operation,” she said.

On his part, Ephrahim Bahemu, Business Editor of Mwananchi Communications Limited in Tanzania, said press freedom could be strengthened through establishment of a legal framework to protect media independence, particularly in areas of government interference.

He said that such laws should be centred on safeguarding journalists from any environment that infringed upon their freedom to report issues of public interest.

According to him, in addition to legal protections, financial independence has become crucial for ensuring truly free press operations.

“Over the years, the media landscape has shifted dramatically; traditional sources of revenue, such as mainstream advertising, have been disrupted by the rise of digital platforms like Google and social media.

“As a result, many media outlets have become increasingly dependent on government advertising, which compromises their editorial freedom.

“To address this, the media industry must explore alternative and sustainable revenue models.

“One such solution could be implementation of paywalls for news content, encouraging audiences to support quality journalism directly. Innovation in monetization strategies is essential because good journalism cannot exist without financial resources,” he said.

Meanwhile, Eman Alshammry, Saudi Arabian Journalist of Aljazirah Newspaper, reiterated the need for journalists to imbibe professional ethics to bolster the freedom of the press, which she said is globally operated in red lines.

According to her, wanting to express one’s opinion does not mean that one should cross the boundaries of one’s profession as a journalist.

“Respecting the space available to you demonstrates your awareness and high culture.

“Freedom does not mean transgression; such is not freedom, but chaos,” Alshammry advised.

Stakeholders say effective implementation of policies centered on press freedom are pivotal to ensuring safety of journalists, as the ultimate guarantor of the people’s right to know.

They say supporting journalists in the midst of war, crises and teething conflicts through provision of technical, financial, legal and psychological assistance will advance press freedom and boost their right to information and protection.(NANFeatures)

***If used, please credit the writer and the News Agency of Nigeria.

Tariff hike: Court dismisses MultiChoice ‘s suit seeking to stop FCCPC’s sanction

Tariff hike: Court dismisses MultiChoice ‘s suit seeking to stop FCCPC’s sanction

264 total views today
By Taiye Agbaje
The Federal High Court in Abuja on Thursday, dismissed a suit filed by MultiChoice Nigeria Limited seeking to stop the Federal Competition and Consumer Protection Commission (FCCPC) from taking administrative action against it.
Justice James Omotosho, in a judgment, held that the suit was an abuse of court process.
The News Agency of Nigeria (NAN) reports that MultiChoice, the operator of DStv and Gotv, had recently increased the subscription rates on its packages against an invitation by FCCPC to give explanation on why the company wanted to effect a price hike.
Justice Omotosho had issued an interim order restraining the FCCPC from taking “any administrative steps” against MultiChoice Nigeria Limited following its announcement of price increases for DStv and GOtv.
The judge gave the order after the company’s lawyer, Moyosore Onigbanjo, SAN, in the suit marked: FHC/ABJ/CS/379/2025, complained that despite ongoing litigation, the FCCPC continued to send letters, threatening further sanctions against the firm. (NAN)(www.nannews.ng)
Edited by Sadiya Hamza
Phone technicians call for installation of CCTV cameras in Computer Village

Phone technicians call for installation of CCTV cameras in Computer Village

283 total views today

By Stellamaris Ashinze

The Association of Mobile Communication Device Technicians of Nigeria (AMCODET) on Thursday called on the government to install CCTV cameras in Computer Village to enhance security.

The AMCODET President, Mr Kehinde Apara, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

Apara said that lack of security infrastructure in the village had made it vulnerable to various security breaches.

He said that the association’s concern followed a recent explosion in the village, which injured several people.

According to him, the explosion occurred when a parcel containing an explosive device was opened at a shop in the village.

“AMCODET has approached other stakeholders on the issue to improve security in the village and has proposed the installation of solar-powered CCTV cameras at the entrance of the village.

“I also think that government can be of great help in this regard to avoid breakdown of law and order,’’ he said.

Apara also emphasised the need for self security, especially for phone technicians when they unlock phones.

He said that the association was putting measures in place to mandate customers to provide evidence or consent form before unlocking phones to avoid security breaches.

According to him, this is to ensure safety of its members, some of whom have been victims of being in possession of stolen or controversial phones.

He called for the support of security agencies and other stakeholders in training members of the association on security measures. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Don advocates nationalistic embrace of local goods, services

Don advocates nationalistic embrace of local goods, services

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By Thompson Yamput

Prof. Kolade Olorunleke, a Professor of Business Administration, Federal University Lokoja (FUL), has advocated for nationalistic embrace of local goods and services by all Nigerians to stimulate economic growth.

Olorunleke made the call during his inaugural lecture titled ”Management Outcomes: What You See is a Tip of the Iceberg”, which held at the institution on Thursday.

He also frowned at the continued use of the US dollar above the nation’s currency, the Naira, describing it as unpatriotic and dangerous to economic growth and development.

He noted that Nigerians must have attitudinal change towards their disposition towards imported products.

“More than ever before, this is the time for the nationalistic spirit of embracing our local goods and services and minimising the craze for imported luxuries.

“This is because it is becoming clearly evident that the nation’s economy cannot further legitimise such absurdities.

“Which country in the world aspires for true greatness and abandons its local currency and publicly turns the dollar to its medium of exchange?

“Or even condones the wanton display of opulence, greed and waste by those at the helms of affairs, both in their personal, social or official lines of duty?” he queried.

According to him, it’s high time the Nigerian Government began to invest in social services that will benefit the greater majority of the citizens, who must be made to patronise our local products more than the foreign.

The professor of business administration said that attention must be paid to the basic infrastructure that guarantee minimum living standards such as roads, schools, health facilities and water.

He added that Nigerians were not asking for too much from their leaders.

“All they aspire for is to be empowered to pursue a living of their own, not the ostentatious habits of the few elites.

“Small scale industries must be allowed to breathe as the drivers of the economy same way the big industries are vital for the sustenance of the nation.

“Efforts must be deployed to bring back the textile, glass, steel and agro-based industries. The peasants, artisans and market men and women, which constitute the informal sector, must not be ignored in government’s economic programmes,” he said.

Earlier, the Vice Chancellor of FUL, Prof Olayemi Akinwumi, said that the inaugural lecture was not just a ceremonial tradition, but a significant academic rite of passage and a moment of accountability and an opportunity to inform, challenge and inspire.

According to Akinwumi, it allows a professor to present the summary of years of research, teaching, administrative experience, and professional contribution in a chosen field.

“At FUL, we hold fast to this cherished tradition in line with global university standards, because it strengthens our intellectual culture, encourages academic excellence, and showcases the depth of scholarship we are building within our institution.

He commended the lecturer for his research prowess and for preparing a deeply insightful and thought-provoking lecture, whose topic was both compelling and reflective.

“It speaks to the unseen complexities, the strategic planning, the silent sacrifices, and the often invisible labour that go into achieving tangible results in leadership and administration.

“It is a theme that resonates deeply with those of us in management, as we navigate the multiple layers of institutional responsibilities to create impact and value in our various domains,” he added. (NAN)(www.nannews.ng)

Edited by Deborah Coker

Bauchi installs 7.5 MVA transformer to ease water shortage

Bauchi installs 7.5 MVA transformer to ease water shortage

203 total views today

By Ahmed Kaigama

The Bauchi State Urban Water and Sewerage Corporation (BSUWSC) has installed a 7.5 MVA transformer to help tackle persistent water scarcity in parts of the metropolis.

General Manager of the corporation, Mr Aliyu Gital, announced the development in an interview with the News Agency of Nigeria (NAN) on Thursday in Bauchi.

He said the transformer was expected to significantly enhance the pumping capacity of water across four to five major tanks supplying the city.

“It will not only ensure consistent water supply but also support economic activities and improve public health. Water is life,” Gital stated.

While acknowledging the progress, Gital noted that challenges remained.

He explained that recent pipe bursts were caused by increased water pressure, but maintenance crews were actively addressing the issue.

He also mentioned ongoing discussions with leaders in the Unguwar Hardo Community to resolve water problems caused by the area’s hilly terrain.

“About 70 per cent of the Hardo Community now has water,” he said, urging residents to avoid using substandard pipes to prevent future leaks.

“Unguwar Hardo and Tudun Alkali are two densely populated communities in Bauchi suffering from severe water shortages.

“Residents report that families struggle daily to access clean water.

“Children often miss school to fetch water from distant sources, while adults spend hours in queues or walk miles carrying containers, sometimes with babies strapped to their backs.”

Fatima Ajiya, a housewife from Unguwar Hardo, shared the burden: “Sometimes we leave home so early to search for water that we miss our morning prayers,” she said.

Malam Muhammad Adamu, the community leader (Mai Unguwa) of Unguwar Hardo, expressed deep concern over the crisis, particularly its impact on girls’ education.

He advised the state governor to prioritise the issue, emphasising that such a situation should not be allowed to persist in the heart of Bauchi metropolis. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Lagos MSME tripartite agreement to spur finance access for entrepreneurs – BoI

Lagos MSME tripartite agreement to spur finance access for entrepreneurs – BoI

237 total views today

By Rukayat Moisemhe and Aderonke Ojediran

The Managing Director, Bank of Industry (BoI), Dr Olasupo Olusi, has described its tripartite agreement with the Lagos State Government and Sterling Bank Plc’s Micro, Small and Medium Enterprises (MSMEs) as a new chapter for entrepreneurs in the state.

Olusi said this at the signing of the Memorandum Of Understanding (MOU) of the Lagos State Access to Finance for SMEs through Cooperatives on Wednesday in Lagos.

He said the development would spur access, opportunity and inclusion for entrepreneurs in Lagos.

The News Agency of Nigeria (NAN) reports that the development comes as a groundbreaking partnership bringing together the public and private sectors in a shared mission to empower entrepreneurs.

Olusi stated that the strategic initiative would enhance the potential of Lagos’ MSMEs by dismantling structural barriers that had long constrained access to opportunity.

Olusi revealed that BoI currently had over N500 billion in investment footprints across Lagos State, which was more than any other state in Nigeria.

This development, he asserted, reflected the bank’s longstanding confidence in the energy, resilience and entrepreneurial spirit of the Lagos people.

“This strategic effort will unlock the creativity, resilience, and potential of Lagos’ MSMEs by dismantling the structural barriers that have long constrained access to opportunity.

“At the Bank of Industry, we believe MSMEs are the engine of economic growth; driving innovation, creating jobs, and expanding opportunities.

“However, we also know that without access to finance, their potential remains limited.

“This is why the Government of President Bola Tinubu is focused on delivering access to financeto the MSME segment of Nigerian enterprises and this programme is designed to change that,” he said.

Olusi said the MSME scheme targeted key sectors central to Lagos State’s development including healthcare, manufacturing, agribusiness, creative industries and the digital economy.

He, however, stressed that beyond the funding, the programme aimed to support the entire working ecosystem built for success.

He stated that the initiative was fully technology-driven, from application to disbursement, ensuring speed, transparency, and real-time impact tracking.

He added that up to 50 per cent of the fund was backed by a bank guarantee, therefore de-risking the lending process and building stakeholder confidence.

Olusi said that access to the funds would be facilitated through certified cooperatives, which will ensure structure, trust, and accountability.

“Finally, there is an accelerator programme, offering MSMEs mentorship, training, and digital tools to help them grow and compete.

“At the heart of it all is accessibility as under this scheme, MSMEs can access up to N10 million at a single-digit interest rate of nine per cent per annum, without collateral.

“This removes one of the biggest obstacles facing small businesses and brings inclusive finance within real reach. It’s an approach backed by experience.

“The N10 billion fund is the first partof a scalable, performance-based agreement and as goals are met, the fund can grow, fostering continuous growth and empowerment,” he said.

The Governor of Lagos State, Mr Babajide Sanwo-Olu, in his remarks, lauded the BoI and Sterling Bank for the partnership.

Sanwo-Olu charged beneficiaries to use the funding to grow their businesses, repay on schedule to engender more access to funding opportunities.

He reiterated the state government’s commitment to creating an environment that supported the growth and development of MSMEs.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

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