NEWS AGENCY OF NIGERIA
FG advocates legal framework for MSME support system

FG advocates legal framework for MSME support system

199 total views today

By Lucy Ogalue

The Minister of State for Industry, Sen. John Enoh, has called for the establishment of a legal framework to back the operations of Business Development Service Providers (BDSPs) across Nigeria.

Enoh said this at the induction ceremony of the newly certified BDSPs organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Monday in Abuja.

According to the minister, the absence of a binding law is a major gap that must be urgently addressed to ensure service accountability and sustainability.

“There has to be a law that supports and backs BDSPs because of the importance of the job they are expected to do,” the minister said.

He said that while many systems exist within Nigeria’s Micro, Small, and Medium Enterprises

MSME support structure, the main challenge remained functionality and regulation.

“Our problem is not the absence of systems; it is the failure of those systems to work.

“Regulation is weak, and we tend to create new structures instead of strengthening existing ones,” he added.

The minister stressed that certified BDSPs must not only meet performance standards but be monitored regularly, with the possibility of license withdrawal if expectations were not met.

“Licenses must not be permanent. They must be performance-based,” he said.

Enoh also commended SMEDAN’s effort in standardising MSME support services across the country.

He called on stakeholders including development partners and financial institutions to engage certified BDSPs.

In his remarks, SMEDAN Director-General, Mr Charles Odii, reiterated the agency’s focus on deepening support for small businesses across the country.

Odii said this would be done by ensuring only qualified and credible professionals provide development servicesUp 2nd left.

He urged the newly inducted BDSPs to take their role seriously.

The National Steering Committee on BDSPs disclosed that about 331 service providers were inducted following rigorous training and assessment.

The event marked a significant step in the government’s efforts to strengthen enterprise support structures and boost economic inclusion across the country. (NAN)

Edited by Chinyere Joel-Nwokeoma

BoI disburses N2.25bn to Gombe MSMEs

BoI disburses N2.25bn to Gombe MSMEs

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By Peter Uwumarogie

The Federal Government, through the Bank of Industry (BoI), has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises (MSMEs) in Gombe.

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BoI, confirmed this during a town hall meeting held in Gombe on Friday.

The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.

Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.

“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.

Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.

He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.

According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.

“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.

He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product (GDP).

Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.

BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.

He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.

Mr Abdulwahab Sabo, Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, praised President Tinubu for positively impacting Gombe’s local economy.

Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.

He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.

Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.

Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.

Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates. 

Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.

The News Agency of Nigeria (NAN) reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs. (NAN)

Edited by Kamal Tayo Oropo

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

MSMEs ‘ll thrive with tax exemptions under new reform bill – SMEDAN

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By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the proposed tax reform bill will significantly reduce financial burden and create a growth-enabling environment for small business owners.

The Director-General of SMEDAN, Mr Charles Odii, said this at a stakeholder engagement on tax reforms organised by the agency on Friday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event was, “Understanding the Tax Reform Bills:Benefits and How MSMEs can maximise Tax”.

Odii said that the bill, when passed into law, would eliminate multiple taxations and exempt businesses earning below N100 million annually from key taxes.

“We have 39,654,385 nano, micro small and medium enterprises (MSMEs)in Nigeria, and the first step towards ensuring their success is sensitisation.

“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes,” he said.

According to Odii, the reform is designed to encourage business formalisation and expansion without the fear of excessive taxation.

He also commended the House of Representatives for passing the bill and urged the Senate to follow suit.

“When small businesses flourish, the entire economy benefits. This reform will remove unnecessary regulatory bottlenecks, allowing MSMEs to thrive,” he said.

The President of the Nigeria Association of Small and Medium Enterprises (NASME), Dr Abdulrashid Yerima, also lauded the proposed reforms.

Yerima said that the bill addressed key challenges faced by MSMEs, particularly multiple taxation and arbitrary levies by regulatory agencies.

“Our members have long struggled with excessive taxation at different levels; import duties, levies on turnover, and arbitrary charges from state and local governments.

“The chairman of the Tax Reform Committee has clarified that many of these burdens will be eliminated once the bill becomes law,” Yerima said.

He further emphasised the need for proper implementation to ensure that non-state actors and unauthorised tax collectors did not continue to impose levies on small businesses.

He said that the reform would promote economic growth by allowing small businesses to reinvest their earnings, scale operations, and create more employment opportunities.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, emphasised the necessity of overhauling the tax system to foster economic growth and alleviate the tax burden on small businesses.

Oyedele reiterated the challenges faced by small business owners, including multiple taxation and exploitation by revenue officers.

He said that many entrepreneurs lacked the resources to navigate complex tax demands, making them vulnerable to undue pressures.

“To address these issues, the committee proposed significant reforms, such as eliminating Value-Added Tax and withholding tax for businesses with annual turnovers below N100 million.

“Additionally, salaries up to N100,000 per month would be exempted from Pay-As-You-Earn (PAYE) tax.

” These measures aim to reduce the administrative burden on small enterprises, allowing them to focus on growth and innovation,”he said.

Oyedele underscored the importance of data-driven policy-making, referencing collaborations with organisations like the Faith Institute to gather credible data on the challenges faced by small businesses.

He said that the strength of a nation was reflected in how it treated its most vulnerable citizens.

He advocated for reforms that provide small businesses with the space to thrive without undue tax pressures.

“These reforms are designed, not merely to generate revenue, but to create a more equitable and supportive environment for small businesses, thereby laying a sustainable foundation for Nigeria’s economic growth and development,” he said.

Earlier, Mrs Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, said that collaboration between policymakers and business stakeholders was important in shaping Nigeria’s tax policies.

Omubo-Pepple said that tax reforms played a critical role in driving economic growth while ensuring the sustainability of MSMEs.

“As we navigate the tax reforms, it is essential that we foster open dialogue between policymakers and business stakeholders.

“The impact of these reforms will be felt across industries, and this session provides a unique platform to engage, share insights, and collectively address key concerns,” she said.

The meeting, attended by key MSME stakeholders and representatives of the Federal Government, also provided a platform for business owners to ask questions and gain clarity on the provisions of the reform bill. (NAN)

Edited by Kadiri Abdulrahman

SMEDAN seeks concrete action for empowerment of women entrepreneurs

SMEDAN seeks concrete action for empowerment of women entrepreneurs

345 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called for decisive action to support women entrepreneurs and Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

SMEDAN Director-General, Mr Charles Odii, said this at the Unveiling of SMEDAN’s GrowHer Accelerator Programme, organised to mark the 2025 International Women’s Day on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event is: “Accelerate Action for Gender Equality”.

Odii, while reiterating the need to celebrate achievements of women entrepreneurs and promote gender equality in the MSME sector, emphasised the need to move beyond discussions to real economic impact.

The director-general challenged stakeholders to transition from dialogue to implementation.

He highlighted the crucial role of MSMEs in Nigeria’s economy, noting that they accounted for 39.65 million businesses, contribute nearly 50 per cent to the GDP, and provide 60 million jobs.

“If there are 100 businesses in Nigeria, 96 of them are MSMEs,” he said.

In spite of their contributions, he acknowledged key challenges, particularly low manufacturing output (10-15 per cent) and underdeveloped industrial jobs.

Odii called for immediate steps to strengthen MSMEs and boost industrial productivity.

The director-general, as part of SMEDAN’s commitment to supporting women entrepreneurs, unveiled the “GROW” initiative—which stands for Guardians, Resources, Opportunities, and Workforce Support.

“GROW is our promise to you. We will guide you with regulatory support, connect you to financial resources, and provide the opportunities you need to expand,” he said.

Reaffirming SMEDAN’s commitment to tangible solutions, Odii assured participants of direct assistance.

“Those interested in registering with the Nigerian Export Promotion Council (NEPC), we will guide you through it today.

“We encourage women entrepreneurs to leverage international trade agreements to expand their businesses.

“The dollar standard is rising, and the solution is simple: if you start exporting, the dollar will start coming in.

“So, we urge you to take advantage of agreements like the African Continental Free Trade Area and the ECOWAS Trade Liberalisation Scheme to grow your businesses,” he said.

The Executive Director of NEPC, Mrs Nonye Ayeni, reiterated the importance for MSMEs in the country to improve on packaging of their products which was affecting export rates.

Ayeni also urged the entrepreneurs to work in clusters and de-risk their businesses to be able to gain more support for their businesses.

“The reason you are not able to access funds is because you are not de-risking your business. No bank wants to give money when they can not see their money in a bank.

“Women, let us get together, de-risk our business, and ensure that we are able to tap into the opportunities that the environment presents,” she said.

Also speaking, the Managing Director, Nigeria Commodity Exchange, Mr Anthony Atuche, commended the SMEDAN D-G for his pro-women and pro-business efforts.

Atuche urged entrepreneurs to focus more on food production to help address the issue of food security and sustainability.

“This is because we have a lot of markets to feed in the country. Without even talking about the export potential.

“But then, while we also need to feed, we have some food crops that are basically export crops.

“And the exchange is actually setting up processing capacities in those regions.

“Storage capacities in those regions to help our smallholder producers to actually process those products and refine them into international standards.

He said the exchange was collaborating with NEPC and other stakeholders to address the issue of quality control and rejects of our products internationally.

Meanwhile, Olabimpe Fawale, the Head, Women and Youth Unit at SMEDAN, also reinforced the agency’s commitment to supporting women entrepreneurs.

“Today, we gather not just to celebrate, but to truly appreciate and commend the efforts of women entrepreneurs.

“SMEDAN’s new Grow Our Accelerator Programme, is designed specifically to mentor and build the capacity of women entrepreneurs.

“The programme aims to empower 100 women annually across three cohorts. Women-owned and women-led enterprises are the focus.

“We are opening the portal for registration immediately, and we will be shortlisting beneficiaries to join the programme,” she said.

According to her, the programme will equip the entrepreneurs with critical resources and support for growth and development. (NAN)

Edited by Chinyere Joel-Nwokeoma

Collaboration crucial to achieving ECOWAS economic goals —ESBC

Collaboration crucial to achieving ECOWAS economic goals —ESBC

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By Mark Longyen

West African Micro, Small and Medium Entrepreneurs (MSMEs) under the aegis of ECOWAS Small Business Coalition (ESBC) have pledged to boost their businesses and achieve ECOWAS economic growth goals through collaboration.

ESBC Presidents from member states, alongside other stakeholders and participants, made this known in separate interviews with the News Agency of Nigeria (NAN) on the sidelines of the group’s meeting in Praia, Cape Verde.

According to them, their collaboration is critical to achieving the desired success of turning MSMEs into the true drivers of economic development in the West African subregion as obtains worldwide.

Dr Abdulrashid Yerima, ESBC President and President of MSMEs in Nigeria, described the event as a big success as they deliberated and charted the way forward by way of collaborating to find solutions to their common challenges.

He said that members agreed to strengthen their collaborations to ensure that cross-border trade is well structured, address the  issues of exchange rates and payments, as well as address the challenges of customs and immigration at the borders.

“We had a very fruitful meeting here. We had deliberations on the challenges of MSMEs, especially on access to finance, access to markets, access to affordable energy, transportation and also in the area of power, access to capacity building, data and training.

“We identified how we can work together under the ETLS (ECOWAS Trade Liberalisation Scheme), and the African Continental Free Trade Area (AfCFTA) in order to enhance market access under the cross-border trade, both informal and formal.

“Most of the trade activities in West Africa are largely informal, so we had discussions on how to engage with the  small and medium development agencies in West Africa, representatives of the small and medium enterprises in West Africa, to  ensure that we improve the activities, create more jobs, and increase the GDP of the people,” he said.

Mrs Loide Monteiro, ESBC Vice President and President of MSMEs in Cape Verde and Lusophone countries, said the event afforded member states the opportunity to share ideas and what Cape Verde can get from them.

“It was  a great event, I think we’ll have a new era of commercial transactions between Cape Verde and ECOWAS. We have the support of all the governments,  so they are ready to support us in this new era.

“Also, we have seen many interests of member states to come and invest in Cape Verde, bringing goods, exploring the market, and we hope soon to  have business  happening  between Cape Verde  and the ecowas member states.

“We are now going to prepare an action plan with a schedule which we’re going to implement this year. I think  we’ll see  business happening  in a practical way between Cape Verde and ECOWAS member states,” she said.

Dr Elias Farrakhan, ESBC President, Ivory Coast, said the event helped to strengthen the relationship of ESBC members in the subregion, noting that MSME’s all African economies are based on SME’s.

“Cape Verde, for instance, is a very nice country, which needs the support of West Africa.

“They need the support of people. So we believe that together West Africa can grow in the world,” he said.

James Trotter, ESBC President in Liberia, said the future of West African MSMEs was very bright and called on all stakeholders to collaborate to solve their common problems and achieve collective success.

“Trust me, the future of these MSMEs, the small businesses in Africa, is going to be very great because once we start to coordinate, when we start to work with each other, when we start to invest into each other’s country, we can see ourselves making a difference.

“What we are doing here is to create partnerships from one end to another. If I’m producing Okra in my country, I want somebody in Cape Verde to be an off-taker of my Okra that I bring to produce in my country,” he said.

Mahamadou Kinta, ESBC President, Mali, said it was good for West African countries’ MSMEs to come together, and agree to do things with one voice with each country having its own peculiarities and opportunities.

“We must take advantage of all these opportunities so that we can move the West African subregion forward together so that the private sector will be very useful  and make the continent  develop,” he said.

Also speaking, Saeed Mooman, President of ESBC, Ghana, urged ECOWAS to continue to support the ESBC, noting that by supporting them financially and also giving them direction, things would be fine.

“What I also want is that ECOWAS should support us financially and give us directions as to what to do.  If you are able to engage small businesses or the private sector, it means that  everybody will be okay.

“The future prospects are very bright. What I’m trying to say is that bringing 16 countries together means that we are all going to brainstorm.

“We can work together. We can move from country to country, a whole lot of things are going to happen,” he said.

Mr Koku Aboki, ESBC President, Togo, said that ESBC had achieved  its basic operational plan, which is the coalition of MSMEs.

“My wish is that every resources are put  in action so that we can have every  category of SMEs to move apart.

“That means that  every micro enterprise shall move to small, every small enterprise shall move to medium, and every medium enterprise shall move to a big enterprise,” he said.

Mr Vande Lansana, ESBC President, Sierra Leone, said that through collaboration, the next crucial step forward was the implementation of the text that supports MSMEs in line with ECOWAS economic growth and integration.

Miss Nneogo Egboh, ESBC’s Executive Director, expressed her excitement over the investment opportunities offered by member state governments, especially the private sector in the host country, Cape Verde.

“We’ve laid down our issues regarding MSMEs trade, cross border. We’ve debated, negotiated, expressed our interest with Cape Verde and its government.

“We’ve gotten beautiful feedbacks from them regarding collaboration and partnership in trade, access to market,  access to finance and funding, and access to investment and all the investment opportunities in Cape Verde available for MSMEs.

“From now and henceforth, we do have some different kind of partnership with Cape Verde, and we look forward to straightening them out and collaborating more and introducing Cape Verde to the rest of West Africa and Africa as a whole,” she said.

The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, called on ECOWAS member states to take responsibility for the implementation of the ESBC’s programmes.

He said that mutual collaboration among them was critical to their achieving success, and urged them to leverage the African Continental Free Trade Area (AfCFTA), and the ECOWAS Trade Liberalization Scheme (ETLS).

Odii noted that ECOWAS had done the needful by producing the articles and the laws necessary for the MSMEs to thrive, stressing that it was now left for the individual member states to ensure implementation.

“Right now, there are conversations around access to credit, around access to land for development of SMEs, around access to finance.

“But this would not be implemented by ECOWAS as an organisation. Rather, it will be implemented by the member states of ECOWAS.

“So, we need the member states to take action and key into this, to go out there and ensure that the ecosystem has cohesion and collaboration,” he said(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

SMEDAN DG urges ECOWAS member states to implement ESBC programmes

SMEDAN DG urges ECOWAS member states to implement ESBC programmes

329 total views today

By Mark Longyen

The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, has urged ECOWAS member states to actively implement the ECOWAS Small Business Coalition’s (ESBC) programmes.

Odii gave the advice in an interview with the News Agency of Nigeria (NAN) in Praia, Cape Verde, on Wednesday, at a meeting of West African countries’ ESBC presidents and stakeholders.

NAN reports that the event, organised by ESBC in collaboration with ECOWAS, aims to empower West African Micro, Small, and Medium Enterprises (MSMEs) to drive subregional economic growth and integration.

It also aims to promote gender-inclusive trade policies across member states, and prepare them to leverage the opportunities of the African Continental Free Trade Area (AfCFTA), and the ECOWAS Trade Liberalisation Scheme (ETLS).

Odii said ECOWAS had done the necessary thing by producing the articles and the laws required for the MSMEs to thrive, stressing that it was now left for the individual member states to ensure implementation.

“Right now, there are conversations around access to credit, around access to land for development of SMEs, around access to finance.

“But this would not be implemented by ECOWAS as an organisation.

“Rather, it will be implemented by the member states of ECOWAS.

“So, we need the member states to take action and key into this by going out there and ensuring that the ecosystem has cohesion and collaboration,” he said.

He said that the gathering was an opportunity for the ESBC presidents to consider the challenges facing them collectively, with a view to holistically tackling them as a subregion.

“The challenges that affect small businesses in Ghana are very similar to those that affect small businesses in Nigeria.

“Challenges that affect small businesses in Togo are very similar to the ones found in Guinea-Bissau, Burkina Faso, and so on.

“So we are looking at these challenges, and many of them border on financing; many of them border on corporate governance, trade and investment and many of the challenges border  on communication,” he said.

He expressed optimism about the future of MSMEs in West Africa, describing the enterprises as “the engines of progress in the subregion”.

The director general urged them to harness industrialisation possibilities, leverage trade frameworks, and ignite investments that could transform challenges into opportunities.

He disclosed that Nigeria alone has no fewer than 39,654,844 million MSMEs, saying that 13 out of 15 member states attended the meeting, with the conversation tailored to foster MSMEs’ development across the West African subregion.

Odii emphasised that mutual collaboration among member states is critical to achieving success.

He, therefore, urged them to leverage the African Continental Free Trade Area (AfCFTA), and the ECOWAS Trade Liberalisation Scheme (ETLS).

“I think that the future is very bright for small businesses here because one of the things that we are doing here is actually to deliberate on identity.

“We’re also deliberating on payment and on how to facilitate payment from different countries into another.

“We’re deliberating on data, on how we can access data and use data to make informed decisions for the citizens in the different ecosystems.

“And lastly, we’re also deliberating on capacity development and infrastructure – infrastructure that will help facilitate this and help member countries and for export,” Odii said. (NAN) (www.nannews.ng)

Edited by Emmanuel Yashim

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