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Business News

BoI offers $1.5 billion to manufacturers, other economic players

Manufacturers get BOI funding.

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Bank of Industry

The Bank of Industry (BoI) has offered $750 million from international banks and N800 million from the Nigerian Content Board to manufacturers that operate within the country.

B0I’s Managing Director, Kayode Pitan who made the disclosure, said the Development Finance Institution offered the fund to support emerging industries, such as the creative arts, renewable energy, biogas, and gender owned business at a single digit with long gestation, unlike the conventional banks.

Pitan, who was represented by the General Manager, Large Enterprise, Joseph Babatunde enjoined local operators in agro-processing, solid minerals, movies, and theatres to harness the low-interest loans to grow their businesses.

MSMEs contribute over 50 per cent to the Gross Domestic Product (GDP) and employs over 80 per cent of the productive workforce and should be supported if the economy must grow.

Nairametrics had reported BoI’s provision of N400 million to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS). The fund which would be made available quarterly for local manufacturers to promote locally made products that are of international standards

The scheme targeted at over 150,000 artisans, will see beneficiaries accessing the funds for the procurement of materials for expansion and to improve production which is expected to boost import substitution.

BoI is fulfilling its mandate of providing financial assistance for the establishment of large, medium and small projects, as well as their expansion.

BoI also unveiled a ₦1 billion fashion fund aimed at supporting fashion entrepreneurs in June.

The fund is specifically designed to benefit those involved in the production and marketing of fashion items such as clothes, handbags, shoes, jewellery/accessories etc. It was also expected to support initiatives that can improve financial literacy and industrial entrepreneurship development for players in the fashion industry.

The BoI fashion fund, which comes in the form of loans, targets three categories of fashion entrepreneurs which are retailers, wholesalers, and distributors.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Hotflex

READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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