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German bank to support 10,000 Nigerian SMEs with $33 million credit facility 

About 10,000 SMEs are set to benefit from the $33 million credit facility given by the German lender, KfW Development Bank.

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German bank moves to support 10,000 SMEs with $33 million credit facility 

KfW Development Bank, a German bank, is set to empower 10,000 Small and Medium-sized Enterprises (SMEs) with $33 million credit facility.

The German bank designed the initiative to support the African Guarantee Fund (AGF) realise its goal of providing financial guarantees to African entrepreneurs.

This was announced by AGF’s Group Chief Executive Officer (CEO) Felix Bikpo. According to Bikpo, the bank’s funding would enable the group to carry out its initiatives in Africa.

He said that this new injection came at a time the continent’s SME sector had been singled out as a key driver of growth.

[READ ALSO: World Bank picks holes in CBN’s policies on lending, MSMEs loans(Opens in a new browser tab)]

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Entrepreneur, Multiple businesses, Nigeria partners UAE to boost SMEs , US technology company deploys software to ease business process in Nigeria 

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Bikpo made known that the group would also be partnering financial institutions so as to create 30,000 jobs on a yearly basis.

“We are excited about the confidence our shareholders and partners have in what we are doing in Africa. This capital injection will go a long way in ensuring that we continue to make a positive impact on the continent.

 “So far, we have cumulatively issued more than $1 billion worth of guarantees, making available about $1.7 billion for SME financing through our partner financial institutions. This has led to the creation of more than 100, 000 additional jobs,” Bikpo said.

[READ MORE: Tony Elumelu Foundation partners UNDP to support SMEs in Nigeria)

Why this matters: This funding would enable African SMEs to continue to play their critical role in driving Africa’s economy as the AGF platform aims to create easy access to financing for SMEs across the continent.

Speaking further, The Nation reported that Bikpo described the milestones reached by the organization. He disclosed that 20,000 African SMEs had benefitted from the AGF Guarantees, 60% of who are young people across Africa.

He also said 30% of the SMEs are owned by women, adding that youths and women are demographics that heavily impact Africa’s economy.

About AGF: The AGF was founded by the government of Denmark through the Danish International Development Agency (DANIDA); the government of Spain through the Spanish Agency for International Cooperation and Development (AECID) and the AfDB. Other shareholders include French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU) and KfW.

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Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

2 Comments

2 Comments

  1. Mgbodim Ebubechukwu Valentine

    January 14, 2020 at 1:00 pm

    Good afternoon Sir I am Mgbodim Ebubechukwu Valentine I am from Anambara state of Nigeria, I am into production, i do produce house paints but I am doing it in small quantity with my hand please Sir i need your support to buy the machines for the project, help me ten million naira will be enough to buy all that’s needed. I will be paying you back on monthly or in every six month, based on the arrangement of the organizations plan

  2. Anodebenze

    January 20, 2020 at 5:12 pm

    Young man mgbodim valentine,”YOU ARE WASTING A LOT TIME,TIME IT’SELF IS MONEYit also depend on the level of your education,if your level of education is not deep,go and sees somebody with an university education,a friend or a relation in your community, with your proposal who will do your business analysis for you and free on this basis (1)this is a business entity with it’s potentials and it’s future trends and on your market or your targeted market do you wishes to open alocalpaint shop or a building shop or do you wants to be apaint manufacturer or do you aim to sell in Onitsha as a wholesaler or retailer.i.e WHAT DO YOU WANT ? DO YOU WANT TO BE A SMALL SCALE MANUFACTURER OR A MAJOR PAINT MANUFACTURER (2)WHAT IS YOUR NICHE ?WHAT EDGE YOU HAVE OVER OTHER PAINT MANUFACTURER IN NIGERIA OR YOUR OWN STATE ANAMBRA STATEthere is a paint manufacturer in awka,the capital of Anambra state,which is owned by mr nwangwo from abagana,(3) you ask your friendly business analysis to do a financial on what you are doing now and on what you think you want in future.
    After reading this business anlysis,and you should believe in this business analysis,if you have any doubt ask him/her question,you should be transparent in what you are doing,what machine you wants to buy and where you wants to buy.I SAID IF YOU DO NOT BELIEVE THIS BUSINESS ANALYSIS,NO BANK WILL GIVE YOU ANY MONEY,you must have the passion in what in what to do,if you do not have any faith in yourself,the bank will not have any faith in yourself,ask any you shall have,have faith in yourself,you can borrow a or you can have small sum of 1 million naira from any bank in Onitsha without any security or colaterall,sample opinion with the bank in your bank in your area.i know what I am talking about,i did worked as a young retail banker,and I do have a very young sister,who uses to work with Zenith bank,she does bank loan marketing analysis and marketer for their bank
    Or you maybe patient,once the economy picks up,you can approach some venture capitalist in Nigeria,they will give you some money and will acquires some percentage of you company ownership
    Do not be afraid,you will get atleast 1 million from any bank in Nigeria,be honest with yourself,honest is still the best policy,there is no shot-cut in being rich,work hard and the almighty God will reward you for your hardwork

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Coronavirus

COVID-19 Update in Nigeria

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 18th September 2020,

  • Total Number of Cases – 56,956
  • Total Number Discharged – 48,305
  • Total Deaths – 1,094
  • Total Tests Carried out – 482,321

According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).

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Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394),  Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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