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Business News

FG to disburse N97.3 billion to tech innovators, agric enterprises

The sum of $20 million funds has been approved by the Federal Government for young innovators and SMEs in the technology sector.

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FG to disburse N97.3 billion to tech innovators and agric enterprises  

The sum of $20 million funds has been approved by the Federal Government for young innovators and Small and Medium Enterprises (SMEs) in the technology sector.

This was announced during a meeting presided over by the Vice President, Yemi Osinbajo at the Presidential Villa, Abuja.

Should you run multiple businesses as an entrepreneur? Part 2, Godwin Obaseki,, FG to disburse N97.3 billion to tech innovators and agric enterprises 

The meeting was held for the purpose of reviewing the progress on President Muhammadu Buhari-led administration’s efforts to support Micro, Small and Medium Enterprises (MSMEs).

In the same vein, the Central Bank of Nigeria (CBN) has also disclosed its offering of N90 billion soft loan facility for small scale agricultural enterprises. This was also one of the outcomes of the meeting, which was attended by all Federal Government agencies playing different roles in the MSMEs sector.

(READ MORE: FG begins process to allow CBN buy all golds from local miners )

According to the statement issued by the spokesperson to the Vice President, Laolu Akande, the loans approved were part of the Federal Government’s efforts aimed at supporting MSMEs across the country which he assured that the support would continue.

Akande went on to disclose that the National MSMEs clinics, driven by the Vice President, have now reached 26 States, with more Clinics to come in the series.

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Nigeria’s agricultural export, Nigeria’s top 10 agricultural exports rose to N206.16 billion in 9-month , FG to disburse N97.3 billion to tech innovators and agric enterprises 

Why this matters: The role of SMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Most entrepreneurs often complain of finance being the major challenge hampering the expansion of their output. This is why this approval and in turn disbursement of funds for SMEs by the Federal Government is important as it creates value and in turn enhances the gross domestic product.

As stated in the statement, the National Agency for Food and Drug Administration and Control (NAFDAC) is also in support of SMEs as it reiterated its unwavering assurance of being ready to register more Nigerians venturing into the food and drug businesses.

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]

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Business

Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.

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Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

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Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

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Business

Youths need critical skills to strengthen Nigerian economy – Bankers Committee’s FITC

Nigerian youths need to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

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Financial Institutions Training Centre (FITC)

Bankers Committee’s FITC has called on Nigerian youths to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

This was disclosed by the Managing Director, FITC, Chizor Malize, during the launch of its Future of Work Academy for Youths on Monday.

According to her, the initiative is to continuously bridge the knowledge gap in the country and Africa at large, as it is expected to equip the youths for the peculiar needs of the Future of Work.

It also seeks to solve the prevalent issue of producing university graduates with degrees and skills that have limited practical use in the current global job market, as well as the requirements for the Future of Work.

She said, “The world of work is changing rapidly, and competition for the right talent is fierce. Graduate talents have for decades been primarily identified and employed based on academic excellence, however, in the emerging world of work, creativity, innovation, and work-ready skills have become the non-negotiable indicators for competitive advantage, and to evaluate capabilities.

“It is therefore important for youths to build critical skills, that will equip them for the requirements of the Future of Work in the ever-evolving business landscape. The value FITC FOWA is bringing to corporations at this time cannot be overemphasized. By equipping youths and creating a pool of well-engaged workforce for organizations, FITC FOWA will be directly strengthening the economy and the society in general.”

Malize added that the initiative offers essential courses in Data Science, Data Analytics, Coding, Digital Marketing, Graphics Designs, MS Excel & Analytics, Digital Marketing, Use of PowerPoint, and other key areas that have been strategically packaged to educate, enlighten, and upskill undergraduates and graduates with the vital skills for the Future of Work.

What you should know

Owned by the Bankers Committee (CBN, NDIC and all Nigerian deposit money banks), FITC was established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector.

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