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Business News

Access Bank Targets 30,000 Customers, as Osibanjo flags off MSME Clinic in Ebonyi

Vice President Yemi Osibanjo on Thursday launched Ebonyi state edition of National Micro, Small and Medium Businesses (MSMEs) Clinic at Ecumenical Center in Abakaliki, the Ebonyi state capital.

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Vice President Yemi Osibanjo on Thursday launched Ebonyi state edition of National Micro, Small and Medium Businesses (MSMEs) Clinic at Ecumenical Center in Abakaliki, the Ebonyi state capital.

Osibanjo said that the Federal government was encouraged by the number of MSMEs he interacted with when he arrived the state and further expressed confidence that with the launch of the Clinic, rapid development of not only Ebonyi bstste but the country at large is imminent.

“Msme is the engine room of the economy and federal government has worked and created enabling environment for MSME to strive because of ease of doing business in the country”.

Nigeria is one of the Ist tenth reforming economies in the world. On January, 13, 2020, FG signed the Finance Act which exempted companies with turn over of below N25 million from paying taxes. Also, 10 percent reduction of income tax of companies with turn over of N25 million and above,” Osibanjo said.

Osibanjo assured Small and Medium Enterprises Owners of Federal Government’s commitment towards solving some of the challenges facing the establishment and operations of Micro, Small and Medium Enterprises, MSMEs in the country.

READ ALSO: Sterling Bank set to provide credit facilities to IITA trained agripreneurs

The Vice President who listed some of the challenges to include access to credit facilities, big machines, registration of products and overzealousness of government officials expressed optimism that the empowerment of MSMEs would lead to the economic growth of the country.

The world over, Micro, Small and Medium Scale Enterprises, MSMEs, served as the engine room for economic growth of societies, as they are often significant employers of skilled and un-skilled labour, and are usually the key service providers to government and large corporations.

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“Over the years in Nigeria, MSMEs have played a vital role in the overall economic growth of the country as they have consistently contributed significantly towards improving capacity, standard of living and bringing about substantial local capital formation, power productivity and capability.

“In view of available statistics, the Govermment of Nigeria has found it imperative to initiate programs such as this to help to re-position MSMEs so as to drive inclusive economic growth, regional development, employment generation and poverty reduction as well as promote broad based equitable development to promote more opportunities for youth participation in the economic development of the country.”

According to him, 90 billion fund has been earmarked for agricuture based MSMEs by the Central Bank of Nigeria, CBN as National Agency for Food, Drug Administration and Control, NAFDAC is rolling out an E-platform for registration of products.

The Group Head, Retail Banking Division, East, Access Bank, Mr. Charles Oguibe, disclosed that the Bank targets about 30,000 customers to be empowered to start up MSMEs in 2020.

READ ALSO: Lagos and CBN in proposed partnership to boost SME’s contribution to economic development  

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Speaking in Abakaliki during the flag off of the National MSMEs Clinic, Oguibe noted that Access Bank partners with the office of the Vice President, Prof. Yemi Osibanjo to drive the MSMEs in Nigeria.

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Oguibe said that Access Bank has significantly invested on MSMEs, engendering an expanded lendi g at a growth rate of 30 percent over a 3-year period.

Harping on the edition of the National MSME Clinic being Flagged off in Abakaliki, the Group Head noted that it is one of the strategies and initiatives of the Federal government for improving local manufacturing and bringing together key Frontline Government agencies and stakeholders to interact together with a view of removing impending bottlenecks for MSMEs in the country.

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He further assured that Ebonyi state stands to gain alot from the MSME clinic from the Access Bank especially in the area of providing funds, knowledge and market for doing businesses.

Access Bank is a Private Sector Partner of the office of the Vice President in driving the MSME conversation in Nigeria. Particularly, in this clinic, we are partnering with the office of the Vice President. We have developed over time, skills, knowledge and experience and that’s why Access Bank is driving MSME in Nigeria”.

“In Nigeria, MSME has three basic problems which include: access to information and knowledge; access to finance; and access to market. Ebonyi state stands to gain alot on this clinic. For those of them who want finance, they should come and open and operate account with Access Bank and we provide funds for them to start up businesses. There are people who may need knowledge, so we provide knowledge for them and also for those that need access to market, we will also teach and guide them access to Market to drive their businesses”.

“So, if your bank is not supporting your business with loans, it’s time to change your bank. At Access Bank, we have invested in the provision of ecosystem of solutions to support our customers because we know that it is the advantage your business needs to have an edge over others. We have progressed from impacting 4,000 customers a year to 12,000 customers in 2018 and the paln for 2020 is 30,000 customers. We hold MSME Clinics where business owners have one on one engagements on their business issues with consultants”.

“We support business with affordable e-commerce platform, technology offering for efficiency- from our mobile app. Over N2billion naira has been granted to about 600 Health practitioners. For school owners, we support them with upgrade of facilities, laboratory equipments, books, school uniforms and staff salaries. Over N500 million granted to about 300 schools,”  Access Bank Group Head said.

Ebonyi state Governor, Chief David Umahi said the state government has approved N2 billion for MSME owners in the state.

Benjamin Nworie in Abakaliki

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Energy

Nigeria breaks transmission record again, hitting 5,801.60 MW

The TCN has broken its own transmission record three times in the space of a week.

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The Transmission Company of Nigeria announced another record, as grid transmission hits a peak of  5801.60 MW.

This was disclosed by the Minister of Power, Engineer Sale Mamman in a statement on Tuesday evening.

“Back-to-Back Peak Transmission, Yesterday, 1st of March at 9:30 pm, we hit a new HIGH,” he said.

He added that 5801.60 MW transmitted at a frequency of 50.09 hz.

“Next Level heights for the Power Sector. Kudos to all at the TCN & MoP striving towards stable energy for Nigerians,” he added.

In case you missed it 

  • Nairametrics reported yesterday that the Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
  • On March 1st that the TCN announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 156,496 confirmed cases.

On the 2nd of March 2021, 479 new confirmed cases and 8 deaths were recorded in Nigeria.

To date, 156,496 cases have been confirmed, 134,551 cases have been discharged and 1,923 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 2nd, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 2nd March 2021,

  • Total Number of Cases – 156,496
  • Total Number Discharged – 135,136
  • Total Deaths – 1,923
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 479 new cases are reported from 22 states- Lagos (153), Enugu (75), Rivers (50), FCT (40), Kaduna (18), Ebonyi (17), Plateau (17), Edo (17), Borno (16), Oyo (12) Kano (11), Abia (10), Cross River (10), Taraba (9), Nasarawa (7), Bauchi (4), Bayelsa (3), Delta (3), Ekiti (2), Niger (2), Ogun (2) and Akwa Ibom (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,001, followed by Abuja (19,274), Plateau (8,911), Kaduna (8,531),  Oyo (6,746), Rivers (6,544), Edo (4,607), Ogun (4,398), Kano (3,764), Ondo (2,983), Kwara (2,931), Delta (2,576), Osun (2,433), Nasarawa (2,234), Enugu (2,078), Gombe (2,051), Katsina (2,030), Ebonyi (1,881), Anambra (1,726), and Abia (1,530).

Akwa Ibom has recorded 1,519 cases, Imo (1,497), Borno (1,292), Bauchi (1,232), Benue (1,188), Niger (917), Taraba (813), Ekiti (804), Bayelsa (772), Sokoto (769), Adamawa (762), Jigawa (496), Kebbi (377), Cross River (334), Yobe (268), Zamfara (219), 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.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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

 

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