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MSME

FG commences disbursement of N20,000 special grant to rural women

Special grant project will see over 700,000 women empowered with N20,000 each.

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The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.

This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.

Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.

What they are saying

Commenting on the latest development, the verified tweet reads thus:

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MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.

The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.

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What you should know

The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.

It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.

The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.

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2 Comments

2 Comments

  1. Concerned citizen

    November 13, 2020 at 12:12 am

    N20,000 one off grant and the guys in National assembly have “hardship allowance” and “furniture allowance”. Can N20,000 buy a bag of rice? This is just another way of buying votes. The financial system will collapse in this decade, maybe the ensuing social unrest will bring about a much better system with bitcoin playing a key role in giving purchasing power back to the people.

  2. Gonting Dominic Joseph

    November 20, 2020 at 8:32 pm

    Thank the FG for the grant

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MSME

Payroll Support Program: FG pays 101,567 beneficiaries first-month salary

The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.

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Payroll Support Program, President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.

This information was disclosed in a tweet by the official Twitter handle of the President.

READ: FG to slash import duties on tractors, buses, others in 2020 Finance Bill

READ: NCC tops lists of 25 most ethically-compliant regulators in Nigeria

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The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.

READ: How FG saved over N206 billion in 2 years -IPPIS

Why this matters

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The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

What you should know

In July, Nairametrics reported that the Federal Government had announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

READ: FG proposes a reduction of minimum tax rate next fiscal year

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The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.

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A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.

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MSME

Development Bank of Nigeria disbursed over N150 billion in 3 years

52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.

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Development Bank of Nigeria , Companies Allied Matters Act (CAMA)

Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.

This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.

READ: CBN’s NCR facilitates N1.2 trillion loan For 155,000 MSMEs

READ: DBN meets SMEs’ financial need with over N70 billion

What you should know

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A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.

READ: MSMEs crucial to providing employment to growing workforce – Peugeot Boss

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What they are saying

The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”

READ: DMO offers N50 million worth of FGN savings bond for subscription

Why it matters

The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.

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(READ MORE: #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities)

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The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.

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MSME

Poor state of roads, unfavourable policies hinder food production- So Fresh boss

Unfavourable policies like the purported Value Added Tax hike, Multiple taxes and lack of cheap credit are clogs in SMEs wheels.

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How So Fresh founder dumped oil money to sell fruits and salads 

The poor state of roads in Nigeria, unfavourable policies like the purported Value Added Tax hike, and lack of cheap credit have eaten deep into the fabric of Small and Medium Enterprises, especially ones that operate within the food segment.

This was disclosed by the Chief Executive Officer, So Fresh Limited, Olagoke Balogun, in an exclusive interview with Nairametrics during the recent 10th anniversary of the food company.

According to him, timely access to fresh fruits and the right type, which is usually hampered by bad roads across Nigeria, has been a major challenge to production for the company over the years.

This is one of the reasons the company depends on raw materials imported from Cotonou, Benin, where it sources specific kinds of pineapples and green apples.

However, since the closure of the border, business hasn’t been the same, as suppliers continue to call to report unavailability of these fruits.

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He said, “A lot of pineapples and coconuts consumed in Nigeria are imported from neighbouring countries. That alone is a challenge, as it increases the prices of our products. Sometimes you have those goods far away in Benue but getting them to Lagos is a big challenge. Also, challenges in logistics affect the fruits and vegetable market.”

On what he described as counter-productive policies by states and the federal government, the So Fresh co-founder explained that policies, multiple taxes, the rumoured VAT hike, and the cost of doing business have been sources of hindrance in SMEs production.

Unfortunately, he does not see that changing anytime soon. “These are still issues for us, but we have been able to cope more with it because the company has grown and we now understand our rights better, as we can challenge on somethings; we could not do that 10 years ago. We pay multiple taxes across parastatals, agencies, as everybody comes wanting to have a pie of what they think you have. it is almost an on-going battle for us.

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“When we pay VAT, we are not able to charge our clients because a lot of our suppliers don’t issue VAT receipts and we end up paying the full value of VAT. It is Nigeria, we cope and learn through it, and we will continue to do the best we can,” Balogun said.

According to him, though So Fresh has continued to grow since its establishment in 2010, the company’s growth has slowed down in recent years because of the economic situation of the country.

He said that the economy was dragging the growth of the business, increasing the cost of production, and affecting the purchasing power of its customers.

The most obvious one is the rising cost. If you look at the cost profile for the business over the last nine years, it has been on a steady increase.

“In fact, within the last two to three years, we’ve almost doubled some of the cost of raw materials of things we use. And when we had the forex crisis, the price of almost everything doubled. We are almost reliant on diesel because outlets have to be powered. There’s also less spending power. When prices continue to increase, people will prioritise their needs, so it will affect the purchasing power of the populace. That’s also a concern,” he told Nairametrics.

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Meanwhile, Kehinde Olomojobi, a Board Member of So Fresh, disclosed that the company would be injecting about $10 million into its expansion project within Africa. “This is to continue to inspire Africa to embrace a healthy lifestyle and to be one of the top companies to work within Africa. We will start with Ghana and other parts of West Africa,” he said.

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What you should know

As an indigenous company, So Fresh isn’t only promoting healthy living and food safety, the company prides itself in providing job opportunities and training for young Nigerians, thereby giving them a source of living.

The company currently has over 120 staff with over 1000 people who have passed through the system. In addition, he maintained that the company served over 200,000 customers across board, and in 2019, So Fresh served over 600,000 meals.

For the past 10 years, So Fresh has maintained the leading position as the number one healthy food restaurant chain, providing fresh, delicious, nutrient-rich healthy meals and inspiring Nigerians to have healthy lifestyles.

The company currently has outlets in Opebi, ikoyi, Lekki 1, Surulere, Yaba, MM2, Ogudu, Oniru all in Lagos, and Gwarinpa in Abuja.

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