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Lagos State launches N5 billion post-COVID-19 economic recovery support for MSMEs

Lagos State Employment Trust Fund (LSETF) launched a N5 billion economic recovery support for MSMEs.

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The Lagos State government through the Lagos State Employment Trust Fund (LSETF) launched a N5 billion economic recovery support for MSMEs in the state, tagged “Lagos Economic Acceleration Programme (LEAP).”

This is in a bid to help businesses in Lagos recover from the effect of the COVID-19 pandemic.

This was disclosed in a tweet on the Lagos State Government official Twitter handle.

The tweet reads “In a bid to help businesses in Lagos recover as well as save and create more jobs in the wake of the COVID-19 pandemic, the Lagos State Government, on Wednesday, unveiled N5 Billion Lagos Economic Acceleration Programme (LSETF-LEAP).

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At the unveiling, the Executive Secretary/CEO, Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye, described the LSETF-LEAP as a sector-specific intervention programme aimed at supporting MSMEs businesses and driving growth across targeted sectors that have been severely affected by the pandemic.

She explained further, that the programme will provide access to affordable finance at a single-digit interest rate, enhance capacity building, foster market linkages and leverage business expansion opportunities for its beneficiaries.

According to her, some of the identified high-impact sectors with substantial employment creation opportunities include Education, Technology, Transport and Logistics, Healthcare, Renewable Energy and Agriculture.

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She noted, however, that the Hospitality, Tourism, Creative and Entertainment Sectors have suffered a downturn that requires intervention that seeks to protect employment. She, therefore implored all interested Micro, Small, and Medium Enterprises applicants to visit the LSETF website to apply.

Backstory 

Nairametrics had also reported in September that the Lagos State government launched a N5billion support fund for low-cost private schools in the state to help reduce the impact of Coronavirus pandemic.

The Governor of Lagos State had explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.

Why this matters

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With many small and medium scale businesses facing the grunt of the covid-19 induced lockdown, which caused a halt to most economic activities in the state, this initiative will help businesses acquire loan at a low-interest rate so as to help cushion the effect of the pandemic and accelerate business growth.

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Business

FIRS rakes in N4.178 trillion revenue, achieves 98.6% of revenue target

FIRS has raked in the total sum of N4.178 trillion as revenue out of the personal target of N4.239 trillion.

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FIRS, Nigeria generates N424.71 billion VAT in Q3 2020

The Federal Inland Revenue Service(FIRS) has raked in the total sum of N4.178 trillion as revenue out of the personal target of N4.239 trillion – 98.6% of the revenue goal for the year.

This is according to a tweet by an aide to President Buhari, Lauretta Onochie, via her verified Twitter handle, as seen by Nairametrics.

READ: World’s biggest asset manager, BlackRock says Bitcoin will overtake gold

READ: Tesla up 500% in 2020, near $500 billion market value

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Commenting on the recent development, Lauretta Onochie said: “Executive Chairman, FIRS, Muhammad Mamman Nami says the agency has raked in ₦4.178T revenue out of the ₦4.239T target it set for itself -News.

“Meanwhile, @MBuhari exempted those on minimum wages & those who run small businesses from paying tax. That’s more money in their pockets.”

READ: FBN Holdings Plc posts Profit of N21.9 billion in Q3 2020

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Why it matters

Following the instability in the oil market and the recession that the country has found itself in, due to the impact of the COVID-19 pandemic, it is pertinent to explore other alternative sources of income, like taxation. This sort of news is also a cheering one, especially as it is in line with the present administration’s goal of creating viable alternative sources of revenue for the country.

What this means

With some weeks to go before the year ends, the result so far indicates that the agency has been proactive and worked assiduously well to achieve its objective. Attaining 98.6% of its target is no mere feat.

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Business

FG to buy only locally assembled vehicles for its use

The FG has disclosed plans to buy only locally assembled cars rather than imported foreign ones.

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FG to buy only locally assembled vehicles for its use, NEC sets up committee to address unemployment and improve national security, PEBEC, Twitter deactivate Yemi Osinbajo's Twitter account, How Nigeria's LPG sector can create 2 million jobs -Osinbajo, budget support, NEC okays $250 million investment in NSIA , MSMEClinic gets 200,000 capacity yam storage facility in Benue, Accusations of Yemi Osinbajo receiving N4 Billion from recovered loots are baseless- Presidency, FG rolls out N2.3 trillion survival funds for MSMEs; see criteria , Presidential Enabling Business Environment Council (PEBEC) reforms to boost investments – Osinbajo

The Federal Government has announced plans to buy only locally assembled cars and discontinue the purchase of imported foreign ones for its use, as part of its bid to promote its policy on the local auto industry.

According to a report by Punch, this was disclosed by President Muhammadu Buhari in a speech delivered by Vice President Yemi Osinbajo, on Monday, November 23, 2020, at the opening session of the 26th Nigerian Economic Summit Group (NESG) Conference themed: “Building Partnerships for Resilience”

READ: Airsmat berths artificial intelligence platform to improve farm output

Osinbajo also explained that the Federal Government would buy locally assembled cars rather than imported foreign ones.

In his response on the issue of import duties which was raised at the summit during his presentation, the Vice President explained that the reduction of import duty on vehicles would help reduce the cost of transportation.

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READ: Agriculture: CBN’s revised policy on the dairy industry

Osinbajo said, “The point of the reduction in levies on motor vehicles, commercial vehicles for transportation is to reduce the cost of transportation by reducing the cost of vehicles.

“With subsidy removal and the increase in fuel price and the pass-through to food prices, transportation costs had to be reduced. Now the automotive policy is directed at localizing the production of vehicles.

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READ: Court slams N5 million fine on Nigeria Customs Service for collecting duty on personal effects

“So, the logic was to increase the duty and levies, so that local production becomes more competitive. But the annual demand for vehicles is about 720,000 vehicles per year. Actual local production is 14,000 vehicles a year.”

Osinbajo pointed out that the country’s local production capacity is grossly inadequate to meet serious national needs and this would ultimately lead to higher prices of vehicles and more pressure on other sectors of the economy that depends on transportation.

READ: FG targets 22 non-oil commodities for export promotion

It can be recalled that in one of her outings, the Minister for Finance, Budget and National Planning, Zainab Ahmed, revealed that the major cause of the increase in inflation rate in the country is increased transportation costs.

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Osinbajo, however, stated that the government was not giving up on the local auto industry.

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Two important things to note, the first is that we still have a relatively high duty at 35 per cent; So, there is still a disincentive for importation,” he said.

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He added that the government was also promoting a policy of buying only locally manufactured cars. “The introduction of a new automotive policy in 2013, which is currently up for review, was geared towards discouraging the importation of wholly assembled automobiles and encouraging local production. It specifically allows local assembly plants to import completely knocked down vehicles at 0% import duty and semi-knocked down vehicles at 5% import duty, while importers will pay 70% on new and fairly used vehicles.”

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Business

Beneficiaries of TraderMoni, others advised to repay their loans to get higher loans

Beneficiaries of GEEP have been advised to repay their loan to enable them get a higher loan and access to other products.

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Federal Government steps up TraderMoni beneficiaries to 5 million Nigerians

Beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Government Enterprise and Empowerment Programme (GEEP) have been urged to repay their loans in order to enable them to get a higher loan and to have access to other GEEP products.

The disclosure was revealed through a verified tweet by the government agency, as seen by Nairametrics. The call is also sequel to concerns over the repayment of the empowerment funds as stipulated in the terms and condition of disbursement

What they are saying

In response to the concerns and as a way of encouraging beneficiaries to comply, the Government Enterprise and Empowerment Programme (GEEP) through its verified tweet said: “Beneficiaries are advised to repay their loan to enable them to get a higher loan, and to have access to other GEEP products.”

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(READ MORE: Creative Industry: FG to disburse N7 billion to 35 firms)

How to repay the loan: The agency outlined practical steps for the repayment of these loans, which include;

Step 1: To repay the loans, beneficiaries were urged to walk into any of the listed banks; GTB, UBA, Ecobank, Union Bank, Stanbic, Sterling, Wema, Fidelity, Heritage, Jaiz.

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Step 2: Beneficiaries are instructed to report to any of the aforementioned banks, telling them that you would like to pay your ‘’BOI-GEEP’’ loan on PayDirect.

Step 3: Give them your phone number and the amount that you would like to pay.

(READ MORE: FG says Second Niger Bridge will be completed in 2022, project to cost N414 billion)

What you should know

The Government Enterprise and Empowerment Programme (GEEP) is an initiative of the Federal Government of Nigeria, and Africa’s largest microcredit scheme, 100% digitized. One of its products is the BOI-GEEP loan scheme, a Social Intervention Programme (SIP) of the Federal Government of Nigeria, executed by the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment. The interest-free loans range between  N10,000 and N100,000 for owners of microenterprises.

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The BOI-GEEP scheme extends to the MarketMoni, FarmerMoni, and TraderMoni.

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