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Business

FG to set up micro, small and medium enterprises in 774 LGAs

The FG has disclosed plans to establish micro-enterprises in the 774 Local Government Areas (LGA) across the country.

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George Akume

The Federal Government has said that it plans to establish micro-enterprises in the 774 Local Government Areas (LGAs) across the country to help create jobs and ensure improvement in the well-being of the local populace.

This disclosure was made by the Minister of Special Duties and Inter-Governmental Affairs, Dr George Akume, at the Association of Local Governments of Nigeria (ALGON) General Assembly with the Theme: Strategic Positioning for the Future: A New Era, on Wednesday in Abuja.

Akume, who was represented by the Deputy Director, Office of the Minister, Mr Simon Tyungu, said that the establishment of the micro-enterprises was conceived to cushion the effect of the current economic situation.

READ: Why e-commerce platforms are struggling to capture Nigerian population

What the Minister for Special Duties and Inter-Governmental Affairs is saying

Akume said, “As a ministry, we have proposed the establishment of Micro, Small and Medium enterprises in the 774 local governments in Nigeria based on economic corridors. We believe that this will create jobs and ensure improvement in the well-being of the local populace.’

Akume also applauded the role played by ALGON during the COVID-19 pandemic in bringing relief to the people at the grassroots despite their limited resources.

The Minister said, “The administration of President Muhammadu Buhari has taken some bold steps to reposition the local government administration such as granting of local government autonomy and enforcement of democratically-elected local government councils by the states.”

READ: EdTech startup Kabakoo receives funding from Zoom, launches first no-code training in Africa

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“This is a clear demonstration of political will by Mr President. The COVID-19 pandemic that has ravaged the entire country in 2020 was felt more in our local communities. The leadership of ALGON contributed in no small measure, particularly on stimulus packages and advocacy, notwithstanding your financial limitations,’’ he said.

The minister said the Federal Government recognized the fact that people could be reached through the local government area councils and then put some measures in place.

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Going further he said, “The Federal Government in its wisdom then realised that the local government area councils are the veritable vessels through which the dividend of democracy will reach the vulnerable indigent citizens.

“Mr President (of ALGON), I urge you to take advantage of this initiative and key into President Muhammadu Buhari’s resolve to lead 100 million Nigerians out of poverty in the next 10 years. The Federal Government is favourably disposed to attaining this developmental goal.’’

READ: FG earns N28.6 trillion from VAT, others 

Stanbic 728 x 90

Speaking at the occasion, the ALGON National President, Dr Kolade Alabi, said that ALGON’s general assembly seeks devolution of powers, both financial and administrative, with concomitant fiscal devolution. He said that this is in addition to the request for complete autonomy for local government area councils for effective administration and service delivery to the people noting that such would require the review of the 1999 constitution as relates to local government administration and uniform tenure of the 4-year term for local government administration among others.

What this means

The establishment of such micro-enterprises by the Federal Government will create jobs especially among the unemployed youths and help to boost the economy. This is as the nation tries to recover from the impact of the coronavirus pandemic on the economy, businesses and households.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality

Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

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Edo State to build Museum, set for more Benin Bronze returns in 2021, Over 13,000 MSMEs benefit from Edo State Government fund 

The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.

The Edo State Governor disclosed this in a statement on Thursday morning, stating that:

  • While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
  • The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
  • Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.

In case you missed it

Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.

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Business

Shoprite: Nigerian company, Persianas to take over operations

Persianas, a Nigerian property group, will take over Shoprite’s operations in Nigeria at the conclusion of a bidding process.

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Shoprite’s sales drop by 8.1% in Nigeria in H2 2019 over Xenophobic attacks

Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.

This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.

What the report says

  • Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
  • MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.

Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.

READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default

What you should know

Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.

Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.

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