Connect with us

News

MSMEs contribute 48 percent to GDP — Development Bank MD

Published

on

By Matthew Denis Abuja

The Managing Director and Chief Executive Officer of Development Bank of Nigeria (DBN), Dr. Tony Oparachi has disclosed that the Micro, Small, and Medium Enterprises, (MSMEs) has contributed 48% percent to Nigeria’s Gross Domestic Product (GDP) in 2022 report.

He made the disclosure at the third  DBN Annual Lecture Series programme held at Transcrop hilltop in Abuja on Thursday.

Recall that the bank has disbursed a whopping total sum of N400billion to MSMEs in the last four years to boost economic growth and development in the country.

He said, “MSMEs has contributed about 48 percent of the National Gross Domestic according to  2022 survey conducted by the Small and  Medium Enterprises Development Agency, (SMEDAN) in collaboration with the National Bureau of Statistics (NBS).

“In today’s increasingly turbulent world, MSMEs find themselves frequently affected by unpredictable external factors such as natural disasters, climate change issues, disease outbreaks, technological and cyber changes, trade disputes, policies, etc, which have had an immense impact on local businesses.

“It is, therefore, imperative for us as a Bank to champion the conversation on how MSMEs can prosper despite the odds, by exposing ways through which MSMEs can adapt in these times. Hence, the DBN Annual Lecture Series Initiative.”

Dr. Oparachi stressed that they are focusing in this Sector because Micro, Small, and Medium Scale Enterprises are responsible for more than two-thirds of all jobs worldwide.

“The International Labour Organization (ILO) data shows that micro- and small enterprises, together, account for a staggering 70% of employment worldwide. In Nigeria, we’re currently plagued with rising inflation of 20.52% (as of September 2022). We are as well afflicted with rising food and commodity prices, coupled with the rising and unstable exchange rates among others.

“The effects of Global disruption on international trade often come as a shock to businesses. These series of events have led to uncertainty and radical changes to companies’ well-established strategies across the globe and MSMEs are not exempted.

“The future of work is currently in a state of flux, with many old and new challenges hitting MSMEs particularly hard. Hence, Governments, corporate bodies, and individuals, mostly MSMEs must find ways to adapt to the changing times and the volatility of the market, deal with uncertainty, and figure out how to convert that into opportunities.

“Today, we have an erudite line-up of keynote speakers, panelists, entrepreneurs who have despite all the challenges, built successful businesses within the Nigerian economy – including manufacturing, banking, finance, technology, real estate, agriculture, education, automotive industry, to name a few. I guarantee that your business issues will be addressed during the discourse.

“I am certain that these successful entrepreneurs have faced the same challenges as some of you are facing today and have overcome them. So, I encourage you to listen, learn and leverage the nuggets to build resilience in your business.

“I leave you with a commitment that DBN will continue to work with its Participating Financial Institutions (PFIs) to eliminate the financing constraints faced by this critical sector of the economy.

Also speaking, the Chairman of the Bank, Dr. Shehu Yahaya said “the DBN Annual Lecture Series is one of the ways we continue to engage with all stakeholders to search for solutions and influence policies aimed at addressing the constraints faced by Micro, Small, and Medium Scale Enterprises especially as it relates to access to finance and building their capacity to upscale sustainably.”

The Chairman emphasized that DBN will continue to work with its Participating Financial Institutions (PFIs) to eliminate the financing constraints faced by this critical sector of the economy.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Mushin LG Chairman flags off construction of Yusuf Street road, promises solar lighting

Published

on

The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.

The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.

According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.

He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.

The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.

Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.

The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.

Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.

Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.

Continue Reading

News

Giving back to community — Prof Oyedokun speaks on motives

Published

on

Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.

He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”

He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.

“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”

The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.

It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.

According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.

“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”

The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”

Continue Reading

News

Airport tolls: Nigeria lost billions under old rules — Keyamo

Published

on

The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.

Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.

The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.

He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.

“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’

“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”

He added that free e-tags to the VIPs had in the past led to the loss of billions of naira

“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.

“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.

The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.

“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.

To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.

Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.

Continue Reading

Trending