Connect with us

Business News

DBN Urges MSMEs to Reinvent Business Models

Published

on

Share

fBy Tony Obiechina, Abuja 


In the light of prevalent economic realities of COVID-19 on businesses across the globe, Development Bank of Nigeria Plc has advised Micro Small and Medium Enterprises in the country to reinvent their current business models for sustainability during the pandemic.


In a statement on Wednesday, the bank explained that this will enable the MSMEs to leverage growth opportunities for their businesses in the post COVID-19 era.

 


This was the takeaway from the panelists’ discussion at the DBN Webinar session which took place on Saturday May 9, with the theme; “Alternative Financing Options for Sustainable Growth Post COVID-19 Lockdown”.

 


The Webinar series was aimed at providing capacity building and advisory services for MSMEs through digital platforms to ensure they are empowered to remain in business through this unprecedented period.


Panelists on the session include: Immediate Past President and Chief Executive Officer of Africa Finance Corporation and presently CEO & Partner, South Bridge Group, Mr. Andrew Alli; CEO of Emerging Africa Capital, Mrs. Toyin Sanni; Head SME, FCMB, Mr. George Ogbonnaya; and MD/CEO, Urban Shelter, Hajiya Sa’adiya Aliyu Aminu. 


The session was moderated by Chief Economist, Development Bank of Nigeria, Prof. Joseph Nnanna.
While dissecting the current implications of the pandemic on the Nigerian economy, the panelists pointed out that MSMEs are the hardest hit by the crisis, as they have limited access to capital and now have to depend on few customer base. 


They however, stressed that this phase shall pass and only SMEs with innovative thinking and clear vision will be able to take advantage of the new normal.


“If you are an SME, the framework should be to survive the crisis period, have as much liquidity as you can and stem expenditure. You must stabilize the business by stabilizing your cost and reconfiguring your operations.


” For instance, a five-star hotel in Lagos has outsourced their laundry and restaurant. You can now order takeaway and pickup of your laundry. The crisis will end, and we will return to a period of growth.


” A lot of things will likely change because of this pandemic. So, you also need to prepare for that era. You have to be innovative, have a clear vision, be ahead of the curve to take advantage of the new normal,” said Andrew Alli.


On alternative sources of funding for MSMEs, George Ogbonnaya stated that investors will be frugal in the post COVID-19 era and will only be attracted to businesses that align purpose with strategic direction. 
He listed alternative sources of funding to include: Crowdfunding, Venture lending, Data driven lending platforms and Risk-Sharing Guarantees.


On her part, Toyin Sanni admonished small business owners to ‘COVID-Proof’ their business, as quality and branded digital presence will stand as distinguishing factors in the present and post COVID-19 era. 


“Quality and how you distinguish your brand from competitors will be very important. So, while saving as much as you can during this period, you should also invest in your brand and digitize your business. 
“I would like to use the term ‘COVID-Proof’ for your business. Redesign your business such that you are able to do an end-to-end i.e. client acquisition, provision of services, and monitoring and evaluation should involve digital models,” she said. 


As an advisory, Sa’adiya Aliyu Aminu said being the major drivers, MSMEs will be crucial to reviving the Nigerian economy just like the sector did after the 2015 recession.
 She called on the Federal Government to reaffirm the made in Nigeria policy to promote local production and patronage and curb capital flight after the pandemic.


At the end of the webinar, it was adjudged by participants as one of the best in recent times as it touched and proffered solutions to most of the critical challenges facing MSMEs.  More so, now in the COVID-19 era.  


The Development Bank of Nigeria is a development finance institution, established by the Federal Government in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria. 


DBN carries out this function by providing financial institutions, predominantly Deposit-Money Banks, Microfinance Banks and other financial institutions with funding facilities designed to meet the needs of MSMEs.

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Business News

Tinubu Congratulates Dangote on World Bank Appointment

Published

on

Share

By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

Continue Reading

Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

Published

on

Share

By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

Continue Reading

Advertisement

Top Stories

NEWS1 day ago

Tinubu To Commission Fruit Juice Factories, BIPC Motorcycle Assembly Plant In Benue

ShareFrom Attah Ede, Makurdi  President Ahmed Bola Tinubu is set to visit Benue State to commission the newly built ultra modern Bensono Concentrate Plant, Benva Juice Factory, and the Motorcycle Assembly...

NEWS1 day ago

Dangote Refinery Surpasses Capacity Target, Eyes 1.4m bpd Expansion

ShareBy David Torough, Abuja Dangote Petroleum Refinery and Petrochemicals has achieved a major operational milestone by increasing its crude oil processing capacity to 700,000 barrels...

Uncategorized2 days ago

Alia Appoints New Acting Head of Service in Benue

ShareFrom Attah Ede, Makurdi Benue State Governor, Rev Fr .Hyacinth Alia has approved the appointment of Dr. Ihu Eunice Ogbenyi as new Acting Head of Service (HoS)...

SPORTS2 days ago

Oshonaike Hails Steady Progress of Nigerian Table Tennis Players

ShareSeven-time Olympian Olufunke Oshonaike said Nigerian table tennis players are making steady progress in spite of the challenges they face in competing...

Foreign News2 days ago

Poland Bans Smartphones in Primary Schools

SharePoland plans to ban mobile phones in all primary schools from next academic year under draft legislation approved by the government on Tuesday. The...

NEWS2 days ago

Reps Minority Picks Ugochinyere as New Leader

ShareBy Ubong Ukpong, Abuja Following the defection of the former minority Leader of the House of Representatives, Kingsley Chinda, the minority caucus has nominated Hon. Ikenga...

NEWS2 days ago

Kano Revokes Private School Licences over Sexual Abuse

ShareFrom Aliyu Askira, Kano The Ungogo Local Government Area of Kano State has withdrawn the licences of all private schools within its jurisdiction following allegations that...

NEWS2 days ago

CBN Approves Regular Commercial Operations for Abbey Mortgage Bank 

ShareBy Tony Obiechina, Abuja Abbey Mortgage Bank Plc, one of Nigeria’s longest‑standing primary mortgage banks, has secured regulatory approval from...

NEWS2 days ago

Owo Church Massacre: Court Sentences Four to Death for Terrorism

ShareBy David Torough, Abuja More than three years after the gruesome attack on St. Francis Xavier Catholic Church, Owo, Ondo...

security2 days ago

Terrorists Abduct Adelabu’s Sister, Twin Sons, kidnap Six Students in Zamfara

ShareBy Eze Okechukwu, Abuja and Ifeanyichukwu Nwannah, Gusau The nation’s worsening insecurity came into sharp focus on Wednesday,   as separate incidents of...