Connect with us

NEWS

FG Raises MSMEs Loans to N5m at 9%

Published

on

Share

The Federal Government has raised the amount small businesses could access on single digit loans to N5 million to ensure the country’s inclusive economic growth.

The Managing Director and Chief Executive Officer, Bank of Industry (BOI), Dr Olasupo Olusi, made the announcement on Friday during a town hall sensitisation in Lagos on the Federal Government Grant and Loan Scheme.

The event was organised by the Federal Ministry of Finance in collaboration with the Federal Ministry of Industry, Trade and Investments, the Presidency, Bank of Industry and other stakeholders.

Olusi, represented by Umar Shekarau, Executive Director, MSMEs, BoI, praised President Bola Tinubu for the availability of N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).

He said N75 billion out of the presidential conditional grant and loan scheme, was targeted for MSMEs, adding that, the initiative was expected to create thousands of direct and indirect jobs nationwide.

The BoI boss said the fund, facilitated through the Bank of Industry (BOI) nationwide, was already sitting in the bank ready to be disbursed to beneficiaries at just nine per cent interest.

He urged business owners to approach the BoI or register online, without going through intermediaries, to benefit from loans and grants.

According to him, over 800,000 Nigerians have benefited and there is room for  including youths, women, physically challenged and all Nigerian.

“We maintain our integrity as BoI and disburse the funds,” he said.

The town hall is holding  simultaneously in six states of the federation.

Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and Micro, Small and Medium Enterprises (MSMEs) said that successful applicants will receive an increased loan of N5 million.

This is against previous N1 million benchmark earmarked to boost their business operations.

He said President Tinubu gave the funds to cushion the effects of challenges experienced by businesses including access to finance, infrastructure, among others.

“The loan is nine per cent three years tenure. A single MSME can collect up to N5 million single digit,” he said.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, listed interventions of the presidency for small businesses and manufacturing sector and success recorded so far.

Edun, represented by Ahmed Gazalli, said the event marked a pivotal moment in our collective journey toward economic empowerment and sustainable growth.

He said the event was to propagate a shared vision for communal prosperity in a thriving, inclusive economy where every Nigerian had the tools and resources to succeed.

Edun said the government was keenly focused on driving MSME growth and the success of the manufacturing sector to properly reposition Nigeria’s economy.

“It is common knowledge that MSMEs are the backbone of the Nigerian economy and if we do not support our MSME’s to prosper, the Nigerian economy suffers,” he said.

He thanked the MSMEs and beneficiaries in attendance for your hard work, sacrifice, and contributions to the development and stability of Nigeria.

Minister of State for Industry, Trade and Investment, Sen. John Eno, said the government was eager to support programmes and initiatives that promotes welfare of Nigerians.

Eno pledged the government’s commitment to help all the agencies to deliver on their mandates.

He called for collaboration to remove barriers from growth of MSMEs.

“It is such collaboration that can make it work,” he said.

On his part, Mr John Uwajumogu, Special Adviser, Industry, Trade and Investment, explained the gains of supporting industries with finance for inclusive growth

Some of the beneficiaries included, Mr Akor Goddy, a vegetable farmer and vendor from Badagry; Angela Christopher, a nanny; and Mr William Asuquo, a food vendor from Isolo in Lagos. (NAN)

NEWS

Will new entrant, ESDIAC, ease Nigerians’ international call worries?

Published

on

Share

By David Torough

After decades of frustration in accessing telephone services, Nigerians were relieved when in 2001, the then President Olusegun Obasanjo took a decision that would later transform the nation’s telephone landscape and connectivity ecosystem.

In January that year, the regulator, the Nigerian Communications Commission auctioned GSM licences.

It was a good business for Nigeria’s economy as the Federal Government racked in excess of $1.2 billon having sold the licences to MTN, Glo, Econet (Airtel) and Etisalat 9mobile) at $208 million each.

By May that year, Econet had made history as the company to make the first GSM call Nigeria with MTN following later in August before the indigenous Globacom (glo) and the rest joined.

At a public event in Lagos Obasanjo juxtaposes the pre-GSM torture Nigerians went through and what is obtainable today: “People had to queue at telephone kiosks to make calls. It was a far cry from the seamless communication we enjoy today but then came the mobile telephone revolution.

“Needless to say that mobile communication has become a powerful tool for liberating Nigerians from the shackles of the once powerful, but now extinct, national telecoms monopoly, popularly known as the Nigerian Telecommunication (NITEL); it has significantly contributed positively in boosting economic activities in all sectors in Nigeria,” said Prof. Abiodun Musa Aibinu, a mechatronic engineer at Federal University of Technology, Minna.

According to data released by Global System for Mobile Communications Association (GSMA) there are approximately 192.2 million active telephony subscriptions as of mid-2026, with national teledensity reaching around 86.6% of the population.

The GSMA intelligence further estimates total cellular mobile connections at about 183 million (roughly 74.9% of the population), with broadband subscriptions standing at at 123.1 million, translating to a broadband penetration rate of the population.

However, in spite of its success story, challenges remain as acknowledged by Aibinu.

“There is increasing poor quality of service experienced by subscribers which manifests in the forms of: call failure, call drops, and low received signal strength. These problems have continuously been raising a great deal of worries and uncertainty among the populace and the network providers,” said the scholar.

However, one silent but major challenge faced by telephone subscribers in Nigeria both in the past and now remains the high cost of international calls.

Available data shows that on a standard Pay as You Go (PAYG) tariff, the rates range for international calls from N30 to N1,500 per minute depending on the destination of the call.

Mr Austine Ugbebor, Chief Executive Officer of ESDIAC, an indigenous new entrant into the Voice over Internet Protocol (VoIP) calls market says the platform was designed to address the challenges of expensive international calls and limited connectivity options, particularly for people travelling abroad, with promised international calls of as low as N13.000

He spoke at the unveiling and media engagement on Friday in Abuja, ESDIAC which, he said, integrates Voice over Internet Protocol (VoIP) calling, electronic SIM (eSIM), mobile airtime and data top-up services.

It is an all-in-one mobile platform designed to make international calls more affordable and improve connectivity for travellers, businesses and Nigerians both in the diaspora and at home.

ESDIAC was registered in 2011, with first product inaugurated in 2016, with the company spending the intervening years developing its operational structures and securing regulatory and compliance arrangements ahead of its market entry.

“ESDIAC is an all-in-one solution, offering international and local calls, eSIM services and data packages through a single platform.

“With our platform, subscribers can make calls to Canada, United Kingdom, US, Germany, Australia for as low as N13.

“ESDIAC’s VoIP technology enables subscribers to call people who do not have the ESDIAC application or an internet connection, and calls can be made directly to regular telephone numbers,” he said.

He said the service also allows users to retain their phone numbers when making calls, making it easier for recipients to identify callers.

The CEO added that the platform provided mobile airtime and data top-ups, while its eSIM service enabled travelers to access connectivity in supported destinations without necessarily purchasing a physical SIM card.

He further said that the company was committed to offering affordable services and improving the calling experience by addressing connectivity challenges associated with internet-based communication platforms.

On concerns about tariff stability and consumer protection, the CEO said the company had adopted a policy of respecting subscribers’ money by avoiding hidden connectivity charges.

“Subscribers will not be charged additional fees merely for initiating calls, and unused balances will remain available to customers.”

He said subscribers who believed they had been wrongly charged could contact the company’s customer service team for investigation.

“If you are right and there is an error, we promise to refund your money,” he said.

The CEO said ESDIAC operated under the regulatory requirements of the Nigerian Communications Commission (NCC) and the Federal Communications Commission (FCC) of the U.S.

He, however, noted that changes in telecommunications tariffs could sometimes result from regulatory directives, adding that operators were required to comply with applicable regulations.

As the highest policy level, addressing challenges faced by Nigerians on international calls is a priority and the Presidency has thrown its weight behind the ESDIAC project.

Mr Tope Fasua, Special Adviser to the President on Economic Matters, Office of the Vice-President, described the platform as a promising development for Nigeria’s telecommunications sector.

Fasua said his experience with an expensive eSIM purchased during an international trip, which failed to provide connectivity across all his destinations, underscored the need for more reliable and affordable services.

He expressed hope that ESDIAC would provide better value to travellers through its services.

One major area of concern for Nigerians is data protection. There is no area this is concern is more pronounced than in the telecom sector where Nigerians share their data with either deliberately or otherwise.

The company’s Legal Adviser, Mr Aja Nwaani, has allayed that fear saying the protection of subscribers’ personal information was central to ESDIAC’s operations.

“ESDIAC has put measures in place to ensure that subscribers’ information are not improperly accessed, disclosed or used, including when shared with third-party carriers and service providers,” he said.

He said the company was committed to complying with the Nigeria Data Protection Act and applicable regulations, warning against the unlawful sale or misuse of subscribers’ personal information.

Mr Muhammed Sani, the company’s Human Resources representative, said ESDIAC was established to address the high cost of international calls and connectivity challenges confronting Nigerians.

Sani said the platform was particularly useful to travellers and Nigerians seeking to maintain affordable communication with family members and business associates abroad.

He added that the company’s business solution was also designed to support organisations requiring reliable communication services.

The ESDIAC is another bold step by an indigenous entrepreneur. It aligns with President Bola Tinubu administration’s commitment encouraging private sector investment in the telecom industry and offering Nigerian’s wider telephone options.

“Sustained investment in telecommunications infrastructure is essential to expanding broadband access, improving network capacity, and supporting businesses, education, and economic opportunities across Nigeria,” the President said at a recent public event in Abuja.

Tinubu said the initiative aligns with his administration’s commitment to encouraging private-sector investing, improving digital infrastructure and ensuring Nigerians benefit from more reliable and accessible telecommunications services,” the statement quoted him as saying during the event.

Continue Reading

NEWS

AHF Launches Comic Book on Menstrual Health Education in Abuja

Published

on

Share

From Attah Ede, Makurdi

The Aids Healthcare Foundation (AHF) Nigeria, has revealed that nearly 2 billion people menstruate, with 500 million experiencing period poverty globally.

The Foundation disclosed this during the unveiling of a magazine that focuses on the girl child’s menstrual education and hygiene in Abuja, Thursday.

The 26-page comic magazine, produced by the AHF, depicted the challenges that the girl child faces in Nigeria regarding menstrual education and the stigma attached to it in communities across the country.

The Foundation noted that one of the things needed to change the tide is the provision of easily relatable information that can attract attention of young women and girls.

It further stated that in many communities, taboos prevent open discussion about menstruation, limit access to accurate sexual and reproductive health information, and discourage people from seeking care.

Speaking during the event, Mr. Steve Aborisade, Senior Advocacy & Marketing Manager, AHF Nigeria, intimated that there is need to spread the awareness on menstrual education among the adolescence and young women in the country, especially with a view to removing the stigmatisation that has posed challenges to the campaigns over the years.

He insisted that addressing menstrual health must go hand in hand with efforts to normalize periods, which this book is set to achieve.

“This book takes readers through some salient issues in menstrual health management, particularly as it concerns access to accurate information and correcting the misinformation which is at the root of the stigma associated with menstruation in our society.

“The book provides the basic steps to keeping healthy and well during periods, while also making boys and men allies of menstrual health management.

“We reckon that the target audience for the comic magazine would find the message in it interesting and easily embrace it for their benefits and they too can help share the message accordingly,” Dr. Aborisade said.

The AHF Nigeria Country Programme Director, Dr. Echey Ijezie, who presided over the launch at the Abuja office, said efforts would be geared towards producing the magazine in many Nigerian languages in order to further broaden the core message to the targeted audience.

“It is imperative to ensure that our target audience are reached in no distant future. We would work with the Federal Ministry of Education and explore the outreaches to use them as education and awareness tools,” Dr. Ijezie said.

Mrs. Osaro Osa-Jarikre of the Child Development Department at the Federal Ministry of Women Affairs, who represented the Minister of Women Affairs, disclosed that the ministry would capture the AHF programmes in its elaborate policy to be launched soon, stressing that the ministry had found the foundation as a worthy partner in furthering the cause of the girl child in Nigeria.

“Our ministry has resolved to carry the AHF along in the various programmes we have designed for the girl child in Nigeria, and we are also ready to offer needed support to the foundation in its quest to upgrade the Nigerian young generation,” Mrs. Osa-Jarikre said.

Among those who attended the magazine launch include Dr. Charity Awunor, Nursing Manager, AHF; Dr. Ugochi Ajaero, State Clinical Coordinator, AHF; Binta Suleiman Jalo, Programme Officer, Kids & Teens Resource Centre, Abuja; Taiwo Ajani of the Lawyers Alert, Abuja; representatives of civil society organisations and members of the Girls Act.

Continue Reading

NEWS

They Planted Juju in my Jacket at Davido’s House – Peruzzi

Published

on

Share

Singer Peruzzi has narrated how a charm was planted in his jacket during his stay at Davido’s house.

Peruzzi was signed to Davido’s record label, DMW, in 2017.

Davido dissolved the label in April 2024.

However, discussing his experience during his stay at Davido’s house, Peruzzi narrated how a charm was planted in his jacket.

Speaking in a video interview online, he said, “I took a shower one evening, like at 6 pm. Just a shower and then went to go and meet them back downstairs because I was chilling there before I went upstairs in David house when I was still living there.

“And then I was done taking the shower. I go to my wardrobe to get my clothes, and then one of my jackets is just telling me, ‘Pull me, wear me, wear me, wear me.’ I don’t know how to explain it, but I was just having the urge to wear it.”So, I carry am (the jacket), and something just dropped inside, and when I looked, it was jaz, better juju inside my room. A jacket that just came from the laundry.”

Continue Reading

Advertisement

Top Stories

NEWS15 hours ago

Will new entrant, ESDIAC, ease Nigerians’ international call worries?

ShareBy David Torough After decades of frustration in accessing telephone services, Nigerians were relieved when in 2001, the then President...

NEWS15 hours ago

AHF Launches Comic Book on Menstrual Health Education in Abuja

ShareFrom Attah Ede, Makurdi The Aids Healthcare Foundation (AHF) Nigeria, has revealed that nearly 2 billion people menstruate, with 500...

Entertainment/Arts/Culture1 day ago

BBNaija’s Dorathy Begins Breast Reduction Journey

ShareFormer Big Brother Naija housemate, Dorathy Bachor, has taken the first step towards breast reduction surgery, three years after first...

NEWS1 day ago

They Planted Juju in my Jacket at Davido’s House – Peruzzi

ShareSinger Peruzzi has narrated how a charm was planted in his jacket during his stay at Davido’s house. Peruzzi was...

Entertainment/Arts/Culture1 day ago

Withdraw all Charges within Two Weeks, Speed Darlington Appeals to Burna Boy, Apologises

ShareControversial Nigerian singer Speed Darlington has appealed to Grammy-winning artiste Burna Boy to withdraw all charges against him within two...

NEWS1 day ago

AFSNET Business Conference Kicks off in Calabar

ShareFrom Ene Asuquo, Calabar The 6th African sub – sovereign Governments Network Investment Conference has started in Calabar the cross...

BUSINESS1 day ago

NAFOWA Empowers 18 Widows, Donates Tricycles in Bayelsa

ShareFrom Mike Tayese, Yenagoa The Nigerian Air Force Officers’ Wives Association (NAFOWA), Mobility Command, Yenagoa, has empowered 18 widows of...

NEWS1 day ago

RMAFC Advocates Fair Share of 13 Per Cent Revenue Derivation Among Oil Producing States

ShareBy Tony Obiechina, Abuja The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has advocated a fair distribution of the 13...

NEWS1 day ago

Customs CG Tasks Officers on Discipline, Integrity

ShareBy Tambaya Julius, Abuja The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has called on officers and...

NEWS1 day ago

2027: ADC Asks EFCC, INEC to Probe Alleged APC Cash Distribution

ShareBy Mvendaga Orjime, Abuja The African Democratic Congress (ADC) has called on the Economic and Financial Crimes Commission (EFCC) and...