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SMEDAN, GIZ, Others Harp on MSMEs’ Potential for Competitiveness

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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Deutsche Gesellschaft fir Internationals Zusammenarbeit (GIZ) have harped on the need to harness Nigeria’s Micro Small and Medium Scale Enterprises (MSMEs) potential for competitiveness.

They made the call at the 2022 National Conference on MSMEs organised by SMEDAN on Tuesday in Lagos.

The conference had as its theme: “Driving MSME Competitiveness via Public-Private Collaborations.

Mr Olawale Fasanya, the Director-General, SMEDAN, in his welcome remarks said that the conference was designed to drive MSMEs across the country through a robust public/private dialogues  and collaborations.

Fasanya said that over two million MSMEs closed shop as an aftermath of the COVID-19 pandemic and unfavourable business environment, among others from 2017 to 2021.

“The last National MSME Survey jointly conducted by SMEDAN and the National Bureau of Statistics put the total number of MSMEs in Nigeria at over 39 million.

“The sub-sector is very critical at the global, national and sub-national levels especially for socio-economic reasons.

“It is important to point out the fact that there was about two million MSMEs that closed shop between 2017 and 2021 largely due to COVID-19 pandemic, issues that bordered on general insecurity and lack of enabling environment,” he said.

Fasanya said that this, without doubt, had significantly set the entire economy backwards.

“Despite the challenges, the 39 million MSMEs account for 46.3 per cent of the Gross Domestic Product (GDP) and 87.9 per cent of total employment in Nigeria.

“According to the 2021 World Bank report, MSMEs represent about 90 per cent of businesses and more than 50 per cent of employment worldwide. Formal MSMEs contribute up to 40 per cent of the GDP in evolving economies.

“According to the 2021 MSME Survey report, MSMEs contribute only 6.21 per cent to the total export basket of Nigeria compared to 49.3 per cent in India FY2021 and 68 per cent of exports in China (FY 2020).

“This relatively low contribution of Nigeria’s MSMEs to exports are largely attributed to the poor competitive nature of the sub-sector,’’ he said.

Fasanya said that the agency is also interested in connecting Nigerian MSMEs to the huge regional markets.

Mr Markus Wauschkuhn, Cluster Coordinator, Sustainable Economic Development Cluster/Head of Programmes, Pro-Poor Growth and Promotion of Employment in Nigeria Programme (Giz-SEDIN), said that the support was part of achieving its goals of increased income and employment.

“The objective of the GIZ-SEDIN programme is to improve the employment and income situation of the MSMEs.

“To achieve the programme goal of increased income and employment, SEDIN is working to improve the business enabling environment and policy/regulatory framework for MSMEs development and employment promotion in selected states.

“Furthermore, the programme aims at facilitating local economic development and strengthening selected value chains, fostering economic literacy and entrepreneurship competencies and MSME development.

“The target groups of SEDIN are the owners and employees of MSMEs as well as members of other economically active low-income households.

“The programme is working at the federal, state, and local level and is currently working in nine focal states, namely Kano, Kaduna, Plateau, Ogun, Oyo, Lagos, Niger, Edo and Abia,” he said.

Wauschkuhn said that the objectives of the 2022 National Conference on MSMEs are to create awareness of the National Policy on MSMEs and the Implementation Framework.

He said the would foster state government active leadership in public private MSME development interventions. Engender the development of specific private sector led MSME development interventions in critical areas of the economy.

Mrs Kikelomo Longe, former Ogun State Commissioner for Industry, Trade and Industry, said that the conference was an avenue to brainstorm on creative ideas to solve the challenges around MSMEs growth.

Longe added that to address the root problems must be addressed to, so that they can then become sustainable businesses.

Mr Tola Johnson, Senior Special Assistant to President Mohammadu Buhari on MSMEs, said that public and private partnerships was the key ingredients toward growing the economy.

Prince Yemi Adeniran, the Statistician General of the Nigerian Bureau of Statistics, pledged that the agency would continue to ensure availability of data in all phases of development.

Otunba Bimbo Ashiru, Chairman of Odu’a Group, highlighted some challenges in the MSMEs sector as access to finance, enabling business environment, taxes, rural development and proper bookkeeping.

Ashiru, while delivering his keynote address said it was imperative to harness opportunities in the sub-sector; hinting that with the high production of cassava in Nigeria, Nigeria had no business importing starch.

report that the conference was supported by GIZ and Sterling Bank Plc. (NAN)

Foreign News

Israel Sends Two Planes to Evacuate Fans after Amsterdam Violence

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Israel has sent two planes to evacuate fans from Amsterdam after violent clashes between Israeli supporter and pro-Palestinian demonstrators on the fringes of Ajax  versus Maccabi Tel Aviv Europa Cup match.

“The Prime Minister has directed that two rescue planes be sent immediately to assist our citizens,.

“The harsh pictures of the assault on our citizens in Amsterdam will not be overlooked’’ Israeli Prime Minister Benjamin Netanyahu’s office posted on X on Friday morning.

The Israeli leader’s office called the incident horrifying and demanded that the Dutch government and security forces take vigorous and swift action against the rioters, and ensure the safety of our citizens.

This clash was however unclear and yet to be unfolded.

The exact events remain unclear. The violent disturbances occurred around the Europa League football match between Dutch club Ajax Amsterdam and Maccabi Tel Aviv on Thursday evening. Ajax won 5-0.

There were clashes in several locations in the centre of the Dutch capital; though it was not specified which side started the violence.

Around 60 people were detained temporarily on Thursday evening, the police said.

Amsterdam TV station AT5 reported that demonstrators threw chairs at Maccabi fans.

The police’s mobile units reportedly shielded the Israelis and escorted them to their hotels.

There were also clashes in the afternoon between Israeli football fans and security forces in the city centre.

According to police, about a dozen people were arrested for disturbing public order and illegal possession of fireworks.

Even before the match, there were isolated altercations near the stadium in the south-east of the city, the police said.

More than 200 demonstrators attempted to reach the venue, according to the police.

Dutch Prime Minister Dick Schoof condemned these “unacceptable antisemitic attacks on Israelis’’ on X and said he had since spoken with Netanyahu.

Far-right Dutch leader Geert Wilders called it a pogrom.

“We have become the Gaza of Europe,’’ he said, adding that Muslims with Palestinian flags were hunting down Jews.

Israel’s UN ambassador also referred to the incident on X as a pogrom.

Steffen Seibert, Germany’s ambassador to Israel condemned the incident.

“Chasing and beating up Israeli soccer fans is not anti-war protest.

“It is criminal and intolerable and we must all stand against it. As a European I am ashamed to see such scenes in one of our great cities,’’ he wrote on X.

However the Reaction from the United States (U.S.).

In New York, Jonathan Greenblatt, the head of the Anti-Defamation League (ADL), described itself as the world’s largest anti-hate organisation.

He demanded that the Dutch government ensure the safety of Israeli fans, apprehend and prosecute the perpetrators and apologise for the violence.

“This is exactly what ‘globalise the intifada’ looks like,’’ Greenblatt wrote on X, saying there were mobs of hate-filled people who had attacked Israelis who came to Amsterdam to enjoy a football game.

Even New York Attorney General Letitia James chimed in on X, calling the attacks against Jews in Amsterdam “deeply disturbing and horrifying.’’

New York State, particularly metropolitan New York City, has a large Jewish population.

“We must do everything in our power to protect Jews in America and across the world.

“This anti-Semitism and violence must end now,’’ she wrote. (dpa/NAN)

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NEWS

NAICOM Gives Insurers Dec.31 Deadline to Settle Outstanding Claims

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The National Insurance Commission (NAICOM) has given insurance companies Dec.31 deadline to clear all outstanding claims.

The Head, Communication and Stakeholders Management Sub-committee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, made this known while addressing a news conference after a meeting of management in Lagos.

The meeting marked the first gathering of the Insurers Committee with Mr Segun Omosehin, as the Commissioner For Insurance.

Nwachukwu, also Managing Director, Rex Insurance Ltd., said the commissioner charged insurance companies CEOs at the meeting to ensure that no outstanding claims is captured at the close of their 2024 financial accounts.

The NAICOM boss, she said, tasked the insurance company’s executives to defend the insurance industry through payment of genuine claims, which is integral.

“The regulator said it would be checking in an intensive and focused manner, the outstanding claims in the insurer’s books.

“The commission said its focus is on the soundness of the insurance industry, measured by the ability of meet their obligations when due,”she said.

According to her, the commissioner also charged the insurance companies to take steps towards recapitalisation, by evaluating their financial position, as to the need to raise fresh capital.

She said the charge came by the regulator,having exposed a draft of the Risk Based Supervision (RBS) regulations to the operators, in the event that recapitalisation takes-off.

“If there will be need to raise capital, insurance companies need to start speaking with their different boards, shareholders about the possibility of recapitalisation happening, before it becomes a regulation,”she said.

Nwachukwu revealed that the commissioner further encouraged brokers to ensure strict compliance with the “no premium, no cover” regulation, having observed some violations to the regulation.

She said the commissioner also charged CEOs of insurance firms to get involved in addressing complaints.

Nwachukwu also stated that the regulator encouraged the insurance operators to submit the financial statements of their companies early enough, to create more confidence on the industry.

She mentioned that Omosehin charged the insurers to focus their attention significantly on Nigeria’s Data Protection regulations for the insurance industry.

The sub-committee chairman said NAICOM boss also wants insurance operators to pay specific attention to the implementation of the 10- year Insurance Strategic Plan.

She said this was important, having unanimously agreed to seven thrusts of commitment that would enable the industry meets its objective by year 2027.

Nwachukwu added that the commissioner charged the insurance operators to also pay attention to the legal and regulatory framework for the industry, under the Insurance Bill 2024.

“He spoke about focusing of compliance issues, under the Prudential Guidelines released by NAICOM to the insurers and put an end to Corporate Governance abuses, recognised within the industry.

“The commissioner discussed the National Credit Guarantee Scheme signed by President Bola Tinubu.

“If insurers invest in the scheme, we have the potential of sitting on the board of the facility, where a lot of decisions would be taken,”she said.

According to her, Omosehin also informed the insurance operators on the significant progress made on the Agency’s portal, noting that all resources are in place to continue the efficiency of the portal.

Nwachukwu said the present administration of NAICOM is very clear on the insurance industry and what  it expects to see and has hinged its success on the collective Insurance Industry Reforms plans agreed upon as an industry.

She further said that the regulator insisted that insurers get the right approval from NAICOM before newly appointed Executive Director of insurance companies assumes their appointment.

The insurer stated that the committee also reconstituted its sub-committees in line with the pillars of its 10-year roadmap for the insurance industry.

Nwachukwu listed the reconstituted sub-committees of the Insurers Committee as, the Insurance Sector Stability committee,Communication and Stakeholders Management committee, Technology and Talent Management committee and Customer Service and Market Expansion committee.(NAN)

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Foreign News

Several Israelis Injured, Missing after Violent Clashes in Amsterdam

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Three Israelis are missing following clashes between Israeli football fans and pro-Palestinian demonstrators on the fringes of football club Maccabi Tel Aviv’s match in Amsterdam, according to Israeli authorities.

Ten people were injured in the violence, the Israeli Foreign Ministry said on Friday morning.

The degree of their injuries was initially unclear.

The ministry urged its citizens to use public transport to travel to the airport, after Israel had announced it was sending two planes to evacuate the fans.

Local security forces had been deployed, the ministry said.

The ministry had initially advised fans not to leave their hotels.

It also advised its citizens not to wear Jewish or Israeli symbols in public.

(dpa/NAN)

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