BUSINESS
We’ll Continue to Partner with IT Institutions to Support Non-oil Exports – NEPC
The Nigerian Export Promotion Council (NEPC) says it will continue to collaborate with information technology (IT) organisations to support the nation’s non-oil export drive.
Executive Director of NEPC, Ezra Yakusak, spoke on Friday at the unveiling of linkedyard.site, an online platform aimed at digitalising the employment process, in Abuja.
Yakusak, who was represented by Andy Ambikputen, deputy director, national export office, said the NEPC now completes the registration process of exporters within 24 hours through digitisation.
“As the biggest economy in Africa with one of the largest populations of young people in the world, Nigeria is well-positioned to develop a strong economy which would have a transformational impact,” he said.
“The growth of digital innovation and entrepreneurship is essential for the creation of an ecosystem for innovation-driven enterprises and MSMEs.
“The council leveraging on this development has engaged the use of digitalisation in processing most of its activities with its customers.
“With the utilisation of the internet and the application of online-based digital technologies, NEPC has been able to complete the registration process for exporter certificates within twenty-four hours.
“In order to fast tract online marketing for the food sector and increase export capacity, the NEPC has trained a number of MSMEs to have their own digital identity by creating websites and having their e-mail addresses.
“The council in the last one year, under the export expansion facility programme (EEFP), provided grants for technology startups in collaboration with the National Information Technology Development Authority (NITDA).
“Some of these technology companies were part of the Nigerian exhibitor at the 2021 Intra Africa Trade Fair (IATF 2021) in Durban, South Africa.
“Let me assure you that NEPC will continue to partner with any institution that is readily available to bring up innovation through IT and IT-enabled solutions in supporting the non-oil export drive of the country.”
Yakusak also commended Yard (the IT firm behind the website) for its “digital innovation at providing solutions that are scalable, proven, secure, and easy to use and support business growth.”
In his remarks, Anderson Idoko, chief executive officer (CEO) of Yard, said the website provides various features that users can explore and expand their opportunities.
“Our discourse platform where people can interact, share contents such as pictures, videos and write up and also join based on communities of interest, will allow our users position for the level of opportunity they desire; build, learn and connect with other talents and industry mentors from across the globe,” he said.
“Yard has created an enabling environment where users can build, network, and grow along their professional journey to make them more productive and successful.
“Also inculcated is an e-learning platform, where talents can get professional certifications, career growth courses, and mentoring from professional instructors across the globe.”
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
By Tony Obiechina, Abuja
The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024.
According to the National Bureau of Statistics report, local payments recorded were N792.
58 billion, foreign VAT payments were N395. 74 billion, while import VAT contributed N372. 95 billion in Q2 2024.“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and water supply, sewerage, waste management and remediation activities with 59.
75%,” NBS reported.“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84%, followed by Real estate activities with 42.59%.
“In terms of sectoral contributions, the top three largest shares in Q2 2024 were
manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.
“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each.
“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.”
By Tony Obiechina, Abuja
Development Bank of Nigeria (DBN) has conferred its 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups on Richway Microfinance Bank in recognition of its unwavering commitment to fostering entrepreneurship in the country.The award also attests to the micro lender’s dedication to empowering small businesses and driving economic growth through innovative financial solutions.
Since its inception, Richway Microfinance Bank has been at the forefront of providing accessible financial services to underserved communities. The bank’s focus on start-ups, particularly in the challenging economic landscape of Nigeria, has set it apart as a leader in the microfinance sector. By offering tailored loan products, savings and investments products with high returns, and business advisory services, Richway has enabled countless entrepreneurs and business owners to turn their ideas into thriving businesses.In 2023, the bank’s impact on start-ups was particularly profound. Through strategic partnerships and an in-depth understanding of the unique challenges faced by new businesses, Richway Microfinance Bank extended its reach, offering critical support to over 500 start-ups.These initiatives not only provided much-needed capital but also helped entrepreneurs and business owners build sustainable business models, manage risks, and scale their operations.Speaking on the award, the Managing Director of Richway MfB, Adenrele Oni, said the “DBN’s award represented a significant milestone for Richway in its sustained efforts to boost Nigeria’s economy and reflected the bank’s role in driving innovation and entrepreneurship, which are key drivers of Nigeria’s economic diversification efforts.”According to him, the award also underscores the importance of microfinance institutions in bridging the financial inclusion gap, particularly for small businesses that often struggle to access traditional banking services.While thanking the DBN’s management on the recognition of the micro lender’s support for MSMEs in 2023, Oni reiterated the bank’s commitment to continuing its mission of empowering entrepreneurs and contributing to Nigeria’s economic development.He assured: “As Richway Microfinance Bank celebrates this achievement; it remains focused on the future, with plans to expand its offerings and reach even more start-ups in the coming years.”
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