Be among 250,000 SMEs to get free business name registration by CAC

IFC Disburses $50m Loan To Nigerian SMEs Affected By Pandemic

President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation. This was announced on Tuesday evening by Bashir Ahmed, the new media aide to the President, announced the development through his Twitter handle. “President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted. “The free registration commences today, visit http://cac.gov.ng for details” he added.…

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FG begins N75bn support fund disbursement to 1.7m MSMEs

Beginning from this week, the Federal Government will start paying grants to Micro, Small and Medium Enterprises (MSMEs) that are successful to partake in the N75 billion COVID-19 support schemes. On September 10, 2020, the Federal Government inaugurated two schemes to financially support about 1.7 million MSMEs across the country with N75 billion. The schemes are the National MSME Survival Fund and the Guaranteed Off-take Stimulus Schemes under the Nigeria Economic Sustainability Plan. The Special Assistant to the President on MSMEs, Office of the Vice President, who doubles as Project…

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FG inaugurates survival fund for 333,000 artisans, transporters

The Federal Government, on Thursday, formally inaugurated the artisans and transport sector track of the N75bn MSME Survival Fund and Guaranteed Off-take Stimulus Scheme. A total of 333,000 artisans and transporters across the country are to benefit from grants provided by the scheme. The Minister of State for Industry, Trade and Investment, Miriam Katagum, who flagged off the scheme in Abuja, said 9,009 beneficiaries each from the 36 states of the federation and the Federal Capital Territory would benefit from the scheme. She said the scheme would leverage duly registered…

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Within 48hrs, 174,574 apply for COVID-19 N75bn MSME survival fun

Just 48 hours after commencement, a total of 174,574 persons have successfully registered for the N75 billion National MSME Survival Fund and the Guaranteed Off-take Stimulus schemes under the Nigeria Economic Sustainability Plan. Mariam Katagun, minister of state for industry state and investment, disclosed this on Thursday while addressing journalists in Abuja, adding that the registration for the MSME Survival Funds commenced at 11pm on Monday. She said that “as at 8.30am this (Thursday) morning, total successful registrations stood at 174,574.” The schemes were introduced by the federal government to…

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Pandemic: 1.7m Nigerian MSMEs set to get N75bn FG’s stimulus funds

The Federal Government on Thursday flagged off two schemes to financially support about 1.7 million micro, small and medium enterprises (MSMEs) across the country with N75 billion. At the flag-off of the National MSME Survival Fund and the Guaranteed Off-take Stimulus Schemes under the Nigeria Economic Sustainability Plan, Mariam Katagum, the minister of state for industry, trade and investment, assured that the schemes would impact positively on businesses. Recall that the Economic Sustainability Plan was approved by the Federal Executive Council on June 24, 2020 following its initiation by the…

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UBA to train small buisnesses on financial record keeping

UBA leads consortium to stake $1.5bn on NNPC, NPDC’s project

United Bank for Africa (UBA) Plc is set to organise another MSME Workshop for entrepreneurs in a bid to support the growths of Micro Small and Medium Enterprises (MSMEs) in the country. With the programme, the lender also intends to equip them equip them with the necessary tools aimed at strengthening and sustaining their businesses. The workshop which slated for Wednesday via Microsoft Teams, will host professionals who will share their experiences and give essential tips to MSME and business owners on how to their businesses to the next level,…

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Post Covid-19: Marketing strategies for small business survival

IFC Disburses $50m Loan To Nigerian SMEs Affected By Pandemic

By David Alonge At least, more than 90% of small and medium businesses have been adversely affected by the insurgent of COVID19 pandemic in Nigeria, FATE foundation reported in its recent survey on the impact of COVID-19 on Nigerian MSMEs. The survey also shows that areas such as cash flow (72%), sales (68%) and revenue (59%) of a typical small business were particularly affected from this pandemic in the first quarter of this year. As a result, there has been a pocket of job losses, shut down of small businesses…

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MSMEs get 1yr moratorium on SMEDAN loan repayment

MSMEs, moratorium, loan repayment

The Director General of the Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN), Dr Dikko Umaru Radda, yesterday extended the debt repayment moratorium for the One Local Government One Product (OLOP) beneficiaries from three months to one year. A statement from the Corporate Affairs Unit of the agency quoted the Director General as saying that the latest gesture was extended to the beneficiaries in view of the criticality of MSMEs to sustainable growth of the nation’s economy. He said: “After studying the current trends regarding the global pandemic as…

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