Connect with us

Business

Small Business Owners Hail FG on Collateral-free Loans

Published

on

MSME
  • Small Business Owners Hail FG on Collateral-free Loans

There was excitement on Wednesday at the Nyanya Market in Abuja as traders hailed the decision of the Federal Government to disburse the sum of N10,000 to each of them.

The disbursement is part of the current administration’s drive to empower over two million petty traders across the country through a commercial loan scheme tagged: ‘Trader Moni’.

The scheme, being implemented by the Bank of Industry, allows each beneficiary to get a collateral-free loan of between N10,000 and N15,000.

The loan is part of the social intervention programmes of the President Muhammadu Buhari administration.

Speaking on the sidelines of the disbursement of the funds to them, some of the traders commended the Federal Government for coming up with the initiative.

One of the beneficiaries of the scheme, who gave her name as Agnes Danlami, said the funds would enable the government to empower small businesses that could not access finance from conventional banks.

This, she noted, was vital as many of them had in the past been complaining of lack of access to finance.

Danlami, who sells vegetables and tomatoes at the market, said, “This is the kind of funds that we have been clamouring for over the years to grow our business. The rate of turnover for our business is not high and as such, we can’t rely on banks to give us loans, because of the high interest rates.

“But with a collateral-free loan such as this, we can borrow money for our business and still pay back without problems. So, I commend the government for this initiative.”

The Executive Director, MSMEs, BoI, Toyin Adeniji, said the bank was collaborating with the Federal Government to empower small traders.

Adeniji stated that the project, wholly driven by the government, was expected to give N10,000 grant each to the traders to boost their business.

She said about two million petty traders would be empowered under the scheme, with each state having a total beneficiary of at least 30,000 petty traders.

She stated, “The initiative is to give capital to petty traders; as you can see, this place is full of petty traders and we want to come and create a market awareness and to encourage them to embrace the loan, and teach them the modalities for getting the loan.

“It starts from N10,000 and you can pay back between three and six months. The Bank of Industry is the executing agency and basically, we are partners of the Federal Government to implement this.

“The Bank of Industry is a strong promoter of the MSMEs in Nigeria; and so, we have created the platform to enable this programme and ensure that it goes around the entire country.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Business

Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

Published

on

Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

Continue Reading

Business

Dangote Shelves Steel Project to Prevent Monopoly Allegations

Published

on

Aliko Dangote - Investors King

Aliko Dangote, chairman of Dangote Industries Limited, announced the company’s decision to halt plans to enter Nigeria’s steel industry.

The decision comes just two months after the conglomerate had initially unveiled its intentions to invest in the sector as part of efforts to expand the economy.

Addressing journalists at his refinery in Lagos, Dangote explained that the board’s decision was driven by concerns over potential accusations of creating a monopoly.

“We have decided against pursuing the steel business to avoid being labeled a monopoly,” Dangote stated.

He explained that the company’s operations focus on adding value by transforming local raw materials into finished products.

The industrialist dismissed claims that his group enjoys monopolistic advantages, pointing out that their business practices have always fostered a competitive environment.

“When we entered the cement market, Lafarge was the only player, yet no one accused them of being a monopoly,” he stated.

Dangote further encouraged other Nigerian investors to explore opportunities in the steel industry, suggesting that there are ample resources and space for new entrants.

“There are many Nigerians with the financial capacity to invest. They should seize this opportunity to contribute to our nation’s growth,” he urged.

The billionaire’s call to action extended to Nigerians living abroad, inviting them to invest in their homeland.

“Bring your resources back from Dubai and other parts of the world and invest in Nigeria,” he said, reinforcing his commitment to seeing the country’s economy thrive through diverse contributions.

This decision marks a strategic shift for Dangote Industries, focusing on dispelling monopoly myths and promoting a collaborative business landscape.

Continue Reading

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

Published

on

Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending