As part of its mandate of supporting medium, small, and micro-enterprises to grow, the Bank of Industry said it disbursed loans totalling N77.65bn to about 1,000 MSMEs across the country within the first nine months of 2024.

Addressing dignitaries who attended the 2024 BOI Annual Public Lecture Series held on Wednesday in Abuja, BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, explained that the financial assistance would enable the beneficiaries to enhance their operations, improve their productivity and contribute to the overall economic growth of the country.

Welcoming participants at the event themed, ‘Creating Impact: The Role of MSME Support and Financing in alleviating poverty and food insecurity in Nigeria’, Olusi stated that the loan disbursement is part of the government’s strategy to address significant challenges such as limited access to finance, difficult operating environment, and infrastructure deficiencies.

He also emphasised that the disbursement of the loans to the business owners is crucial for alleviating poverty and ensuring food security in Nigeria.

Describing MSMEs as the bedrock of any thriving economy, the BOI boss disclosed that MSMEs make up approximately 97 percent of all businesses contributing to over 80 percent of employment and about 50 percent of GDP, adding that they are the driving force of food production and the overall economic development of the country.

He identified some of the challenges facing small business owners such as limited access to finance, challenging operating environments, and infrastructure deficiencies, emphasising that addressing these issues is essential to alleviating poverty and ensuring food security.

Olusi stressed that through sufficient financial support and an enabling environment, MSMEs are better equipped to improve the socio-economic conditions of the poor by creating employment opportunities, promoting the utilization of local raw materials, and driving economic growth.

He said some of the beneficiaries of the loan facility “range from the local palm kernel oil processor in the east to the woman with a printing press in the north and a local furniture maker in the south, amongst others.”

According to him, the bank will continue to create an environment that promotes sustainable growth by providing access to capacity-building programs, encouraging technological innovation, and facilitating connections between businesses and both domestic and international markets.

To deepen the bank’s impact, he said it has prioritized six key thematic areas including MSMEs, Digital Economy, Youth & Skills, Climate and Sustainability, Infrastructure, and Gender, adding that the approach ensures that every loan disbursed helps to create jobs, achieves a greener economy, and boosts overall economic growth and development.

The Minister of Industry, Trade and Investment, Doris Anite, while making her remarks said that the government is focused on incorporating MSMEs into its initiatives aimed at reducing food insecurity and enhancing the production of essential goods and services, including food.

For the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, the government is working to increase the equity base of the bank.

Represented by the Managing Director of the Ministry of Finance Incorporated, Armstrong Takang, Edun stated that this increase in equity will enable the bank to better mobilize resources and focus more on supporting MSMEs.

The Nigerian National Petroleum Company Limited (NNPCL) has again disappointed Nigerians over the functionality of the country’s refinery in Port-Harcourt, Rivers State.

The Group Chief Executive Officer of the NNPC, Mele Kyari, had in July, this year, stated categorically that the refinery would come into operation in early August.

Kyari’s announcement made it the seventh time the petroleum company would promise Nigerians that the Port-Harcourt Refinery would restart operations.

But the company has not been able to fulfill any of its assurances as at the time of this report, even as the challenges of fuel availability facing Nigeria bite harder.

The NNPC CEO had earlier promised that the refineries would be functional before the end of former president Muhammadu Buhari’s administration in May 2023.

The most recent date was promised by the Chief Financial Officer of the NNPC, Umar Ajiya, who said the Port Harcourt refinery would commence operations in September 2024.

In a recent reply to an enquiry by legal luminary, Femi Falana, SAN, it was noted that the contractor overseeing the rehabilitation of the Port Harcourt refinery, said it would provide details on the project’s completion by or before October 2.

The contractor conveyed this through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Falana had written to them on September 17 and 24, respectively regarding the contract with the NNPC.

Kyari had informed the Senate recently when he appeared before the red chamber that Nigeria would be a net exporter of petroleum products by the end of the year.

He had informed the lawmakers that it was impossible to have the Kaduna refinery come into operation before December and that it would get to December. He had said similar things of both Warri and Kaduna Refineries.

According to him, Port Harcourt would commence production in early August this year.

In the bid to reduce the cost of transportation fares in Nigeria, the federal government has donated 64 Compressed Natural Gas (CNG) buses to the representatives of the Trade Union Congress (TUC), the Nigerian Labour Congress (NLC), and the National Association of Nigerian Students (NANS) for commuter service.

The donation was announced On Sunday, September 29, 2024, in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed that the federal government has donated 64 CNG buses to Labour Unions, NANS for commuter service.

The CNG buses were handed over on Sunday at the State House Conference Centre, Abuja, as part of activities marking Nigeria’s 64th independence anniversary.

Present at the handing-over event was the Coordinating Minister of the Economy and Minister of Finance, Wale Edun; the Minister of Information and National Orientation, Mohammed Idris; the Minister of Budget and Economic Planning, Abubakar Bagudu; and the Minister of State for Youth Development, Ayodele Olawande.

Edun said that the buses were distributed under the auspice of the Presidential Initiative on Compressed Natural Gas (PCNGi) to fulfill President Bola Tinubu’s promise of providing affordable and efficient transportation after the removal of fuel subsidies that increased transportation costs.

He added that the CNG initiative will enable cleaner energy while leveraging its energy resources for industrialisation, alleviate poverty, and support macroeconomic reforms to ensure economic stability within the country.

“Today marks another critical milestone in the policies of President Tinubu. It is a transition to cleaner fuel. It is for Nigerians. The emphasis is on mass transit. There is a focus on intervening on the side of workers so that they have cheaper transport to cope with rising prices.” He said.

“We’ve had an initial spike in inflation; now it has peaked, and it is coming down. Mr. President and the whole team are determined to ensure that we keep inflation coming down, and this is one of the major ways.” He added.

The Minister further disclosed that the federal government has plans to distribute over 500 CNG buses and 100 electric vehicles to keep the economy moving. Moreover, motorists can now fill a tank for N15,000 instead of N50,000 or more.

“This is all to get prices down and get the economy moving again,” he said

“Today, it is CNG. Tomorrow, it will be helping farmers cope with the remainder of the wet season planting and then the dry season planting, starting from November, with fertilizer, inputs, seeds, and herbicides.” He added.