- Nigerian-American Chamber Harps on Ease of Doing Business
The Nigerian-American Chamber of Commerce, NACC, yesterday said that for Nigeria to prosper economically, the ease of doing business has to be improved.
Speaking this at the March 2017 NACC Business Dialogue, with the theme “Improving the Ease of Doing Business in Nigeria”, the president of NACC, Chief Olabintan Famutimi, said the task of moving Nigeria up the ladder was daunting and depended on the abundance of the political will on the part of the government to achieve such an improvement.
He noted that there were key areas where businesses in Nigeria face challenges and which has greatly affected the ease of doing business.
Unnecessary red-tape and corruption
Famutimi said, “despite Nigeria’s available resources, it is still unable to meet up with the electricity demand. The epileptic power supply throughout the country has hindered the growth of many businesses, especially within the manufacturing sector, as majority of these businesses have to run on generators, which is a huge burden on their overhead. Some have closed down or moved to neighboring countries, this has hindered the development of our economy generally.”
According to him, the unnecessary red-tape and corruption in obtaining operating licenses for businesses is a crucial area that needs to be addressed.
“The upgrade of the Corporate Affairs Commission (CAC) online portal to ensure document upload capabilities that will make it possible for new businesses to be registered online from start to finish is commendable. The Commission also stated that it has consolidated the forms required to incorporate a business in Nigeria by reducing the number of forms from seven to one. Also work is ongoing to streamline the number of agencies operating at the nation’s port to just six,” he stated.
On inaccessibility of funds, he said, where these funds are available they come at extremely high interest rates to the small and medium business owners in the country, stressing, “this is one key area which hinders the growth of start-ups. There is also a need to enhance tax reliefs and access to venture capital for small business operations by means of promoting lending through equity instead of debt.”
Famutimi noted that inconsistency in government policies, exceptions and exemptions have been the bane of the Nigerian business environment. This, he said, plays a huge role in the daily operations of businesses, with onerous regulations, multiple taxes and unfriendly government officials diverting the energies of entrepreneurs from developing businesses.
“Government has been most notorious in failing to pay its debts and honouring its contractual obligations. This factor alone, accompanied by a poor dispute settlement mechanism has led to the untimely death of many companies. Government must demonstrate integrity in keeping its obligations. Putting the country back on the path of recovery and growth to help boost businesses will require efforts from the government and private sector hence the decision of the NACC to organise this event” he stated.
Segun Opeke is Polaris Bank Executive Director
Polaris Bank Appoints Segun Opeke as Executive Director
Mr. Segun Opeke has been appointed as an Executive Director of Polaris Bank Limited, according to a statement issued by the bank.
The lender said the appointment was made by the bank’s Board of Directors and the Asset Management Corporation of Nigeria (AMCON).
According to the statement, Mr. Opeke has over 26 years of hands-on work experience acquired from leading Nigerian commercial banks with over fifteen of these years in senior and executive management roles.
Until his appointment, Opeke was the Directorate Head, Lagos Business.
“The Lagos Directorate under, his leadership, recorded outstanding growth and contributed significantly to the turnaround of the bank, evidenced by its impressive financial performance recorded in the 2019 financial year.
“Since the CBN intervention in the erstwhile Skye Bank Plc in July 2016, Segun has played a prominent role in the Bank’s transformation initiatives and very instrumental to the several milestone achievements of the Bank.
“By this appointment, he is expected to strengthen the bank’s leadership aspirations in the industry leveraging his wealth of experience and contributing greatly to its ongoing corporate transformation programme,” it stated.
Survival Fund: Here is FG’s Timetable for Registration as Portal Opens Today
FG’s Timetable for Survival Fund as Registration Portal Opens Today
The registration portal for the Federal Government’s Survival Fund will be officially opened to prospective beneficiaries at 10 pm Monday, September 21, 2020.
According to the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), Laolu Akande, the survival fund would help ease the negative impact of COVID-19 on small businesses and self-employed individuals.
He said “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”
On Sunday, the Federal Government released a statement detailing timetable for categories of businesses to register. According to the statement, educational institutions will be the first category of beneficiaries to register on the portal.
“Nigerians interested in the Payroll Support scheme are to note that the site for registration will be open from 10 pm Monday, September 21, 2020.
“In order to ensure a seamless registration process, the Project Delivery Office (PDO) has designed a registration schedule.
“Registration for Payroll Support will start with educational institutions on Monday and will be followed with businesses in the hospitality industry on Friday, September 25 beginning from 12 A.M.
“The portal will also be open to other categories of small businesses from 12 A.M., on Monday, September 28, 2020,” the statement said.
Federal Government, therefore, advised those whose businesses were impacted by COVID-19 to take note of the schedule and also log on to http://www.survivalfund.ng to register for the payroll support initiative.
The survival fund is a federal government’s conditional grant to support vulnerable Micro and Small enterprises in paying salaries and safegaurd jobs to prevent further increase in unemployment and cushion falling economic productivity.
For how to access survival fund clicks here
How to Access Survival Fund Through Official Registration Portal
Here is a Detail Break Down of How You Can Access MSMEs Survival Fund
You can now start registering for the National Micro, Small and Medium Enterprises (MSMEs) Survival Fund instituted by the Federal Government to help small businesses and individuals impacted by COVID-19.
To access survival fund registration portal log on to https://survivalfund.ng
According to Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), “Next week, we are starting the survival fund, which is a part of this plan. From next week, it will be available and people who are potential beneficiaries will be able to get more information on https://survivalfund.ng.”
He said from next week, “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”
About 45 percent of beneficiaries of the program are expected to be female-owned businesses while 5 percent is allocated to persons with special needs.
The survival fund includes payroll support for three months, and a guaranteed offtake scheme among others, all under the National Economic Sustainability Plan (NESP).
The Federal Government plans to reach around 1.7 million individuals and businesses through the program.
How to Benefit from MSMEs Survival Fund.
To benefit from National MSMEs Survival Fund, your business must:
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.
Eligibility for the survival fund Nigeria
To qualify for Survival Fund Nigeria, applicants must meet the following requirements:
- For employers of MSMEs
- All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
- Must have staff capacity of not less than 3 persons,
- All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
- Must have BVN.
- Self-Employed Individuals in the following categories
- Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
- Artisans: Electricians, Plumbers, etc.
Application portal opening date
The portal will open on Monday, 21st September 2020
The MSME Survival Fund registration portal is survivalfund.ng. Registration for the National MSMEs Survival Fund will begin on Monday, 21st September 2020.
MSME Survival Fund Registration Portal & Information.
Under the National Survival Fund is a Payroll Support Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.
In addition to registered businesses, the National MSMEs Survival Fund will also cater to a second category of Nigerians: the Self-employed, including:
- Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
- Artisans (Electricians Plumbers etc).
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