SME News

Certificate of Incorporation Now Bears Tax Identification Number

The Corporate Affairs Commission (CAC) has simplified the registration of companies under Part A of the Companies and Allied Matters Act (CAMA) by adding Tax Identification Number (TIN) to the Certificate of Incorporation of Companies. Before now, TIN was issued by the Federal Inland Revenue Services (FIRS) on application by the company. A public notice … Read more

CBN Disburses N49bn From N50bn Covid-19 Fund

The Central Bank of Nigeria (CBN) says it has disbursed over N49 billion out of N50 billion targeted facility for households and small businesses.  The Director of Corporate Communications at the apex bank, Isaac Okoroafor, says: “At the CBN, we have looked at it and we felt that everyone must work hard to ensure … Read more

Zenith Bank, IFC Support SMEs With $100m

Zenith Bank Plc and the International Finance Corporation (IFC), a member of the World Bank Group, have announced an investment of $100 million to help increase support to clients and Companies, whose cash flows have been disrupted by the COVID-19 pandemic. The IFC’s loan to Zenith Bank is its first investment in Africa through its … Read more

Afreximbank Re-Appoints Prof. Benedict Oramah As President

Shareholders of African Export-Import Bank (Afreximbank) have voted to re-appoint Prof. Benedict Oramah as President of the Pan-African multilateral financial institution for a second five-year term. He was first appointed in 2015. The decision was announced June 14, 2020 in Cairo following Afreximbank’s 27th Annual General Meeting of Shareholders held by circulation of resolutions due … Read more

Impact Of Covid-19 On Nigerian MSMEs, By Fate Foundation, BudgIT

FATE Foundation and BudgIT surveyed Micro, Small and Medium Enterprises in Nigeria amid the Covid-19 pandemic, aiming to drive stakeholders in the ecosystem to engage in urgent interventions to enable businesses thrive during and after COVID-19. Here are its key findings: Overall Impact: The report analyses responses from 1,943 Micro, Small and Medium Enterprises (MSME) … Read more

Nigeria Economic Sustainability Plan 2020: What’s In It For SMEs?

Introduction: Following the health and economic emergencies caused by the COVID-19 pandemic, His Excellency, President Muhammadu Buhari established the Economic Sustainability Committee (ESC) on March 30, 2020. Membership of the Committee: Membership of the Committee consists of: (i) His Excellency, the Vice President; (ii) Hon. Minister, Finance, Budget & National Planning; (iii) Hon. Minister of … Read more

Ecobank Supports ‘100,000 MSMEs by 2021’ AUDA-NEPAD Programme

The Ecobank Group has reiterated its commitment to the ‘100,000 MSMEs by 2021’ programme of the African Union Development Agency (AUD) and the New Partnership for Africa’s Development (NEPAD). Ade Ayeyemi, Chief Executive Officer of Ecobank Group, speaking at the second virtual workshop facilitated by McKinsey on June 11, 2020, confirmed Group’s support in building … Read more

Afreximbank, ITC Partner To Grow SMEs Through Trade

The African Import-Export Bank (Afreximbank) and International Trade Centre (ITC) are teaming up to help small businesses maximise the benefits of the African Continental Free Trade Area. They will train Small Business Owners and young entrepreneurs in Africa to trade with other African countries as part of the new African Continental Free Trade Area (AfCFTA). … Read more

Afreximbank Scales $1b Income Mark, Nets $315m In 2019

The African Export-Import Bank (Afreximbank) released its audited financial statements in Cairo, Egypt on Wednesday, for the year ended December 31, 2019. It recorded a gross income of $1.1 billion. The result indicates a 29.7 percent growth in gross income in 2019, compared to $813.9 million 2018, and moves Afreximbank above the $1 billion income … Read more

CBN Guidelines For Implementation Of N50 Billion Targeted Credit Facility

The Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. The guidelines outline the operational modalities for the Scheme. The broad objectives of the CBN N50 billion Targeted Credit Facility are: i. Cushion the … Read more