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FG says 4m MSMEs Benefited from N150bn Funding
More than four million Micro, Small and Medium Enterprises have benefitted from various schemes of the Federal Government, amounting N150 billion, targeted at uplifting the sub-sector in the country.
Mr. Laolu Akande, Senior Special Assistant to the Vice President on Media and Publicity, in a statement, said beyond providing interest-free microcredit loans to petty traders, the various social intervention schemes of the Buhari administration have made significant impact in the lives of millions of ordinary Nigerians.
He quoted Professor Osinbajo, as saying: “This is a shining case study of what President Muhammadu Buhari strongly believes: that Nigerians will solve Nigeria’s problems. This is an example of what we can achieve when we unleash the best of our people – especially our young – on the toughest of our challenges, and give them the free-hand to deliver results.”
Osinbajo spoke at the launch of a Bank of Industry Business Growth Platform.
The BOI Growth Platform includes interventions schemes such as the renowned Government Enterprise and Empowerment Programme (GEEP) loans (MarketMoni, FarmerMoni and TraderMoni) – regarded as Africa’s largest fully-digitized micro-credit scheme, the MSME Survival Fund under the Economic Sustanaibility Plan (ESP), the North-East Rehabilitation Fund, the recently launched World Bank $750million NG-CARES programme, and state-based interventions, among others.
He said: “This demographic was far too important to ignore. We had to start solving for them, especially having been left far behind historically,” a reason he noted led to the implementation of intervention schemes through the BOI’s Growth Platform for MSMEs.
“What might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150billion deployed in the past five years.
“57 percent of these MSMEs are owned by Nigerians below 35 years of age, and close to 60 percent of the beneficiaries are women. What is even less glaring is that the team of Nigerian professionals behind this work is largely young, with an average age of 28 years old.”
Highlighting the transparency and impact of these microcredit schemes, particularly the Government Enterprise and Empowerment Programme (GEEP loans – MarketMoni, FarmerMoni and TraderMoni) under the SIPs, Prof. Osinbajo recalled his interaction in 2018 with a petty trader, Jafar Abubakar, one of the Tradermoni beneficiaries at Abubakar Gumi Market in Kaduna when he visited to launch the scheme in the State.
He narrated: “Jafar Abubakar, who trades in ginger and garlic was one of 5,000 or so traders who had just received N10,000 to advance his business in that market. What struck me was what he said about how he was selected to get the credit.
“He said ‘I just applied. I didn’t know anybody. They came here and captured my data last week and I got the alert yesterday.’”
The VP added that Jafar then “showed me the alert on his phone. Stories like Jafar’s have become all too familiar to me over these years. It is a consistent tune I hear as I engage thousands of beneficiaries of our intervention programmes.”
Indeed, the TraderMoni scheme, which provides N10,000 interest-free & collateral free loans to petty traders, mostly with an inventory of less than N5,000, had made huge positive impact nationwide. This includes enhancing the small businesses of beneficiaries, improving their families and contributing to the informal economy.
“This is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. That there is a platform that can process applications from potential beneficiaries, pay out credits or other benefits, maintain auditable records seamlessly. It is those people and infrastructure that make this happen that we are celebrating today,” Prof. Osinbajo noted.
Osinbajo further highlighted the nationwide impact of the Administration’s Social Investment Programmes, which he noted was the “most ambitious social intervention project in Nigeria’s recent history, with a series of people-centric programmes.”
“This is a journey that only began as an idea six years ago: that we can build systems that will serve everybody fairly and justly and bring credibility to government programmes. One of the biggest barriers we identified was the ability to reach people directly, capture and digitize their information (even if they are illiterate) and process a benefit to them directly in a way that is transparent to all. Our vision set out to solve this.
“For some programmes, the everyday Nigerians were young graduates who would benefit from a direct stipend and employment placement from the government. For others, it would be pupils for whom a reliable meal per day would make the difference between staying enrolled in school or skipping school to earn money for that meal.”
Prof. Osinbajo also praised the infrastructure and transparency behind the BOI Growth Platform schemes. For instance, he recalled his visit to the Growth Platform’s Command Centre, which now has “22,000 agents, living across all LGAs in Nigeria and equipped with its proprietary mobile technologies, receive mandates to capture and digitize businesses eligible for its growing suite of programmes.
“Every detail of each business is trackable centrally at the Bank of Industry, down to biodata, geolocation, images and facial IDs of every micro, small and medium entrepreneur where applicable. This has greatly simplified the profiling and decision-making processes that have allowed for direct outreach and impact on Nigerian MSMEs at tremendous scale. And this is being done with entirely home-grown solutions and an ecosystem of institutions, donor partners, service providers and technology companies in Nigeria.”
The Vice President also commended the Managing Director of the Bank of Industry, Mr. Olukayode Pitan; as well as the BOI Growth Platform team led by its Executive Director, BOI, Toyin Adeniji; with Uzoma Nwagba as its Chief Operating Officer.
According to the VP, “they have brought to bear the best of experience and bold thinking, the depths of innovation and youth, and a detailed understanding of the Nigerian spirit, to build an operation and impact that have become a national pride. The over four million micro, small and medium enterprises impacted till date, and the several more to come, are a direct testament to their hard work.”
Adeniji and Nwagba are the co-authors of the “Aid for Productivity” report, which they formally presented at the launch.
The VP also applauded pioneering partners, particularly the Bill and Melinda Gates Foundation for providing the much-needed early support to the Bank of Industry to build this operation to the large scale it is now.
In his remarks, the BOI Managing Director, Mr. Olukayode Pitan, restated the impact of its programmes, noting how programmes such as GEEP have won several local and international awards, including the award at the 2019 African Bankers’ Awards as the most impactful Financial Inclusion program in Africa.
The event also featured closing remarks by representatives of BOI partners: including Mr. Ahmed Rostom, Senior Financial Sector Specialist, World Bank; and the country director, Bill and Melinda Gates foundation, Dr Jeremie Zoungrana.
Prof. Osinbajo also commended the commitment of Nigerian financial institutions, technology companies, service providers and programme partners who he said “have given the best of their expertise to this work over the years.”
Field, African healthtech company, has today announced the launch of a route-to-market service that will introduce emerging therapies to tackle the urgency of maternal mortality, newborn and child health, along with nutrition.
The initiative will leverage Field’s proprietary technology, distribution, and financing services, which today powers a network of over 40,000 private and public healthcare providers in rural and urban areas across Kenya and Nigeria.
The initiative launches with an initial $11m in support from the Bill & Melinda Gates Foundation, in recognition of Field’s commitment to introduce emerging therapies and supply chain transformation in combating Africa’s most urgent health priorities.
Since its inception in 2015, Field’s streamlined infrastructure has facilitated over 800 million health interventions across more than 60 therapeutic areas, such as family planning, HIV and Tuberculosis. Starting in Kenya and Nigeria, with scope to expand to other regions.
Field will advance on its unique capabilities within complex distribution channels to create an accelerated route to market for emerging therapies and technologies.
This is to include an extensive digitisation overhaul for private healthcare providers, hospitals and healthcare bodies at State and Federal level, with financing options to strengthen operations and purchasing capabilities.
Additionally, healthcare providers stand to benefit from last-mile delivery to improve day-to-day health services and the installation of pharma-grade refrigerators.
In its entirety, the service will be reinforced by the establishment of a coalition to include governments, manufacturers and other key stakeholders for one of the continent’s most ambitious maternal health programs to-date.
Maternal mortality is one of the continent’s most pressing healthcare challenges. The likelihood that a woman will die in childbirth in Africa is 45x higher than in Europe.
According to the World Health Organisation (WHO), Africa accounted for 69% of global maternal deaths, with Nigeria alone representing 29% of all maternal deaths worldwide in 2020.
Field’s service will provide expectant mothers in Africa access to emerging therapies such as heat-stable carbetocin and calibrated drapes, which detect and treat postpartum haemorrhage, the leading cause of maternal mortality in Africa. The platform will accelerate these new interventions, support established therapies, and address related complications like preeclampsia.
The consequences of poor or non-existent maternal health services will affect the most vulnerable sections of Africa’s population. Speaking on the initiative, Michael Moreland, CEO & Founder of Field, says, “This is public health powered by technology and today’s news recognises the products and services that Field has built over the past eight years scaled and integrated into large-scale public health programs; this is what we believe health technology companies should be doing; joining innovative, impactful coalitions between private and public entities”.
“Digitally powering, networking, and financing health systems at scale will have an overwhelmingly positive effect on access to quality care. With funding from the Bill & Melinda Gates Foundation we are set to rapidly improve mother and child survival in every setting .’’
A number of global pharma and health companies have exited the continent in the past 18 months. Moreland adds, “We’ve seen genuine, meaningful gains being made in healthcare delivery outcomes, however in this current tough economic climate, without coordinated systems and processes, the progress will slow or slip.
Alongside our funders, our role is to ensure this doesn’t happen because the problems the healthcare space is facing will not be solved on its own. This is where Field, and its funders, come in and we’re excited to get to work on this technology-powered infrastructure blueprint for public health services”.
In addition to this new initiative, Field continues to grow and scale its technology solutions across the continent. In Field Supply, it has created the largest pharmaceutical supply chain platform in Africa.
Its distribution service Shelf Life distributes over 3,000 quality products across more than 50 therapeutic areas, reaching over 2,500 pharmacies and hospitals in 24 cities in Nigeria and Kenya, including government facilities, large hospital systems, retail chains, insurance companies and family-operated drug stores.
The platform also provides trade financing solutions for priority therapies and equipment that addresses working capital constraints that often hinder investment in new medical interventions.
As the international back-to-school season starts, Kaspersky’s cybersecurity experts have detected a significant surge in fraudulent activities. Cybercriminals exploit academic topics, launching sophisticated phishing campaigns.
However, Kaspersky experts warn that this year, the campaigns have become more targeted, specifically aiming to steal personal data from students, educators, and administrators in the educational sector.
Fraudsters are increasingly leveraging data collection forms on platforms like SurveyHeart.com, a questionnaire like Google Forms, to carry out scams.
In one such scheme – a phishing attack that targets students at Neumann University in the U.S. – victims receive a notification claiming they are using two different Microsoft school emails across various university portals.
To prevent their Office 365 account from being deactivated, they are asked to complete a survey requiring sensitive details such as their name, phone number, university email, and account password.
Another scam uncovered by Kaspersky experts involves fraudsters creating fake giveaways that promise students a chance to win various high-end gadgets useful for education, from iPhones to iPads and laptops.
To enter these enticing contests, victims are asked to provide personal information and indicate their preferred laptop model.
Additionally, individuals are prompted to share a link to a prize-draw page with 15 contacts via WhatsApp. While the prospect of winning a valuable item like a laptop is the lure, there’s a hidden catch: the so-called winners are told they must pay for the delivery of their prizes. This demand for additional payment is a clear red flag that the giveaway is a scam.
The offer may seem tempting, but the combination of an unusually generous prize and the requirement to cover delivery costs is a telltale sign of fraudulent activity.
“These scams go beyond immediate data theft and could lead to more serious, long-term consequences,” cautions Olga Svistunova, a security expert at Kaspersky.
“If attackers gain access to private school information, such as class schedules, it could be exploited for doxing, stalking, cyberbullying, or even identity theft. It’s essential for students to be vigilant and cautious when responding to such suspicious notifications.”
Climate Action Africa is proud to announce the launch of Scorecard of States (SOS) Webinar Series, set to debut on Thursday, 26 September 2024, with the theme: Unveiling Climate Action at the Subnational Level. This initiative is a crucial step in advancing climate resilience and fostering eco-conscious communities across Nigeria, focusing on the pivotal role of subnational governments in driving climate action.
As Nigeria continues to take proactive steps towards addressing climate change, the recent 2024 Climate Governance Performance Ranking report has spotlighted the diverse performance of Nigeria’s 36 states. Notably, Lagos, Gombe, and Ebonyi have emerged as top performers, demonstrating significant progress in institutional arrangements and project implementation. While these successes are commendable, they also highlight the ongoing need for dialogue, collaboration, and innovation to further enhance climate action at the state level.
The SOS Webinar Series by Climate Action Africa is designed to serve as a dynamic platform for knowledge sharing, policy influence, and stakeholder engagement. Through this series, we aim to showcase and discuss the climate change and sustainability initiatives of Nigerian states, explore the challenges they face, and promote innovative solutions that can inform and influence climate policies at the subnational level.
This webinar series will run for a year, with government representatives from 3 different states appearing as speakers every month. Each session will focus on the unique climate challenges and successes of four states, fostering a comprehensive understanding of subnational climate action across Nigeria.
Why This Matters
The Scorecard of States is not just a discussion series; it is a vital mechanism for driving climate action where it is needed most — at the state level. Subnational governments are at the forefront of implementing climate policies that directly impact local communities. This series, through highlighting state-level initiatives, sharing successes and challenges, and fostering collaboration among stakeholders, will contribute to a more resilient and sustainable Nigeria.
Upcoming Event Details
The first series is scheduled to hold as follows:
Date: Thursday, 26 September 2024
Time: 2:00 PM WAT
Duration: 90 minutes
Format: Zoom Webinar
Keynote Address: Cecilia Kinuthia-Njenga – Director, Intergovernmental Support and Collective Progress Division, UNFCCC.
Participating States: Abia, Kano, and Ekiti.
Panelists: Chris Ike – Director, Climate Change Department, Abia State Ministry of Environment; Umar Saleh Anka – Director, Environment and Climate Change at Kano Watershed, Erosion and Climate Change Management Agency KN-WECCMA, Kano State Ministry of Environment and Climate Change; and Akinola Babatunde Peter – Director, Climate Change and Nature Conservation, Ministry of environment and natural resources Ado ekiti Nigeria.
Call for Sponsors and Partners
Sponsorship and partnership opportunities are available to support this impactful initiative. We invite organizations, businesses, and stakeholders committed to climate action to join us in making this series a success.
Partnering with us will enable you to play a key role in advancing climate resilience across Nigeria, gaining visibility among a diverse audience of policymakers, climate action leaders, researchers, and community stakeholders.
For media inquiries, sponsorship opportunities, or partnership discussions, please contact: [email protected] .
Join us for this impactful event as we pave the way for enhanced climate action across Nigeria.
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