General News
FG Slashes Business Registration Cost for SMEs by 60%
Federal government has reduced the costs of registering Small and Medium Scale Enterprises (SMEs) with the Corporate Affairs Commission by 60 per cent.
Olusegun Aganga, minister of Industry, Trade and Investment, stated this while speaking at the 8th annual Micro, Small and Medium Enterprises finance conference.
The conference with theme ‘MSME financing in Nigeria: Past, present and future’ was conceptualised to look at the MSME finance sub-sector from a holistic perspective.
Aganga said the directive for the reduction of the business registration costs was given by President Goodluck Jonathan, adding that the development underscored the importance of the sector to poverty reduction, job creation and inclusive growth.
He said since SMEs account for about 80 per cent of businesses registered with the CAC as well as about 50 per cent of the country’s Gross Domestic Product, there was need to remove all factors that would impede their development to nation building.
He said, “The administration of Mr President has made it a matter of importance to support MSME in certain key areas-access to affordable finance which we are doing here today, access to markets, formalization of businesses, skill acquisition, provision of infrastructure to reduce the cost of businesses for SMEs.
“Already, the president has approved a reduction in the cost of setting up SMEs by 60 per cent and the idea is to reduce the cost of doing business.
“So today if you are going to CAC to set up a company, then know that the costs have been reduced by 60 per cent already.”
He said the N220bn facility whose disbursement was flagged off at the event by Jonathan would help not only to empower SMEs, but address the access to financing needs of the sector in an efficient and sustainable manner.
Jonathan while speaking at the event commended the CBN for providing the fund for the development of the sector at an interest rate of nine per cent.
He added that the decision of the apex bank to set aside 60 per cent of the fund for women was in line with his administration’s commitment to women empowerment.
The president said MSMEs have been recognized globally as the engine of growth in any development-oriented economy.
He added that due to their inherent labour intensive production processes, they also provide a veritable platform for job creation.
He said, “All over the developed world, the contribution of MSME to GDP is on the average of about 47 per cent, this shows clearly how important the MSME are to us.
“With about 17.3 million SMEs in Nigeria, there is need for more concrete and concerted efforts to expand the activities of MSMEs in our country.”
He said the focus of this year’s conference which is geared towards enhancing access to finance was appropriate noting that a vibrant MSME sub sector was indispensable to achieving sustainable transformation in the Nigerian economy.
Jonathan said as Africa’s largest economy with excellent prospects of becoming one of the 20 largest economy in the world in the nearest future, it is imperative that the challenges confronting MSMEs are addressed “frontally at this time.”
The President said his administration had already instituted a number of reforms to improve the business environment and build strong institutions that would fast track the growth and progress of MSMEs.
He said, “Given that the structural transformation of the economy remains our core priority, we are investing heavily in critical infrastructure to promote job creation and inclusive growth.
“We are aware that inadequate infrastructure increase the cost of production by estimated 30 per cent making Nigerian goods under-competitive and we need to improve on that.
“The federal government believes that stable power supply is the bedrock of our industrial development. It will not only reduce the cost of manufacturing and services significantly, it will also engender investments and create jobs.”
He also said as part of measures to enhance the contribution of MSMEs to economic growth, the Federal Government will establish a wholesale development finance institution, which would provide long term funds of up to 15 years for industrial development.
He added that existing DFIs would be restructured for better performance and improved access to finance by the MSMEs.
He said the enormity of the task ahead requires immediate and dedicated action adding that this underscores the need to effectively disburse the N220bn MSME fund.
In his keynote address delivered at the event, Mr Godwin Emefiele, CBN governor, said the MSME financial gap, which is estimated at N9.6tr was one of the major reason why the apex bank intervened in the sector.
He said in view of the fact that cost and access to credit had continued to be an inhibiting factor to the survival and growth of many MSMEs in the country, the apex bank would be working with relevant stakeholders to establish a Secured Transaction and National Collateral Registry to facilitate the registration and acceptability of movable property as loan collateral.
He added that the bank would also encourage venture capital companies to fund MSMEs, as well as set up a National Credit Scoring System to improve access to information on borrowers to positively influence credit decisions,
“We would also enhance the operations of Credit Reference Bureaus. We believe that these efforts would improve the information available to potential lenders on persons seeking loans and therefore, help to isolate bad borrowers from credible ones,” he said.
He said going forward, the CBN’s focus would remain on sectors that can create jobs on a mass scale as well as reduce the country’s import bill and conserve the country’s foreign exchange.
For example, he said the bank would maintain a keen interest in supporting the creation of an enabling environment to trigger private sector investment to curb the growing trend of medical tourism, which has depleted the nation’s foreign reserves.
In the power sector, he said 36 power projects have received N115.73bn from the Power and Aviation Intervention Fund noting the apex bank would also carefully consider funding viable gas to power projects.
He said, “In fact, we are currently collaborating with the Ministries of Power and Petroleum Resources, the Nigerian Electricity Regulatory Commission and all relevant stakeholders to find innovative ways of dealing with the legacy gas to power debt.
“This is to ensure that the international oil companies and other producers of gas can significantly increase the production and supply of gas to power plants across the country.”
At the event, Union Bank of Nigeria Plc with a total loan exposure of N4.17bn for 14,752 projects was decorated by the president as the best performing bank in the Agricultural Credit Guarantee Scheme.
Similarly, Sterling Bank Plc, with a total exposure of N6.16m in nine projects won the best performing bank in Commercial Agriculture Credit Scheme.
Based on the guidelines of the MSME fund, each state of the federation would be able to access the sum of N2bn which would be administered to beneficiaries at an interest rate of nine per cent.
Already, the apex bank had signed Memorandum of Understanding with governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue state to access the fund.
Also, two per cent of the fund would be made available for economically active physically challenged entrepreneurs.
NLNG and the Nigerian Content Development and Monitoring Board (NCDMB) have commenced the construction of a research and innovation centre at Rivers State University, aimed at strengthening indigenous capacity in computer and electrical engineering.
The NLNG Research and Innovation Centre for Computer and Electrical Engineering (RICCEE), which was inaugurated yesterday, is the company’s largest Human Capital Development Institutional Strengthening project to date.
The centre is expected to provide specialised training, advanced research facilities and technological solutions for challenges in Nigeria’s energy and industrial sectors.
It will also house a professorial chair and operate as a research and development centre where industry-focused solutions, particularly for NLNG, can be developed and potentially commercialised.
Speaking at the groundbreaking ceremony, NLNG’s Managing Director and Chief Executive Officer, Adeleye Falade, described the project as a strategic investment in the country’s future and evidence of the company’s commitment to sustainable human capital development.
Falade, who was represented by NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, said the facility would improve the university’s ability to produce highly skilled professionals while ensuring that research responds to industry needs.
He said the centre would also help bridge the gap between academic knowledge and practical industry requirements by creating opportunities for researchers and professionals to work together on innovations with commercial and developmental value.
Felix Omatsola Ogbe, the Executive Secretary of NCDMB, represented by the Director, Capacity Building, Abayomi Bamidele, said the project marked an important step in advancing the Board’s Human Capital Development objectives.
According to him, the centre is part of the Board’s Institutional Strengthening Programme, which seeks to build lasting partnerships with higher institutions through infrastructure that supports teaching, research, innovation and practical skills development.
Ogbe challenged the centre to emerge as a hub for discovery, creativity and technological advancement, where students can develop innovative ideas, researchers tackle real-world problems and industry can find reliable research and development partners.
The Vice-Chancellor of Rivers State University, Prof. Isaac Zeb-Obipi, said the project aligned with the institution’s 2026–2030 strategic plan, particularly its focus on research collaboration, innovation and entrepreneurship.
“We envisage the Centre as a world-class hub where researchers and students can develop practical solutions to engineering and technological challenges, where university-industry collaboration can flourish, and where innovative ideas can be transformed into useful products, technologies and services,” he said.
The centre will occupy about 9,336 square metres within the university and include specialised laboratories for electronics and signal processing, robotics and embedded systems, software engineering, and digital forensics and cybersecurity.
The facility will also feature solar energy provisions, energy-efficient lighting and other environmentally responsible systems designed to reduce operating costs and support reliable research activities.
RICCEE is one of NCDMB’s Institutional Strengthening Projects designed to improve learning institutions through modern infrastructure, research facilities, technical equipment and training aligned with industry needs.
General News
NITDA Seals Strategic Deals with Goose FL and Fireflies AI to Power $1 Trillion Digital Economy Vision
In a significant step toward expanding Nigeria’s tech footprint on the global stage, the National Information Technology Development Agency (NITDA) has signed strategic Memoranda of Understanding (MoUs) with Canadian tech companies Goose FL and Fireflies AI.
The signings took place during the Nigeria–Canada Investment Forum and the Nigeria Investment Economic Conference in Toronto, Canada, witnessed by NITDA’s Director-General, Kashifu Inuwa Abdullahi.
The strategic partnership centers on three core pillars designed to accelerate the nation’s digital roadmap:
- Expanding Financial Inclusion: Developing innovative technology solutions to broaden access to digital financial services and create sustainable economic opportunities for underserved communities.
- Deploying Local AI Infrastructure: Establishing indigenous Artificial Intelligence infrastructure and services to strengthen Nigeria’s internal capacity to build, manage, and benefit from AI technologies locally.
- Building a Stronger Digital Economy: Driving long-term economic growth through strategic global partnerships, technology transfer, innovation, and digital capacity development.
This international collaboration directly aligns with President Bola Ahmed Tinubu’s vision to grow Nigeria into a $1 trillion economy by 2030, anchored by innovation, digital technology, and human capital development.
By forging key global ties, NITDA continues to position Nigeria as a rising leader in the digital economy, ensuring that emerging tools like AI deliver real, tangible value for local citizens and businesses.
Anambra State Government says it is exploring partnerships with the Federal Government and other stakeholders to extend digital connectivity to underserved rural communities across the state.
The Managing Director and Chief Executive Officer of the Anambra State ICT Agency, Mr Chukwuemeka Fred Agbata, disclosed this during a virtual media engagement with journalists on Thursday.
Agbata said rural connectivity remained a major challenge because telecommunications operators were often reluctant to invest heavily in communities where network deployment might not be commercially viable.
He said the state was willing to explore opportunities to leverage Federal Government infrastructure and the Universal Service Provision Fund (USPF) to extend connectivity to underserved communities.
“We understand what digital inclusion means because we are dealing directly with these communities,” Agbata said.
According to him, the objective is to ensure that rural residents are not excluded from the benefits of digital government and the wider digital economy simply because of where they live.
Agbata said the effort formed part of the state’s broader digital transformation agenda, which is targeting deeper digitalisation of government services and a more digitally enabled business environment by 2030.
He said the second phase of the agency’s digital transformation agenda would focus on e-governance, digital infrastructure, smart government and the use of emerging technologies to drive development.
“My core vision is that we would have digitised every single government entity in Anambra State,” he said.
The ICT boss said the digital transformation agenda would extend beyond government ministries, departments and agencies (MDAs) to businesses and residents across the state.
He said the agency was already developing websites for government MDAs and transforming them from mere information platforms into channels for delivering government services.
“We are building websites for all the MDAs. We are also automating them to be able to carry out services and give government support and government services through their websites,” he said.
Agbata said the initiative would reduce the need for citizens to physically visit government offices to access basic services.
He said the Smart Anambra platform had already demonstrated growing demand for remote access to government services.
According to him, the platform recorded about 14,000 visits between July 9 and July 29, averaging approximately 700 visits daily, despite limited publicity.
He said the data indicated that residents were interested in accessing government services online, including applications, permits and identification-related processes.
“What the data is already showing us is that we really need to build a system that allows people to actually get government services remotely,” Agbata said.
He explained that the objective was to allow residents to initiate processes online, complete forms remotely and only visit government offices where physical presence was eventually required.
This, he said, would reduce the time and cost citizens spend travelling to Awka or other government offices to access services.
Agbata said services in areas including hospitals, schools and other government processes were being connected to Smart Anambra.
Anambra Targets 2030 for Digital Government
Agbata said the state’s 2030 target was to deepen the digitalisation of government services and create an environment where businesses could increasingly operate within the formal digital economy.
He said the agency was working with the Ministry of Commerce to promote the formalisation of businesses, particularly SMEs and businesses operating in major markets.
“One of the biggest challenges that we have is that SMEs are not formalised enough,” he said, adding that the agency was exploring partnerships to address the challenge.
The ICT agency boss said the transformation would be gradual because major government initiatives required the necessary approvals and resources.
On the possibility of making Anambra completely paperless, Agbata disclosed that the State Executive Council was already operating a paperless system.
He, however, said the entire civil service might continue to operate a combination of digital and paper-based processes for some time because of the complexity of government operations.
“What might happen is a dual situation,” he said, adding that selected MDAs could be used as pilots for deeper digital transformation.
Agbata also disclosed that the Anambra State ICT Agency had commenced the deployment of a locally trained artificial intelligence (AI) system to automate its operations and explore applications in governance, revenue management and public-sector productivity.
He explained that the agency did not develop a frontier large language model from scratch because of the huge computing and financial resources required.
Instead, he said, it adopted an open-source model, modified it and was training it for specific local use cases.
“We have started doing our own local AI system. It is an open-source system, so we didn’t build our own frontier model. We basically looked at open source and modified it, and we are training it,” Agbata said.
He said the system had already been deployed to automate the agency’s operations end-to-end.
“We have used it to automate our agency end-to-end. Everything that we do now is currently automated,” he said.
Agbata said the agency was exploring how the model could be applied across other areas of government to improve productivity, address revenue leakages and strengthen governance.
He said the AI initiative formed a major part of what he described as the agency’s “2.0” phase following his reappointment by Gov. Chukwuma Soludo.
According to him, the second phase would build on achievements in infrastructure, capacity development, e-governance and smart government while placing greater emphasis on AI and emerging technologies.
Agbata also said the state’s free public Wi-Fi initiative remained operational, stressing that the programme was introduced before the electioneering period.
“The free Wi-Fi didn’t start as a political thing, a campaign thing. It started way before the campaigns,” he said.
He explained that the strategy was adjusted during the campaigns to enable residents to follow the governor’s activities and participate in live engagements while on the move.
According to him, existing Wi-Fi locations, including facilities at the state Secretariat, remain operational, although occasional downtime occurs, particularly during periods of adverse weather.
“There are downtimes now and then because with the rains and all of that, these things have their uptime and their downtimes, but it is still very much available,” he said.
He disclosed that there were currently no plans to establish additional Wi-Fi locations, noting that existing sites were still providing services.
Agbata said the state would continue to develop digital skills and education programmes, including Smart Schools and other capacity-development initiatives.
He also called for stronger collaboration among government, technology companies, telecommunications operators, local technology manufacturers and other stakeholders to accelerate the state’s digital transformation.
He cited the procurement of about 2,000 computers supplied by indigenous technology company, Zinox, as an example of the state’s engagement with local technology providers.
Agbata said the agency would remain open to partnerships capable of supporting Anambra’s technology agenda.
He said the ultimate objective was to build an Anambra where residents and businesses could increasingly interact with government digitally, while technology becomes a central driver of economic development across the state.
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