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FG to Support MSMEs Access Credit at Single Digit Rate

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The Federal Ministry of Industry, Trade and Investment (FMITI) has pledged to support Micro, Small and Medium Enterprises (MSMEs) to access credit at a single digit rate.

The Minister of State for FMITI, Mrs Maryam Katagum, said this on Friday when members of the Nigerian Association of Small and Medium Enterprises (NASME) visited her in Abuja.

According to her, there is a lot of commendation at the recent retreat Mr President had with the ministers for the MSMEs.

“In his closing speech, Mr President specifically said that every support will be given to ensure that MSMEs have access to credits.

“That is what we always preach and we will give every support to the MSMEs as the engine of economic growth to have access to credits at single digits,’’ Katagum said.

The minister, who pointed out the critical role MSMEs play in growing the economy, said this role was further heightened during the COVID-19 lockdown.

“Even the woman selling groundnut or `akara’ couldn’t come out to practice her passion and everybody felt the effect of the lockdown.

“We have to appreciate President Muhammadu Buhari for interventions that were provided for MSMEs during the lockdown.

“And once it was identified to put in some mechanism to stop the economy from going under, our ministry is one of the ministries asked to make submissions to see how to keep the economy going and ensure free flow of goods and services across the country.

“Our proposal was very easily accepted and the sum of N75 billion was allocated and we made a lot of progress.

“Average Nigerians appreciated the efforts and we have seen them giving their testimonies and right now we are on the last track which is the guaranteed off-take scheme,’’ the minister said.

She appealed to the association to identify innovative ways that the Federal Government can assist MSMEs.

“As partners your association has to start thinking of new innovative ways that we can assist MSMEs, it’s not just the finance.

“Some when you give them the money, they don’t know what to do with the money so you need to intensify the capacity building and sharing of information to know what is happening and where,’’ she said.

Earlier, the President and Chairman of the governing council of NASME, Dr Abdulrashid Yerima, expressed the association’s commitment to deepen the relationship with the ministry.

Yerima appreciated the ministry for including NASME in various committees set up by the government to support the development of MSMEs in Nigeria.

He, however, sought the appointment of members of the association to the boards of parastatals under the ministry and solicited the ministry’s support for inputs into human capital development for the association.

“Our association serving in the board of revenant agencies under the ministry will help us to make informed inputs into the policies of the agencies that impact MSME growth and development in Nigeria.

“Also support for capital development for our association is crucial for development of skills and manpower to upscale MSMEs especially NASME,’’ Yerima said.


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Kano Confirms 2 Mpox Cases

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Kano State Centre for Disease Control (KNCDC) has confirmed two cases of Mpox, formerly known as monkeypox- an infectious viral disease caused by the monkeypox virus, which belongs to the Orthopoxvirus genus.

Kano Confirms 2 Mpox Cases

KNCDC however said that both patients affected have fully recovered and discharged from medical facility.

Prof. Muhammad Adamu Abbas, director general of KNCDC, disclosed this during a media parley on Monday, revealing that the cases were recorded in Kano Municipal local government area and Ungogo local government areas, respectively.

“We have handled both cases successfully. The patients have been treated and discharged home,” Prof. Abbas stated, adding that all traced contacts, however, tested negative for the disease.

He explained that the confirmation comes following an advisory from the National Center for Disease Control and Prevention (NCDC), urging heightened vigilance against potential disease outbreaks, including COVID-19, viral hemorrhagic fevers like Ebola, Lassa fever, Marburg, and Mpox.

Prof. Abbas emphasised Kano’s vulnerability as Nigeria’s commercial hub, noting the constant influx and outflow of people. “Even though we don’t have international borders, we border states that do have international boundaries with neighbouring countries, making vigilance highly necessary,” he explained.

“The KNCDC conducted comprehensive contact tracing for the Ungogo case, testing samples from the patient’s community and two hospitals he visited.

“All contacts were monitored for the maximum allowable follow-up period and remained negative,” he stated.

The Director General stressed the critical role of public enlightenment in preventing infectious disease spread, calling on media organisations to amplify health communication efforts across communities.

“The media has been our friend even before the establishment of this center. With the signing of the bill creating the Kano State Center for Disease Control, we believe our first major engagement should be with media members,” Prof. Abass said.

He urged residents to remain alert while assuring that the state’s disease surveillance and response systems were fully operational and at alert to handle any potential outbreaks or emerging threats in the State.


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LBS Described Digital Transformation in Banking, Others as Fueling Nigeria’s Economic Evolution

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The Lagos Business School (LBS) has described digital transformation in banking, finance, and taxation as “an interconnected force” fuelling Nigeria’s economic evolution. The Dean, Lagos Business School, Professor Olayinka David-West, stated this at the 35th annual conference of the Finance Correspondents Association of Nigeria (FICAN) held over the weekend in Lagos under the theme, “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance.”

The conference saw industry stakeholders, including the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and leading banks converging to share insights and shape the country’s digital economy roadmap.

David-West, who was represented by Prof. Akintola Owolabi, Department of Cost and Management Accounting at LBS, emphasised the need for Nigeria to embark on a transformative digital journey that can redefine its economy and significantly improve the quality of life for its citizens.

She said: “Seamless digital payment systems underpin efficient tax collection; widening financial inclusion expands the taxable base; and transaction data powers evidence-based policy and enforcement.”

David-West also noted that the country’s e-commerce market is expected to exceed $16 billion by 2030, supported by pioneering platforms like Jumia and Konga.

She affirmed that the strategic vision at LBS aligns closely with advancing digital transformation and promoting financial inclusion, aiming to develop the leaders needed to navigate and drive this emerging landscape.

The LBS Dean said: “Nigeria’s digital economy is undergoing remarkable growth, energised by a young and dynamic population alongside rapid digital adoption. According to the Nigerian Communications Commission’s 2024 report, internet penetration has reached 43.5 per cent, with over 163 million Nigerians online as of March 2024.

The telecommunications sector contributes around 18 to 20 per cent to Nigeria’s GDP, highlighting the vital role of information and communication technology (ICT) as a driving force in the economy.”

She pointed out that, “this digital revolution transcends statistics; it reshapes commerce, services, and livelihoods. Our burgeoning e-commerce market, projected to exceed $16 billion by 2030, is fuelled by trailblazing platforms like Jumia and Konga.

“Innovative logistics startups such as Kwik and GIGL illustrate how digital technologies spawn entirely new value chains, enhancing efficiencies and expanding economic opportunities. Such developments promise exponential employment gains, diversification away from oil dependence, and transformative service delivery across sectors.”

According to her, with Nigeria’s fintech ecosystem attracting over $2 billion in investments in 2024, thus sustaining its position as the continent’s financial technology powerhouse, the country’s financial sector “is both a driver and beneficiary of the digital revolution.”

David-West highlighted how digital payments and mobile money services can serve as a foundation for formalising vast informal sectors, enhancing tax compliance, and integrating businesses into formal financial systems.

She, however, said: “Several challenges remain that require immediate attention, including infrastructure deficits such as unreliable electricity and limited broadband access in rural areas, as well as a shortage of digital skills that restrict economic participation.

“It is essential for regulators to carefully navigate the balance between fostering innovation and ensuring consumer protection amid rapid technological advancements.”

In his address, the chairman of the Finance Correspondents Association of Nigeria (FICAN), Mr. Chima Titus Nwokoji, said: “This year, our conference theme is both timely and urgent, focusing on the digital economy, taxation, banking, and finance. Globally, the digital economy has evolved from being merely a promising frontier to a critical backbone of modern growth.

“In Nigeria and across Africa, we find ourselves on the brink of a significant transformation driven by data, digital payments, artificial intelligence, and cross-border innovation.”

He noted that “Current statistics underscore our potential: the ICT sector contributed 18.3 per cent to Nigeria’s GDP in the second quarter of 2025, and digital payment transactions exceeded N600 trillion in the first half of the same year, showcasing a 22 per cent year-on-year growth. Mobile money usage has surpassed 73 million, successfully reaching rural communities that were previously excluded.

“To further solidify these advancements, the Central Bank of Nigeria has introduced the Payment System Vision 2020, a comprehensive blueprint for our digital future, incorporating AI, blockchain settlements, and cross-border payments enabled by the African Continental Free Trade Area.”

He pointed out that no robust digital economy can flourish without an equitable and effective tax Framework.”


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Tecom and Huawei to Host MiniFTTO Solutions Launch Event in Lagos

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Tecom, in partnership with Huawei, is set to host the Huawei–Tecom MiniFTTO Solutions Launch Event on Thursday September 25, 2025, at Four Points by Sheraton, Victoria Island, Lagos.

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Themed “Fiber for Every Business: Powering Connectivity into the Future”, the event which is free and open for registration via https://rb.gy/cjo48a will spotlight Huawei’s Mini Fiber To The Office (MiniFTTO) solution — an innovation designed to address the networking challenges of institutions and businesses of all sizes across Nigeria.

The Huawei MiniFTTO solution is built on F5G technologies and delivers high-performance all-optical networking tailored for diverse environments such as schools, universities, banks, hotels, government institutions, and private sector businesses. By extending fiber to every corner of an organization, MiniFTTO ensures superior user experience, simplified operations, easier maintenance, cost-effective deployment, and seamless management via mobile applications.

Speaking ahead of the event, Happiness Obioha, Managing Director of Tecom, highlighted the solution’s strategic importance for Nigeria’s digital economy: “MiniFTTO is a game-changer for Nigerian businesses and institutions. Many organizations face challenges with poor connectivity, high maintenance costs, and inefficient networks.

“With this solution, Huawei and Tecom are delivering enterprise-grade networking that is accessible, affordable, and easy to manage — enabling organizations to unlock productivity and long-term growth.”

As Huawei’s newly appointed Gold Distributor in Nigeria, Tecom will drive the adoption of MiniFTTO alongside Huawei’s broader eKit portfolio, which includes networking, collaboration, data storage, and cybersecurity products.

This partnership positions Tecom to deliver not only cutting-edge solutions like the Huawei OptiXstar series terminals (EG8145B7-50, V166a-20, C610, B866G-S2, C810E) but also the technical expertise and support required to ensure smooth implementation for Nigerian institutions and enterprises.

The launch event will bring together Internet Service Providers, telecommunications companies, enterprise resellers, corporates, banks, hotels, schools, universities, estate managers, government agencies, and other stakeholders to explore firsthand how Huawei’s MiniFTTO and eKit solutions can revolutionize operations.

Attendees will gain practical insights, engage with industry experts, and discover new pathways to digital transformation.

The Huawei–Tecom collaboration underscores a shared vision of bridging connectivity gaps across institutions and businesses, providing them with tools to scale, innovate, and thrive in Nigeria’s evolving digital landscape.

For event registration, partnerships, and media inquiries, please contact:
sales@tecom.com.ng | +234 905800 4980 | https://rb.gy/cjo48a .


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