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SMEDAN Advises Young Nigerians on Entrepreneurship

Young Nigerians aspiring to be entrepreneurs have been advised not to wait until there is a huge amount of money but instead take the bold step of starting small while having their eyes on the big stage.

Mr. Wale Fasanya, the Acting DG of SMEDAN, handed down this advice while presenting a lecture on Funding Models for SMEs in Nigeria during the occasion of the 70th birthday of Mr. Duro Kuteyi, the Managing Director of Spectra Industries Limited.
Fasanya while admitting that funding is one of the most critical challenges of SMEs however reiterated the commitment of SMEDAN to genuine SMEs who have exceptional business ideas that have the potential to strive.
“In SMEDAN, we will continue to push for the development of viable and sustainable funding models for MSME. This can only happen with strong partnership and alliance between government, Donors and private sector”, Mr. Fasanya hinted.
He however noted that a good entrepreneurs should not wait for external funding before pursuing their entrepreneurial initiatives stressing that the likes of Mr. Duro Kuteyi, the Managing Director of Spectra Industries who started by just putting a pot on a burner to fry plantain chip has ended up having a world class factory producing globally competitive brands that are today commanding both local and international patronage.
He described Mr. Kuteyi as a great dogged entrepreneur who has been consequential in the entrepreneurial landscape of Nigeria stressing that his contribution in terms of knowledge on Food processing and manufacturing as well as Food security in Nigeria has been commendable.
In his Speech, Mr Duro Kuteyi who is marking his 70th birthday and 30th anniversary of his company, Spectra Industries Limited called on the Federal government to come up with a realistic and sustainable policy that will help SMEs to overcome financing challenges as no nation develops without paying adequate attention to SMEs.
He decried the harsh business environment of Nigeria where SME operators are virtually left unprotected by government, exposed to unfair competition from multinationals, frustrated by harsh financing terms by banks as well as multiple layers of tax and other sundry charges by various levels of governments.
Kuteyi unfolded the plan of his company to embark on training other SMEs in food processing to broaden local Food processing and manufacturing in Nigeria as this will help address the problem of post- harvest losses and make seasonal crops available all the year round.
He therefore called on various levels of government to partner with his company to use Food processing in resolving one of the major problems of Nigeria, which is unemployment as well as resolve the issue of food security.
“In actual fact, insecurity and banditry has reached the level we are now because there are many idle hands who if gainfully engaged will not be interested in touting or banditry. As the Good book says, “The Devil finds work for the Idle hands or, “The idle mind is the Devil’s workshop” Kuteyi summited.
Kuteyi, who started modestly with the frying of plantain chips today has variety of products such as Suco Cocoa Powder, Spectra (Pure Natural) Cocoa, Hyfiba, Fast O Meal, and Sobake, some of which are being exported.
News
IMF Sees 4% AI Growth Boost for Africa

Accelerating artificial intelligence (AI) adoption could increase Africa’s GDP by up to 4% over the next decade, according to the International Monetary Fund (IMF).

In a report released on Tuesday, titled Africa Can Grow Faster With AI—If It Moves Now, economists from the IMF’s Africa Department say current levels of AI adoption and utilisation are expected to contribute just 0.2% to the region’s GDP over the next 10 years.
However, the report says stronger adoption, supported by the right infrastructure and policies, could raise the economic impact to about 4% by extending AI beyond today’s digitally connected firms.
Martin Schindler and other IMF economists say: “AI adoption in sub-Saharan Africa currently lags well behind every other region. If richer economies race ahead while African firms and governments lag, the productivity gap between the region and the rest of the world will only widen.”
Early signs of AI adoption are emerging across Africa, with countries including Zimbabwe, Kenya, Egypt and Nigeria developing AI strategies.
Telecommunications operators, including Vodacom, Econet, Africell and MTN, are also integrating AI into their operations and networks.
Other examples include chatbots supporting teaching and learning in Nigeria and the South African Revenue Service’s use of data analytics for targeted tax audits.
However, the IMF says AI adoption must extend beyond these early use cases to deliver meaningful economic benefits.
“For the region, AI’s main promise is not about replacing office workers, but boosting productivity across the economy—helping informal firms manage inventory, enabling farmers to increase yields, and supporting mid-sized firms to transition to formality and export readiness,” the report reads.
The IMF is urging governments to prioritise investment in reliable electricity, affordable broadband, data infrastructure and digital skills to support wider AI adoption.
Many African countries, including Zimbabwe, Kenya, Ghana, Nigeria and Cameroon, continue to face electricity shortages, while broadband services remain costly and coverage is uneven.
The Fund believes stronger investment in power, connectivity, regional data infrastructure and digital skills would help unlock AI’s economic potential.
News
NPC Opens Nationwide Digital Birth, Death Registration Platform

National Population Commission (NPC) has commenced the nationwide digital registration of births and deaths under the Electronic Civil Registration and Vital Statistics (E-CRVS) system to strengthen legal identity management and improve demographic data.

Speaking at a press briefing in Lokoja on Tuesday, Mr Afolabi Yori, federal commissioner representing Kogi, said the initiative became operational nationwide on July 1, through the VitalReg platform.
Yori described the development as a landmark in Nigeria’s civil registration system, noting that it would modernise birth and death registration through a technology-driven platform that meets international standards.
He said the digital platform would improve service delivery, strengthen data integrity and ensure that every birth and death occurring in Nigeria was accurately documented and securely stored.
According to him, civil registration is more than an administrative process, as it provides reliable statistics that support public policy formulation, resource allocation and national development planning.
“Nigeria records an estimated five million births annually, yet millions of births and deaths remain unregistered.
“Birth registration coverage currently stands at about 57 per cent nationwide, while death registration remains below 20 per cent,” he said.
The commissioner said that the commission had established 4,011 functional registration centres across the country’s 774 local government areas and was working to expand the number to about 8,000.
He added that the commission was strengthening collaboration with stakeholders to improve the capacity of registration personnel and ensure prompt documentation of vital events through the VitalReg platform.
Yori said the platform would provide faster registration services, 24-hour online access, digital certificate issuance where applicable, and reduce paperwork, waiting time and unnecessary travel.
He disclosed that the platform was being operated under a Public-Private Partnership with Barnks-forte Technologies Ltd. as the commission’s technical partner to ensure system availability, cybersecurity and continuous technological improvement.
He called on parents, healthcare institutions, traditional and religious leaders, civil society organisations, development partners and the media to support the initiative by encouraging the prompt registration of births and deaths.
Earlier, Samuel Omonakpeme, director in Kogi, NPC State, described the commencement of the digital registration system as another milestone in efforts to strengthen Nigeria’s Civil Registration and Vital Statistics system.
Omonakpeme stated that the initiative aligns with the Federal Government’s digital transformation agenda and the Sustainable Development Goals, particularly Goal 16.9, which seeks to provide legal identity for all.
He appreciated the Federal Government, the leadership of the commission, UNICEF and other development partners for supporting the implementation of the initiative.
The state director also urged parents, guardians, health institutions, community leaders, religious organisations and the media to mobilise public support for the timely registration of all births and deaths.
The News Agency of Nigeria (NAN) reported that ICT personnel of the commission, led by Ehimoni Kolawole, conducted a live demonstration of the digital birth registration process using the VitalReg platform.
The demonstration showed that the registration process captures the biodata of both parents, while at least one parent must possess a valid National Identification Number (NIN) to complete the registration of a newborn.
News
YEDC Warns Customers, Says 20 Percent Electricity Bonus is Scam

Yola Electricity Distribution Company (YEDC) has alerted its customers to a fraudulent message circulating on social media, falsely claiming that electricity consumers can receive an additional 20 per cent bonus units when recharging their prepaid meters through unofficial channels.

In a statement issued by the company’s management on Monday, YEDC described the claim as false and urged customers to disregard the misleading information, stressing that it did not originate from the company.
According to the statement, YEDC does not offer bonus electricity units through individuals, agents, personal bank accounts, phone numbers, or social media contacts.
The company advised customers to purchase electricity tokens only through approved cashless payment platforms, including the YEDC Pay App, OPay, Interswitch, and other authorised vending channels, or to visit the nearest YEDC office for assistance.
YEDC also cautioned customers against sharing their meter details or personal information, or making payments to unauthorised persons claiming to represent the company.
The company further urged customers to rely exclusively on information disseminated through its official communication channels to avoid falling victim to fraud.
The management thanked customers for their continued cooperation and reaffirmed its commitment to serving them.
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