The report by the Small and Medium Enterprises Development Agency of Nigeria that the number of micro, small and medium enterprises across the country dropped by about two million between 2017 and 2021 is one of the trending stories in Nigerian newspapers on Tuesday.
The Punch reports that the number of micro, small and medium enterprises across the country dropped by about two million between 2017 and 2021, the Small and Medium Enterprises Development Agency of Nigeria stated on Monday.
It said the country’s MSMEs reduced from about 41 million in 2017 to 39 million in 2021, as this was due to the impact of COVID-19 and other challenges on small businesses nationwide.
The Director-General, SMEDAN, Dikko Radda, disclosed this at an event organised by the Transparency Advocacy for Development Initiative in collaboration with SMEDAN in Abuja.
He said, “According to the 2021 MSME Survey, there are 39 million MSMEs in Nigeria. This is a significant drop from 41 million MSMEs reported in the 2017 survey report.
“The major reason for the drop in the number of MSMEs could be traced to the COVID-19 pandemic, the challenges MSMEs have in accessing funds to start or grow their enterprise and the problems of globalisation.”
Radda, who was represented by the Director, Planning, Research, Monitoring and Evaluation, SMEDAN, Wale Fasanya, said both the public and private sectors had roles to play in the sustainable development of MSMEs in Nigeria.
The newspaper says that the Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that Nigeria has about 70 per cent road infrastructure deficit while stressing the need for the country to boost local bitumen production.
According to the minister, only 50,000km out of 200,000km of road networks are paved in the country.
The minister disclosed this in Abuja during a press briefing on the concession of the delineated Nigerian bitumen blocks.
The minister added that the cost of road construction in the country would ultimately go down with the local production of bitumen, which would also lead to import substitution, local content development and increased value addition to the mining industry, job creation, and more revenue for the government.
He said, “Nigeria currently has 200,000 km of road networks with only 60,000 km worth of road paved. This considerable road infrastructure deficit presents an inherent demand for bitumen.
Hence, the development of Bitumen will lead to import substitution, local content development, and increased value addition of the mining industry to the domestic economy, thereby creating jobs and generating revenue for the government.”
The Guardian reports that at a time when Northern leaders are divided over the issue of consensus Presidential candidate, leaders of Afenifere, Pan Niger Delta Forum (PANDEF) and Middle Belt Forum (MBF), Pa Ayo Adebanjo, Chief Edwin Clark and Prof. Bitrus Pogu, yesterday, accused the North of plotting to abort shifting power to the South.
The Southern groups decried the insincerity of Northern leaders over the principle of zoning, stressing that after eight years of Muhammadu Buhari’s Presidency, nothing short of zoning the Presidency to the Southeast would resolve the restiveness in the country.
They, therefore, enjoined the two major political parties, the governing All Progressives Congress (APC) and major opposition Peoples Democratic Party (PDP), to cede their Presidential tickets for the 2023 poll to Southeast geopolitical zone for peace, unity and stability of the country.
Making his remarks as a special guest of honour at the Greater Nigeria Conference (GNC) organised by Nzuko Umunna, the leader of Pan Yoruba cultural group, Afenifere, Chief Adebanjo, said the Northern political elites were applying divide-and-rule tactics to stall the return of power to the South.
Adebanjo claimed that APC presidential aspirants from the Southwest, particularly the Vice President, Prof Yemi Osinbajo; Asiwaju Bola Ahmed Tinubu, Governor Kayode Fayemi of Ekiti State and Senator Ibikunle Amosun, were being propelled by power brokers in Aso Rock to aspire for the Presidency as part of a grand design to retain power in the North after Buhari’s tenure expires in May 2023.
While describing as disgraceful the purported moves by former President Goodluck Jonathan to take another shot at the Presidency, the Afenifere leader said Northern politicians appear to be smarter than their Southern counterparts.
The newspaper says that the Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will soon begin production of 42.74 billion metric tonne (MT) bitumen, which has been left fallow for years.
He said the cost of road construction in the country would ultimately reduce with the local production of bitumen.
The minister disclosed this, yesterday, in Abuja, during a press briefing on the concession of the delineated Nigerian bitumen blocks.
Adegbite observed that local bitumen production would save the country foreign exchange and generate income for the government, adding that Nigeria ranks sixth in the world in terms of bitumen reserve. He said the country was now poised to begin the production of bitumen locally as it has appointed a transaction advisor to oversee the process.
He said: “To ensure that Nigeria’s bitumen resources are fully harnessed for industrial and infrastructural development, I constituted a nine-member Ministerial Bitumen Development Committee on 31 January 2020.
“The committee carried out an inventory of internal existing infrastructure; compiled available geological information, re-established contact with previous interested companies and developed a framework for transparent allocation of the bitumen resources.
“An important part of the committee’s recommendations was to finalise the process of engaging a transaction advisor to ensure the concession process is open, transparent and in accordance with global best practices as enshrined in the Nigerian Mineral and Mining Act, 2007.
The Sun reports that MTN Nigeria Communications Plc (MTN Nigeria) has notified Nigerian Exchange Limited (NGX) and the investing public of its N127 billion Series 1 & 2 Commercial Paper Issuance under its registered N150 billion Commercial Paper Programme.
A letter signed by Uto Ukpanah, Company Secretary, explained that the issuance comprised two tenors – a 184-day Series issuance priced at a 7.50 percent yield and a 254-day Series 2 issuance priced at an 8.50% yield.
The statement noted that Stanbic IBTC Capital Limited acted as Lead Arranger and Dealer, while Chapel Hill Denham Advisory Limited, Coronation Merchant Bank Limited, FBNQuest Merchant Bank Limited, FSDH Capital Limited, Standard Chartered Capital & Advisory Nigeria Limited and UCML Capital Limited acted as Joint Dealers.
The Issuance is in line with the company’s strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.
Reacting to the issuance, Chief Executive, MTN Nigeria, Mr Karl Olutokun Toriola said the company was delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria.
“The success of our CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand and the trust placed by the investor community in our company’s leadership, strong financial performance and corporate strategy.
The Nation says that the National Bureau of Statistics (NBS) has said Nigerians spent more on transportation in March.
This is contained in the bureau’s transport fare watch for March 2022, released on Sunday.
According to the report, the average fare for a single journey (one-way ticket), by air passengers, increased by 4.43 per cent monthly from N44,825.04 in February to N 46,810.62 in March.
This report covered various categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.
The report stated that air fare rose by 28.26 percent, year-on- year to N36,495.41 from March, last year.
For road transportation, the average fare paid by commuters for bus journey intercity per drop, rose to N3,270.94 in March 2022, indicating an increase of 5.29 percent on a month-on-month compared to the value of N3,106.72 in February.
The fare, however, rose by 35.65 per cent (N2, 411.29) yearly in March, last year.
GIK/APA