PEOPLES DAILY, FRIDAY, AUGUST 16, 2013
PAGE 19
INSIDE
Isa_abdulwahab@yahoo.com, Isaabdulwahab@gmail.com 08033045613
Lagos ex– commissioner assumes duty as FirstBank ED - Pg 22
Nigerian Shippers Council set to tackle high port charges - Pg 20
L-R: Kaduna state Deputy Governor, Ambassador Nuhu Audu Bajoga, Secretary General, D-8 Countries, Dr. Seyed Ali Mohammad, Taraba state Acting Governor, Alhaji Garba Umar, Kano state Governor, Engineer Rabiu Musa Kwankwaso, Central Bank of Nigeria (CBN) Governor, Malam Sanusi Lamido Sanusi, Ekiti state Governor, Dr. Kayode Fayemi, and Nasarawa state Deputy Governor, Mr. Damishi Luka, during the 7th Annual MSMEs Finance Conference and D-8 Workshop on Micro Finance for Small and Medium Enterprises (SMEs), yesterday in Abuja. Photo: Mahmud Isa
CBN provides N220bn credit line to boost micro, small enterprises By Abdulwahab Isa o boost credit lending to the micro, small and medium enterprises, the Central Bank of Nigeria (CBN) yesterday lunched N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). The creation of the fund announced by the CBN Governor, Malam Sanusi lamido Sanusi on the occasion of 7th Annual MSMEs finance conference and D-8 workshop on microfinance is designed to achieve specific objectives. The birth of the fund was lauded by stakeholders and financial experts as a novel development that will ignite growth in the micro and small business segment of the
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…pegs interest rate at 9%
economy. Sanusi listed objectives of the N220 billion MSMED fund. According to him, the fund is “designed to Provide wholesale financing windows for participating financial institutions (PFIs); Improve the capacity of the PFIs to meet credit needs of MSMEs; Provide funds at reduced cost to PFIs; enhance access of women entrepreneurs to finance by allocating 60 per cent of the Fund to them; and Improve access of NGOs/MFIs to finance”. The fund to be given to the participating financial institutions (PFI) at 9 % interest rate Sanusi affirmed should be seen as
stimulus for addressing financing gaps aimed at stirring the market dynamics towards MSME development. Nigeria, said Sanusi had about 17.6 million MSMEs in 2012 employing about 32.4 million people contributing about 46.54 per cent of nominal GDP. He said a recent survey by IFC and Mckinsey (2010) also lent credence that 80 per cent of these MSMEs were excluded from the financial markets. “The state of MSMEs in the country underscores the importance of this conference. Suffice it to say that between 2003 and 2012, commercial bank loans
…as Kwankwaso sends Bill on Microfinance Regulatory Agency to state Assembly
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o complement the feat Kano state has achieved in the microfinance bank operations, a Bill seeking to establish Microfinance Regulatory Agency is now before the state’s House of Assembly for deliberation. The agency if comes on stream, will serve as the regulatory body for over 30 micro finance banks
currently operating in Kano state which were set up with active support of Kano state government to lend credit facilities to the small, micro and medium businesses . Kano state governor, Engr. Rabiu Kwankwaso disclosed the initiative of his administration while fielding questions from newsmen yesterday in Abuja at
the 7th Annual MSMEs finance conference and D-8 workshop on microfinance where the state for the second year, was adjudged best state in micro finance and youth empowerment. Kwankwaso spoke extensively on empowerment initiatives of his administration targeting, majorly women and youths.
PTML Customs generates N33bn revenue in Q2 Story By Dapo Olalekan he PTML Command of the Nigeria Custom Service at the Tin Can Port Complex has announced a revenue generation in the sum of N33, 836, 998, 293 for the first half of year 2013. The figure shows a N120million difference compared to the N33, 716, 362, 583. 00 generated in the corresponding period of 2012. Briefing journalists on the performance record of the command in Lagos yesterday, the Controller, Mr. Tajudeen
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Olanrewaju confirmed that the commands revenue was affected by the sudden pull out of Maersk Line from the PTML terminal. According to him, the pull out necessitated as a result of the shallow depth of the waters at the PTML terminal which does not allow for bigger vessels. In spite of the lower cargo throughput to the command, Olanrewaju said that it has continued to strive to sustain increased revenue. “This figure is significant in the
sense that there has been a drop in the number of cargo coming into the command especially with the withdrawal of Maersk line shipping company from the command” he noted. He said that the command has been able to suppress smuggling except for some isolated cases. In the period under review, the CAC said that six vehicles and four containers were impounded due to falsification of document and unauthorized use of officer’s password.
to small scale enterprises dropped at an exponential rate. Analysis of the annual trend in the share of commercial bank credit to smallscale industries indicates a decline from about 7.5 per cent in 2003 to less than 1% in 2006 and a further decline in 2012 to 0.14 per cent”, Sanusi said. He said many reasons had been attributed to financial gap existing in the sector. “The banks readily attribute their risk aversion stance for not lending to MSMEs to demand-side constraints, which include the lack of managerial capacity, inadequate collateral, and poor record keeping, amongst others. However, there also exist supply-side issues such as high transaction costs and lack of understanding by the banks of the nature and operations of MSMEs. Other constraints plaguing the MSME sub-sector in Nigeria include infrastructure deficit (especially, power and transport), policy inconsistencies, bureaucracy, multiple taxation and levies, weak intellectual property protection and contract enforcement, and insecurity”.
ABUCCIMA to provide exotic tents for 8th Trade Fair, says D-G - Pg 22 Exchange Rates CBN
as at 15th August, 2013
Buying
Selling
$
154.75
155.75
€
205.23
242.79
£
205.78
207.11
Riyal
41.26
41.52
SDR
234.94
236.45
CFA
0.2934
0.3134
MANAGEMENT TIP OF THE DAY Keep people from feeling left out
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ocial rejection is hard in any setting, including at the office. When people feel excluded, they can’t be productive, innovative, or collaborative. As a manager you need to create a work environment that discourages rejection. Here’s how: Prime the room for trust. To downplay hierarchies, start meetings by stating that all viewpoints are welcomed and valued. This will ease fear of rejection and put people into a
more collaborative state of mind. Start with a shared reality. Send agenda items out before a meeting or give team members an article to read – and ask them for input. This signals that you care about what they think. Encourage candor and caring. Use open, non-judgmental language and listen with respect in all conversations. Thank people for sharing, and make sure that there are no negative repercussions for doing so.