• Mixed Reactions Trail Cbn’s New Allocation To Smes

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      Small and Medium Enterprises (SMEs) operators are cheering and at the same time fretting over the foreign exchange window created for them by the Central Bank of Nigeria (CBN) to import critical raw materials and machinery. Statistics from CBN showed that about 90 per cent of manufacturing companies in Nigeria belong to the SME…

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  • Nigeria Auto Industry To Produce 4m Cars Annually

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    Nigeria seems to be on the track towards becoming vehicles manufacturing country again as local production has increased to 45,000 units per year, up 80 per cent from 25,000. Based on this growth, PricewaterhouseCoopers (PWC) has projected that the Nigerian auto industry is expected to produce about four million cars annually by 2050. Also, with…

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  • FG Announces New Policy For Tomatoes

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    The Minister of Industry, Trade and Investment, Ugochukwu Enelamah, said Federal government  has developed a new policy for tomatoes, in line with the Government’s goal of boosting production, improving the value chain and attracting investment The tomato sector policy was developed and is being implemented in collaboration with the Federal Ministry of Agriculture and Rural…

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  • ‘Nigeria Can Earn N200bn From Gaming Industry’

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    The director-general of the National Lottery Regulation Commission (NLRC), Adolphus Ekpe, has disclosed that the gaming industry has the potential of bringing about N200 billion to the federal government’s coffers annually if properly harmonised. He noted that the ongoing rivalry between the two major stakeholders in the industry has seen it yield less than N7…

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  • DBN As New Dawn For MSMSEs

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    The Central Bank of Nigeria, CBN recently licenced Development Bank of Nigeria, DBN. The mode of operations of the bank are clearly distinct from those of other development banks, as it is focused on supporting micro, small and medium enterprises, MSMEs. The bank is set to take-off with 20,000 MSMEs, which it would advance loans…

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  • FG Disburses N756m To 81 Young Innovators

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    The Federal Ministry of Industry Trade and Investment has approved the sum of N756.3 million for disbursement to 81 young Nigerian innovators as part of the Federal Government’s economic empowerment initiatives. This was made known yesterday during the grant award ceremony attended by the Vice-President Prof. Yemi Osinbajo and Minister of Industry, Trade and Investment,…

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  • ‘Nigeria Imports 70m Generators Annually’

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    Chief executive officer, Consistent Energy Limited, Mr. Segun Adaju, has said that Nigeria imported no fewer than 70 million generators into the country annually, noting that shortage of gas, which is the feedstock for power plants across the country, was the reason for the high incidence of generator units importation. He noted that a research…

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  • MAN, CBN Differ On Disbursement Of N380bn Forex To Private Sector

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    Members of the Organised Private Sector (OPS), including Manufacturers’ Association of Nigeria (MAN), have disagreed with the Central Bank of Nigeria (CBN) that they received $2.83 forex. The apex bank announced penultimate Thursday that it had disbursed $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January this year….

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