Business

NASME, CPPE Urge Tinubu To Leverage on MSMEs To Achieve Eight-points Economic Agenda

Published

2 years ago

September 23, 2023

OCHEFA

36 Views

President Bola Tinubu has been urged to take the full advantages of the Micro, Small and Medium Enterprises (MSMEs) potential to achieve his administration’s eight-points economic agenda.

Dr. Muda Yusuf , the CEO of Centre for the Promotion of Private Enterprise ( CPPE), made the call during the 4th edition of the National Association of Small and Medium Enterprises (NASME) Business Roundtable, with the theme, ‘MSMEs : The Catalyst for Nigeria’s Economic Rejuvenation and Growth’.

Dr. Yusuf, who was the guest speaker, pointed out that the role of the MSMEs fits perfectly into the eight-point agenda espoused by President Bola Tinubu which includes, among others, food security; poverty eradication; economic growth, job creation; and inclusion.

” Five of the eight-point agenda rests squarely within the MSME space.
What this implies is that for the Tinubu administration to accomplish the eight-point agenda, the government must leverage and strengthen the MSMEs across all sectors of the economy,” said Dr. Yusuf.

He said that MSMEs play critical roles in the economic growth of all economies globally.

They play even more important roles in the developing economies. In the Nigerian economy, the MSMEs deliver value as catalyst to the economy in several other ways:

• They promote competitiveness and entrepreneurship across sectors and the entire economy.
They enhance efficiency, innovation and aggregate productivity growth.

• They contribute a lot more to job creation more than large enterprises. They are largely more labour intensive and contribute immensely to poverty reduction.
• They are effective vehicles for the promotion of economic inclusion.
• Compared to large enterprises, MSMEs tend to use less capital per worker and have the capacity to use capital more productively.

• MSMEs promote entrepreneurial development and accelerate the use of local law materials.
• They are instrumental to the mobilization and utilization of small savings for investment. Some of these funds tend to exist outside the banking system.

Related Topics:CPPE NASME Business Roundtable on MSMEs President Tinubu's eight-point economic agenda

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Business

Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

Published

1 day ago

July 22, 2025

OCHEFA

17 Views

•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.

FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
* A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.

Business

Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Published

1 day ago

July 22, 2025

OhiBaba

32 Views

The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent.

He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.

The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.

He also disclosed that eight banks had achieved the new recapitalisation requirements.

The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.

Business

NCS Replacing 4% import charges with 1% CISS import levy

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

Published

2 days ago

July 22, 2025

OhiBaba

24 Views

The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.