Business
SMEDAN supports 60 BMOs, NGOs with N500,000 grants in Kaduna
The Small and Medium Enterprises Development Agency (SMEDAN) on Tuesday in Kaduna supported 60 Business Membership Organisations (BMOs) and Non-Governmental Organisations (NGOs) with N500,000 grants each.
The Director-General (DG) of SMEDAN, Dr. Dikko Radda, said the grant was to support the growth of Micro, Small and Medium Enterprises (MSMEs) through BMOs, NGOs and trade associations by strengthening their capacities.
The DG, represented by SMEDAN North West Zonal Coordinator, Alhaji Ahmed Madaki, explained that strengthening the capacities of MSMEs in different sectors of the economy through the BMOs and NGOs would reduce business mortality, improve living standards and reduce poverty.
The DG noted that in recent past, over 60 BMOs, NGOs and trade associations with about 600 members had benefited from the programme, which had the objective to enhance their governance structure and general financial management.
“It is also aimed at financial independence of the BMOs and NGOs, with strong resource base for sustainability and effective succession plan.
“The agency is injecting innovative ideas to transform the MSMEs through tailored made programmes designed to combat the alarming rate of unemployment among Nigerians and deal with the negative effects of COVID-19 pandemic,” he said.
Earlier, the Manager, Kaduna Office of SMEDAN, Alhaji Badamasi Barau, said growth and grant strategy being one of the policies of the agency served as multiplier means to people and organizations with larger numbers of membership.
“Calling on them to come and we develop their capacities and also give them grants for their businesses is one of our commitments.
“The grants for NGOs who are non-profit making organizations, will enable them make peoples businesses better”, he said.
One of the BMOs and a beneficiary of the grant, Aminu Lere, who represented the Kaduna Chambers of Commerce, Industries, Mines and Agriculture, said the grants would be shared judiciously among the selected MSMEs under their chamber.
“We will share the money to the MSMEs who we know need the grants more, even though some of them are not here at the capacity building, we will go back to the chamber and do the needful.
“As a chamber, we follow up and see progress made by the MSMEs under us, we have a membership of over 1000 businesses, the grant is a step forward in addressing some of the challenges faced by MSMEs, “Lere said
Also, Hajiya Kaltume Kabir, representative of an NGO, Annihilation Poverty for Women and Children Foundation, said the grant would go a long way in assisting their programmes.
“Initially, we funded our programmes with our personal incomes, this grant will enable us enhance the business prospects of the category of business owners we will reach out to,” she said.
It will be recalled that, reports that first phase of the programme took place in Lagos State on Sept. 28 and 30
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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