Nigeria’s small and medium enterprises (SMEs) have contributed $2 billion to the country’s gross domestic product (GDP) through social media-based sales, according to a new report by independent research firm Public First.
The Bank of Industry (BOI) has secured a $200m sovereign-guaranteed facility from the African Development Bank (AfDB) to expand long-term financing for Nigerian enterprises in strategic sectors.
The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria’s small and medium enterprises (SMEs) face a ₦48tn financing gap, despite recent banking sector reforms.
Minister of Finance and Coordinating Minister of the Economy, Olawale Edun has tasked deposit money banks to expand credit access to small and medium enterprises (SMEs).
NCDMB, NEXIM Release N62bn to Boost Oil & Gas SMEs
As part of the measures to empower Nigeria’s oil and gas services sector, the Nigerian Content Development and Monitoriong Board (NCDMB), and Nigerian Export Import Bank (NEXIM) have disbursed about $42 million (about N62bn) to...
Rate Cut to Ease Financial Burden on SMEs, Households – CBN
The Central Bank of Nigeria (CBN) has stated that reducing the monetary policy rate by 50 basis points is a strategic move aimed at supporting the nation’s economic recovery, particularly in relation to Small...
