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Sekibo Urges Govt, Stakeholders To Prioritize SMEs, Youth Entrepreneurship

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Bridging the gap to attain sustainable solutions to economic recovery will be the most impactful route to drive lasting and meaningful growth; for this to be achieved, the creation of opportunities, conscious inclusion of Small and Medium Enterprises, and youth entrepreneurship are crucial.

MD/CEO of Heritage Bank Plc, Ifie Sekibo gave this submission on the sidelines of the 14th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) with a theme: “Economic Recovery, Inclusion & Transformation: The Role of Banking and Finance.”

According to him, one of the key areas where government, financial institutions, and other stakeholders can move this nation from poverty to prosperity is through the conscious creation of a viable environment for small businesses and young entrepreneurs to thrive because they are the backbone of local economies around the world – they happen to be the biggest employers, job creators and contributors of the national gross domestic products.

“We cannot talk about moving from poverty to prosperity without taking SMEs very seriously in this country.

“We must support the SMEs sector reform through providing infrastructure, providing loans to farmers, and ensuring interest rate loans is a single digit,” he affirmed.

Sekibo who was represented at the conference by the Regional Head Abuja-1, Daniel Oniko, stated that giving SMEs and young entrepreneurs leverage to contribute immensely to the development of their host community through engaging the youths and unemployed individuals will bring about and facilitate economic recovery.

He emphasized that the role of SMEs in creating and sustaining national development in relation to job creation has been considered a key tool in modern-day poverty alleviation, economic emancipation, and total well-being. The MD, however, disclosed, “One of Heritage Bank’s major cardinal points as a bank is supporting micro, small and medium scale businesses and our strong desire to see young men and women succeed in any area of their business.

This will help the society and economy to grow, thereby moving the nation from poverty to prosperity, he added.

He noted that Heritage Bank was taking the lead through various initiatives such as its youth entrepreneurship development programmes which were aimed at increasing the contributions of the MSME segment to the economy. He further explained that the entrepreneur schemes of the bank in the support for business had always focused on dependable job-creating sectors such as the agricultural value chain: fish farming, poultry, snail farming, etc., cottage industry, mining and solid minerals, creative industry: tourism, arts and crafts, and Information and Communication Technology (ICT).

Speaking earlier, Vice President Yemi Osinbajo, said emerging challenges require that the banking and finance sector takes on more transformative projects such as housing and renewable energy.

The VP acknowledged that the banking and finance sector has over the years played significant roles in the nation’s economic development. According to the Vice President, “it is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance. “

In his goodwill message, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele stated that the banking sector remained well-positioned to support the recovery efforts of the monetary and fiscal authorities. “Clearly, Nigeria’s banks have become not only strong and resilient but have also carved a good niche in the world to consolidate on the growth and resilience of the banks in the last decades”, he added.

BIG STORY

Dangote Crashes Diesel Price To N1,000 Per Litre

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In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel to from 1200 to 1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

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BIG STORY

NCAA Suspends Three Private Jet Operators For Engaging In Commercial Flights

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The Nigerian Civil Aviation Authority (NCAA) has banned three private jet operators’ permits to conduct commercial flights.

Chris Najomo, the NCAA’s interim director general, announced the suspension of the three private operators in a statement distributed to all airlines on Tuesday.

This comes a day after Festus Keyamo, Minister of Aviation and Aerospace, announced that the federal government would arrest and sanction unauthorised flights and non-certified people.

Najomo stated that the use of private jets for business purposes drew Keyamo’s attention in November 2023, prompting the minister to issue guidelines prohibiting such activity.

“Subsequently, in March 2024, the NCAA had issued a stern warning to holders of the permit for noncommercial flight (PNCF) against engaging the carriage of passengers, cargo or meal for hire reward,” Najomo said.

“The authority had also deployed its official to monitor activities of private jet terminals across airports in Nigeria. As a consequence of this heightened surveillance, no fewer than three private operators have been found to be in violation of the annexure provision of the PNCF and part 9114 of the NCAA regulations.

“In line with our zero tolerance for violation of regulations, the authority has suspended the PNCF of these operators.

“To further sanitise the general aviation sector, I have directed that a reevaluation of all orders of PNCF be carried out on or before the 19th of April 2024 to ascertain compliance with regulatory requirements.”

Najomo also said all PNCF holders will be required to submit relevant documents to the authority within the next 72 hours.

“This riot act is also directed at existing air operators certificate (AOC) holders who utilise aircraft listed on the PNCF for commercial chatter operations,” Najomo said.

“It must be emphasised that only aircraft listed in the operation specifications of the AOC are authorised to be used in the provision of such charter services.

“Any of those AOC holders who wish to use the aircraft for charter operations must apply to the NCAA to delist it from their PNCF and include it into the AOC operations specifications.”

The NCAA also urged travellers not to patronise any airline or charter operator who does not hold a valid AOC issued by the NCAA when they wish to procure chartered operation services.

Najomo also encouraged legitimate players in the aviation industry to report the activities of such “unscrupulous” elements to the authorities promptly for necessary action.

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BIG STORY

Elon Musk Says X Will Start Charging New Users To Post, Cites Increasing Fake Accounts

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Elon Musk, the owner of X, formerly known as Twitter, has confirmed plans to charge new users for posting on the network.

On Monday, he responded to a post on the X policy on new accounts, stating that it is the only solution to the platform’s bot issue.

According to Musk, the explosion of bogus accounts consumes the available space for usernames, resulting in the lack of many excellent handles.

“Unfortunately, a small fee for new user write access is the only way to curb the relentless onslaught of bots,” Musk said.

“Current AI (and troll farms) can pass “are you a bot” with ease.

“The onslaught of fake accounts also uses up the available namespace, so many good handles are taken as a result.”

Replying to another X account on the new policy, Musk said new users will be able to post for free after three months.

On October 17, 2023, X started charging new users in New Zealand and the Philippines $1 per year to access key features, which include the ability to tweet, retweet, like posts and reply to posts.

The social media platform said the aim is to “reduce spam, manipulation of our platform and bot activity”.

On April 4, Elon Musk announced that a cleanup to purge the social media platform of bot accounts and trolls was underway and would lead to the suspension of legitimate accounts.

In addition, Musk said the company would also trace the people responsible and bring the full force of the law to bear upon them.

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