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FG extends 50% discount on business registration by three months

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Yemi Osibajo on MSMEs
MSMEs Business Registration: The Federal Government on Monday extended by three months the 50 per cent discount it offered operators of Micro, Small and Medium Enterprises to register their company names.
On MSMEs -Vice-President Yemi Osinbajo announced this during the first quarter MSMEs stakeholders’ meeting, which was held at the Presidential Villa, Abuja.
Yemi Osibajo on MSMEs

Yemi Osibajo on MSMEs

He explained that the government’s action was informed by the success so far recorded in the 50 per cent discount window.
For instance, reports showed that small business registration grew from “54,000 to 163,000 within six months” of approving the discount.
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The government, through the Corporate Affairs Commission, started applying the discount since in October 2018.
It involved reducing the fee for the registration of a business name from N10,000 to N5,000 to help MSMEs formalise their operations.
Osinbajo at the event also asked both the Standard Organisation of Nigeria and National Agency for Food and Drug Administration and Control to quickly resolve issues relating to the overlapping of their functions to ease business operations.
The VP also challenged the stakeholders to rack their brains and come up with suggestions on how best to finance small business outlets in the country.
“Having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for start-ups and MSMEs.
“We need to address this issue as quickly as possible”, a statement by his Senior Special Assistant on Media and Publicity, Mr Laolu Akande, quoted the VP as saying.
The  Managing Director of the Bank of Industry, Mr Kayode Pitan, at the session, called for  “MSMEs to establish a company to de-risk BOI loans to MSMEs.”
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Customs Corner

Customs to Partner with SMEDAN to Ease Cross-Border Trade

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Author: Titus Omajali 

The Nigeria Customs Service (NCS) announced on Thursday, 12 September 2024, that it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost trade, encourage local production and ease Cross-border trade.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, made this known when he received the Director-General (DG) and Chief Executive Officer (CEO) of SMEDAN, Charles Oidi, and his team at the NCS Headquarters in Abuja.

The CGC stated that a dedicated SMEDAN team will be established at the NCS office to provide specialized assistance and facilitate seamless processes for small and medium-sized businesses engaged in cross-border trade. “The population of SMEs cannot be ignored. Whatever you do with them, you do it to strengthen the economy of the nation,” he said

Responding, the DG/CEO of SMEDAN, Charles Oidi, commended the CGC for his commitment to SME development and pledged to continue facilitating productive interactions between government agencies and the SME ecosystem. “SMEDAN remains dedicated to identifying bottlenecks, designing inclusive solutions, and implementing effective strategies to support the growth of SMEs in Nigeria,” he stated.

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Customs Corner

Four Officers Honoured for Exceptional Performance in Customs Airport Cargo Command 

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As Comptroller Awe Reaffirms CGC’s Dedication to Recognition

Author: Abass Quadri

Comptroller Michael Awe, in charge of the Murtala Muhammed International Airport Cargo (MMIAC) Command, has recognised four officers for their excellent performance in executing their duties.

The officers were honoured during a parade at the Command on Wednesday, 11 September 2024.

Addressing the Officers and men of the Command, the CAC stated that the recognition, which will be done monthly or quarterly, is part of the CGC’s commitment to rewarding hardworking officers.

“There are four officers here, each representing one month from May to August 2024, who will be given letters of recognition today. The letters have reached the Office of the Zonal Coordinator, and he will send them to headquarters,” the CAC said.

Regarding the Command’s revenue generation efforts, Comptroller Awe noted that more than N16 billion has been collected so far. He appreciated the senior officers for their support, acknowledging that this success could not have been achieved alone.

The recognised officers include CSC Itinu Jimoh, CSC Moses Aboki, SC Jidda Aliyu, and IC Sanni Mohammed.

The officers expressed their excitement and gratitude to the CAC for recognising their efforts.

According to CSC Aboki, “The CAC has assured us that we do not need to harbour any fears. Henceforth, we will conduct more thorough examinations, as it is through this that we can detect illicit or underpaid items.”

The parade concluded with a free eye test provided by Poise Eye Care Limited.

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Customs Corner

Finance Minister Presides Over 60th Regular Customs Board Meeting

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Highlights Government Efforts to Ease Nigeria’s Cost of Living

Author: uhammad Bashir.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, 10 September 2024, presided over the 60th regular board meeting of the Nigeria Customs Service.

The meeting, which he held at the newly built NCS headquarters in Maitama, Abuja, was said to be the first of its kind since the commissioning of the edifice by former President Muhammadu Buhari in 2023.

The Minister expressed his satisfaction with the board’s adherence to the decision to meet quarterly, describing it as an essential aspect of corporate governance.

He stressed that regular meetings and updates on financial performance were crucial for any government agency seeking to meet its objectives that impact positively on the citizens.

He highlighted further, “I think that board meetings serve as an important part of corporate governance and corporate governance is key to running an organisation efficiently as well as provide the necessary direction and management to keep government policies on track.”

The Minister also applauded the integrity and transparency of CGC Adeniyi, noting that the principles guiding the board’s operations were exemplary with a commitment to achieve laudable objectives and tenets to run an organisation like the NCS.

The Minister, who stressed the importance of collaboration between various ministries and the private sector, said the Nigeria Customs Service Board includes representatives from the ministries of Trade and Investment, Foreign Affairs, and Finance, as well as members of the organised private sector.

This congregation, according to Edun, “Ensures that critical national issues are thoroughly discussed and implemented in a timely manner”.

While filing questions about his feelings, he was the first Minister and NCSB Chairman to have chaired a meeting at the newly built NCS Corporate Headquarters, the Hon. Minister took the opportunity to commend the Customs Service on the achievement.

He said, “I congratulate the Nigeria Customs Service on this achievement of not just building a new edifice, but actually moving into it, making use of it, and keeping it very neat and tidy, and I pray for the success of all those who work at the new facility.

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