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K2 Blog & News

7,000 Small and medium-sized enterprise (SME) owners and artisans have been captured to benefit from the federal government’s COVID-19 intervention fund in Ogun State.

This is according to the Coordinator of Ogun State Coordinating Units (Ogun SOCU), Tunde Adebiyi.

Disclosing this to journalists in his office in Abeokuta, Ogun State’s capital, Adebiyi revealed that beneficiaries of the COVID-19 intervention fund would get N5,000 each for six months.

According to him, the N5,000 was budgeted for the beneficiaries for the purpose of augmenting their capital.

Adebiyi explained that the scheme tagged ‘Rapid Response Register’, Adebiyi, is a social intervention by the Federal Ministry of Humanitarian Affairs, Disaster Management, and Social Development.

Aside from the SME owners and artisans, the Ogun SOCU boss said petty traders, the poor and vulnerable living in urban and semi-urban areas in the state, and those whose businesses were ravaged by the pandemic, would also be beneficiaries of the social intervention scheme.

Halal Certification Authority (HCA) has stressed the need for small and medium-sized enterprises (SMEs) in Nigeria to take advantage of opportunities created by the emerging halal industry.

It stated this at an event themed, ‘Emerging Halal Market: Tool for Economic Growth’ and organised by Halal Certification Authority (HCA) to educate the public on its certification.

The Chairman of HCA and Professor of Pharmacology and Toxicology at the University of Lagos, Ibrahim Oreagba, said the authority was primarily responsible for certifying products. “We realised that a lot of people do not even understand what Halal is. Even some Muslims don’t know the difference between Halal and non- Halal products. So, we must create awareness and this seminar is one way of educating the public and also our clients on Halal and certification processes,” he said.

Professor of Islamic Law, University of Ilorin, Kwara State, Abdulmajeed Abdurrazaq Alaro, noted that the halal industry, which includes foods, non-food products and services is another alternative source of income for Nigeria.

Member representing Eti-Osa Federal Constituency, Ibrahim Babajide Obanikoro, has stressed the need to invest more in technology and small and medium-sized enterprises (SMEs) for growth.

Obanikoro made the call, yesterday, at a town hall meeting and empowerment programme, in conjunction with Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN), where he distributed 1000 laptops and funds for SMEs to beneficiaries at the Young Men Christian Association (YMCA), Awolowo Road, Lagos.

Obanikoro also gave bursary to some students to help them meet immediate school financial needs. Some petty traders also received grants to boost their businesses.

He said: “This year, we plan to focus on the technological advancement of our constituents. The world has gone digital. And the earlier we key into it, the better for our growth. That is why we have decided to start the year by distributing 1000 laptops to some of our students, residents, and also to our friends at Eti-Osa police.

Financial technology services contributed 73.5 percent as Nigerian startups raised $1.09 billion in 2021, contributing to the growth of the country’s economy.

Techpoint disclosed this in its latest report on the contributions and achievements of startups in Nigeria and Africa last year.

According to the report, the financial services sector raised 73.5 percent, representing $741,615,000, followed by the eCommerce sector with 13.8 percent ($139,242,000) in the year under review.

“Two fintech startups each raised 9 digits in dollars; 6 of the 13 Nigerian startups that raised 8 digits were also fintechs,” the report reads.

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We are focused on the development of Micro, Small and Medium Enterprises (MSME) and aims to assist new and existing entrepreneurs to overcome obstacles to growth through access to finance, proper business planning and developing entrepreneurship skills.