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FSS2020 Project: Catalyst For National Development – DG, SMEDAN

The director-general of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Dr Dikko Umaru Radda has described the Financial System Strategy, FSS2020 project as a catalyst for national development and that its role in strengthening the MSMEs sector will galvanize the nation’s economy.

He made this remark during the visit of the Financial System Strategy FSS2020 Project Team, led by its head Project Management Office, Mohammed Suleyman to the agency’s corporate headquarters in Abuja.

The SMEDAN chief executive assured the FSS2020 Project team of his support in achieving the objectives of the project which is to develop the Nigerian economy and to make it one of the best in the world by year 2020.

He affirmed that the agency will act positively towards realizing the noble innovations and initiatives of the project with a view to making the MSMEs feel the impact.

“I have from your presentation come to the realization that the FSS2020 has a lot to offer, for the development of MSMEs sub-sector in the country, this is a welcome development and I am very impressed with this.”

Dr Radda also reminded the team that, the major driver for economic growth is wealth and job creation, and assured them that SMEDAN aims to create 1.5 million jobs in the next six months which will be a great step in achieving the core mandate of the agency.

Radda further told FSS2020 team that, the major challenges affecting MSMEs sub-sector particularly in Nigeria was lack of synergy between stakeholders and access to finance and restated that the FSS2020 project is a national project whose primary purpose is to develop Nigerian economy and make it one of the best in the world by 2020. “Being an initiative of CBN, it affects every sphere of the nation’s life such as pension and mortgage.”

He therefore commended the FSS2020 Project team for articulating the challenges facing the MSMEs in Nigeria and proffering solutions to them saying what they have done is in tandem with the repositioning strategies of the new leadership of the agency and charged the FSS2020 Project Team to involve the NOA in sensitising Nigerians on critical issues such as patronising ade in Nigeria products.

Source:Leaderahip

SMEDAN To Create 1.5m Jobs In Six Months – DG

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Dikko Umaru Radda, has said the agency will create 1.5 million jobs in the next six months.

He made this disclosure during the visit of the Financial System Strategy (FSS) 2020 Project Team, led by its Head, Project Management Office, Mohammed D. Suleyman, to the agency’s corporate headquarters in Abuja.

“The major driver for economic growth is wealth and job creation. SMEDAN aims to create 1.5 million jobs in the next six months which will be a great step in achieving the core mandate of the agency,” Radda said.

The director-general described the Financial System Strategy (FSS) 2020 project as a catalyst for national development and that it would strengthen the Micro, Small and Medium Enterprises (MSMEs) sector as well as galvanise the nation’s economy.

Earlier, Suleyman had said the project dealt with pension, MSMEs, insurance and mortgage among others.

He said the primary focus of the project was to make the Nigerian economy to be the fastest and best economy by 2020.

SMEDAN DG, Dr Dikko Umaru Radda decries encroachment on centres

The Small and Medium Enterprises Development Agency of Nigeria, (SMEDAN) has decried the indiscriminate encroachment on the land belonging to Industrial Development Centers across the country.

The Director -General, Dr Dikko Umaru Radda said this on a tour of the IDC Ibeshe in Ikorodu, Lagos on Monday.

He expressed displeasure over the encroachment of the centre’s land in Ikorodu by individuals without recourse to laws of the land.

“Almost all our IDCs lands are being encroached, this is not fair, these are the properties of the federal government of Nigeria and they are supposed to assist micro small businesses. They are incubation centres that will go a long way in creating thousands of jobs, we can’t allow this, we will take this up with the appropriate authorities.’’

At the state office in Matori, Dr Radda was briefed on the activities, success and challenges of the Lagos office.

The State Coordinator, Mr Adeyinka Fisher, appealed to the new SMEDAN boss to look into their challenges and ensure the provision of working tools to get the best out of the staff of the agency.

Source: Daily Trust

Benefits of fuel subsidy removal to Nigerians – Kurfi

SSA to Katsina State Governor, Aminu Balele Kurfi discussing on interesting issue with President of Federal Republic of Nigeria,President Muhammadu Buhari and Katsina State Governor Rt. Hon. Aminu Bello Masari in Daura, a day before Katsina Economic and Development Summit.

Aminu Balele Kurfi is a senior Special Assistant(Sports) to Katsina State Governor , an ardent supporter of President Muhammadu Buhari and an Economist of renowned order,Specialist on Economic Policy.

He Speaks Out On His facebook page:

Removal Of Fuel Subsidy Will Definitely Bring Hardship On Nigerians But The Pain Will Only Last For A Night And The Benefits Is Forever.

On the benefits of subsidy removal, Kurfi said that this will tackle the incessant scarcity of petrol due to importation and also the spring up of petrochemical industries alongside local refining to create jobs.

As economist I can argued that the removal of fuel subsidy may not be a bad as speculative by roadside economists and the Nigeria labour Congress (NLC). Clearly it was not sustainable on an economy nearly bankrupt, decaying infrastructures,militancy, Boko Haram, endless crisis between marketers and the government on oil subsidy payment which translate into trillions, the fall of crude oil prices around the globe from $110 to $40+ as inherited by President Buhari administration.

Yesterday, I have a telephone conversation with a senior colleague on Subsidy removal and reform of downstream sector and he argued that the decision President Muhammadu Buhari should have taken earlier in his administration. I am sure he was not persuaded to tarry a while by those who were benefitting from it beside President Buhari is a man of proven integrity, honesty and experience.

I also assured him that With deregulation of downstream sector that put ending to fuel scarcity across the nation, reduce hoarding, smuggling and diversion of the product. Withdrawal of fuel subsidy is one issue and deregulation of down stream is another issue. market forces will prevail, greater competition will bring prices to a more realistic level.What we had before was not working. This one will.

I also think that President Buhari’s response to Britain’s David Cameron’s gaffe was apt. Britain and the rest of the West, release the spoils of corruption! Stop aiding and abetting it.

“I’m not ready to ready to join issues with anybody, this is my school of thought that I believed is workable for Nigeria” Kurfi

Buhari to declare Katsina Investment summit open today

President Muhammadu Buhari is expected to declare the 2016 Katsina Economic and Investment Summit today, Daily Trust can report.
Buhari met with business communities in Katsina yesterday preparatory to the summit.

The meeting which was held at the Presidential Lodge, Katsina State Government House had in attendance, Chairman of Bullet Construction Company Alhaji Isma’ila Isa Funtua, Chairman of Jaiz Bank Alhaji Umar Mutallab, Chairman of Max Air Alhaji Dahiru Barau Mangal and Managing Director of Katsina Oil Mills Alhaji Bilya Sanda, among others.
Top government officials present at the meeting include Governor Aminu Bello Masari, his deputy Alhaji Mannir Yakubu, Secretary to the Katsina State Government Alhaji Muhammad Inuwa, Senators and House of Representatives members from the state as well as members of the State House of Assembly.
President Buhari is expected to formally declare the Economic and Investment Summit today before his departure to UK for a world leaders’ anti-corruption summit.
The Katsina Economic and Investment Summit, Daily Trust reports, has the following objectives:
a. Awareness creation on the state Government new investment climate and policy thrust.
b. Create a flat form for dialogue with potential Investors.
c. Discuss the specific needs of those willing to invest in Katsina state.
d. Share emerging investment ideas with the target Audience.
e. Engage all the state’s unutilized and underutilized natural resources towards creating a an efficient and prosperous state.
f. Revitalize the private sector for higher returns and employment generation; and
g. Enhance the visibility of the State as a viable investment hub.

Source:dailytrust

Nigeria is indivisible – Buhari

President Muhammadu Buhari has strongly declared his resolve to ensure that Nigeria remains an indivisible country no matter the level of agitation from any region or group to the contrary, saying he would defend this with his life.
He spoke at the palace of the Emir of Katsina yesterday.

“A few individuals who were not even born at the time of the war are now out agitating for secession. I fought in that war to unite Nigeria and there is no way I will allow such to happen while I am alive. I will not take it lightly with anybody agitating for self secession. I am ready to die defending this country. I cannot fight for the unity of this country and somebody just comes out overnight and chases me out of it. That is not be possible.

“In the civil war of over 30 months, with two million lives lost, I slept and crawled at yam farms. Many people died of hunger but recently a few individuals are calling for split. This war was fought to unite the country because as at then there was no oil. We fought for the nation’s indivisibility, so let’s do it, the agitation is been taken too far, the damage done is too much and we will not take it anymore,” he said.

Buhari said the past 16 years in the history of the country were not fully utilized, given the abundant resources, adding that people must exercise patience and bear with the present administration on the predicament of low financial resources accruing to the government.

Buhari added that leaders at all level must work closely to see how to salvage the situation, noting that his administration would do its best to uphold the trust bestowed on it and all those who had had hands in the past deeds of the country would be made to account for their deeds.

The Emir of Katsina, Alhaji Abdulmuminu Kabir Usman, urged the president not to relent in his effort to fix Nigeria, saying “I have confidence that Nigeria will become a great country under your leadership.”

Usman said Nigerians had been clamouring for change for many years and now that the country has got someone who is willing to fix things right, Nigerians should not be in a hurry to feel the change overnight.

“Nigerians should understand that it will take Buhari some years to fix this country. All he needs from Nigerians is prayer and patience,” he said.

“I want state categorically that the Katsina emirate council and the people of Katsina are solidly behind you. You success is ours and your failure is our failure. We will go to the extra mile to defend you, support you and promote your government,” he said.

Source: Daily Trust

Summit putting Katsina on solid foundation for growth’ Governor Masari

The main purpose of the Katsina Economic and Investment Summit is to ensure that by the next 20 years Katsina State is on a solid economic and viable path for financial independence, Governor Aminu Masari said.
Speaking with newsmen at the Presidential Lodge, Masari said Katsina did it before when it was having the best educational facilities that was second to none during the native authority.

According to him, then Agriculture and livestock were the main sources of revenue that were used to run the judiciary, health facility saying it is can be done again and this is one of the path to do it.
He said “with the large volume of water in dams, being number one in cotton production, this summit is selling our potentials and on track to re igniting our lost glory.
“Remember cotton has a long value chain and with it alone we can do it again, there is Kaolin, Gold, Diamond in abundance.”

Source:dailytrust.com.ng

Buhari Set to Visit Katsina on Economic Summit

Katsina state government will host President Muhammadu Buhari for an investment and economic summit.

Speaking on Tuesday while inaugurating the 20 members committee for the presidential visit, Governor Aminu Bello Masari said the committee is to commence preparation for President Buhari’s visit scheduled for may.

Masari said the committee will co-ordinate the activities lined up for the visit.

Governor Masari who was represented by his deputy, Mannir Yakubu, said the president is expected to attend the opening of the investment and economic summit organized by the state government.

The committee is being chaired by the deputy Governor Mannir Yakubu and has two weeks to submit its report.

Responding on behalf of the committee members, the commissioner of finance, Alhaji Muktar Gidado promised to work hard toward achieving success of the assignment.

Katsina Woos Investors to Economic Summit

Katsina State is to open up to the rest of Nigeria, Africa and the world through a partnership between local entrepreneurs and those interested in investing in the various sectors in the state.

A high-profile delegation, led by the Secretary to the Government of Katsina State, Alhaji Mustapha Muhammad Inuwa was in Lagos, this week, to present the fine points of the state’s upcoming Economic and Investment Summit that would take place in May.

The Secretary to the Government of Katsina State, Alhaji Mustapha Muhammad Inuwa said it was important to note that Katsina was a relatively peaceful state, adding that investors would find it a safe haven.

The government chose an appropriate theme; ‘Unlocking Investment Potentials for Sustainable Development’ to underscore the importance of the summit. Also on the entourage of the Secretary to the Government, were the Chairman of the organising committee, Alhaji Ibrahim Tukur Jikamshi; Katsina State Commissioner for Information, Hamza Muhammed; and a member of Katsina State House of Assembly, Hon. Umar.

According to the Alhaji Jikamshi, the summit would be different from others because it was designed as a networking event rather than a talk-shop.

He said present administration led by Governor Aminu Bello Masari was determined to open up the state to private sector investors who were expected to take advantage of investment potentials that abound in the state.

“Pursuant to the present Katsina State Government policy thrust on Private Sector facilitation, job creation, and entrepreneurial promotion through generation of viable investments in the state, His Excellency directed for an Investment and Economic Summit to be organiseg with focus on awareness creation on the state Government new investment climate and policy thrust; create a flat form for dialogue with potential Investors; discuss the specific needs of those willing to invest in Katsina State; share emerging investment ideas with the target audience; engage all the state’s unutilised and underutilised natural resources towards creating a an efficient and prosperous state; revitalise the private sector for higher returns and employment generation; and enhance the visibility of the State as a viable investment hub.

He said his Committee with its partners, “The Nigerian Investment Promotion Commission and USAID NEXTT is hosting the Economic and Investment Summit in Katsina to promote the investment opportunities of Katsina State from May 9th to 11th, 2016. The venue is Muhammad Buhari House (Katsina State Government House). Stakeholders located within the LAKAJI Corridor States, all other states of Nigeria and the international investing community will be present to identify opportunities available in the state.

“This will also mark the official commencement of the synergy between the LAKAJI Corridor States, other states of the Nigerian federation and the international community. The summit will also provide a robust flat form for business connection for Public Private Partnership (PPP), Business to Business (B2B), Person to Person (P2P) and Consumer to Business (C2B).”

He said priority sectors were; Agri-business; Power; Solid Mineral; Property Development; and Hospitality and Creative Arts Industry.

Target countries are: Nigerian nationals; Asian countries the Middle East; European and American countries; African countries and ECOWAS.

Their mandate, he said was to organise a summit that was capable of attracting investors worldwide, adding that they had done need assessment study and were convinced that prospective investors would get value.

He said private business people were interested in about 140 projects that had been identified across the state based on their comparative advantage.

“The Committee had sat down with local entrepreneurs. Some of them are looking for technical partners worldwide; some are looking for finance; some are interested in capacity building; while some are interested in partnerships,” he said, adding that priority areas where the state had comparative advantage had been developed.

The Chairman listed some of the areas to include agri-business and its entire value chain; solid minerals, power, property development and hospitality, among others. He said the summit would be showcasing the bountiful investment opportunities in these areas where the state has comparative advantage.

Source: Thisday

Toshiba – accounting scandal causes further woes

Toshiba looks set to cut 7000 jobs after making a record loss of $4.53bn after their $1.3bn accounting scandal.

This news ends a woeful year for the accounting scandal-hit electronic giant. The revelations led to the resignation of Toshiba president and vice president. The BBC has reports that Toshiba’s shares have lost about 40% of its value since news of the profit overstatement began to emerge in April.

Tosbia said in a statement: “By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business.”

Cosmetic tax fraudster

A beauty product trader has been jailed after an HMRC investigation which found she had stolen £750,000 in VAT by tampering with paperwork she could increase her repayment claims.

Chyi Chiann Cheah was caught after HMRC officers found she had vanished to escape investigation. Over a ten year period, she produced and submitted false invoices and shipping documents to support her claims for VAT repayments

Paul Barton, Assistant Director, Fraud Investigation Service, HMRC said:“Cheah thought she could hide from HMRC and avoid the consequences of her fraud. She was wrong. She cheated the taxpayer out of hundreds of thousands of pounds which should have been spent on essential public services and is now paying the price as she starts her jail term.