SMEs
Experts Canvass Security, Youth Inclusion To Grow Creative Economy
Experts in different fields of the economy and the public sector have called on the government to arrest the increasing security and include the youth in governance and its development agenda to grow the creative economy.
Speaking at a one-day event with the theme “Leveraging Youth Power, Culture and The Creative Economy: The Key to Africa’s Future” organised by Africa Soft Power Lagos Nigeria at the weekend in Lagos, they urged concerted efforts to explore how Africa can secure its future by unlocking the power of its youth, culture, and the creative economy.
The event gathered business leaders, influential African creatives, policy makers, digital champions, and leading entrepreneurs from diverse industries who noted that the absence of security is one of the factors limiting innovation and economic growth in many areas of the continent.
The experts said as the creative and knowledge industries offer immense opportunities for young Africans, there are still threats out there – and high on that list is insecurity.
They said security is an intersectional issue that affects everything from basic human rights, living standards, trade, prosperity, freedom of movement, access to education, gender equality, etc.
The Commissioner of Finance and Economic Development, Ekiti State, Hon Akintunde Oyebode, said “You can’t solve the problem of security where there is absence of fairness and justice.
“A big driver of crime is the absence of consequence, this is why you will find that in a society where there’s an absence of consequence, people often gravitate towards crime.
“The challenge of security in Nigeria is a hydra-headed problem, in some parts of the country, there’s major kidnappings ongoing, in other parts, there is a drug problem, but at the heart of it all is a clear admission that state capacity has been waning for a while and has gotten to a point where it is simply incapable of responding to social issues”, Oyebode added.
The founder and creative director, Africa Soft Power, Nkiru Balonwu, said, “As a country and as a continent, it is imperative to include young people and women in every leadership space.
“From #endsars, to #Congoisbleeding and other several social movements that the continent has witnessed in recent years, we have seen what happens when we do not provide the needed inclusion and security for women and young people.
“We will continue to have these conversations, shining the light on the immense opportunities that Africa’s soft power, deeply rooted in its vibrant culture and youthful population, offers for growth.
“While the advent of digital media and advancements in technology are providing African youth with platforms to express their talents, shape their own narratives, and build successful careers across various industries, we remain committed to advancing conversations that will help the continent leverage this growth potential”, Nkiru added.
The founder and CEO Glann Media Consult and former editor, Guardian Life Magazine, Njideka Agbo maintained that the lack of security and inclusion is responsible for the brain drain in Nigeria and parts of Africa. “At a time, people were excited to come back to Nigeria, but all that has changed.
“In 2018, we were the 4th largest group of asylum seekers in the European Union, because more and more people keep moving out in search of greener pastures, more opportunities and better security.
“The level of patriotism that the youth show to their country is determined by the level of appreciation that they get from the government, alongside the security and inclusion that the country provides for them”, she added.
With almost 60 per cent of Africa’s population under the age of 25, the continent proudly stands as the youngest on the planet.
By 2050, its population is projected to double, positioning this surging youth demographic as Africa’s biggest opportunity for growth, innovation, and sustainable development.
The event had a panel session moderated by Folashade Anozie, founder/CEO, Nonconform Productions. Panelists included Njideka Agbo; Hon. Akintunde Oyebode; Dr Seun Fakorede, Commissioner For Youth and Sports, Oyo State and Adaora Ikenze, director, Public Policy, Anglophone West Africa at Meta
It was a platform for both government stakeholders and young voices across several industries to engage each other.
As global stakeholders rally behind Africa’s ambition, it is imperative to acknowledge the fundamental role that youth power and the creative economy play in building a prosperous continent.
Organised by Africa Soft Power in collaboration with the Ford Foundation, Open Society Foundations, and African Women on Board, the event focused on the intricate relationship between digital platforms, technology adoption, youth empowerment, and creative entrepreneurship.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has reviewed the selection process for beneficiaries of a N5billion credit facility allotted, meant for small businesses in the country.
With the new procedure, the agency has mandated the submission of Corporate Affairs Commission (CAC) certificate and Tax Identification Number as a compulsory requirement to obtain the loan.
The Head of Corporate Affairs, Moshood Lawal, SMEDAN, made the disclosure during an interview with our correspondent recently in Abuja.
According to the report,last year SMEDAN signed an agreement with Sterling Bank to disburse loan options ranging from N250,000 to N2,500,000 at a single-digit interest rate of nine per cent, to facilitate the growth of small businesses through enhanced financial access.
The credit, with the target to assist over 10,000 Small and Medium Enterprises (SMEs), has a duration period of 12 months, to enable small businesses to leverage the facility fully.
Speaking at the signing ceremony, the SMEDAN’s DG, Charles Odii, described it as “an important milestone in our efforts to stimulate economic growth and drive prosperity by enhancing SME access to finance.
“We believe that the financial support, which comes at a very competitive rate, will help SMEs expand operations, hire additional employees, and contribute to an overall upswing in beneficial trade and economic activities”, he said.
But giving an update on the issue four months after, the spokesperson said a software application had been developed to smoothen the process and limit human interference on the credibility of the process.
He added that submission of CAC certificate and tax identification number was needed to identify fake applicants and ensure the fund is given to the right persons.
He said, “Concerning the N5bn loan for small businesses, We have developed an app and it is ready now. We are now taking submissions via the software application. Everyone is expected to download it, put in their business plan and every other detail. Then, they would be evaluated on the app.
“We had to move to an app to avoid human interference because almost everyone had a brother or a sister who tried to influence the process. So, it is better to register via the application, upload the Corporate Affairs Commission certificate, Tax Identification Number and other necessary documents.
“Once that process is fulfilled, the request will be evaluated and those qualified will get a reply immediately but if we had continued with former procedure, the process may be influenced.
“We also noticed that most applicants do not have their CAC certificate and that is a very important document to be submitted.
“Some persons have claimed not to have these certificate but we have insisted that it would be a very important criteria to receive the loan or they would be ineligible. We have promised to be transparent about this initiative and that promise will be kept”.
On the status of applicants who had registered earlier, Moshood explained that those applicants must start the process again using the newly developed app in order to be considered for disbursement.
“Everyone that initially applied for the grant would have to do it again. During the former procedure, they were not asked serious questions, they were only told to register but now we are asking specific questions on how the money will be utilised, the business turnover per month. It is via those questions we will be able to sort out real businessmen and fake ones”, he stated.
According to the report, over 200,000 small-scale businesses had earlier signified their interest to obtain the credit facility with successful applicants receiving emails from the bank.
The alarming rate of small scale business mortality in the country has been a reoccurring issue with the SMEDAN DG revealing that around three million businesses were lost due to varying factors such as insecurity, fraud, global competitiveness and lack of ease of doing business in the past few years.
Financial experts had expressed the view that with improved access to finance, more small business will become drivers of economic progress and important contributors to employment as well as economic and export growth.
As the economic condition continues to bite, a group of young entrepreneurs has extended support to some vulnerable Nigerians via a feeding scheme.
The group said in a statement that the initiative is aimed at providing nourishment to those in need, while drawing inspiration from the teachings of Jesus Christ.
A total of 820 individuals benefited from the programme, enjoying a diverse menu which included Chinese spaghetti, jollof rice, white rice, fried rice, and various soups.
The group from the Redeemed Christian Church of God Youth Church in Ikeja, Lagos, said the act reflects the commitment of the young entrepreneurs to make a positive impact on their community and address societal needs.
The initiative aligns with the Christian Social Responsibility mandate advocated by The Redeemed Christian Church of God, which emphasize the importance of demonstrating love and compassion to uplift communities and individuals.
Part of the statement reads, “The gesture is also in line with the Christian Social Responsibility mandate from The Redeemed Christian Church of God as a mission to meet societal needs through the demonstration of love that positively impacts communities and individuals to make a meaningful mark on the lives of individuals and families, spreading hope and nourishment in the community which is done at least once a month.
“This was led by the Provincial Youth Pastor of Province 1, Pastor Bisi Akande alongside Pastor Femi & Life Oyewunmi, Pastor Shola & Derayo Oladejo and Pastor Leke Adeboye & Titilope Adeboye”.
The Nigeria Customs Service (NCS) has deepened its relationship with its Benin counterpart in enhancing trade.
This follows a meeting held last Thursday between a deligation led by the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, and his Republic of Benin counterpart at the Director-General of the Customs Administration of Benin Republic to strengthen collaboration between them.
The primary focus of the meeting, as outlined by the Customs boss, was to deliberate on strategies aimed at amplifying trade activities between the two nations and ensuring the seamless implementation of recommendations previously discussed during their rendezvous in Cotonou.
Highlighting the significance of the collaboration, the CGC said, “We are cognizant of the established framework for cooperation between our respective customs administrations.
“This framework was established at a higher level by the authorities of the heads of State, President Patrice Talon of Benin, and His Excellency President Bola Ahmed Tinubu of Nigeria, both expressing a desire to work together.
“It is upon this foundation that the Customs of both countries are united in their efforts”.
The Director-General of Benin Customs Administration, Mrs Adidjatou Hassan Zanouvi, in her remarks reiterated their steadfast commitment to executing the mutually agreed-upon measures.
Mrs Zaniuvi emphasised the importance of thorough monitoring to ensure effective implementation.
She noted that collaborative endeavours between the Nigeria Customs Service and the Benin Republic Customs Administration serve as a testament to their shared commitment to facilitating seamless trade operations and ensuring the efficient management of cross-border activities for the mutual benefit of both nations.
The CGC seized the opportunity to inspect ongoing projects within the Nigeria Customs Service, Seme Area Command.
He was accompanied by the Customs Area Controller, Seme Border, Comptroller Timi Bomodi.
By: Nkpemenyie Mcdominic, Lagos