news

Invitation to register for the Innovation Fellowship for Aspiring Inventors and Researchers (i-Fair) Isreal Nigeria 2020/21

02 Nov 2020 By ummiyusuf

Registration has commenced for the i-Fair 2020/21, an initiative born out of the need to raise a generation of INNOVATORS, INVENTORS and RESEARCHERS in Nigeria; especially among the youths.

i-FAIR is offering Nigerian aspiring inventors a unique opportunity to showcase innovative ideas in the fields of Agriculture and Food Technology, Renewable Energy/Environmental Management, Medical Devices/Simulation, and Social Responsibility/Innovation for the Physically Challenged.

Register now and gain access to;

  • A 3 days skills development and interactive session with the mentors and co-participants at the Skill “G” Innovation Center, Abuja.
  • Sixty (60) hour “Introduction to Entrepreneurship” course, during which participants will work at the Innovation Center to develop their ideas, projects and prototypes.
  • A 3-day Grand Finale Experts/Investors Panel (“Sharks” format) Event; where participants will present their projects and prototypes.

Click on aea.org.ng or www.ifair-israelnigeria.com/form-app/form.php to begin the registration process.

AEA SUPPORTS FIRST BATCH OF THE NIGERIA ARMY RANKING OFFICERS WIVES COOPERATIVE SOCIETY

19 Aug 2020 By Ifeyinwa Amulu

The Abuja Enterprise Agency (AEA) is working closely with businesses to help lessen the effects of Covid 19 pandemic. The Agency through its Credit Risk Management Department has mobilized and stabilized some Widows of the Nigeria Army Ranking Officers Wives Cooperative Society of Karu.

This loan disbursement which was done under the Abuja Enterprise Agency’s Loan Revolving Scheme Programme, took place recently at the AEA Complex Abuja.

The Managing Director/ Chief Executive Officer of AEA Dr. Arabi Muhammad Tukur has said that women are better to be empowered as they create more opportunities/wealth with the little resources assistance or given. ‘Women are the backbone of the family and the bedrock of the society. Empowering them becomes necessary since they are the breadwinners of their families’.

The Managing Director who was represented by the Deputy General Manager Mallam Shehu Abdukadir urged the beneficiaries to utilize the funds given and use for the said business purpose. He encouraged them to pay off at the appropriate time to enable the other members of the Cooperative access another round of loan if the need arises.

The women from the cooperative society were assisted with total loan of One Million Nine Hundred Thousand Naira only in the first instance.

The Special Assistant to the President on Community Engagement/Civic Interventions Mrs. Olatoyosi Onaolapo who represented the office of the vice president expressed her profound gratitude to the Management of AEA for finding the group recommended by their office worthy to grant Loan assistance. She stated that there shall be more collaboration from the office of the Vice President and Abuja Enterprise Agency

Mr Bolaji Asuni, the Manager Credit Risk Management, while pointing out the terms and conditions of the loan encouraged them to use the funds judiciously so as to enable them pay on time and avoid defaulting charges. He further advised them to be good ambassadors of Widows Cooperative to pay back so that others too can get the loan and improve the economy.

The widows on the other hand thanked the office of the Vice President and the management of the Abuja Enterprise Agency for the Loan opportunity granted and promise not to default.

FCT One- Stop-Shop: Business regulators under one roof

27 Jul 2020 By ummiyusuf

The FCT MSME One-Stop-Shop was officially commissioned by the Vice President of Nigeria on 6th September, 2018.

The One-Stop-Shop brings together business regulators under one roof with the aim of providing a platform for convenient, continuous and and easy interaction between the government agencies and Nigerian-based MSMEs.

The One-Stop-Shop destination for FCT is the Abuja Enterprise Agency Entrepreneurial Complex, located at Plot 74, Sector Centre ‘A’ Cadastral Zone B15, Jahi District, Abuja.

The building is open to members of the public to visit and access services of various business regulators including;

  • Corporate Affairs Commission (CAC)
  • National Agency for Food and Drug Administration and Control (NAFDAC)
  • Federal Inland Revenue Service (FIRS)
  • Industrial Training Fund (ITF)
  • Nigerian Export Promotion Council (NEPC)
  • Standards Organisation of Nigeria (SON)
  • Nigerian Export-Import Bank (NEXIM)
  • Bank of Industry (BOI)
  • Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
  • Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
  • National Information Technology Development Agency (NITDA)
  • Abuja Chamber of Commerce and Industry (ACCI)
  • Bank of Agriculture (BOA)
  • FCT Microfinance Bank

You can also follow the One-Stop-Shop on its instagram and facebook pages using the following links: www.instagram.com/ossabuja/ and www.facebook.com/ossabuja/

CBN introduces intervention scheme and grants for Research and Development in Healthcare

16 Jun 2020 By ummiyusuf

As part of its policy response to the COVID-19 pandemic, the Central Bank of Nigeria has introduced the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

The main objective of the scheme is to provide grants for Research and Development in the Healthcare system, whereby researchers and local manufacturers can come up with vaccines, drugs and herbal medicines towards the treatment and prevention of communicable and non-communicable diseases, including the Corona virus.

The Scheme also aims to boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs.

The Scheme, which will be funded from the Developmental Component of the Micro, Small and Medium Enterprise Development Fund (MSMEDF), enables access to grant of up to N50 Million for research activities and a maximum of N500 Million for Development/Manufacturing activities.

For detailed guidelines and eligibility to access the scheme, click the link below:

https://www.cbn.gov.ng/Out/2020/CCD/Healthcare%20RnD%20intervention%20guidelines.pdf

FG TO DISTRIBUTE AGRICULTURAL INPUTS TO FARMERS

13 Jun 2020 By halimafarouk

An endeavor has been made by the Federal Government to alleviate the effect of the COVID-19 pandemic on food production in Nigeria, the government started the dissemination of agricultural inputs to farmers nationwide.

According to the Federal Ministry of Agriculture and Rural Development, the move would enhance agricultural production and avert food scarcity in 2021.

It said in a statement issued in Abuja on Monday that the inputs distributed to smallholder farmers included various varieties of seeds of rice, maize, wheat and palm seedlings.

The Minister of Agriculture and Rural Development, Sabo Nanono, inaugurated the distribution exercise in Kaduna.

He stated, “The Federal Government will continue to support smallholder farmers with relevant inputs through associations and cooperatives to ensure that the country does not experience food shortages as a result of the pandemic.

“Rice farmers through the Rice Farmers Association of Nigeria will receive support worth about 270 metric tonnes and 300MT of certified seeds of FARO 66 and 300MT of foundation seeds of flood- tolerant rice varieties of FARO 66 and FARO 67.”

He added, “The ministry is also distributing 26MT of certified wheat seeds to wheat farmers, 1,350 maize production kits and 18,517Kg of Aflasafe to ensure that the maize produced is aflatoxin-free.”

Nanono said the association was expected to distribute the seeds to its members nationwide for the 2020 cropping season.

Source: https://punchng.com/fg-distributes-agricultural-inputs/

UNION BANK SUPPORTS SMEs

11 Jun 2020 By halimafarouk

All over the world, the current pandemic has had unthinkable impact on people, Small business owners,communities, companies and economies.

This is why one of Nigeria’s most reliable and trusted banking partner   have come up with #TheRiseChallenge to shine the spotlight on their customers, who are doing all you can to rise above this pandemic. If you are being innovative, charitable, creative and resourceful and the union bank wants to hear your story.

Every week for the next 4 weeks, they will select 10 of the most inspiring stories to share and reward. If your story is selected, you will receive N250,000 Naira from Union Bank to support the work you are doing to RISE above the pandemic.

ABUJA MASK-UP COMPETITION

27 May 2020 By halimafarouk

The Abuja Enterprise Agency being the drivers of entrepreneurial growth held a mask up competition in conjunction with its partners in the fashion industry, the competition was designed to give participants the opportunity to bring their ideas and concepts into actualization in the fashion industry.

With the given realities of the COVID-19 pandemic that has put the whole world to a stop, the Agency brought about this competition to engage the MSMEs in the fashion industry in the FCT. The Agency and its partners hope to help by making the face mask very much available to everyone and lift up the economy and health status of Nigerians.

The competition was focused on 5 major categories which are Best use of innovation, growth, social impact, the use of ICT, climate and environmental impact as well as privacy and data protection.  The competition recorded 929 entries and 221 videos. Finalists of the competition went through a very rigorous screening process were 10 companies met the criteria. 

The 10 Finalists Pitched their business ideas to the Panel of Judges who are eminently qualified and accomplished in the Fashion Industry, the Medical space as well as the Entrepreneurial Ecosystem. Dr. Joe Abah (the former DG, Bureau for Public Service Reforms), who is well respected Nationally for his personal and National Principles for Truth, Transparency, and Growth, as the Chief Judge for this competition, Other Judges are; Dr. Ejike Ojih (a Medical Practitioner of over 30 decades and the Chairman of the Medical Sub Committee of the Ministerial Advisory Team  for the FCT COVID.19 Response), Mrs Aisha Abubakar Falke (CEO, Falke Fashion/Northern Hibiscus Initiatives), Mr. Seyi Adekunle (CEO, Vodi Group), Barr.Chioma Ibokwe (CEO, West n Couture).

They used their versed experience acquired over the years to determine the Best 3 Finalists who went home with cash prizes of N500,000, N300,000, and N200,000 respectively. There is in place other consolation prizes for the other winners such as free trainings in the Industry to be provided by both AEA and Messrs.’ Vodi Group, Business Advisory Services, Mentorship sessions, Market linkages, and access to facility from the our own FCT MFB. In addition to the prize for the top winner, the Company was given a shop space at the SilverBird Shopping Mall for a month free to display and sell the Face Masks.

Speaking at the pitching event was the MD/CEO of the Abuja Enterprise Agency Arabi Mohammad Tukur who said 

“We wish to convey our profound appreciation to the Panel of Judges for their dedication, time and commitment. I have implicit confidence in the ability of the judges to provide a credible assessment for today’s Final Business Pitch.

Our Collaboration with critical partners such as Columbia, Honorary Consulate in Nigeria, Vodi Group, and ThreeM Plus is borne out of the FCT Administration’s vision of providing an enabling environment, particularly for youths to become leaders in the entrepreneurial world and provide solutions to the various challenges we face as a Nation.

 The Agency wish to also appreciate all our partners for being part of the success we are witnessing today. Of particular note are the contributions of Her Excellency, Mrs Mericel R. Jammal (Honorary Consul of Columbia to Nigeria),  Mr. Mohammed Jammal (CEO, ThreeM Plus), and Mr. Seyi Adekunle (CEO, Vodi Group) who remained focused and dogged in getting the competition to hold despite the huge challenges of COVID.19. We in the Abuja Enterprise Agency remain ever grateful to you and your Teams for beaming the lights of the Agency further. Thank you most sincerely.”

He concluded his speech by expressing sincere appreciation to the FCT Administration under the leadership of the Honorable Minister FCT, Malam Muhammad Musa Bello for making this event possible and showing great interest, dedication and commitment in developing the youths of the FCT. He also adviced the participants that “ the potentials for success lie in you; I urge you to be the business leaders of tomorrow by inculcating these 3 tips to become successful entrepreneurs, “be Innovative, be Creative and lead with Integrity”.

One of the participants miss Fatima Ibrahim Tauheeda said the competition gave her the opportunity to come to different ideas and designs of facemasks and also publicity to arket her products. She also thanked the Abuja Enterprise Agency/FCTA for the opportunity.

NAFDAC provides 80% discount on registration for MSMEs

19 May 2020 By ummiyusuf

As more palliatives are being rolled out by the Federal Government to protect and sustain MSMEs in the face of the current pandemic, entrepreneurs also need to keep abreast of the environment and identify opportunities they can tap into in order to stay afloat.

One of such opportunities which is also a palliative of the Government, is the discount on online registration of products offered by the National Agency for Food and Drug Administration and Control (NAFDAC) through the Automated Product Administration and Monitoring System (NAPAMS)

MSMEs can now process the registration of their products with NAFDAC from the comfort of their homes, and at an 80% discounted rate over a period of six months. Other palliatives under the platform include; zero tarrifs for the first 200 micro and small businesses to register on the e-platform, and waiver on administrative charges for overdue/late renewal of expired licenses of products for a period of 90 days.

Products that can be registered include Food, Drug and Medical devices, Herbal and Cosmetics, Vaccines and Biologics, Chemicals, Narcotics and Vetinary.

Take advantage of this opportunity by visiting http://www.napams.org

Interest rates on Intervention Funds slashed from 9% to 5%

18 Mar 2020 By ummiyusuf

One of the challenges of businesses in our present day is funds, especially for businesses that crave growth from their current operations and output. This is the reason why a lot of people rush when they get a hint of any loan intervention or ease in accessing finance.

However, these loans always have interest rates attached and could be too high for businesses to pay back. Infact, some businesses may fold up without being able to return the loans and the interests attached, therefore reduction in the rates tends to encourage start-ups and business owners to borrow and nurture/grow their businesses, towards a better economy.

The CBN Governor, Mr. Godwin Emefiele disclosed that interest rates on all intervention funds should be reduced from 9% to 5% effective 1st March, 2020, in order to tackle the challenges raised by the Corona virus within the domestic economy. Also, all intervention loans currently under moratorium are granted additional moratorium of one year on all principal repayments effective March, 2020.

The Corona virus pandemic has caused an adverse effect in business activities, prompting the CBN to take this strategic measure.

Invitation to participate at the 2020 Startup Clinic powered by NITDA

03 Mar 2020 By Amina M Bello

The National Information Technology Development Agency (NITDA) is calling on startups who are at the early stage of their business to apply for this year’s Startup Clinic series, a five day business skills training scheduled to take place in three states: Jigawa 16th-20th March, Kebbi 30th March – 3rd April, and FCT Abuja 23rd – 27th March.

For further enquiries and information send mail to; info@ictinnovation.gov.ng

limited slots are available.

Apply here: bit.ly/SUC2020

X