Business
Bayelsa State and Bank of Industry Launch N4 Billion Export Financing Initiative
The Bayelsa State Government has established a pivotal partnership with the Bank of Industry (BoI) to bolster local exports through a N4 billion loan initiative aimed at bridging the funding gap for regional businesses.
Dr. Jones Ibieri, the Bayelsa State Commissioner for Trade, Industry, and Investment, announced this collaboration on Thursday during a sensitization program organized by the Nigerian Export Promotion Council (NEPC) in Yenagoa.
Dr. Ibieri shared that both the state government and BoI will contribute N2 billion each to the program, which will provide loans at single-digit interest rates for enterprises across the state’s eight local government areas.
He urged local exporters and entrepreneurs to prepare their proposals, emphasizing that this funding aims to support genuine business ventures.
“The governor has approved a scheme to assist local businesses. The Bayelsa State Government and the Bank of Industry are each contributing N2 billion to address funding challenges. The loans will be offered at single-digit interest rates,” Ibieri stated.
Additionally, he announced that BoI plans to open a branch in Bayelsa by the end of the year, enhancing access to financial services for local entrepreneurs.
In her keynote address, NEPC Executive Director/CEO Nonye Ayeni, represented by Deputy Director Julie Onmoke, outlined strategies to strengthen Bayelsa’s export capabilities in line with the NEPC’s “One State, One Product” policy. Ayeni expressed the NEPC’s commitment to increasing the state’s non-oil exports over the next three years through campaigns under the “Double-Your-Export” initiative.
She expressed optimism that the number of formal exporters in Bayelsa, currently at five, will double in the near future.
Ayeni also presented on “Export Procedures and Documentation in Nigeria,” detailing the necessary steps for prospective exporters to have their products certified.
Earlier, NEPC Bayelsa State Coordinator Mrs. Sylvia Adeneye welcomed attendees, highlighting the importance of identifying opportunities, overcoming challenges, and developing solutions to enhance exports from the state.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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