Connect with us

Business News

No Fee Charged On COVID-19 Loan Applications: CBN

Published

on

The Central Bank of Nigeria (CBN) has come out to clarify that it does not charge any fee for processing COVID-19 loan applications.

The Director of Corporate Communications Department of the CBN, Isaac Okorafor, made this known in a fresh statement.

He explained that the loan follows the launch of a N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the coronavirus pandemic.

Also Read: SERAP Asks FG, CBN To Provide Spending Details On COVID-19 Relief Funds

The loans are disbursed through the NIRSAL Microfinance Bank (NMFB)

The CBN made the clarification in reaction to “false reports” on social media that applicants were required to pay a “certain amount as application processing.”

Business News

Nigeria: List Of Small Scale Businesses You Can Start With N10,000 (Video)

Published

on

Having a sustainable income is very essential for you to survive in Nigeria. With unemployment rate on the rise in the country, you might want to look for alternatives to make ends meet. Setting up a business venture might be the next step. With a minimum of N10,000, you can find something worth doing. All you need is the right information from the right source then you are good to go.

I guess you’re wondering what type of small scale business you can start up with such a small budget. This is where Information Nigeria comes in. Stay with us as we bring to you five business ideas you can start with a capital of N10,000.

1. Snacks making business:

This is a lucrative business in the country and it is one of the fastest ways to get returns on your money. A snack is a small service of food which is usually eaten between meals. In Nigeria, we have snacks like puff puff, akara, doughnut, chin-chin, meat pie, fish rolls and so on. I know you might have your reservations but people have shared their testimonies about how they were able to become successful from engaging in this type of small scale business. There are people who were even brought up by hard-working mothers, who fried Akara balls and puff puff by the roadside. You require very little capital to start the business but you need to find a good location to attract more customers. Learning how to make these snacks is also important and you need to be consistent.

2. Starting up an Indomie joint:

Food is a necessity because people need it to survive. Also, keep in mind that you can’t cater to the needs of everyone but you can make your mark. You need to buy a stove, pots, serving plates, spoons and forks, a carton of noodles and so on. Your culinary skills might also come in handy because you need to come up with different recipes.  You also need to set up your business at a populated location and ensure that the place is neat.

3. Okrika or bend down select:

This is a thriving business in the country due to the tough economy, You can set up the business of selling recycled clothes to people. Just like food, clothes are also a basic need because we wear them every day to cover our nakedness and we are always in need of new ones. Some people prefer okrika because they are durable and cheaper. A low-income earner wouldn’t be caught at a boutique as they would rather opt for clothes that are not very expensive. You could make use of social media to advertise your business and you also need to be creative. You don’t need to own a shop before you start selling and it is a business that will last. You could put in additional effort when you get the clothes by washing and ironing them to make them presentable.

4. Selling of recharge cards:

We consider this business idea as one of the best cause it doesn’t require much energy to set up. You can buy a certain amount of card, sell and promote your business online and also in your neighbourhood, place of worship, among others.

5. Running errands for people:

If you love shopping then this is your best option. Running errands for people is a great way to earn cool cash because not many people enjoy doing this and they would rather let someone else run them. Just like the name implies, you run errands for people and you get paid to do them. Some errand runners offer packages to their customers, which come with a fixed rate.

 Offering packages help you get money in advance and it lets you know well ahead of time how much work you can expect. If your errands involve lots of driving then you can consider charging for mileage as well.

Continue Reading

Business News

Kogi Introduces Levy On Every Loaf Of Bread

Published

on

Kogi Introduces Levy On Every Loaf Of Bread

Loaves of bread

According to reports, the Kogi State government will introduce a new tax on every baked bread in the state.

The Ministry of Commerce and Industry says the tax will help increase domestic revenue.

However, the state bakery association said they do not support the tax.

The Kogi State Government reportedly hired a consultant to levy bakers and caterers for every single loaf of bread and confectionery they produce in the state.

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The state’s Ministry of Commerce and Industry appointed Musag Enterprises as the consultant.

The ministry made the introduction on November 9, through a memo signed by the Commissioner’s Permanent Secretary, Usman Ibrahim.

The memo was addressed to the chairperson, Association of Master bakers and Caterers of Nigeria, Kogi State branch.

The collection of the levy will reportedly start from November 16, 2020.

 

Continue Reading

Business News

CBN Opposes Suit To Remove Arabic Inscriptions From Banknotes

Published

on

CBN Opposes Suit To Remove Arabic Inscriptions From Banknotes

CBN, Abuja

The Central Bank of Nigeria (CBN) has opposed a suit before the federal high court in Lagos seeking to remove Arabic inscriptions on the naira notes.

CBN informed the court that it will cost a lot of money to discard existing notes and print new ones without the inscriptions.

Also Read: #EndSARS promoter, Rinuola reacts as CBN secures court order to freeze her account

The apex court also argued that Ajami is not a symbol or mark of Islam, but an inscription to help non-English speakers who are Ajami literate.

The apex bank made the submission in a counter-affidavit to a suit filed by Malcolm Omirhobo, a Lagos-based lawyer, before Mohammed Liman, presiding judge over the case.

Continue Reading

Trending