• Dealers lament rising cost, low patronage for used vehicles • This is a ploy to discourage vehicles importation, stakeholders allege Beginning from June 1, 2021, Nigerians with a low budget would be unable to purchase cars while those with a high budget will pay double, as terminal operators have announced a 50 per cent increase in terminal handling charges. Two Roll On Roll Off (RORO) terminals at the Tin Can Island Port, Ports and Terminal Multipurpose Limited (PTML) as well as Five Star Logistics Terminal had two weeks ago announced an increase in their terminal handling charges by 50 per cent. According to the circular released by both terminal operators, the increment is expected to take effect from Tuesday next week. However, the terminals have blamed the increment on inflation and huge operational cost due to the nature of Nigerian ports, among others.
Nigerians to pay more for imported vehicles from June 1
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SMEs: Role of retail banks in development, sustainability and growth
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The number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over. Though Nigeria rely majorly on oil and revenues derived from it, from context observation the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk, and Micro businesses most importantly. A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others. And the formal operations such as the law firms, accounting firms, consulting, fintech, and real estate companies, and so on in the country.