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ONE Foundation was set up in 2018 with the mission to help entrepreneurs start, build, grow and scale their businesses in an environment like Nigeria.
“Small businesses are powerhouses of socio-economic development around the world,” Oluwatoyin Ajilore, founder of the Foundation, said.
“According to Nigeria Bureau of Statistics and PWC, MSMEs contribute 48% of national GDP while also accounting for 96% of the businesses and 84% of the employment in Nigeria. Despite, their significant role to the economy, 80% of MSMEs are reported to fail in the first 5 years.”
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Ajilore said this, and her own experiences of multiple business failures, were the driving force for her to seek a way to systematically support entrepreneurs in the country.
Notably, March 2021 inflation rate of 18.17% is at the highest since February 2017.
As has been acknowledged by the Central Bank of Nigeria in its Q4-2020 economic report, a major driver of Nigeria’s current inflation is food price inflation which was 22.95% (March 2021). This is the highest level of food price inflation over the past fifteen years.
Prior to 2021, the last time food price inflation was over 20% was in July 2008 (20.9%) and prior to that was in October 2005 (24.6%). So, 2021 food price inflation trends are in rarefied territory.
The Nigeria Bureau of Statistics (NBS) publishes a Selected Food Price Watch report, which gives additional context to how prices of some food items are changing. Interestingly, popular food items such as Garri, Maize, Rice, Vegetable Oil, Beans are showing significant YoY price increases of more than 20%.
Views: Visits 6 The Federal Government has assured workers that the transfer of the National Minimum Wage from the Executive to Concurrent list would not work. The Minister of Labour and Employment, Dr Chris Ngige, gave the hint at the 2021 May Day celebration, on Saturday in Abuja. The theme of the May Day celebration is: “COVID-19, Social and Economic Crises; Challenges for Decent Work, Social Protection and Peoples Welfare”. Ngige said that the new minimum wage was a national law, which would not be manipulated by anyone. “A tripartite clause arrangement which coordinated the government enacting the national minimum wage on April 18, 2019, and the President in signing the law, made it clear that the law takes effect on that day.
Minimum Wage: Transfer to concurrent list won’t work – FG
Mr Ngige says the new minimum wage was a national law, which would not be manipulated by anyone. 3 min read
The Federal Government has told workers that the transfer of the National Minimum Wage from the Exclusive to Concurrent list would not work.
The Minister of Labour and Employment, Chris Ngige, gave the hint at the 2021 May Day celebration, on Saturday in Abuja.
The theme of the May Day celebration is: “COVID-19, Social and Economic Crises; Challenges for Decent Work, Social Protection and Peoples Welfare”.
Mr Ngige said that the new minimum wage was a national law, which would not be manipulated by anyone.