The National Association of Small and Medium Enterprises (NASME) says rising operational costs and high interest rates are toxic to the performance of micro, small and medium enterprises (MSMEs).

Speaking in an interview with NAN on Thursday, John Karunwi, Oyo state chairman of NASME, attributed the poor performance of SMEs in 2024 to low purchasing power and the high cost of doing business.

He expressed optimism that 2025 would usher in more impactful government policies to alleviate the challenges small businesses face.

Karunwi acknowledged the government’s efforts to improve the economy in 2024 but said the results are yet to be visible.

The NASME chairman said many interventions, such as the Bank of Industry’s (BoI) single-digit loans, have not reached a significant portion of small businesses.

“The impact of the high monetary policy rate leading to high cost of funds along with outrageously high operation costs resulting from high cost of raw materials, high cost of energy, high logistics, and so on are toxic to sector performance,” Karunwi said.

“Also, regulatory bodies are still making the cost of doing business high.

“The low purchasing power of Nigerians also affects sales performance.

“In summary, the overall performance of the Micro, Small and Medium Enterprise sub-sector did not improve significantly in 2024.”

Karunwi asked the government to implement policies that would create a better business environment, reduce operational costs, and improve access to energy and raw materials.

“We look forward to the government coming up with programmes that can make impacts and bring relief to the SMEs in a short time,” he said.

“We also look forward to better business environments and policies that will have direct impacts on SMEs as well as reduce cost of doing business.

“We look for improvement in the energy sector, improved access to raw materials at the rate that would bring reduction in our production cost and make our businesses competitive.

“We look forward to economic policies that will revive comatose MSMEs.”

On October 5, 2023, Vice-President Kashim Shettima said the federal government would support local manufacturers with N75 billion in a bid to bolster the manufacturing sector.

Elon Musk, the owner of X, has caused a stir in the cryptocurrency market by changing his display name and image to ‘Kekius Maximus’.

Kekius Maximus, the name of a meme coin, is a type of cryptocurrency inspired by internet memes and was launched on December 14, 2024.

The meme coin is a fusion of ‘Pepe the Frog’ meme with the armour of ‘Maximus,’ the heroic protagonist of the movie, Gladiator.

After the name change was noticed on December 31, Musk shared a post saying, “This will be priceless,” after a user expressed curiosity about how the media would cover the move.

According to Forbes, the value of the Kekius Maximus meme coin skyrocketed by over 2000 percent since Musk changed his display name.

Musk has not clarified his intentions behind the name change; however, he has reverted to his original name.

The meme coin is currently trading at $0.0112, with its all time high at $0.0112, according to Coinmarketcap, a cryptocurrency aggregator.

The name change marks another instance of Musk’s social media activity impacting crypto prices.

In 2021, his tweets about Dogecoin caused the coin’s value to soar.

The billionaire also integrated Dogecoin into the payment system of his electric carmaker, Tesla, describing the digital coin as his “favourite” cryptocurrency.

Musk’s influence in the cryptocurrency market also extends to Bitcoin, as the most valuable crypto asset jumped to a record high of $44,000 per coin in February 2021, after Tesla announced a $1.5 billion investment in the cryptocurrency.

The Nigerian National Petroleum Company (NNPC) Limited has asked former President Olusegun Obasanjo to visit the Port Harcourt refinery to verify its operational status.

The invitation follows Obasanjo’s statement suggesting that the state-owned refineries are still moribund despite huge investments.

Obasanjo had said during his time as president, Shell Petroleum Development Company (SPDC) was approached to run Nigeria’s refineries, but the British oil giant declined over concerns of systemic corruption.

The former president also alleged that the NNPC has been misleading Nigerians about the refinery’s operational status.

Responding in a statement on Thursday, Olufemi Soneye, the chief corporate communications officer of NNPC, invited Obasanjo to visit the PH refinery, saying the company is committed to transparency and accountability.

The NNPC spokesperson also asked the elder statesman to work with the firm in its determination to guarantee Nigeria’s energy security.

“We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians,” Soneye said.

“His wisdom and experience are invaluable, and we assure him that his advice will always be welcomed and appreciated.

“Furthermore, we extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new NNPC Limited.

“As part of this transformation, NNPC Limited has gone beyond oil and gas to become an integrated energy company. One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PHRC) and Warri Refinery.

“We welcome President Obasanjo to witness the transformation of the Port Harcourt Refinery. This is not a mere Turnaround Maintenance, but a comprehensive overhaul aligned with global standards.

“The revitalisation of refineries in Port Harcourt, Warri, and Kaduna underscores the company’s commitment to Nigeria’s energy security.”

‘NNPC NO LONGER A GOVERNMENT CORPORATION’

Soneye said the NNPC is currently conducting a complete rehabilitation of the old Port Harcourt and Kaduna refineries.

“Regarding his (Obasanjo’s) recent comments, we would like to respectfully clarify the current state of the NNPC. The NNPC has undergone a transformative journey, evolving from a government corporation into a private entity, NNPC Limited,” he added.

The spokesperson said the transition means that the NNPC has also moved on from being a loss-making organisation to a profit-driven international energy firm.

“We deeply respect and hold President Obasanjo in the highest regard as a distinguished statesman who has contributed significantly to the progress of our nation,” he added.

“We remain grateful for his leadership and enduring commitment to the growth and development of Nigeria. Together, we can continue to build a brighter future for our great nation.”

Soneye also said there “is no iota of truth in the media reports that NNPCL has stopped the supply of crude oil to Dangote Refinery – No need to respond to falsehood”.