The European Commission has introduced a new EU Sanctions Helpdesk to assist small and medium-sized enterprises (SMEs) in understanding and complying with complex sanctions regulations. This initiative aims to reduce the risk of non-compliance, help… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader EU introduces free sanctions helpdesk to assist SMEs with compliance By Oluwayankunmi Olaleye-Kehinde on April 2, 2025 The European Commission has introduced a new EU Sanctions Helpdesk to assist small and medium-sized enterprises (SMEs) in understanding and complying with complex sanctions regulations. This initiative aims to reduce the risk of non-compliance, helping businesses avoid potential financial and legal repercussions. Designed as a one-stop support center, the helpdesk will provide SMEs with free access to sanctions-related resources, including personalized guidance, due diligence assistance, country-specific compliance information, and best practices. The European Commission currently enforces over 40 sanctions regimes worldwide, making compliance an increasing challenge for businesses. SMEs, in particular, often lack the resources and expertise to fully understand and adhere to evolving sanctions rules. By offering tailored support, the helpdesk seeks to prevent SMEs from missing out on legitimate business opportunities due to uncertainty about the legality of transactions. Read also EU introduces free sanctions helpdesk to assist SMEs with compliance AfDB unveils new strategy to drive agriculture, infrastructure, and youth entrepreneurship in Nigeria Edun outlines Nigeria's economic priorities, fiscal discipline, and growth plans in Abuja briefing FG calls on Nigerian startups to apply for GITEX Africa Morocco 2025 FG trains 49 persons with disabilities in IT skills While the service is primarily aimed at smaller enterprises, larger companies may also benefit in certain situations. Commissioner Maria Luís Albuquerque highlighted the significance of this initiative, stating: "The growing use of sanctions can make business operations more complex for our SMEs. That's why we are launching the EU Sanctions Helpdesk—to give them the tools they need to stay compliant and competitive." The helpdesk will work closely with financial institutions, business support organizations, public authorities, and sanctions compliance experts. In Cyprus, for example, it will collaborate with the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC) to ensure local businesses receive relevant guidance. These partnerships will facilitate training sessions, industry events, and awareness campaigns, ensuring that businesses stay informed about evolving regulations. With global sanctions measures expanding at a rapid pace, businesses face rising compliance costs and increased risk aversion. The Commission noted that this complexity could lead to de-risking practices, where businesses opt out of certain transactions due to uncertainty. By providing a centralized resource, the EU Sanctions Helpdesk aims to support businesses in building effective compliance strategies, reducing unnecessary costs, and ensuring continued access to international trade opportunities. The Commission emphasized that this initiative aligns with its broader goal of strengthening EU businesses and ensuring that SMEs—recognized as the backbone of the European economy—can operate confidently in an increasingly regulated global market.

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The African Development Bank (AfDB) has launched a new Country Strategy Paper to strengthen its support for Nigeria's economic transformation. Dr. Abdul Kamara, AfDB's Director General for Nigeria, led a delegation to meet with Finance Minist… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader AfDB unveils new strategy to drive agriculture, infrastructure, and youth entrepreneurship in Nigeria By sbinsights on April 2, 2025 The African Development Bank (AfDB) has launched a new Country Strategy Paper to strengthen its support for Nigeria's economic transformation. Dr. Abdul Kamara, AfDB's Director General for Nigeria, led a delegation to meet with Finance Minister Wale Edun to discuss key development projects and deepen collaboration in critical sectors. As part of its commitment, the AfDB is advancing the second phase of the National Agricultural Growth Scheme (NAGS) to enhance food security and rural development. Additionally, the Special Agro-Industrial Processing Zones (SAPZ) initiative is progressing, with infrastructure development in Sokoto and planned expansions in Cross River and Kaduna States. The Bank is also prioritizing youth empowerment through initiatives like the Youth Enterprise Investment Fund, aimed at fostering job creation and economic inclusion. Read also Minister Edun commended the AfDB for its role in revitalizing Nigeria's economy, particularly in agriculture, infrastructure, and youth entrepreneurship. Meanwhile, AfDB President Dr. Akinwumi Adesina recently announced a $500 million facility designed to unlock $10 billion in financing for smallholder farmers and agribusinesses across Africa. Speaking at the High-Level Conference on Scaling Finance for Smallholder Farmers in Nairobi, he outlined a strategy that includes trade credit guarantees, blended finance mechanisms, and first-loss coverage to address the $75 billion annual financing gap in Africa's agriculture sector. Adesina emphasized the urgent need to increase financial access for farmers, as only 6% of African smallholder farmers currently have access to credit, and fewer than 20% use improved seeds. He urged global stakeholders to support Africa's agricultural potential, noting that the AfDB has already committed $10 billion to the sector, with 77 approved projects worth $3.9 billion in 32 countries and an additional $1.72 billion set for approval this year. Despite agriculture being a key economic driver, financial institutions remain hesitant to lend to smallholder farmers, with the sector receiving less than 5% of total loan portfolios across many African nations due to perceived risks such as climate variability and lack of collateral.

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In a key virtual briefing, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented Nigeria's economic progress, emphasizing fiscal stabilisation, key priorities, and strategic initiatives aimed at driving su… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Edun outlines Nigeria's economic priorities, fiscal discipline, and growth plans in Abuja briefing By sbinsights on April 2, 2025 In a key virtual briefing, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented Nigeria's economic progress, emphasizing fiscal stabilisation, key priorities, and strategic initiatives aimed at driving sustainable growth. During the briefing, Edun highlighted the country's economic recovery over the past 18-20 months, with a 3.84% GDP growth recorded in Q4 2024, aligning closely with the 3.4% annual target. Inflation began to ease, revenues rose, and the exchange rate showed signs of improvement. Fiscal discipline and revenue reforms Edun revealed that government revenue increased by 20% last year, with a reduced budget deficit and a decline in debt servicing relative to revenue. He emphasized the government's commitment to fiscal responsibility, improved tax compliance, and digitisation, aiming to raise the tax-to-GDP ratio to 18% within the next 18 months. Private sector as growth driver Edun stressed that private sector investment will play a crucial role in Nigeria's future economic growth. He announced a ₦1 trillion low-interest mortgage fund, supported by both public and private financing, designed to boost the housing sector. The government is also mobilising pension funds and institutional investors for the development of 5,000 kilometres of roads under the Highways Management and Development Initiative. Read also Oil, trade, and external positioning While acknowledging efforts to diversify the economy, Edun reaffirmed the importance of oil revenue. Plans are in place to increase domestic refining capacity to 1.2 million barrels per day and create a secure, investor-friendly environment in the oil sector. He urged exporters to focus on domestic and regional markets to mitigate the effects of global shocks, such as the US's recent tariff policies. Youth empowerment and innovation Highlighting Nigeria's young population, with an average age of 16.9 years and over 600,000 graduates annually, Edun stressed the need for youth-focused economic policies. He pointed to upcoming funding mechanisms to support young entrepreneurs and the recent launch of a national sports empowerment programme by President Tinubu in Ogun State. A call for partnership Edun concluded by calling for greater equity investment, privatisation, and strategic partnerships, reaffirming the government's commitment to fostering a business-friendly environment and sustainable, inclusive growth. Nigeria is poised to unlock its full economic potential and secure a brighter future for future generations.

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