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  • FG Pledges Commitment To Socio-Economic Transformation Through MSMEs

    FG Pledges Commitment To Socio-Economic Transformation Through MSMEs

    The Federal Government has pledged its continued commitment to the socio-economic transformation of Nigeria through the Micro, Small, and Medium Enterprises (MSMEs).

     

    Dr. Dikko Radda,  Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), gave the assurance during a dialogue session organized by the agency for MSMEs support organizations in Owerri on Thursday.

     

    Speaking on the topic: “ MSME Support Organisations  Synergise Towards Effective Coordination of MSME Activities”, Radda described MSMEs as the engine for socio-economic transformation.

     

    Radda, who  was represented by the Director, Partnership and Coordination Department of SMEDAN, Mr. Friday Okpara,

     

    said that the agency had developed many programs to ease access to the basic needs of MSMEs orchestrated by the COVID-19 pandemic.

     

    He also said that the agency would synergize with business membership organizations from private and public sectors of the economy so as to reposition MSMEs for global competitiveness.

     

    He called for more commitment at the state and Local Government levels where MSMEs are domiciled saying that this will drive wholesome implementation of strategies for economic growth.

     

    “MSMEs are considered as the engine of socio-economic transformation globally because they can generate more jobs than any other sector if properly harnessed and coordinated.

     

    “SMEDAN will synergize with support organizations to reposition MSMEs for national and global competitiveness especially with the take-off of the Africa continental free trade area agreement.

     

    “Achieving massive employment generation, wealth creation, and poverty reduction in this COVID-19 era requires an innovative approach such as this,” he said.

     

    Also speaking, Commissioner for Commerce and Industry, Imo, Mr. Simon Ebegbulam, expressed optimism that MSMEs would give birth to several industries in the country if sustained and well managed.

     

    Ebegbulam, who was represented by the ministry’s  Director of Industry, Mrs. Eucheria Onwukwe, thanked SMEDAN for organizing the dialogue and urged participants to strengthen their commitment to MSMEs.

     

     

  • Finally, US Govt Endorses Okonjo-Iweala For WTO DG

    Finally, US Govt Endorses Okonjo-Iweala For WTO DG

    The United States government has endorsed Ngozi Okonjo-Iweala, former Nigerian minister of finance, for the office of the director-general of the World Trade Organisation (WTO).

     

    In a statement made available to members of the public, the office of the US trade representative, said the government led by Joe Biden and Kamala Harris is pleased to support the candidacy of Okonjo-Iweala, who is also a US citizen.

     

    Immediate past Trump-led government had refused to back the former managing director of the World Bank on grounds that she lacked trade experience, a claim Okonjo-Iweala has refuted.

     

    The Nigerian candidate was poised to become the WTO DG after winning the race with support from Europe.

     

    But her appointment suffered a setback, as a meeting scheduled for Monday, November 9, 2020, during which the appointment would be decided after rejection from the US government, was postponed.

     

    Trade sources said they thought a factor in the delay was that there had been no indication the Trump-led administration – which will continue to govern trade policy in the weeks ahead irrespective of the ongoing US presidential race – had switched its support to Okonjo-Iweala.

     

    The U.S. said in its statement as follows:

     

    The United States takes note of today’s decision by the Republic of Korea’s Trade Minister Yoo Myung-hee to withdraw her candidacy for Director General of the World Trade Organization (WTO).

     

    The Biden-Harris Administration is pleased to express its strong support for the candidacy of Dr. Ngozi Okonjo-Iweala as the next Director General of the WTO. Dr. Okonjo-Iweala brings a wealth of knowledge in economics and international diplomacy from her 25 years with the World Bank and two terms as Nigerian Finance Minister. She is widely respected for her effective leadership and has proven experience managing a large international organization with a diverse membership.

     

    The Biden-Harris Administration also congratulates Minister Yoo Myung-hee on her strong campaign for this position. She is a trailblazer as the Republic of Korea’s first female trade minister and the first candidate from Korea to advance this far in the Director General selection process. The United States respects her decision to withdraw her candidacy from the Director General race to help facilitate a consensus decision at the WTO.

  • CBN Prohibits Cryptocurrency In Nigeria

    CBN Prohibits Cryptocurrency In Nigeria

    The Central Bank of Nigeria (CBN), on Friday, February 5, 2021, issued a stern warning to banks across the country over transactions relating to cryptocurrency.

     

    In a memo addressed to Deposit Money Banks (DMBs) Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and members of the public, the apex bank ordered financial institutions across the country to persons and entities transacting or operating in cryptocurrency exchanges.

     

    The circular signed by Director of Banking Supervision, Bello Hassan stated: ”The CBN circular of January 12, 2017, refFPRIDIRGENT R/06/010 which DMBs, NBFIs, and OFIs and members of the public on the risks associated with transactions in cryptocurrency refers.

    “Further to another regulatory directive on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payment from cryptocurrency exchanges is prohibited.

     

    “Accordingly, or DMBs, OFIs, NBFIs, are advised to identify persons and /or entities transacting in or operating cryptocurrency exchanges within their system and ensure that such accounts are closed immediately.”

  • Stocks Shed N20bn As Insurance Firms Lead Losers

    Stocks Shed N20bn As Insurance Firms Lead Losers

    Investors lost N20bn on Wednesday as the nation’s stock market extended its decline to the third consecutive trading session amid profit-taking.

     

    Five insurance stocks were among the top six losers at the end of trading on Wednesday.

     

    The market had on Monday started the month on a negative note, ending a five-day gaining streak.

     

    The market capitalisation of equities listed on the Nigerian Stock Exchange had risen by 3.44 per cent last week as the market continued its upward trend for five consecutive trading sessions.

     

    Investors gained over N1tn in January as the market capitalisation rose to N22.19tn on Friday from N21.06tn at the start of the month.

     

    The NSE All-Share Index, however, dropped by 0.13 per cent on Monday to 42,357.90 basis points from 42,412.66bps last Friday, while the market capitalisation fell to N22.16tn from N22.19tn.

     

    The ASI fell further on Tuesday to 42,043.79bps while the market capitalisation lost N70bn to close at N21.99tn.

     

    On Wednesday, the benchmark index dipped by 0.10 per cent to 42,000.01bps while the market capitalisation declined by N20bn to N21.970tn.

     

    Twenty-seven stocks recorded price reduction on Wednesday, with Linkage Assurance Plc topping the losers’ table as its share price dipped by 9.88 per cent to N0.73.

     

    Other top losers were Champion Breweries Plc, Regency Alliance Insurance Plc, African Alliance Insurance Plc, Wapic Insurance Plc and Niger Insurance Plc.

     

    Nineteen stocks, led by NCR Nigeria Plc, recorded gains at the end of trading.

     

    It was followed by Consolidated Hallmark Insurance Plc, Prestige Assurance Plc, McNichols Plc and Eterna Plc.

     

    Analysts at Cordros Capital Limited noted that the bearish sentiments persisted in the equities market, following profit-taking on Guaranty Trust Bank Plc, Wapco Insurance Plc and Ecobank Transnational Incorporated stocks.

     

  • FG, World Bank Begin Process To Rebase Nigeria’s GDP

    FG, World Bank Begin Process To Rebase Nigeria’s GDP

    The Federal Government, in collaboration with the World Bank, has commenced the process to rebase Nigeria’s Gross Domestic Product.

     

    Experts describe GDP as the final value of the goods and services that are produced within a nation’s geographic boundaries during a specified period of time, normally within a year.

     

    The growth rate of nation’s GDP is an important indicator of the economic performance of the country.

     

    Also, rebasing of GDP entails the replacement of the old base year used for compiling the GDP with a new, more recent, base year for computing the constant price estimates.

     

    This is necessary because of the changes in relative prices and the structure of the economy over time.

     

    In its bid to rebase Nigeria’s GDP, the National Bureau of Statistics announced on Wednesday that following the successful completion of listing of establishments, a component of National Business Sample Census, the NBS commenced National Business Sample Survey, otherwise known as the survey of establishments.

     

    It said the NBSS was also a component of NBSC which involves in-depth study of sampled establishments based on the sectors identified in business sample census.

     

    The bureau’s spokesperson, Ichedi Sunday, said in a statement issued in Abuja that ‘the objectives of the National Business Sample Survey include to rebase the Gross National Product from 2010 to 2018/2019’.

     

    The objective also includes ‘to provide sectorial data at national and state levels, determine the structure of the Nigerian economy, determine the sectors that drive the Nigerian economy and those that require government intervention to improve them’.

     

    Others, he said, were to serve as a benchmark for subsequent commercial and industrial sector statistics surveys.

     

    According to the bureau, the survey covers the 36 states of the federation, including the Federal Capital Territory.

     

    It said, “In all, 17 sectors of the Nigerian economy will be covered during the survey exercise. Already, data collection on the survey by NBS staff has commenced with lodgments of questionnaires in the selected establishments.

     

    “NBS appeals to the selected establishments to provide the necessary information for the survey as their participation is germane for the successful completion of the survey exercise.”

     

    The NBS last rebased the country’s GDP in April 2014, as it announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure.

     

    At the time, the overall estimate of the nation’s economy size increased significantly as the estimate of total GDP of Nigeria increased from N42.4tn ($270bn) to N80.2tn ($510bn), an 89 per cent increase.

     

    Analysts explain that GDP rebasing enhances planning and investment decisions, as the performance of government in revenue collection, capital spending, among others, are made clearer.

  • SEC Unveils How To Register For Future Fund Raising

    SEC Unveils How To Register For Future Fund Raising

    The Securities and Exchange Commission has released general rules for Collective Investment Schemes, prescribing that all units/securities of a collective investment scheme must be registered by the commission.

     

    The rule, which is on the commission’s website, also states that all units/securities subject to registration by the commission may be offered through ‘offer for subscription, offer for sale and may be registered by way of shelf registration’.

     

    SEC explained in a statement issued on Wednesday that shelf registration was a filing undertaken by issuers intending to access the market in the near future, permitting issuers to disclose certain information in a core disclosure document updated on a regular basis.

     

    The commission said in the case of shelf registration, some provisions would be applicable, including the value of the shelf programme not being less than N5bn.

     

    It also stated that an issuer might issue, offer/purchase, or make an invitation to subscribe for/purchase units under a shelf registration, where at the time of the issue, offer/invitation, there was in force a shelf prospectus as updated by a supplementary shelf prospectus, both of which had been registered by the commission.

     

    Another provision was that a shelf prospectus would be subject to renewal every three years from the date of its issue.

     

    The statement said, “A shelf prospectus shall comply with the general form and contents of a prospectus as set out in these rules and regulations and state that the shelf prospectus has been registered by the commission.

  • FG Targets Two Modular Refineries In Bayelsa

    FG Targets Two Modular Refineries In Bayelsa

    The management of the Nigerian Content Development and Monitoring Board said on Wednesday that construction of the 2,000 barrels per day modular refinery in Brass, Bayelsa State, will commence very soon.

     

    The modular refinery is the fourth supported by the NCDMB under the Federal Government’s plan to use modular refineries to drive the development of the Niger Delta region.

     

    The board had injected equity capital funds in three modular refineries with the Waltersmith 5000 bpd modular refinery at Ibigwe, Imo alreading in operation.

     

    Others are the 12,000 bpd Hydroskimming modular refinery being constructed by Azikel Petroleum Limited at Obunagha, Gbarain, Bayelsa and the 2,500 bpd modular refinery being developed by Duport Midstream Company as part of its Energy Park in Egbokor, Edo.

     

    The Manager, Corporate Communications, NCDMB, Naboth Onyesoh, said in a statement on Wednesday that the projects also included a power plant and logistics jetty to provide support for oil and gas operations.

    A local modular refinery In Bayelsa

    He said the Minister of State for Petroleum Resources, Timipre Sylva, performed the groundbreaking ceremony of an Energy Infrastructure Park on Saturday at Okpoama in Brass Local Government Area of Bayelsa.

     

    Onyesoh said the minister also commissioned three Corporate Social Responsibility projects executed by the Atlantic International Refinery for the people of the Okpoama Kingdom.

     

    The projects included the Okpoama Cottage Hospital, Iseleama Health Centre and Okpoama Community Water Works.

     

    The statement quoted Sylva as saying at the event that one of the best strategies to curb restiveness in the Niger Delta region was to create jobs and opportunities for youths.

     

    The minister also said that part of his mandate is to collaborate with players in the private sector to establish oil and gas facilities, including modular refineries.

  • FirstBank Grants Money Agents Loan Facilities

    FirstBank Grants Money Agents Loan Facilities

    First Bank of Nigeria Limited has said it is providing loan facilities of up to N1m to its banking agents.

     

    The bank said this in a statement on Tuesday titled ‘Firstbank empowers its firstmonie agents with up to N1m’.

     

    According to the statement, it has over 86,300 Firstmonie agents, spread across the country’s 772 Local Government Areas.

     

    FirstBank said with its location in every neighbourhood, Firstmonie agents had been integral to filling the financial exclusion gap, providing convenient banking services that were easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.

     

    The  bank said its financial inclusion activities were in line with the mandate of the Central Bank of Nigeria to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities.

     

    The Firstmonie agent channel was among the bank’s many initiatives to expand financial access in the country, it stated.

     

     

  • Capital Market, Viable Funding Source For SMEs – NSE

    Capital Market, Viable Funding Source For SMEs – NSE

    The Nigerian Stock Exchange has described the capital market as a viable source of funding for Small and Medium Enterprises, saying it continues to support the growth and development of small businesses in the country.

     

    It said in a statement that the most recent of these efforts was the webinar it hosted on Wednesday, with the theme ‘Capital raising for SMEs through the stock exchange’.

     

    The NSE said the webinar was hosted in collaboration with various trade groups/chambers of commerce in the Northern region of the country, and was headlined by the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Hajia Saratu Iya Aliyu.

     

    Speaking at the event, the Divisional Head, Listings Business, NSE, Mr Olumide Bolumole, said, “The traditional role of The Exchange as a platform for capital formation and liquidity holds good promise for businesses.

     

    “Despite the impact of COVID-19, the NSE functioned to facilitate needed financing with over N2.5tn in capital raised by governments and corporates in 2020 across various asset classes.”

     

    On her part, the NACCIMA boss commended the National Council and management of the NSE for organising the webinar.

  • PZ Cussons Records Revenue Growth As Operating Profit Falls

    PZ Cussons Records Revenue Growth As Operating Profit Falls

    PZ Cussons, a leading consumer products group, has reported its results for the six months to November 30, 2020.

     

    The UK manufacturer saw revenue growth of 14.6 percent with growth in all regions, with revenue from its focus brands, Carex, Morning Fresh, Cussons Baby and St Tropez, rising an impressive 21.9 percent.

     

    However, PZ Cussons said the reported profit from continuing operations fell 1.4 percent to £36.3 million due to the profit on the disposal of its Greek business last year and, in this year, exceptional costs primarily related to Nigeria.

     

    In Europe and the Americas, the group saw unprecedented growth (+32.6 percent) driven by the hand wash and hand sanitizer category but warned that demand remains volatile and competition was increasing as new brands enter the market.

     

    Modest growth was recorded in Asia Pacific (+4.2 percent) and Africa (+5.9 percent).

     

    Commenting on the profit, Non-Executive Chair Caroline Silver (Chair) said, “The organization has been stabilized in the last 12 months with the arrival of Jonathan Myers as CEO and his new management team.”

     

    “Our fast start to this financial year was maintained with the Group delivering strong growth in revenue and adjusted profit across all Regions, notwithstanding increased investment in marketing and organisational capabilities.”

     

    “In the second half of this year, with our recent strategy review moving into execution, we expect further progression in brand building, the continued turnaround of key brands and the implementation of our simplification project in Nigeria.

     

    “The external environment continues to remain very challenging and volatile but we remain focused on developing our strategic plans that will benefit all stakeholders in the longer term.”