Daybreak, Politics, Entertainment, Sport

Category: Business and Economy

FG issues N968.092 bn promissory notes so far- DMO
The Debt Management Office (DMO), said as at Feb. 29, the Federal Government had issued promissory notes valued at N968.09 billion across a number of sectors.
It said this on Monday in a document obtained from its website by News Agency of Nigeria (NAN) detailing the breakdown of sector beneficiaries and how much was issued to them.
It said that oil marketing companies were issued N266.07 billion between December 2018 and July 2019.
For State Governments, N487.85 billion was issued to them between December 2018 and December 2019.
The DMO said that government agencies were issued N68.79 billion between April 2019 and July 2019.
It added that exporters under the Export Expansion Grant (EEG) programme were issued N145.371 billion between December 2019 and February 2020.
The document noted that maturity dates for the notes was between December 2019 and December 2024.
A promissory note is a financial instrument that contains a written promise by one party to pay another party either on demand or at a specified future date.
The Federal Government issues promissory notes to settle incurred local debts, and provide stimulus to the economy. (NAN)
March 17, 2020
MWUN threatens to declare state of emergency on shipping sector
The Maritime Workers Union of Nigeria (MWUN) says it will declare a state of emergency in the shipping sector if the Shipping Association of Nigeria (SAN) does not meet the union’s demands.
The MWUN Deputy Secretary-General, (Organising), Mr Abudu Eroje, made this known in a statement made available to newsmen in Lagos on Monday
The MWUN had given a 21-day ultimatum to SAN to convey a meeting of the association of shipping employers and the union to review the industry’s condition of service.
“In the eye of recent events affecting all our members in the shipping sector in Nigeria, we are constrained to bring to public space the following:
“We have exhausted all legal and social means to get members of the Shippers Association of Nigeria to a roundtable with representatives of Maritime Workers Union of Nigeria.
“This means we had hoped that we would find redress to the very inhumane, deplorable and slavish conditions our members are subjected to in their various workplaces
‘`Having consistently ignored our myriad calls, SAN and its members have conducted themselves in a manner which perpetually keeps our members in penury and pain.
“In most cases, they have been stagnated on one salary structure for over 20 years, worst wage structure, anti – union activities, burdensome tariff regimes, etc.,” he said.
Eroje said that MWUN had reported SAN to the Nigeria Labour Congress, which directed that in the interest of industrial peace in the shipping industry in Nigeria, albeit, maritime sector, SAN should convene a meeting with representatives of the union within 21 days.
“We are saying that in the event of SAN’s non-compliance, the union will be constrained to declare a state of emergency in the shipping sector in Nigeria,” he said. (NAN)
March 17, 2020
NSE market indicators record 0.12% loss
Activities on the Nigerian Stock Exchange (NSE) opened for the week on Monday with a loss of 0.12 per cent, driven by investors’ sell-off of UBA, FBN Holdings and Lafarge Africa.
Specifically, the market capitalisation shed N14 billion or 0.12 per cent to close at N11.832 trillion against N11.846 trillion posted on Friday.
Similarly, the All-Share Index which opened at 22,733.35 lost 28.16 points or 0.12 per cent to close at 22,705.19.
Consequently, the Month-to-Date and Year-to-Date losses worsened to -13.4 per cent and -15.4 per cent, respectively.
A breakdown of the price movement table indicates that Lafarge Africa topped the losers’ chart, declining by 65k to close at N10 per share.
United Bank for Africa, Dangote Sugar and FBN Holdings trailed with a loss of 30k each to close at N5.50, N9.85 and N3.70 per share, respectively.
Skyway Aviation Handling Company dipped 25k to close at N2.32 per share.
On the other hand, Julius Berger led the gainers’ table, growing by N1.95 to close at N22.15 per share.
Zenith Bank followed with a gain of 90k to close at N12.80, while Union Bank of Nigeria gained 60k to close at N6.60 per share.
Ekocorp added 50k to close at N6, while PZ increased by 30k to close at N4.05 per share.
In the same vein, the total volume of shares traded decreased by 24.78 per cent with an exchange of 551.48 million shares valued at N5.76 billion traded in 6,981 deals.
This was against 733.19 million shares worth N10.22 billion transacted in 6,703 deals on Friday.
Guaranty Trust Bank was the most active stock, exchanging 137.23 million shares valued at N2.61 billion.
FBN Holdings followed with an account of 135.30 million shares worth N518.25 million, while Zenith Bank traded 133.17 million shares valued at N1.65 billion.
Access Bank sold a total of 35.23 million shares worth N194.18 million, while UBA sold a total of 22.81 million shares valued at N114.91 million. (NAN)
March 17, 2020
Oil price crash: Oyo govt. to re-prioritise expenditure, cut 2020 budget
The Oyo State government is set to re-prioritise its expenditure and cut its 2020 budget to survive the impacts of oil price crash in the international market.
The Chief Economic Adviser to the Governor, Dr Musbau Babatunde, made the disclosure in an interview with the News Agency of Nigeria in Ibadan on Sunday.
He said that since the price crash had affected the federal government’s revenues from oil, it would also have adverse effect on monthly allocations to states in the country.
According to Babatunde, even the federal government may need to have what he calls an implicit deficit, so that it can be able to maintain its recurrent expenditures.
He also said that the government would have to maintain critical overhead expenditures for states, such as education and healthcare services.
“At this particular level, government has to try to reduce exposure to foreign exchange-related activities.
“This is because the exchange rate in Nigeria is being defended by the Central Bank of Nigeria (CBN) in order to maintain the exchange rate at a sustainable level.
“With this fact, government will need to reduce exposure to foreign exchange, because the exchange rate naturally will depreciate, as demand will be more than the supply,’’ he said.
The chief economic adviser, however, said, “ what Oyo state has been doing and which other states should do is to embark on an aggressive internally-generated revenue drive.
“We need to look inward for ventures where we can get revenue to mitigate the impacts of the dwindling federal monthly allocations.
“We also need to review the 2020 budget. Even at the federal level, the government has set up a committee to take a look at the review of the 2020 budget.
“We will have to cut our coat according to our cloths in order to be able to manage the fiscal end of the economy,’’ he said.
Babatunde further said that a multifaceted approach was needed to sail through in times like this.
He also noted that the commitments of development partners were also needed in terms of cushioning the effects on the masses.
“We need this in respect to projects bordering on the welfare of the people,’’ he said. (NAN)
March 16, 2020
ACCI inaugurates women trade group to facilitate entrepreneurship
The Abuja Chamber of Commerce and Industry (ACCI) has inaugurated the Women Trade Group (WTG) of the chamber, as parts of efforts to encourage entrepreneurship among women
ACCI President, Prince Adetokunbo Kayode, while inaugurating the group in Abuja, underscored the role of women in economic development, adding that it was critical to the overall national development agenda.
Kayode, in a statement signed by Mr Lubem Gena, ACCI Media and Strategy Officer, on Sunday emphasised that the chamber, as a vital platform for national development, had taken the plight of women very seriously.
He said that it had taken the giant leap in impacting positively on the role of women in businesses by forming and actually inaugurating the group.
“We are committed to creating a platform backed with a level playing ground for our women to network among themselves.
“By doing this, we will be unlocking several doors of opportunities and linking them with key stakeholders that will account for the growth of their businesses. We also have a cooperative to help the women.
“The purpose of cooperative is to support our members. I have gotten approval of the Executive Committee of the chamber to clash the interest rate on lending.
“We want businesses to grow and survive. That is why we are toeing this line”, the president added.
He described Coronavirus pandemic as an economic threat to all irrespective of race or nationality, adding that it would affect everyone in economic terms including women in view of their role in maintaining families.
He called for innovative ideas and solutions to support government economic policies that would meltdown the effect of the disease.
Hajiya Saratu Aliyu, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended the ACCI for its effort.
According to her, the initiative will spur women to achieve the zenith of entrepreneurship.
“Women must know what they want and stick to it so far as it will benefit their families and the society in general,’’ she said.
Aliyu enjoined women to have confidence in themselves and vigorously pursue entrepreneurship.
The ACCI Vice President in charge of Women Development, Roselyn Nwosu, also urged women to maximally use the platform and leverage on the opportunities provided by ACCI to develop their business entities.
Nwosu underscored the essence of the group by saying that the women in the group have identified entrepreneurship as the way to go and are taking their destiny into their hands.
She urged them to remain resilient in spite of the challenges that may stand on their way.
The Director-General of ACCI, Ms Victoria Akai, expressed satisfaction with the initiative, adding that it was coming as an intervention plan to women.
She acknowledged the role of women in economic development and urged that the tempo should be maintained.
“Women entrepreneurs have contributed, in no small way, to the economic growth of Nigeria which should not be underestimated.
“Their contributions mostly are in the areas of job creation, poverty alleviation, economic growth and financial sustainability.
“Women entrepreneurs face a lot of challenges, which may discourage them from going into business, yet they are being motivated to start their own businesses”, she stressed. (NAN)
March 16, 2020
Rivers Port to receive first RoRo vessel soon
Nigerian Ports Authority (NPA) on Sunday said that the Rivers Port in Port Harcourt would receive its first ever RoRo vessel in few weeks time.
NPA Spokesman, Adams Jatto, said in a statement that the imminent arrival of the first RoRo vessel in Rivers Port was part of its efforts to improve vessel traffic to the Eastern Ports.
“The first Roro Vessels to berth in the history of the Rivers Port is scheduled to depart the United States of America in the middle of March and arrive Port Harcourt at the end of March or early April.
“Roro vessels are usually loaded with automobiles,” he said.
Jatto added that this was a milestone in the history of Rivers Port and the whole of the Eastern Ports.
He said that the introduction of RoRo operations would in no small measure increase the revenue base of Rivers Port in particular and NPA as a whole.
He pointed out that the achievement was traceable to intentional commitment and landmark reforms that the current NPA management had instituted toward ensuring that all ports in Nigeria become optimally functional.
He listed steps taken by the authority to include: the introduction of 10 per cent discount on harbour dues on some categories of cargoes berthing at the eastern ports, the dredging of Escravos Channel in Warri.
Others he listed as the deployment of equipment and machinery to improve operational efficiency, constant engagement with stakeholders towards achieving industrial harmony and peaceful co-existence, conversations with shipping companies, which saw the deployment of flat bottom vessels to Calabar.
Others, according to him, include working with the Nigerian Navy, the Nigerian Maritime Administration and Safety Agency, (NIMASA) and the Port Police Command to combat crimes on the nation’s waterways.
Also on the list was engaging with the Federal Ministry of Works to ensure the rehabilitation of roads access to and from ports in the region.
“The management assure of her commitment to ensuring that all ports in Nigeria operate at maximum capacity to the advantage of all Nigerians,” he said. (NAN)
March 16, 2020
French coy, FCMB partner to grow MSMEs in Nigeria
Proparco and First City Monument Bank (FCMB) have signed a N2 billion risk-sharing facility agreement to promote the growth of Micro, Small, and Medium-Scale Enterprises (MSMEs) in Nigeria.
According to statement by Claude Abily, Political Counsellor of the French Embassy in Nigeria, MSMEs represent 96 per cent of all businesses in Nigeria and attest to their strategic role in the development of the Nigerian economy.
“The agreement covers up to N2 billion worth of loans granted by FCMB to MSMEs, representing 96 per cent of all businesses in Nigeria and testifying to their critical role for the economy.
“However, most SMEs still lack access to appropriate sources of financing needed to develop their activity.
“FCMB was created in 1982 and currently ranks among Nigeria’s top ten banks and has its growth strategy of supporting SMEs through tailored products and services to entrepreneurs.
“Proparco’s support will help FCMB extend its financing to a greater number of SMEs in Nigeria.
“It is estimated that this risk-sharing facility agreement could support close to 245 MSMEs in the country and contribute to creating or maintaining more than 440 jobs,” Abily said.
According to Abily, the agreement between Proparco and FCMB is the second since 2012, when it granted a loan of 25 million dollars to the Nigerian bank, to support lending activity to the infrastructure sector.
“This project contributes to the French initiative `Choose Africa’, which was launched by AFD Group in 2019, with ambitions to dedicate €2.5 billion and accelerate growth of MSMEs in Africa by 2022,” he said.
The political counsellor said that Proparco, a subsidiary of Agence Française de Développement (AFD), was into projects development with focus on renewable energies, agribusiness, financial institutions, healthcare, and education with a view to strengthening the contribution of the private sector to achieving the objectives of the Sustainable Development Goals.
Toward that end also, Proparco is focused on funding and provision of support to both businesses and financial institutions in Africa, Asia, Latin America, and the Middle-East. (NAN)
March 14, 2020
Investors lost N1.87trn to COVID-19
The Nigeria bourse has lost N1.87 trillion to global oil price crash and increasing spread of COVID-19 in four days.
Specifically, the market capitalisation, which opened trading for the week at N13.694 trillion, shed N1.87 trillion or 13.63 per cent, having closed trading on Thursday at N11.827 trillion.
Also, the All-Share Index, which opened the week at 26, 279.61, dropped 3,583.73 points or 13.64 per cent in four days to close trading on Thursday at 22,695.88.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., attributed the development to crash in crude oil price leading to review of 2020 budget.
Kurfi added that increasing spread of COVID-19 was another source of worry to investors with the World Health Organisation describing the viral disease as pandemic.
“The market crash was as a result of the fear of devaluation by foreign investors who are willing to sale at whatever price.
“Being major players in the market, we need to manage it,” Kurfi said.
He stressed the need to review some market policies, noting that margin loan was important at the very moment to minimise loss.
An analysis of trading on Thursday shows that MTN Nigeria recorded the highest loss to lead the losers’ chart, declining by N10.30 to close at N93.20 per share.
Okomu Oil trailed with a loss of N6.10 to close at N55.30, while Presco was down by N4.45 to close at N40.45 per share.
Nigerian Breweries dipped N3.30 to close at N29.70, while Flour Mill dropped N2.20 to close at N19.80 per share.
On the other hand, only three stocks posted price appreciation and this was led by Stanbic IBTC which garnered 95k to close at N29.30 per share.
Skyways Aviation Handling Company followed with 23k to close at N2.57, while Caverton gained 21k to close at N2.31 per share.
Zenith Bank was the toast of investors in activity chart, accounting for 433.157 million shares worth N4.70 billion.
United Bank for Africa followed with an account of 371.34 million shares valued at N2.09 billion, while Guaranty Trust Bank traded 62.18 million shares worth N1.14 billion.
FBN Holdings exchanged 31.95 million shares valued at N128.21 million, while Wapic Insurance sold 20.64 million shares worth N5.79 million.
In all, investors traded 1.06 billion shares valued at N9.81 billion in 5,501 deals.
This was against a turnover of 1.39 billion shares worth N17.65 billion transacted in 7,150 deals on Wednesday. (NAN)
March 13, 2020
Foundation trains 400 traders on digital marketing in Kaduna
An organisation, Bintalya First Foundation, on Thursday in Kaduna graduated 400 market men and women it trained on digital marketing.
Beneficiaries of the training were drawn from various market unions in Kaduna central market.
The founder and Chief Executive Officer of the foundation, Hajiya Binta Hamidu-Haruna, said that gesture was to enable the traders key into digital marketing to boost their businesses.
“We rendered this training to the market community in central market for them to be advanced in using technology, having observed that they have been left behind in present days of digital marketing.
“Our market people in central market here in Kaduna are still practicing the old ways of marketing, we needed to teach and train them on the new methods of buying and selling their good online to reduce costs and losses.”
Hamidu-Haruna also said that the foundation was poised to use technology in changing business processes, to achieve measurable improvements, efficiency and effectiveness.
“We also sponsor and train marketers and business owners on social media marketing skills to improve their business outreach and equip children with ICT knowledge from the very young age”, she said.
In his remarks, the Chairman of Kaduna central market union, Alhaji Ibrahim Shehu-Daudawa, thanked the foundation for the training, which was meant to boost their businesses and contribute more significantly to the economic development of Kaduna State and the nation at large.
He urged the beneficiaries to effectively make use of the knowledge they acquired in running their businesses.
One of those trained, Hafsat Sani, said she had learnt a lot and would apply the knowledge to minimize the cost of running her business.
“I can now make online purchases from genuine platforms without necessarily wasting a lot of money on transportation and accommodation, the goods would be brought to my shop with ease and at less cost,” she said.
Another beneficiary, Ikenna Samuel, said that the training would help him maintain good customer relation and advertise his business using the social media.
The CEO of the foundation was conferred with the traditional title of ‘Garkuwan Matan Kasuwa’ by the District Head of Doka, Alhaji Balarabe Sidi-Yero.(NAN)
March 13, 2020
Substandard Goods: Reps fault SON’s absence at points of entry
The House of Representatives Committee on Industry has said that the decision to exit the Standards Organisation of Nigeria (SON) from the nation’s ports would lead to the prevalence of fake and substandard goods in the country.
The House Committee Chairman on Industry, Dolapo Badru, said this during an oversight visit to SON laboratory on Thursday in Ogba, Lagos.
Badru said that the law mandating SON to be at the ports would be reviewed.
According to him, customs officials are to collect duty so, they don’t have the requisite skills to ascertain the quality of goods imported.
He expressed satisfaction with the level of work done by the standards body and restated the House commitment to return SON to the nation’s sea ports.
“We will make sure that we do everything within our powers to make sure that SON gets back to the borders, most especially the ports and the airports, because we are concerned with fake and substandard products, especially those products that take lives of innocent Nigerians.
“We have seen lots of buildings collapse these days and most of these collapse are caused by substandard building materials most of which are imported.
“We have also seen most buildings destroyed by fire because of imported substandard cables.
“You do not expect the customs officer to carry out testing and analysis of cables because he was not trained for that,” he said.
He stated that the House would invite the Director General of SON and the Ministry concerned to review the law that mandates SON to be at the ports.
“There is an existing law and I wonder why the law is not complied with. We are going to get to the root of this matter and call for a hearing.
“A lot of building collapse would have been averted, probably a lot of fire outbreaks would have been averted, a lot of deaths would have been averted.
“These things were imported and nobody checks these goods when they come in because the agency that supposed to check the quality of these goods have been evicted from the ports,” he said.
In his response, Director General of SON, Osita Aboloma, commended the House of Representatives for their support, stating that SON has the capacity to create possibilities.
According to him, the agency has invested so much in human capacity development to be at par with its counterparts all over the world.
“We appreciate your keen interest to sending us back to the ports while also creating the enabling environment for effective service delivery.
“If we are well positioned, we will do more; the task to rid Nigeria of substandard products is a responsibility for everybody.
“As members of the Committee on Industry, you are by extension standards ambassadors.
“We implore you to advocate our cause wherever possible because we need to be positioned to enable us carry out our mandate effectively and safeguard the lives of Nigerians through standards,” he said. (NAN)
March 13, 2020