FG Allots 76% of N75bn Survival Fund to MSMEs
Published Tweet By Adedapo Adesanya The federal government said it has disbursed N56.84 billion (about 76 per cent) of the N75 billion Micro Small and Medium Enterprises (MSMEs) Survival Fund to 835,161 beneficiaries.This was disclosed by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mrs Evelyn Ngige, on Monday, during the technical session of the 13th meeting of the National Council on Industry, Trade and Investment, noting that the fund would help strengthen Nigeria’s MSMEs sector.Giving a breakdown, she noted that a huge chunk of the fund went to 459,334 beneficiaries under the Payroll Support Scheme, totalling N43.92 billion, while N8.80 billion was granted to 293,336 beneficiaries under the Artisan Support and Transport Scheme, with N4.12 billion given to 82.491 beneficiaries under the MSME Grant Scheme.The Perm Sec said that the ministry had also through the Bank of Industry (BoI) disbursed N15 billion to 863 MSME businesses across several sectors.“As part of government efforts to reduce poverty through the creation of jobs, various strategic wealth creation programmes have been embarked upon by the ministry through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).“These initiatives are all geared towards Mr President’s promise of taking 100 million Nigerians out of poverty within the next 10 years.
“These efforts have also led to the review of the National Policy on MSMEs to encourage the establishment of more small and medium scale enterprises within the length and breadth of the country.
This has accelerated the profitable expansion of MSMEs along the chain of development.
“Other key programmes initiated by the ministry to create wealth and grow the economy include the Advancement for Women in Agriculture, Agro-Allied and Cottage Enterprises which has successfully developed the agro-processing capacities and capabilities of women.“At the moment, over 300 women have been trained and provided with processing equipment as grants to enhance their agro-processing engagements,” she stated.On his part, the Ekiti State Commissioner for Trade and Industry, Mr Muyiwa Olumilua, said the primary focus of the yearly meeting was to proffer policies and solutions in the Industry, Trade and investment sector.He said that such an event created an opportunity for stakeholders to meet and chart a course that would transform the nation’s economy.Share this: Like Loading…Related Adedapo Adesanya
Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art.When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine.He supports the greatest club in the world, Manchester United F.C.
You may like NASD, CSCS Kick Off New Week with 0.4% Growth
Published Adedapo Adesanya By Adedapo Adesanya The NASD over-the-counter (OTC) Securities Exchange started a new week on a positive note after it closed higher by 0.40 per cent growth at the close of transactions.The duo of NASD Plc and Central Securities Clearing Systems (CSCS) Plc triggered the positive performance yesterday as they boosted the market capitalisation by N2.45 billion to N618.49 billion from N616.04 billion.The two stocks also increased the NASD Unlisted Security Index (NSI) during the trading day by 2.97 basis points to end the day at 748.62 points as against 745.65 points it recorded at the previous session.Business Post reports that the share price of NASD Plc increased yesterday by N2.15 or 8.5 per cent to trade at N23.07 per share in contrast to the previous day’s N25.22 per share, while CSCS Plc appreciated by 30 kobo or 1.7 per cent to sell at N17.90 per unit as against last Friday’s closing price of N17.60 per unit.It was observed that the volume of securities traded at the first trading session of the week as investors exchanged 967,365 units of shares, 56.5 per cent higher than the 618,115 units of shares traded by market participants at the preceding session.In the same pattern, the value of shares traded increased by 297.4 per cent to N10.8 million from N2.7 million, while the number of deals increased by 100.0 per cent as 10 deals were executed at the market in contrast to the five deals carried out a day earlier.Food Concepts Plc, at the close of business, remained as the most traded stock by volume on a year-to-day basis with a turnover of 11.4 billion units of its shares worth N14.4 billion.Lighthouse Financial Services Plc traded 1.1 billion units worth N546.32 million to occupy the second spot, while Geo Fluids Plc, which claimed the third place has traded 1.0 billion units worth N700.1 million.
By value on a year-to-date basis, Food Concepts Plc was also on top of the chart with the sale of 11.4 billion units worth N14.4 billion, followed by Nigerian Exchange (NGX) Group Plc with 456.5 million units valued at N9.2 billion, and VFD Group Plc with 10.4 million units valued at N3.5 billion.Share this: Naira Slides 0.16% Against Dollar at Official FX Market
Published Adedapo Adesanya By Adedapo Adesanya The Naira recorded a 0.16 per cent or 67 kobo loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Monday.The Naira was traded at the official FX market yesterday at N415.07/$1 compared with the preceding session’s exchange rate of N414.40/$1.This occurred as the value of transactions at the market segment remained unchanged during the session at $69.63 million.
Also, at the interbank window of the forex market, the value of the domestic currency to its American counterpart depreciated on Monday by 5 kobo as it closed at N411.63/$1 in contrast to N411.59/$1 it was traded last Friday.But against the Pound Sterling, the local currency appreciated by N1.84 at the FX market segment yesterday at N553.39/£1 compared to the previously traded rate of N555.23/£1 and against the Euro, the indigenous currency gained N2.84 to sell for N464.15/€1 in contrast to N466.99/€1 it was sold at the preceding trading session.At the digital currency market, it was still largely bearish as eight of the 10 coins monitored by Business Post were in red, with Tron (TRX) leading after a decline of 6.3 per cent to sell at N58.01.Litecoin (LTC) moved down by 5.7 per cent to trade at N117,279.12, Binance Coin (BNB) slid by 5.4 per cent to quote at N228,204.44, Ripple (XRP) depreciated by 5.1 per cent to close at N613.66, Cardano (ADA) went south by 5.0 per cent to trade at N1,010.25, Dogecoin (DOGE) fell by 3.6 per cent to sell at N127.18, Dash (DASH) lost 2.8 per cent to trade at N108,323.12, while Bitcoin (BTC) declined by 2.6 per cent to settle at N32, 040,002.74.
On the gainers’ side, the US Dollar Tether (USDT) led with a price appreciation of 0.9 per cent to sell for N560.65, while Ethereum (ETH) recorded a 0.3 per cent gain to sell at N2,399,767.82.Share this: Oil Rebounds as OPEC+ Mulls Output Raise
Published Adedapo Adesanya By Adedapo Adesanya Oil prices rose on Monday, rebounding from recent losses on reports that the Organisation of the Petroleum Exporting Countries and allies (OPEC+) could adjust plans to raise production.The Brent crude added 74 cents or 0.94 per cent yesterday to trade at $79.63 per barrel, while the West Texas Intermediate (WTI) rose 69 cents or 0.91 per cent to sell at $78.03 per barrel.The OPEC+ may alter plans to keep boosting production to counter plans by large consuming countries to release crude from their reserves or if the coronavirus pandemic dampens demand.
The market had been dampened by plans by countries like the US, Japan, and India to release from the crude oil reserves to counter rising prices taking a toll on their economies.US President Joe Biden was reported to be preparing to announce the release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday.Japanese and Indian officials are now working on ways to release national reserves of crude oil in tandem with the world’s largest oil producer and other major economies to dampen prices.Although Japanese laws prohibit the release of oil from the reserve except in a situation of a shortage or a natural disaster, the government is looking for a loophole in the law.Last week, President Biden approached China, Japan, South Korea, and India with the suggestion to all release oil from their strategic reserves with China already planning to do this.Initially, India rejected the idea on the grounds it would not do much good, even though the country is among the most dependent on imported oil while South Korea also seemed reluctant to tap its strategic reserves.
Now with the plans to release the oil, analysts note that the combined SPR release could be 100 million to 120 million barrels or even higher.Also adding to the bearish outlook for the market is the worry that demand might be affected by the prospect of national lockdowns in Europe.
Austria entered its fourth national lockdown on Monday as Europe again becomes the epicentre of the coronavirus pandemic.
Its neighbour, Germany could also impose fresh curbs, with politicians debating a lockdown for unvaccinated people.In addition, The US Dollar traded close to a 16-month high against the Euro on Monday, making dollar-priced crude more expensive for buyers with other currencies.Share this: .
