Economy
1,438 SMEs Owners Get N925m Funding Support in Lagos
By Modupe Gbadeyanka
No fewer than 1,438 owners of Micro, Small and Medium Enterprises (MSMEs) in Lagos State were given the sum of N924.7 million by Governor Akinwunmi Ambode on Tuesday.
The money is a form of funding assistance to support businesses of the beneficiaries, thereby reducing unemployment and increasing wealth among the people.
At the presentation of cheques to the business owners at De Blue Roof, LTV 8 in Ikeja, Mr Ambode expressed delight that his administration was on course to boost economy of the state.
He further said it was good to know that the previous beneficiaries have started repaying their loans, thereby expanding their businesses and creating jobs.
The Governor, after assuming office, launched a N25 billion Employment Trust Fund (ETF) scheme to provide entrepreneurs, artisans, traders and others with capital to boost their businesses.
Since the programme started, about 4,000 businesses have benefited a total of N3.5 billion from the scheme, while the target of the state government is to support about 100,000 MSMEs and create at least 300,000 direct and 600,000 indirect jobs by 2019 through the initiative.
In January 2017, Mr Ambode presented cheques totalling about N1 billion to 705 beneficiaries who were selected after scaling through a transparent screening process.
At today’s presentation, the Governor, represented by the Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, made particular reference to one of the earlier beneficiaries simply identified as Jand2Gidi, saying that it was a thing of joy that they have started contributing to the growth of Lagos economy.
“One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women.
“Today, they have invested their loan in buying motorcycles for their delivery men, and hired people to operate those motorcycles.
“Not only are they repaying their loan, they have also created at least 10 direct jobs for Lagos residents, thereby increasing the economic activity across the State. We eagerly expect to celebrate many more success stories like this,” the Governor said.
The Governor, who commended the ETF Board for the good work done so far, equally charged them to increase the pace of work and ensure that by the end of 2017, at least 20,000 businesses would have benefited from the loan program, just as he expressed optimism that the overall target of the scheme would be met by 2019.
While congratulating the new 1,438 beneficiaries, Mr Ambode charged them and other potential beneficiaries to emulate those who are repaying their loans, thereby ensuring the success of the program
“It is only when you pay your loans back, and grow your businesses, that we can truly celebrate the success of this programme. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents.
“This initiative is another example of taxpayers’ money working for the people. I cannot thank enough all taxpaying citizens for providing the resources from which the State Government contributes N6.25billion tranches annually to the N25 billion ETF,” he said.
Besides, Governor Ambode urged other existing businesses or people desirous of starting one to take advantage of the scheme, assuring that the process of assessing and selecting beneficiaries would continue to be transparent and meet globally acceptable standards.
In her opening remarks, Chairman, Board of ETF, Mrs Ifueko Omoigui-Okauru, said the presentation ceremony was another milestone by Governor Ambode’s administration, saying that the vision of the Governor in setting up the Fund, which is the first of its kind in Nigeria, and his unwavering commitment to its success deserved commendation.
Mrs Omoigui-Okauru also revealed a partnership between the Lagos State Employment Trust Fund (LSETF) and the United Nations Development Programme (UNDP) to improve technical and vocational training in the State.
Under the programme, she said the LSETF will contribute Naira equivalent of $3million, while UNDP will contribute $1million and the funding will be used to train eligible Lagos residents in manufacturing, construction, healthcare, hospitality and entertainment, while successful trainees will be placed in jobs at the completion of the programme.
Responding on behalf of beneficiaries, Mr O.A Goriola of November 16 Nigeria Ltd, commended the state government for the initiative and pledged that the funds would be judiciously utilized.
By Dipo Olowookere
Christmas came early for the Nigerian Exchange (NGX) Limited as it extended its positive run on Tuesday with a 0.82 per cent growth.
The last trading session before Christmas was bullish as investors embraced Santa Claus rally, mopping up shares with sound fundamentals across the key sectors of the bourse.
During the session, the insurance index appreciated by 1.49 per cent, the banking space expanded by 0.98 per cent, the consumer goods counter improved by 0.49 per cent, the industrial goods counter gained 0.15 per cent and the energy sector jumped by 0.14 per cent.
Consequently, the All-Share Index (ASI) went up by 829.88 points to 102,186.03 points from 101,356.15 points and the market capitalisation grew by N503 billion to N61.944 trillion from N61.441 trillion.
MRS Oil gained 10.00 per cent to trade at N217.80, Ikeja Hotel improved by 9.95 per cent to N11.05, Multiverse advanced by 9.90 per cent to N5.55, SAHCO rose by 9.84 per cent to N30.70, and John Holt increased by 9.69 per cent to N6.45.
Conversely, Thomas Wyatt shed 10.00 per cent to quote at N1.71, Caverton shrank by 7.35 per cent to N2.27, Coronation Insurance declined by 5.03 per cent to N1.70, Haldane McCall slipped by 5.00 per cent to N4.75, and Livestock Feeds moderated by 5.00 per cent to N3.80.
When the market ended for the session to resume on Friday, 37 stocks were on the gainers’ chart and 21 stocks were on the losers’ table, representing a positive market breadth index and strong investor sentiment.
A total of 431.8 million shares worth N18.3 billion in 8,369 deals during the session compared with the 503.2 million shares valued at N16.3 billion in 12,490 deals, indicating a rise in the trading value by 12.27 per cent and a decline in the trading volume and number of deals by 14.19 per cent and 32.99 per cent, respectively.
The busiest equity for the session was UBA with 51.2 million units valued at N1.9 billion, Universal Insurance exchanged 49.6 million units for N25.1 million, C&I Leasing transacted 37.2 million units worth N134.0 million, Dangote Cement traded 34.3 million units worth N11.1 billion, and GTCO sold 17.4 million units valued at N1.0 billion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.06 per cent gain on Tuesday, December 24, with the market capitalisation increasing by N620 million to close at N1.032 trillion compared with the N1.031 trillion it ended a day earlier.
Business Post reports that the NASD Unlisted Security Index (NSI) added 1.81 points to wrap the session at 3,011.59 points compared with 3,009.78 points recorded in the previous session.
The expansion recorded by the alternative stock exchange was triggered by Geo-Fluids Plc, which grew its price by 41 Kobo to N4.61 per unit from N4.20 per unit.
However, the price of UBN Property Plc went down by 20 Kobo at the Christmas Eve session to finish at N1.80 per share, in contrast to the N2.00 per share it ended a day earlier.
Yesterday, the market participants completed eight deals compared with the 31 deals carried out in the preceding trading session, representing a decline of 74.2 per cent.
In the same vein, the volume of securities traded in the session shrank by 38.9 per cent to 5.3 million units from the 8.3 million units recorded in the previous trading day, as the value of transactions decreased by 40.0 per cent to N23.8 million from N39.6 million.
At the close of business, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N4.0 billion, Okitipupa Plc came next with 752.4 million units valued at N7.8 billion, and Afriland Properties Plc occupied the third position with 297.7 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.4 million units valued at N7.8 billion, and Afriland Properties Plc with 297.7 million units sold for N5.3 billion.
The market will be closed for two days – December 25 and 26 – to mark the Christmas holidays and trading will resume on Friday, December 27.
By Adedapo Adesanya
The value of the Naira witnessed a depreciation of 0.07 per cent or N1.10 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, December 24.
Data showed that the exchange rate of the local currency to its American counterpart closed on Christmas Eve at N1,540.65/$1, in contrast to the N1,539.55/$1 it was traded on Monday.
Similarly, the domestic currency weakened against the Pound Sterling in the official market yesterday by N7.44 to sell for N1,954.07/£1 compared with the previous day’s value of N1,946.63/£1 and against the Euro, it lost N3.16 to settle at N1,614.89/€1 versus the preceding day’s N1,611.73/€1.
Market analysts noted that the access of Bureaux de Change (BDCs) to the Central Bank of Nigeria’s-backed Electronic Foreign Exchange Matching System (EFEMS) platform has continued to keep a lid on the rates.
Also, increased December activity through the influx of tourists has helped strengthen the demand for the local currency.
In the black market on Tuesday, the Nigerian Naira appreciated against the greenback by N5 to sell at N1,650/$1 compared with the N1,655/$1 it was transacted a day earlier.
Meanwhile, the cryptocurrency market experienced a Santa rally during the trading session, with Bitcoin (BTC) rising by 4.1 per cent to quote at $98,152.89, and Dogecoin (DOGE) growing by 3.4 per cent to sell at $0.3327.
Further, Solana (SOL) jumped by 3.1 per cent to trade at $198.50, Ethereum (ETH) improved its value by 2.8 per cent to close at $3,498.25, Binance Coin (BNB) went up by 2.2 per cent to settle at $703.87, Cardano (ADA) rose by 2.1 per cent to finish at $0.9208, Ripple (XRP) expanded by 1.8 per cent to end the day at $2.29, and Litecoin (LTC) recorded a 1.7 per cent rise to trade at $108.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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