Economy
Traders, Farmers Get Soft Loan from FG
By Modupe Gbadeyanka
Not less than 23,400 traders, farmers, artisans and others in 13 states and the Federal Capital Territory (FCT) Abuja have benefited from the Federal Government’s Enterprise and Empowerment Programme (GEEP).
This is in consolidation of the President Muhammadu Buhari administration’s Social Investment Programmes (SIPs).
Beneficiaries were drawn from Adamawa, Akwa Ibom, Delta, Ekiti, Kogi, Kwara, Niger, Lagos, Osun, Ogun, Oyo, Ondo, Rivers and the FCT.
The Micro-credit scheme is a no-interest loan scheme, with only a one-time 5 percent administrative fee for costs.
The loan is targeted at micro-enterprises: traders, artisans, market men and women, entrepreneurs, farmers with the involvement of cooperatives and executed through the Bank of Industry (BOI).
Although over 23,000 people have benefited from the loans, altogether, over 1 million people have already enrolled for the programme across the country and are expected to benefit this year.
To facilitate the loan disbursement, four payment providers have been signed-on for the programme mostly in the urban areas. The next wave of payment providers, coming on stream by March 2017, would provide a much wider coverage in the rural areas.
Equally, about 8,436 market associations and cooperatives nationwide have been registered for this scheme through the web portal (www.boi.ng/market), as well as through paper application forms.
The loans range from N10,000, to N100,000 per applicant. While the loans would be paid directly to individuals, they are expected to belong to registered associations and/or cooperatives as the case may be, to ensure that they are peer-endorsed as credible, and to facilitate timely repayments. All beneficiaries must have BVNs and bank accounts.
On the progress made with the National Homegrown School Feeding Programme, actual feeding of pupils is expected to commence this week in Ogun and Oyo States, while Ebonyi State will soon follow suit.
Contrary to insinuations in some quarters and inaccurate reports in some sections of the media, there are no payment issues or any kind of food rationing taking place in states where the Homegrown School Feeding Programme has kicked off.
While the Federal Government has paid all approved cooks based on the number of pupils allocated to each cook, it is the State that provides the number of pupils to be fed. And where those figures change, the next batch of FG payment would reflect it.
Specifically, where the number of pupils increase, the State will communicate the increase and approve the review. The numbers of the new pupils are then physically verified, before a commensurate number of cooks are engaged, trained and then paid.
The FG has also adopted a system where it pays the cooks a 10-day advance payment for feeding. The programme is designed to ensure that no cook feeds more than 150 pupils a day, but in some cases, the numbers are as low as 35 children per cook.
The meal which must be sufficient and nutritious is costed around locally sourced items and approved by the State under the N70 per child provision by the Federal Government. Food quality is monitored at the school level through the head teachers, the Parent Teachers Association, PTA, and the State monitoring teams.
11 States have so far indicated their readiness to commence the school feeding programme having met FG’s set criteria.
The progress so far recorded with the Homegrown School Feeding Programme, the N-Power Teach for unemployed graduates, the Conditional Cash Transfer for the poorest, and the GEEP underscores the Buhari Presidency’s commitment to the plight of poor Nigerians and unemployed youths in the country.
Efforts to ramp-up all the schemes are in top gear currently.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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