Economy
28 SME Owners in Ondo Share N8.4m from Goldberg
By Dipo Olowookere
No fewer than 28 owners of small and medium-sized enterprises (SMEs) in Ondo State have received N8.4 million funding support from Goldberg through its Isedowo empowerment programme.
The beneficiaries received the empowerment last Friday as business grant of N300,000 each after being selected from a large pool of over 700 business entries received in the state.
Goldberg is the leading culture centric beer brand from the stables of Nigerian Breweries Plc, a top brewery firm in the country.
The winners comprise men and women operating in the catchment area who are skilled in all forms of handiwork including poultry farming, tie and dye, hand weaving, diesel injector repair, fashion designing and painting.
Participants went through auditions and screening exercises to be selected for the reward which happened at a grand ceremony at Fadeolu Guest House in Ondo town.
Mr Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout Brands at Nigerian Breweries Plc, explained that Goldberg is riding on the platform of Isedowo to demonstrate its passion towards improving the entrepreneurial drive of youths in the Southwest. The initiative allows the target groups to nurture business ideas that would transform into job opportunities, and in turn better the lot of the region.
“These grants would encourage more businesses to spring up in the region. As we fortify more start-ups with the financial wherewithal to gain solid ground of operations, the beneficiaries would improve the living standards of the Southwest people by creating more jobs and adding value to their communities,” he explained.
One of the beneficiaries, Balogun Wuraola, could not hold her excitement on the night. She said that as a new business owner, her grant would be invested to expand her business.
“With my N300,000, I plan to acquire enlargement and thread rolling machines, which are important tools in my business. I also need a bigger space to exhibit my products, which my grant would enable me to achieve,” she said.
Akindeni Kolawole, a diesel injector repairer, described Goldberg as a “supportive brand” for coming to the aid of small business owners in the region.
“If as little as 30 percent of all brands in Nigeria can emulate Goldberg by supporting indigenous business owners in different regions, more youths would be encouraged to run their own businesses,” Kolawole said.
He further commended Goldberg for making entrepreneurs in the region to realise that truly, there is dignity in labour. Kolawole also enjoined all the beneficiaries to utilise their grant with all sense of purpose as he would, so as to better the lot of his community through the service he renders.
Later in the evening, residents of Ondo town trooped to the same venue to witness the side attractions that came with the reward of the entrepreneurs.
The host, Odunlade Adekola thrilled the crowd with his comic acts. Onimama Fahoziat, 2017 Ariya Repete ‘Fuji’ winner, also thrilled the crowd, while popular afro-pop musician, Iledare Oluwajuwonlo, known by his stage name of Jaywon, added spice to the night of fun with his popular hits, which got the audience soaring in euphoric excitement into the late hours of the night.
Some lucky guests at the event also went home with bags of rice, kegs of vegetable oil and other items as they savoured the entertainment with their favourite beer, Goldberg lager beer.
Before the Ondo event, 32 artisans had been rewarded in Osun and Ekiti states where the beneficiaries affirmed that the initiative is laudable and has provided them huge relief from financial challenges faced in expanding their businesses.
Isedowo is an initiative of Goldberg, which was launched last August by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II with the aim of empowering businesses and start-ups with cash reward to boost their business ventures.
So far, 60 artisans have been rewarded in three Southwest states and Goldberg plans to support 40 more entrepreneurs with each winner receiving N300,000 through the empowerment scheme.
Ogun and Oyo States are next in line to be stormed by the brand to select and reward new set of entrepreneurs.
By Dipo Olowookere
About $197.71 million has been injected into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) to boost liquidity.
This intervention by the apex bank is expected to strengthen the Naira in the different segments of the forex market after coming under pressure in the past few days as a result of the new import tariffs imposed on countries, including Nigeria, by the President of the United States, Mr Donald Trump.
Business Post reports that on Friday, the Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.45 per cent or N22.49 to settle at N1,573.23/$1 versus Thursday’s exchange rate of N1,550.74/$1, and in the parallel market, it lost N10 to sell for N1,570/$1 compared with the N1,560/$1 it was transacted a day earlier.
To ease the pressure on the domestic currency, the central bank sold fresh $197.71 million to authorised FX traders between Thursday and Friday.
“The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging markets and developing economies.
“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
“Crude oil prices have also weakened – declining by over 12% to approximately $65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71 million through sales to authorised dealers.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.
“All authorised dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties,” a notice from the Director of Financial Markets Department at the CBN, Ms Omolara Omotunde Duke, said.
By Dipo Olowookere
The Debt Management Office (DMO) has revealed that the total public debt stock of Nigeria increased by 48.58 per cent or N47.32 trillion to N144.67 trillion ($94.23 billion) as of December 31, 2024, from N97.34 trillion ($108.23 billion) in the preceding year.
In a report released on Friday, the agency disclosed that the rise in the domestic and foreign debts was due to the borrowing of funds by the government in the period under review.
Business Post reports that external debt of the total debt accounted for 48.59 per cent at N70.29 trillion ($45.78 billion), while the domestic component was 51.41 per cent at N74.38 trillion ($48.45 billion).
A breakdown showed that for the total foreign borrowings, the federal government accounted for 43.49 per cent at N62.92 trillion ($40.98 billion), while the 36 states of the federation and the Federal Capital Territory (FCT) accounted for 5.10 per cent at N7.37 trillion ($4.80 billion).
As for the domestic debt, the federal government contributed 48.67 per cent at (N70.41 trillion ($45.86 billion) and the states and the FCT contributed 2.74 per cent at N3.97 trillion ($2.59 billion).
Analysis showed that in 2023, the external debt was N38.22 trillion ($42.50 billion) before rising in one year by 83.89 per cent to N70.29 trillion ($45.78 billion) in December 2024, while the local debt stood at N59.12 trillion ($65.73 billion) as of December 2023 before jumping by 25.77 per cent in 12 months to N74.38 trillion ($48.44 billion).
Since the current administration of Mr Bola Tinubu assumed office on May 29, 2023, it has sourced funds from local and external sources through treasury bills, Naira-denominated and Dollar-denominated bonds to finance its budget deficits.
However, much has been done to cut down Nigeria’s revenue-to-debt service ratio to 65 per cent from 97 per cent, according to Mr Tinubu in November 2024.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended Friday’s trading session lower with a marginal decline of 0.01 per cent as a result of continued market volatility.
Customs Street was down during the last trading session of the week despite bargain-hunting activities in the banking and industrial goods sectors, which closed higher by 0.51 per cent and 0.01 per cent, respectively.
Business Post reports that profit-taking in the other sectors contributed to the downfall of the local bourse yesterday, with the insurance index weakening by 3.21 per cent.
Further, the energy counter went down by 0.50 per cent, and the consumer goods space depreciated by 0.24 per cent, while the commodity industry closed flat.
At the close of business, the All-Share Index (ASI) shrank by 13.37 points to 105,511.89 points from 105,525.26 points and the market capitalisation declined by N8 billion to settle at N66.147 trillion versus Thursday’s closing value of N66.155 trillion.
A total of 348.3 million shares worth N8.1 billion exchanged hands in 11,444 deals on Friday compared with the 397.1 million shares valued at N8.7 billion traded in 13,667 deals a day earlier, implying a drop in the trading volume, value, and number of deals by 12.29 per cent, 6.90 per cent, and 16.27 per cent, respectively.
The activity log was led by UBA with the sale of 26.3 million stocks for N972.3 million, United Capital traded 25.6 million shares valued at N391.5 million, FCMB exchanged 24.2 million equities worth N211.2 million, Zenith Bank transacted 22.9 million shares valued at N1.1 billion, and Fidelity Bank traded 22.6 million stocks worth N441.7 million.
Investor sentiment remained bearish yesterday after the NGX finished with 19 price gainers and 29 price losers, showing a negative market breadth index.
Lasaco Assurance and AXA Mansard were the worst-performing equities with a decline of 10.00 per cent each to sell for N2.34, and N8.64 apiece, May and Baker decreased by 8.72 per cent to N7.85, Guinea Insurance crashed by 8.70 per cent to 63 Kobo, and FTN Cocoa lost 6.43 per cent to end at N1.60.
However, Learn Africa and Livestock Feeds closed as the best-performing stocks after they gained 10.00 per cent each to quote at N3.30, and N7.92, respectively, VFD Group soared by 9.83 per cent to N57.00, Union Dicon expanded by 9.43 per cent to N5.80, and NGX Group rose by 8.17 per cent to N32.45.
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