NEXIM Shops for $50m for SMEs

Image

By Ahmed Rahma

The Nigerian Export-Import Bank (NEXIM) has collaborated with the African Export-Import Bank (Afreximbank) to mobilise the sum of $50 million to support Small and Medium Enterprises (SMEs) in Nigeria.

According to NEXIM, the $50 million Project Preparation Fund for Nigeria is for the provision of technical assistance to bankable SMEs, especially those promoted by women and youths.

The bank’s Managing Director, Mr Abubakar Bello, disclosed at the inauguration of Women and Youth Export Development Fund with the theme Unlocking Export Market Opportunities For Women and Youths that, “The fund was part of activities mapped out by both financial institutions to commemorate the 2021 International Women’s Day, which was celebrated globally on March 8.”

The NEXIM bank boss said the project would increase women and youth participation in the global agro-export market.

According to Mr Bello, the bank had supported many export-oriented industries that were high employers of women and youth such as firms involved the production of cashew, shea, hibiscus, ginger, etc.

He noted that the fund would provide more financial support for women and youth owned businesses operating in the various aspects of the export value chain under a more dedicated arrangement.

“WAYEF, however, seeks to do more by supporting women/youth owned businesses operating in the various aspects of the export value chain under a more dedicated and focused arrangement,” Mr Bello said.

“In Africa and developing countries, discrimination against women has been an age long cultural practices.

“This underscores the need for us to redouble our efforts towards addressing such cultural practices and other obnoxious beliefs that have imposed limitations on the female gender.”

Commenting on the development, the Minister of Women Affairs, Mrs Pauline Tallen, said poverty was the deadly disease afflicting women and youths, particularly in rural areas, adding that the initiative by the banks was welcomed.

Share
Related Stories
Image
05-December-2023

The Banker Magazine Names Stanbic IBTC ‘Bank of the Year in Nigeria’

By Aduragbemi Omiyale The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria. The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London. The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector. It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services

Image
22-November-2023

Union Bank, Riverside Sign $500m Renewable Energy, Gas Export Agreements

By Adedapo Adesanya Nigerian bank, Union Bank, alongside energy company, Riverside LNG of Nigeria, have signed different agreements that involve a $500 million renewable energy pact and gas export between Nigerian and German entities. Union Bank and DWS Group signed a pact on cooperation in renewable energy while Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership. President Bola Tinubu witnessed the signing of the two Memoranda of Understanding (MoU) in Berlin, Germany, at the 10th German-Nigerian Business Forum, according to Mr Ajuri Ngelale, the President’s Special Adviser on Media and Publicity.

Image
28-November-2023

Zenith Bank Lights Up Ajose Adeogun Street With Beautiful Decorations

By Aduragbemi Omiyale The popular Ajose Adeogun Street and Roundabout on Victoria Island, Lagos, is wearing a new look, thanks to Zenith Bank Plc, which designed the areas with beautiful Christmas decorations. The yearly ritual of the financial institution is a part of its Corporate Social Responsibility initiatives aimed at setting the tone for the Christmas and Yuletide seasons. Performing the Light-Up ceremony, the 17th of its kind recently, the chief executive of Zenith Bank, Mr Ebenezer Onyeagwu, expressed his delight in heralding the 2023 Yuletide season by lighting up the iconic Ajose Adeogun Street and Roundabout. He urged everyone

Image
25-November-2023

CBN Mulls Fresh Capitalisation for Nigerian Banks, Adopts Inflation Target Framework

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) would likely direct banks to increase their capital base in the coming months as part of a new policy push towards a $1 trillion Nigerian economy. The Governor of the apex bank, Mr Olayemi Cardoso, said this while delivering his keynote address at the 58th Annual Chartered Institute of Bankers of Nigeria (CIBN) dinner in Lagos on Friday. The new CBN chief used the event to unveil the bank’s monetary policy thrust and economic outlook for 2024, following the cancellation of the Monetary Policy Committee (MPC) meeting for the quarter. “We

More Stories
Image
07-February-2023

Corporate Council on Africa And The Preparation of Botswana for 15th US-Africa Business Summit

By Kestér Kenn Klomegâh The Corporate Council on Africa (CCA), the leading US business association that focuses solely on connecting business interests between the United States and Africa, has indicated its strong commitment towards holding the 15th US-Africa Business Summit (USABS) in July in Gaborone, Botswana. The 15th USABS theme Enhancing Africa’s Value in Global Value Chains will highlight multi-dimensional issues that were heavily discussed during the business forum held on the second day of the US-Africa leaders’ summit in Washington. The decision was taken during the last US-African leaders gathering held under the chairmanship of President Joe Biden. The

Image
10-October-2018

Unilever Nigeria Returns Market Indices to Danger Zone

By Dipo Olowookere The Nigerian Stock Exchange (NSE) reversed the gains recorded on Monday to close bearish on Tuesday after shedding 0.08 percent to leave the year-to-date loss to 15.23 percent. However, the volume of shares transacted by investor at yesterday’s session increased by 189.29 percent from 120.8 million to 349.5 million, while the value rose by 9.43 percent from N1.3 billion to N1.5 billion. Business Post reports that despite the increase of trading activities on Tuesday, 21 stocks recorded price depreciation, while 20 stocks grew their values. It was not a pleasant day for Unilever Nigeria as its shares

Image
25-September-2019

Survey Shows Nigerians Back Knowledge Sharing for Better Future

A new survey has revealed Nigerians believe collaboration and knowledge sharing are key tools to creating a better world future. Commissioned by Expo 2020 Dubai, and conducted by YouGov, the Global Optimism Outlook Survey tracked people’s priorities for the future, looking at sustainability, economic growth, technology, travel, and more. More than 20,000 people across 23 countries were surveyed, broken down by geographic region, gender, employment, marital status, and income. Despite the breadth of diversity, it appears the majority of the world is closely aligned when it comes to the key issues facing the planet’s future. Unlocking future opportunity According to

Image
29-November-2018

Leadway Assurance Emerges Nigeria’s Best Insurance Firm in 2018

By Dipo Olowookere The position of Leadway Assurance as Nigeria’s most valuable insurance service provider received further boost last weekend as the insurer was named Insurance Company of the year at the 2018 Business Day Banking and Financial Institutions (BAFI) Awards. At the event held in Lagos on Friday, November 23, the Divisional Director, Life Sales at Leadway Assurance Company Limited, Mr Oluwafemi Adebayo, noted that the honour was an acknowledgement of firm’s iconic position as a path-finder as well as an innovation driver in the insurance segment of the nation’s financial sector. The BusinessDay Banking and Financial Institutions Awards

Image
24-November-2022

UBN Property Lifts Unlisted Securities Bourse by 0.01% at Midweek

By Adedapo Adesanya A property investment company, UBN Property Plc, helped the NASD Over-the-Course (OTC) Securities Exchange up by 0.01 per cent on Wednesday, November 23, as the market continues to battle weak investor sentiment. The company recorded a 1 Kobo gain to sell at N1.00 per share compared with the previous day’s value of 99 Kobo per share and this growth raised the market capitalisation of the unlisted securities bourse by N60 million to N935.52 billion from N935.46 billion. Equally, the value of the NASD unlisted securities index (NSI) increased at the close of transactions yesterday by 0.04 points

Image
25-September-2016

Caution! Here Are Signs To Know Your Laptop Is Infected By Virus

By Adeniyi Ogunfowoke Antivirus doesn’t necessarily mean your system is secured especially if you are always online. When on the World Wide Web, you may unknowingly download a file embedded with viruses and your so called antivirus may not alert you. Hackers have developed or evolved smart ways to gain entry into your personal system to steal vital information. They make the virus less conspicuous. Besides, it is not only when you are online that a system can be infected. It is, therefore, important to look out for signs that will let you know if your laptop is infected. We

Image
12-September-2017

Oyo Shuts Down Hatchery Over Fear of Bird Flu

By Dipo Olowookere Oyo State government has shut down a hatchery of NPG factory located at Oluyole area of the state, over a suspected case of Avian flu commonly known as bird flu. The decision, conveyed by the Special Adviser to Governor Abiola Ajimobi on Agriculture, Professor Segun Adekunle, on Sunday, followed the spread of the virus at NPG main factory in Egbeda area of Ogun state, with the Oluyole farm as hatchery. Acting on a hint by the Ogun State Ministry of Agriculture on September 6, 2017, Mr Adekunle had on Saturday led a team of officials from the

Image
30-June-2022

NNPC Must Open More Petrol Depots to Solve Incessant Scarcity—Lawmaker

By Modupe Gbadeyanka The Nigerian National Petroleum Company (NNPC) Limited has been advised by the House of Representatives to consider opening more petrol depots across the country to solve the incessant scarcity of the product. While passing a motion moved by a member of the lower parliament on Thursday, Mr Uju Kingsley, it was stressed that this move will go a long way to put an end to the regular long queues that appear at fuel stations every now and then. The lawmaker argued that Nigeria has insufficient depots to store petroleum products, which he said was responsible for the

Ad
Ad
Recent Stories
Image
06-December-2023

Nigerian Startup Pivo Shuts Down Operations After Raising $2m

By Aduragbemi Omiyale A Nigerian startup, Pivo, which raised about $2 million in November 2022, is shutting down its operations, TechCabal is reporting. The platform quoted the co-founder and chief executive of the firm, Ms Nkiru Amadi-Emina, as confirming the intention of the company to fold up. However, no specific reason was given for the decision, though some organisations have been closing shops in Nigeria lately due to the harsh operating environment. One of the biggest pharmaceutical firms in the country, GlaxoSmithKline (GSK), announced a few months ago that it would no longer operate its business from Nigeria, opting to

Image
06-December-2023

Morgan Capital Restores iTrade Service After 48-Hour Glitch

By Dipo Olowookere The online stock trading platform of Morgan Capital Securities Limited, iTrade, is now back online. The iTrade service went offline on Monday due to a technical glitch, which the company confirmed has been resolved, allowing its numerous clients to buy and sell shares and other securities without hassle. “Thank you for your patience and understanding. “This is to inform you that the trading platform (iTrade) is now fully up and running to enable you to trade seamlessly. “Our sincere apologies for any inconvenience caused as a result of this,” a statement from the company, which was sighted

Image
06-December-2023

OTC Securities Exchange Rises 0.47% as Food Concepts, Two Others Gain

By Adedapo Adesanya  Appreciation in the stock prices of Newrest Airline Services & Logistics (ASL) Plc, Food Concepts Plc, and UBN Property Plc saw the NASD Over-the-Counter (OTC) Securities Exchange extend its gain by 0.47 per cent on Tuesday, December 5. Data showed that Newrest increased its price by N1.61 during the session to settle at N17.71 per unit compared with the previous day’s price of N16.10 per unit, Food Concepts Plc (owners of Chicken Republic) gained 15 Kobo to close the day at N1.65 per share versus N1.50 per share, and UBN Property Plc rose by 13 Kobo to

Image
06-December-2023

Naira Sells N806.73/$1 at Official Market Amid 92.9% Jump in Forex Supply

By Adedapo Adesanya The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange. This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier. This also trickled down to the parallel market, which witnessed less pressure from customers, helping

Image
06-December-2023

Brent, WTI Weaken on Stronger US Dollar, Demand Worries

By Adedapo Adesanya  The prices of the crude oil benchmarks, Brent and the West Texas Intermediate (WTI) fell to a near five-month low on Tuesday on a stronger US Dollar and demand concerns. According to data obtained by Business Post, Brent futures went down by 83 cents or 1.1 per cent to $77.20 a barrel and WTI weakened by 72 cents or 1.0 per cent to $72.32 per barrel. The prices were the lowest for both crude benchmarks since July 6. This put the market down for a fourth day in a row on doubts over voluntary supply cuts announced by

Image
06-December-2023

NGX Gains 0.43% as Buying Activities in GTCO, FBNH, Others Intensify

By Dipo Olowookere The Nigerian Exchange (NGX) Limited quickly returned to the green territory after chalking up 0.43 per cent on Tuesday as a result of buying activities in some financial and industrial goods equities. The high demand for some large-cap stocks at the exchange influenced the rebound recorded during the session, ahead of the forthcoming earnings season. Business Post reports that the industrial goods index appreciated by 1.94 per cent, the banking space grew by 1.45 per cent, and the consumer goods sector improved by 0.08 per cent, while the insurance space depreciated by 0.17 per cent, with the

Image
06-December-2023

NNPC Makes Changes to Crude Cargoes Pricing

By Adedapo Adesanya The Nigerian National Petroleum Company (NNPC) Limited will alter how its crude cargoes are priced from January 2024. According to a new circular, the state oil company will start pricing its supplies against the monthly average of Dated Brent, the physical crude benchmark, raising worries that the nation’s barrels may become more risky. Prior to this latest move, Nigeria prices its crude cargoes based on Dated Brent’s average settlement in the five days after loading. NNPC plans to stick with the initial nominated loading dates for pricing purposes, according to the circular. Bloomberg reported that traders said

Image
05-December-2023

Apprehension as Prices of Medication Drugs in Nigeria Surge by Over 1,000%

 By Adedapo Adesanya A new report from SB Morgen Intelligence has shown that prices of drugs have skyrocketed by as much as 1,000 per cent in the last four years, raising worries about Nigerians being able to treat themselves using orthodox methods. In the report Paying the Price on Health, the firm analysed the impacts of the Nigerian economy and foreign exchange crisis on the prices of essential medicines in the country. It was found that between 2019 and 2023, there were massive surges across four broad categories of Antimalarial, Antibiotics, Painkillers and Common Cold medicines. The report indicates that antibiotics

Image
05-December-2023

Board Chooses Onaivi to Head mediaReach OMD Nigeria

By Modupe Gbadeyanka From January 1, 2024, Mr Stephen Onaivi will take charge of mediaReach OMD Nigeria as the new Managing Director following the approval of his appointment by the board of the organisation. He was chosen for the position after working as the MD of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients. In his new role, Mr Onaivi will drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and

Image
05-December-2023

Tanzanian Sensation Abigail Chams Joins Spotify’s EQUAL Africa as December’s Artist Ambassador

Afro-pop songstress Abigail Chams (real name Abigail Chamungwana) continues to collect accolades. Following her nomination in 2022 for the Emerging Artist award at the Tanzania Music Award, she closes 2023 as the Spotify EQUAL Africa ambassador for the month of December. The prodigiously talented Abigail, or Abby, as she is often referred to, is a multilingual singer who performs in Swahili, French and English. She is also a multi-instrumentalist who plays five musical instruments, the violin, piano, guitar, flute and drums. The Nani hitmaker was born into a family with a musical heritage where her grandfather directed an orchestra and