Economy
Bloomberg Gives Grants to 10 African Firms to Boost Business Journalism
By Dipo Olowookere
As part of efforts to advance market transparency, and enhance access to information about business and finance, policies and practices that impact inclusive economic growth and human development, the Bloomberg Media Initiative Africa (BMIA) and the Ford Foundation have awarded grants to 10 non-governmental organizations across Kenya, Nigeria and South Africa.
A statement made available to Business Post on Thursday explained that the funds, awarded over two years, aim to elevate voices from local communities and further the development of citizen journalism and community reporting on financial and economic issues.
It was stated further that the funding is provided by the Community Media Fund, a $1 million fund established in 2015 as part of the Bloomberg Media Initiative Africa, which itself launched a year prior to advance business journalism on the continent.
In Nigeria, the Institute for Media and Society will receive first-round funding to support the vibrant and growing community media sector. It will implement its project in partnership with the Nigeria Community Radio Coalition and five community radio stations in four states in Nigeria.
The Institute for Media and Society currently leads the Nigeria Community Radio Coalition, a community of citizens committed to advancing media pluralism and advocating for the development and expansion of a sustainable community radio sector in Nigeria.
The project will build the capacity of grassroots, community radio stations to strengthen citizens’ engagement and improve transparency and accountability in local governance.
Five community radio stations: Nenzit Community Radio, Agba Community Radio, Ejule Nen Community Radio, Lavum Community Radio, and Kakaki Community Radio will be supported by a grant from the Community Media Fund to the Institute for Media and Society.
Commenting on the development, the Director of Bloomberg Media Initiative Africa, Erana Stennett, was quoted as saying that, “Using traditional, digital and mobile technology, these grant recipients are working to inform and empower poor and marginalized communities about business and economic issues that impact their lives.”
On his part, Program Officer of Ford Foundation Office for West Africa, Mr Paul Nwulu, noted that, “For decades, the Ford Foundation has supported innovative media projects and the Community Media Fund is one of such projects.
“No media system represents the voice of the people like community media outlets and it is our hope that this support will help strengthen the community and campus media ecosystem in Nigeria and make them a true voice of the voiceless in the society.”
Also commenting, Executive Director of the Institute for Media and Society, Dr Akin Akingbulu, stated that, “The project, informed by the expressed needs of Nigerian grassroots communities, is citizen-centred.”
According to him, “It positions community media to contribute to enhancing the capacity of citizens by providing them access to information, equipping them with an improved understanding of business and financial principles, and empowering them to participate in policies and practices that result in the development of their communities.”
It was disclosed that Hivos East Africa will manage the Community Media Fund and provide technical assistance to the media organizations throughout the grant process.
In addition, the Community Media Fund will enhance the financial literacy of citizens, improve their access to relevant data, and build the capacity of community media to strengthen accountability and governance through improved analysis and reporting.
Regional Director of Hivos East Africa, Mendi Njonjo, disclosed that, “The Community Media Fund will help citizens take control of their lives and influence their local community development, particularly in the context of ensuring public funds are utilized transparently and legitimately.”
By Aduragbemi Omiyale
On Tuesday, December 17, 2024, President Bola Tinubu will present the 2025 budget to a joint session of the National Assembly.
The size of the 2025 Appropriation Bill is about N47.9 trillion and would be presented to the parliament for approval.
Speaking at the plenary on Thursday, December 12, 2024, the President of the Senate, Mr Godswill Akpabio, said the presentation by Mr Tinubu would be at the chamber of the House of Representatives.
However, it is not certain if the lawmakers will pass the budget before December 31 to allow for a recent budget cycle of January to December.
Recall that on December 3, the senate approved the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025 to 2027.
This was after the President presented this the National Assembly on November 19 ahead of the consideration of the 2025 budget proposal.
In the MTEF/FSP, the government said it planned to borrow about N9.22 trillion from local and foreign sources to finance the budget deficit.
It pegged the crude oil benchmark at $75 per barrel and a daily oil production of 2.06 million barrels at an exchange rate of N1,400 to $1, and a targeted gross domestic product (GDP) growth rate of 6.4 percent.
At the plenary today, Mr Akpabio informed his colleagues that, “The President has made his intention known to the National Assembly to present the 2025 budget to the joint session of the National Assembly on December 17, 2024.”
By Adedapo Adesanya
Nigeria added 150,000 barrels per day to its crude production in November 2024 as it continues to pursue an ambitious 2 million barrels per day target.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria’s oil production rose to 1.48 million barrels per day in November, up from 1.33 million barrels per day the previous month.
In its Monthly Oil Market Report (MOMR), OPEC revealed that at 1.48 million barrels per day, it is the continent’s leading oil producer, surpassing Algeria’s 908,000 barrels per day and Congo’s 268,000 barrels per day.
Business Post reports that OPEC doesn’t account for condensates, which Nigeria’s accounts for in its broader 2 million barrels per day target.
Despite the surge in production levels, Nigeria is still under producing its 1.5 million barrels per day output quota under a deal involving OPEC and 10 other producers known as OPEC+.
OPEC said it relied on primary data gotten through direct communication, noting that secondary sources reported 1.417 million barrels per day as Nigeria’s crude production in November — up from 1.4 million barrels per day in October.
The data also shows that OPEC’s total oil production among its 12 members rose by 104,000 barrels per day in the month under review.
According to secondary sources, the total of the 12 OPEC countries’ crude oil production averaged 26.66 million barrels per day in November 2024.
“Crude oil output increased mainly in Libya, Iran, and Nigeria, while production in Iraq, Venezuela, and Kuwait decreased”, OPEC said.
“At the same time, total non-OPEC DoC crude oil production averaged 14.01 mb/d in November 2024, which is 219 tb/d higher, m-o-m. Crude oil output increased mainly in Kazakhstan and Malaysia,” the organisation added.
In a related development, OPEC trimmed its 2024 and 2025 oil demand growth forecasts for the fifth time this year.
Now, the cartel expects the world’s oil demand growth at 1.61 million barrels per day from the previously 1.82 million barrels per day.
For 2025, OPEC says the world oil demand growth forecast is now at 1.45 million barrels per day, a 900,000 barrels per day cut from the previously expected 1.54 million barrels per day.
On the changes, OPEC says that the downgrade for this year owes to more bearish data received in the third quarter of 2024 while the projections for next year relate to the potential impact that will arise from US tariffs.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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