Economy
Bosch Power Box to Change Lives of Nigerian Artisans
By Dipo Olowookere
German-based multinational, Bosch Group, is set to bring the Bosch Power Box (BPB) concept to African artisans, the informal sector, often the driving force of African economies.
This is a revolutionary initiative designed to create, up-skill and grow small businesses and bring them into the formal, mainstream economy.
It is a long-term project designed to foster entrepreneurship and ensure a smooth transition for small businesses from the informal to formal sectors. Each BPB has managers, technical staff and trainers, all of whom have received dedicated training from Bosch.
In essence, Nigerian artisans will now be able to buy, lease or rent the very latest power tools developed by the world’s market leader and to be used at Bosch Power Boxes. This will contribute a significant improvement in the quality of the products manufactured, while increasing efficiencies. This will assist Nigerian artisans in growing their businesses.
Bosch Group has ambitions and plans of establishing ten Bosch Power Boxes with Nigeria being next in line.
Since its launch in Kumasi, artisans have been visiting the BPB to purchase products and services offered by Bosch, while 50 have registered for training. One can only imagine how positively this will impact Nigerian artisans.
The concept is in line with the company’s ethos of not just providing goods and services globally, but actively contributing to the socio-economic upliftment of developing nations. Bosch is motivated by a need to play a meaningful role in Africa, in particular by creating more sustainable jobs following the company slogan “Invented for life”.
Dr Markus Thill, the President of Bosch Africa says, “Each Bosch Power Box will also provide courses on product application and safety. Economic prosperity is about creating opportunities from the ground up to benefit individuals, communities, countries and the global community, and this is what we at Bosch aim to do.”
“Having Bosch is a dream come true in Africa and specifically for us here in Sokoban Wood Village. Artisans did not know before what it takes to build something very fast, they relied only on manpower,” says Kingsley Baafi, Manager at Bosch Power Box in Kumasi.
“We will provide product application services on how they can use the tools correctly, maintain and service them and ensure a prolonged lifespan. Another exciting feature is that, through our partnership with Equity Bank, these entrepreneurs will receive financial training and budget management assistance,” said Benjamin Ofori, Regional Sales Director of Bosch Power Box.
“At Bosch, we want to use our resources and expertise in developing countries to improve skills, create economic opportunities and growth at a micro level, providing world-class services at affordable prices and improving the lives of all citizens.”
By Adedapo Adesanya
The Naira ended its recent losing streak with a N5.06 or 0.37 per cent appreciation on Wednesday, May 13, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), trading at N1,370.56/$1 compared with the previous day’s N1,375.62/$1.
In the same vein, the Nigerian Naira appreciated against the Pound Sterling in the official market yesterday by N21.43 to N1,87/£1 from N1,874.42/£1, and gained N16.12 against the Euro to close at N1,605.19/€1 versus N1,621.31/€1.
However, at the GTBank FX desk, it lost N8 against the greenback at midweek to sell at N1,383/$1 compared with the preceding session’s N1,375/$1, and at the parallel market, it remained unchanged at N1,385/$1.
The improvement in the value of the Naira comes as Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with buffers to support the Naira and meet external obligations, also recorded a fresh accretion.
Data published on the apex bank’s website showed that reserves rose by about $150 million or 0.2 per cent to $48.48 billion as of May 12, 2026, from $48.33 billion recorded on May 5, 2026.
Interbank turnover also climbed significantly by 75.31 per cent to $130.55 million on Wednesday compared to $74.47 million recorded the previous day. At the same time, the volume of transactions rose by 25 per cent to 130 deals on Wednesday from 104 deals recorded on Tuesday.
A look at the cryptocurrency market indicated that inflation surprises and renewed geopolitical tension over Taiwan weakened risk sentiment.
The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting US president in nearly a decade. Mr Xi pressed Mr Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential “collision or even clashes” if the issue is mishandled.
China’s readout of Mr Xi’s remarks appeared to be released before the meeting had concluded, pushing the self-ruled island into the spotlight and rattling risk sentiment globally.
Solana (SOL) crashed by 4.3 per cent to $91.12, Cardano (ADA) depreciated by 2.6 per cent to $0.2656, Ripple (XRP) slumped by 1.6 per cent to $1.43, Bitcoin (BTC) declined by 1.5 per cent to $79,773.30, Ethereum (ETH) tumbled by 1.3 per cent to $2,266.06, and Binance Coin (BNB) slumped by 1.2 per cent to $669.40.
But Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1146, and TRON (TRX) improved by 0.4 per cent to $0.3505, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited cemented its position in the green territory on Wednesday with a marginal 0.04 per cent rise.
This was buoyed by sustained buying pressure on energy equities despite selling pressure on financial stocks, according to data from Customs Street.
The insurance counter was down by 0.73 per cent yesterday, and the banking index shed 0.70 per cent. These losses were offset by gains in the three other key sectors of the bourse, with the energy segment rising by 3.37 per cent. The consumer goods space appreciated by 1.94 per cent, and the industrial goods industry expanded by 0.43 per cent.
At the close of business, the All-Share Index (ASI) increased by 349.96 points to 252,508.19 points from 252,158.23 points, and the market capitalisation grew by N226 billion to N161.839 trillion from N161.613 trillion.
A total of 42 stocks appreciated during the session, while 29 stocks depreciated, implying a positive market breadth index and strong investor sentiment.
The quartet of CWG, DAAR Communications, Fidson, and Livestock Feeds gained 10.00 per cent each to sell for N23.10, N1.87, N113.00, and N10.45, respectively, while Berger Paints rose by 9.97 per cent to N140.10.
On the flip side, NCR Nigeria lost 10.00 per cent to close at N179.10, Zichis decreased by 9.99 per cent to N36.32, First Holdco shed 9.87 per cent to trade at N71.20, Neimeth dropped 9.66 per cent to N172.00, and Eterna eased by 9.59 per cent to N33.00.
At midweek, investors transacted 1.9 billion shares for N118.1 billion in 76,557 deals compared with the 2.0 billion shares worth N87.7 billion traded in 80,888 deals on Tuesday.
This showed that the value of transactions surged by 34.66 per cent, the volume of trades went down by 5.00 per cent, and the number of deals declined by 5.35 per cent.
By Adedapo Adesanya
Oil prices settled lower on Wednesday as investors worried about possible US interest rate hikes amid anticipation of the outcomes of a meeting between US President Donald Trump and China’s Xi Jinping.
Brent crude lost $2.14 or 2 per cent to trade at $105.63 a barrel, and the US West Texas Intermediate crude futures fell by $1.16 or 1.14 per cent to $101.02 per barrel.
Boston Federal Reserve President Susan Collins said on Wednesday the US central bank may need to raise interest rates if inflation pressures do not ease, a sign that the war has begun to weigh on the American economy.
Higher oil prices have pushed up fuel costs, and economists expect to see effects in the months ahead.
Producer prices in the US posted their biggest increase in four years in April, boosted by soaring costs for goods and services, the latest sign of accelerating inflation during the war with Iran. Also in the same month, US consumer prices rose sharply for a second straight month, producing the largest annual increase in inflation in nearly three years.
Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.
President Trump landed in Beijing on Wednesday, a day after saying he did not think he would need China’s help to end the war. The American President is scheduled to meet Mr Xi on Thursday and Friday.
This comes amid prospects for a lasting peace deal with Iran weakened, and the Middle East country tightened its grip over the Strait of Hormuz.
China is the biggest buyer of Iranian oil despite pressure from the Trump administration.
The Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday lowered its forecast for world oil demand growth in 2026. The International Energy Agency (IEA) said global oil supply would not meet total demand this year as the war wreaks havoc on Middle East production.
Crude oil inventories in the US decreased by 4.3 million barrels during the week ending May 8, according to data from the US Energy Information Administration (EIA) released on Wednesday.
Iran’s Foreign Minister, Mr Abbas Araqchi, said on Wednesday that Kuwait had attacked an Iranian boat and detained four Iranian citizens in the Gulf. He added that Iran demands their release and reserves the right to respond, raising fresh tensions in the region.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn