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.”
Local Stock Exchange Extends Growth by 0.06% Amid Weak Sentiment
By Dipo Olowookere
Investor sentiment at the Nigerian Exchange (NGX) Limited was weak on Wednesday as traders chew over the decision of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR) by 0.50 per cent to 18.00 per cent.
However, the local stock exchange closed higher by 0.06 per cent, buoyed by the 0.08 per cent growth reported by the insurance sector.
Business Post reports that the consumer goods space lost 0.02 per cent, the banking and the industrial goods counters depreciated by 0.01 per cent each, as the energy index remained flat.
When the market closed for the session, the All-Share Index (ASI) improved by 31.43 points to 54,936.11 points from 54,904.68 points, while the market capitalisation went up by N19 billion to N29.928 trillion from N29.909 trillion.
Analysis of the market data showed that the growth posted yesterday was fragile as the highest price gainer, Coronation Insurance, appreciated by 2.44 per cent to 42 Kobo, GTCO also rose by 2.44 per cent to N25.20, Linkage Assurance grew by 2.22 per cent to 46 Kobo, Lasaco Assurance jumped by 2.04 per cent to N1.00, and Transcorp grew by 1.56 per cent to N1.30.
On the flip side, NCR Nigeria suffered the heaviest loss after its value went down by 9.69 per cent to N2.61, FTN Cocoa depreciated by 6.90 per cent to 27 Kobo, Japaul lost 6.67 per cent to quote at 28 Kobo, Cutix declined by 4.95 per cent to N2.11, and Consolidated Hallmark Insurance decreased by 4.62 per cent to 62 Kobo.
Yesterday, investors transacted 134.2 million stocks worth N1.3 billion in 2,479 deals compared with the 127.7 million stocks worth N1.6 billion traded in 2,987 deals, representing an increase in the trading volume by 5.09 per cent, a decline in the trading value by 18.75 per cent, and a shortfall in the number of deals by 17.01 per cent.
The most traded stock on Wednesday was Transcorp with the sale of 28.1 million units, UBA exchanged 21.2 million units, Courteville sold 19.1 million units, GTCO transacted 13.6 million units, and FBN Holdings traded 8.1 million units.
FrieslandCampina Lifts NASD OTC Market by 0.07% at Midweek
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange returned to positive territory after back-to-back losses, following a 0.07 per cent appreciation on Wednesday, March 22.
This was influenced by the 96 Kobo gain reported by FrieslandCampina Wamco Nigeria Plc during the session to settle at N75.41 per share compared with N75.01 per share of the preceding session.
The improvement in the share price of the milk maker pushed the value of the unlisted securities market by N710 million to N961.17 billion from N960.46 billion, while the NASD Unlisted Securities Index (NSI) grew by 0.54 points to wrap the session at 731.48 points compared with the 730.94 points of the previous session.
The level of activity witnessed a significant increase yesterday as the volume of securities closed higher by 274,515.6 per cent to 23.1 million units from the 8,408 units transacted in the previous trading day.
Equally, the value of shares traded at the session jumped to N10.1 million, which by evaluation is 814.0 per cent higher than the N1.1 million posted on Tuesday.
These transactions were carried out in 13 deals compared with the three deals executed in the previous trading day, indicating a 333.3 per cent appreciation.
At the close of business, Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with the sale of 455.3 million units valued at N493.6 million, UBN Property Plc stood in second place with a turnover of 365.8 units worth N309.5 million, while IGI Plc was in third place with a turnover of 71.1 million units valued at N5.1 million.
On the flip side, VFD Group Plc was the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc followed with the sale of 455.3 million units worth N493.6 million, while UBN Property Plc was in third place with a turnover of 365.8 million units valued at N309.5 million.
Oil Prices Rise $1 as Greenback Drops on US Rate Hike
By Adedapo Adesanya
Oil prices rose more than $1 on Wednesday as the US Dollar slid to a six-week low after the Federal Reserve delivered an expected small rate hike.
Brent crude futures rose by $1.37 or 1.8 per cent to settle at $76.69 a barrel, while the US West Texas Intermediate crude (WTI) ended $1.23 or 1.8 per cent higher at $70.90 per barrel.
The US central bank policy-setting committee raised interest rates by another quarter of a percentage point in a unanimous decision on Wednesday, lifting its benchmark overnight interest rate to the 4.75 per cent-5.00 per cent range.
The Fed indicated it was on the verge of pausing further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks.
As a result of this, the US Dollar fell to its lowest level since February 2 against a basket of other currencies, supporting oil demand by making crude cheaper for buyers using other currencies.
The Dollar index last fell 0.63 per cent to 102.500, with the Euro up 0.87 per cent to $1.0861 as it dropped 0.82 per cent against the Japanese Yen, while the Pound Sterling was last trading at $1.2268, up 0.41 per cent on the day.
The markets— including the oil market—had projected a quarter-point rise in US rates, but investors were also paying close attention to US Fed Chair Jerome Powell’s comments about the crisis that has rattled global banks this month.
The oil markets shrugged off the US Energy Information Administration’s (EIA) weekly data that showed crude stockpiles rose 1.1 million barrels last week to a 22-month high.
This is compared with a build of 1.6 million barrels for the previous week.
The authority also reported major draws in fuel inventories for the week of March 17, with both gasoline and distillate fuel stocks down.
US crude oil stocks stood at 481.2 million barrels at the end of last week, which was about 8 per cent above the five-year average for this time of the year.
The official EIA data showed a smaller build than the 3.3 million barrels increase reported on Tuesday by the American Petroleum Institute (API).
The Organisation of the Petroleum Exporting Countries and its allies like Russia, a group known as OPEC+, is likely to stick to its deal on output cuts of 2 million barrels per day until the end of the year, despite the plunge in crude prices.
Latest News on Business Post
- Local Stock Exchange Extends Growth by 0.06% Amid Weak Sentiment March 23, 2023
- FrieslandCampina Lifts NASD OTC Market by 0.07% at Midweek March 23, 2023
- Oil Prices Rise $1 as Greenback Drops on US Rate Hike March 23, 2023
- Naira Rebounds, Strengthens Against Dollar at FX Market Segments March 23, 2023
- Tinubu Travelled Abroad to Rest, Will Return Soon–Aide March 22, 2023
- Anxiety as The Voice Africa Hits Airwaves March 26 March 22, 2023
- INEC Declares Labour Party’s Alex Otti Abia Governor-Elect March 22, 2023
- Cash Scarcity: NLC Orders Workers to Embark on Strike March 22, 2023
- Davido Picks Classic Songs for Spotify Timeless Afro Playlist March 22, 2023
- Progress in Nigeria’s Economy in Post-Recession Excites Emefiele March 22, 2023