Economy
Buhari to Empower 10m Traders, Farmers During Second Term
By Modupe Gbadeyanka
No fewer than 10 million Nigerians will from May 29, 2019 to May 28, 2023 benefit from the Government Enterprise and Empowerment Programme (GEEP) put in place by the administration of President Muhammadu Buhari. This is one of the things the present administration has planned to do in its Next Level.
The GEEP scheme was designed to provide financial support through micro-credit schemes to beneficiaries, which include petty traders, women cooperatives, youths, famers and agricultural workers.
The financial support, according to a statement issued by Mr Laolu Akande, spokesman to the Vice President, Mr Yemi Osinbajo, will come in form of TraderMoni. MarketMoni and FarmerMoni. The scheme presently has a combined total of over 1.7 million Nigerians benefiting from these schemes.
So far, since after the national and state polls, 30,000 minimum beneficiaries have been added to the TraderMoni scheme, which provides interest-free loans starting from N10,000 to petty traders nationwide and is payable within six months.
In addition, upon repayment of the N10,000 loans, some beneficiaries in some states, including Lagos, Osun, Borno, Ogun and Benue, have now started receiving the 2nd improved interest-free TraderMoni loan of N15,000.
During the Next Level of the Mr Buhari government, the Cash Transfer scheme will reach one million poorest households, with one million new beneficiaries expected to be added to the N-Power scheme, arguably the largest job creation and youth employment scheme in Africa.
It was explained that these and others have been put in place in continuation of government’s efforts to invest in the country’s human capital development through its National Social Investment Programmes (N-SIP).
According to Mr Akande, millions of Nigerians nationwide are currently benefitting from the different schemes under the N-SIP, which is the largest social welfare scheme in the history of the country.
Through its Conditional Cash transfer (CCT) scheme, the administration is supporting the most vulnerable in society, while developing a skilled workforce for economic productivity by providing jobs for millions of Nigerian youths through the N-Power programme, and improving the learning and cognitive skills of Nigeria’s children through the Home-Grown School Feeding programme (NHGSFP).
The administration’s National Home-Grown School Feeding Programme (NHGSFP), which has a target of reaching 12 million pupils, is currently feeding over 9.5 million public primary school (classes 1-3) pupils with one free, balanced and nutritious meal a day in 30 states nationwide; while it has empowered 101,913 cooks in these states.
The 30 states currently benefiting from the school feeding programme are: Anambra, Abia, Akwa Ibom, Adamawa, Bauchi, Benue, Borno, Cross River, Ebonyi, Enugu, Kaduna, Kebbi, Kogi, Sokoto, and Nasarawa.
Others include Taraba, Ogun, Oyo, Osun, Plateau, Delta, Zamfara, Imo, Jigawa, Kano, Niger, Katsina, Ondo, Edo and Gombe.
The HGSFP has not only helped to increase enrolment rates of pupils in these communities, it is also effectively tackling early year malnutrition, while improving the cognitive skills of children.
The School feeding programme has also provided sustainable income for local farmers, cooks, which has increased growth and productivity in the local economy.
As of March; 297,973 Nigerians in 20 states (including the Borno IDP camps) are current beneficiaries under the National Cash Transfer Policy Programme (Conditional Cash Transfer), which started in December 2017; with over 5,000 savings groups and cooperatives formed as a result.
The following states are currently receiving payment: Adamawa, Anambra, Bauchi, Benue, Borno, Cross River, Ekiti, Gombe, Jigawa, Kaduna, Kano, Katsina, Kogi, Kwara, Nassarawa, Niger, Osun, Oyo, Plateau, and Taraba.
The Conditional Cash Transfer is designed to deliver timely and accessible cash to beneficiary households and so enhance their capacity for sustainable livelihood. The programme provides beneficiaries – poor and vulnerable households – with a monthly transfer of N5,000 with the sole aim of taking them out of poverty.
In the same vein, the Administration’s N-Power scheme, which is designed to provide jobs for unemployed young graduates, and is arguably the largest job creation and youth employment scheme in Africa, has currently engaged 500,000 youth graduates deployed to provide public health services in teaching, health, agriculture and tax and monitoring; and a further 200,000 non-graduates in training or attached to organisations as interns.
N-Power beneficiaries across the 36 states and the FCT are provided with a N30,000 monthly stipend, in addition to technology devices with relevant content for continuous learning. Many N-power beneficiaries have gone on to become entrepreneurs who are building successes in their chosen vocations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
