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.
Investors Gain N1.09bn as NASD Share Price Rises 9.1%
By Adedapo Adesanya
The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.
Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.
NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.
As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.
On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.
In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.
At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.
Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.
Naira Trades N414.73/$1 as Cryptos Bleed Heavily
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.
Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.
At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.
Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.
The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.
At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.
The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.
Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.
Crude Mixed as Market Remains Unsettled by Omicron Jitters
By Adedapo Adesanya
Crude prices closed mixed on Friday, December 3 after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.
Brent crude gained 21 cents or 0.3 per cent to trade at $69.88 per barrel while on the other hand, the United States West Texas Intermediate (WTI) crude lost 24 cents or 0.36 per cent to sell at $66.26 per barrel.
Both benchmarks declined for a sixth week in a row for the first time since November 2018.
Oil prices had witnessed one of the most troubled weeks as the market reeled from the fear brought about by the Omicron variant of the coronavirus with speculations that it could spark new lockdowns and dent fuel demand.
The World Health Organization (WHO) urged countries to vaccinate their people to fight the virus, saying travel curbs were not the answer.
Even with this, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) surprised the market on Thursday when it stuck to its plans to add 400,000 barrels per day supply in January.
However, it said it will continue to monitor the market and this could make it change course if demand suffered from measures to contain the spread of the Omicron coronavirus variant.
The alliance said they could meet again before their next scheduled meeting on January 4.
Analysts noted that with the coronavirus cases rising, the US jobs report for November also didn’t help demand outlook even as the unemployment rate plunged to a 21-month low of 4.2 per cent, suggesting the country’s labour market was rapidly tightening.
US employment growth slowed considerably in November amid job losses at retailers and in local government education.
Meanwhile, in Vienna, diplomats attempting to restore the nuclear deal between Iran and world powers face substantial challenges that need urgent solutions, the top European envoy said Friday. Talks are set to resume next week.
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- Investors Gain N1.09bn as NASD Share Price Rises 9.1% December 4, 2021
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