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 recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
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