Economy
Digital Financial Inclusion, Poverty, Hawkers, Daddy Freeze & Tithe
By Nneka Okumazie
If an individual hawks stuff around, who is responsible for that situation, and whose responsibility is it to lift that individual out of poverty?
Factors responsible for poverty may include income, purchasing power, conditions of living, trade and monetary policies. There are some who are impoverished but aren’t hawking. What drives people to hawk and how much has Africa done to find solutions to hawking?
Poverty in Africa is super complicated. The whole thing may be onerous to extricate, but fragments of it could find solutions if massive studies and efforts are thrown at it.
There are telecom companies who branded poor retailers of their products, with umbrellas, clothes, chairs, tables, etc. There are beverage and fast moving consumer goods companies who have also given branded boards, posters, merchandises to poor retailers as well. There are often promos, offers, credit services, microfinance, etc. for many of these retailers. Sometimes, it doubles as marketing or for social optics.
However, most of these are palliatives for poverty, not structures for economic elevation. Financial inclusion, can also – simply – be described as a way of providing banking services for the poorest. It is helpful and necessary.
But where does financial inclusion fit for majority of poor people: palliative or elevator? Some may argue that most poor traders have found a way around saving from time, while others may argue that there has been no other time in Africa, where direct financial services are provided to the poor.
Africa is buzzing with new stuff especially platforms that technology enabled. But where are the solutions? Where are the studies? Where is the activism, or rage against hawking? How many University centers are there to study and prevent hawking? How many corporations are making efforts to reduce the amount of hawkers of their product, to have more shop-based or stationary retailers?
Hawkers are ignored, seen as normal and forsaken, except when there is something to benefit from them. Hawking is abnormal, horrific and should be discouraged enough that it should be the impossible option. But, nothing is done, by those who have knowledge, or by those whose products they sell – directly or indirectly, or by those who can make the policies to help them collectively.
Often people give one answer to poverty, or hawking, saying do this, then that, etc. But NO, the complexities of Africa’s hardship require multiple studies, tests, models and experimentation – consistently – towards solution.
Christianity, Poverty and Taxes
Sometimes, the necessity of reviewing issues of poverty is because of the growing amount of people who blame Christianity for poverty in Nigeria, or in Africa.
Christianity is hated more than hawking, by those who have no value to improve the society except vague to-dos.
They have said people are brainwashed by Christianity. Meaning that for them all their opinions and views of everything they do is a hundred percent original, nothing from anywhere was ever accepted, so whoever accepts anything they didn’t create, or invent is brainwashed. No interest in genuine Christianity or in the Way does not mean those who have are brainwashed.
They also said Christianity is false hopes. But if there is no hope in hawking, where someone hawking had seen folks who hawked through life, or stayed poor through life, is it not better to have hope that may mean joy or that may mean endurance and ability to be strong, or have a sound mind?
True Churches are not the problem of the country, or the continent, no matter what statement is brandished by enemies of the Church.
Giving in a true Church is also not a scam, no matter the giving. It is optional, voluntary and in accordance with faith. No need to give if there is doubt of its use, or if feeling cheated.
Also, if there are questions about Christianity and the Power of GOD that aren’t satisfactorily answered, it does not invalidate the Truthfulness of the Word. Christianity is not the only thing that has unanswered questions. There are tons of unanswered question – in spite of all the advances – in psychology, neuroscience, oncology, astronomy, atmospheric science, etc.
Christ said, “Pay therefore to Caesar the things that are due to Caesar, and pay to God the things that are due to God.” This means that if you believe you – may – give, as part of your faith, to GOD. The Scriptures did not tell us how the Churches in the Epistles gave during their services, or their general order of service but it is possible, they gave collectively for Church projects, for the welfare of the poor, for gospel witnessing, etc.
Taxes are important for any economy. There are all kinds of taxes for all categories of income and expenditures. Taxes well spent are like a great pillar for building and maintaining a society.
Poverty
The poverty in Africa is painful. Yes, it is not an excuse for laziness or for vices or for risky desperations, or for harm, or for lawlessness. But there are many, trying much to be lawful and good, but the failures of the society has precipitated them. It is so unfortunate and it doesn’t seem there are massive active efforts for poverty solutions in Africa, but who knows?
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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