Economy
FG Inaugurates National MSMEs Policy Implementation Team
By Adedapo Adesanya
The federal government has inaugurated the Focal Persons Group for the Implementation of the Revised National Policy on Nano, Micro, Small and Medium Enterprises (NMSMEs) 2021-2025.
The Minister of State for Industry, Trade and Investment, Ms Mariam Katagum, inaugurated the group at the Ministry’s head office on Tuesday.
She said the revised national MSMEs policy is very ambitious and requires multi-stakeholder partnership in implementing some of the recommendations.
The Minister said the entire focus of the policy is to create a platform or framework to collaboratively attend to some of the basic challenges of the sector, adding that this is why the scheme is focused on finance, skills development, marketing, technology, research and development.
“Other areas of priority focus include Infrastructure and Cost of Doing Business, Institutional/Legal/Regulatory issues and awareness creation on NMSMEs. These were areas that the Public-Private Dialogue (PPD) focused on both at the National and Zonal engagements.”
The Acting Director General Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Olawale Fasanya, whose agency coordinated the initiative, stated that the idea to have focal persons was muted during the Public-Private-Dialogue (PPD) sessions facilitated by the Investment Climate Reforms (ICR) Facility.
He said the major problem that most policies usually face is in the implementation stage, adding that the current national policy is obviously an improvement on previous editions with clear recommendations of what the various actors and enablers should be doing to ensure that Nigeria’s MSME sub-sector is not just active but equally globally competitive.
“Essentially, the revised National Policy on MSMEs largely seeks to ensure MSMEs in Nigeria are active, innovative and globally competitive. With over 39 million MSMEs (according to the 2021 SMEDAN/NBS Survey report), the minimum target to be realized before the expiration of the policy in 2025 is to ensure an enabling environment is created for each of the MSMEs to grow and create a minimum of one extra employment which currently stands at over 61 million and also push the sub-sector’s contributions to the Gross Domestic Product (GDP) from the current 49 per cent to 70 per cent.”
On her part, the Director General, Abuja Chamber of Commerce and Industry (ACCI), Mrs Victoria Akai, whose organisation was part of the inaugurated group, in her remarks, stated that the inauguration is one of the key outcomes of the joint support received by SMEDAN and ACCI from the ICR Facility for the development of a coordination mechanism for the implementation of the national policy on MSMEs.
She lauded the commitment of ACCI to the implementation of the policy, adding that it is particularly a great one for the chamber as it demonstrates the realisation of its commitment toward the growth and development of MSMEs in Nigeria.
“It is worthy to note that over 80 per cent of our membership database are MSMEs, therefore we are committed to promoting and supporting every initiative towards the advancement of MSMEs in Nigeria,” Mrs Akai said.
She acknowledged the effort of SMEDAN for the great work and expertise that was put into the development of the national MSME policy, and the revised version which was launched in March 2021, for taking the lead in the development of the coordination mechanism for the implementation policy and for stepping this up by inauguration of the focal points from the various MDAs.
“The chamber appreciates the leadership role being played by SMEDAN as the umbrella body of MSMEs in Nigeria, and will continue to support SMEDAN’s effort as a state chamber and at the national level through the Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA),” she said.
Mrs Akai also added that the Chamber Business Entrepreneurship Skills and Technology (BEST) Centre, being the training and capacity development arm of the body, has also been working closely with SMEDAN in line with our existing memorandum of understanding to support MSMEs in training, access to finance, exhibitions, business support and mentorship.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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