Economy
FG to Reposition MSMEs For Domestic Investments, FDIs
By Adedapo Adesanya
The federal government has reiterated its commitment to reposition the Micro, Small and Medium Enterprises (MSMEs) sector to further stimulate domestic investments and attract Foreign Direct Investments (FDIs).
This was made by the Permanent Secretary in the Ministry of Industry, Trade and Investment, Mrs Evelyn Ngige, at an event organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to commemorate the 2023 World MSME Day.
Mrs Ngige expressed the President Bola Tinubu-led administration’s commitment to formulating and implementing policies, programmes and projects that would impact MSMEs.
The Permanent Secretary, represented by Mr John Okpaluwa, said that prioritising the development of MSMEs was pertinent in building a better and stronger economy.
She further expressed the federal government’s determination to formulate policies that would create an enabling environment to stimulate domestic investments and attract FDIs in all sectors of the economy.
According to her, this will make Nigeria a preferred investment destination in Africa and the world at large.
“We are all aware that Micro-, Small and Medium-Sized Enterprises (MSMEs) are the mainstay of economies globally, playing a critical role in promoting innovation, creativity and decent work for all.
“It is with cognizance of this that the United Nations declared June 27 annually as MSME Day to raise awareness of their significance, especially in achieving the 2030 Agenda for Sustainable Development Goals (SDGs).
“The theme of this year’s event has further invigorated the importance and the critical role MSMEs play in the resuscitation of the world economy, especially the developing countries like ours.
“It is against this backdrop that prioritising MSMEs development becomes pertinent in building back a better and stronger economy in view of the shocks and crises that have disrupted the global working environment for entrepreneurs, especially MSMEs.
“This is why the Federal Government of Nigeria is committed and has shown sustained interest in repositioning the sector for efficiency, growth and development,” Mrs Ngige said.
While highlighting the role of MSMEs in the economy, she said that 39 million MSMEs in Nigeria contribute 46.31 per cent of the national GDP and 6.21 per cent of gross exports as well as employ a significant number of the populace.
According to her, the sector has continued to play a pivotal role in stimulating economic growth and providing employment to vulnerable groups such as youths, women and the poor.
“There is no doubt that the serious engagement of key private sector players in the development of policies and programmes, especially for MSMEs development, further reflects the resolve by the government to make Nigerian MSMEs become globally competitive.
“While assuring you that this effort is yielding a positive outcome, I am optimistic that the collaboration with relevant stakeholders will be sustained in the implementation of the revised National policy on MSMEs and beyond,’’ she said.
“It will as well enhance access to professional BDS by nano, Micro, Small and Medium Enterprises (nMSMEs) so as to maximise their potential.
“Also worthy of mention is the Nigeria Start-up Act, which seeks to provide an enabling environment for the establishment, development and operations of start-ups in Nigeria.
“The Act is also expected to foster the development and growth of technology-related talent and position Nigeria’s start-up ecosystem as the leading digital technology hub in Africa,’’ Mrs Ngige said.
She said that the Federal Government launched the Investment in Digital and Creative Enterprises (i-DICE) programme in Abuja as a major step toward upscaling entrepreneurship and innovation in the digital technology and creative industries.
“This includes film, fashion and music and will create an ecosystem that nurtures innovation, improves ease of access to affordable credit as well as a business-friendly system,’’ she said.
Adding his input, the Director-General of SMEDAN, Mr Olawale Fasanya, said that MSMEs contribute over 59 million jobs as of 2021, amounting to over 84 per cent of the total labour force in Nigeria and more than 48 per cent of nominal GDP.
He solicited better cohesion among key players to ensure the sustainable development of the sector, adding that more support would not only make the sub-sector more sustainable but also measurable.
He further said that Nigeria is presented with an unprecedented opportunity to emerge with a better enabling environment for MSMEs to operate with the new government in place.
According to him, the government is now more focused on embarking on tangible and measurable economic diversifications, improvement of health care, education, public transport, empowerment of all women, girl-child and the youths, and combating climate change and its impacts.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.13 per cent on Wednesday, April 29, after its share price shrank by N5.06 to N71.99 per unit from N77.05 per unit.
As a result, the NASD Unlisted Security Index (NSI) went below the 4,000 mark after it lost 45.73 points to 3,999.23 points from 4,044.96 points. The market capitalisation declined by N27.36 billion during the session to N2.392 trillion from N2.420 trillion.
Midweek trading data showed that the volume of transactions slid by 76.2 per cent to 308,698 units from 1.3 million units, and the value of trades decreased by 7.1 per cent to N25.2 million from N27.1 million units, while the number of deals rose by 3.7 per cent to 28 deals from 27 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.9 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
The Naira was able to tame the pressure building at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, April 29, after it gained N1.25 or 0.1 per cent against the United States Dollar to close at N1,379.46/$1 compared with the previous day’s N1,380.71/$1.
Also, the outcome was the same against the Pound Sterling in the same window, as it added N2.18 to trade at N1,861.58/£1 versus Tuesday’s closing rate of N1,863.76/£1, and against the Euro, it appreciated by N2.14 to settle at N1,612.87/€1 versus N1,615.01/€1.
However, the Naira depreciated further against the Dollar at the GTBank forex counter by N10 to quote at N1,389/$1 compared with the preceding session’s N1,379/$1, and at the parallel market, it maintained stability yesterday at N1,390/$1.
The improvement witnessed across official market points to NFEM interbank turnover increasing sharply on Wednesday, with data released by the Central Bank of Nigeria (CBN) showing $249.905 million in transactions among institutions across 180 deals.
This indicates improved market liquidity and greater market confidence, leading to tighter bid-ask spreads across all foreign exchange deals.
Market analysts noted that improved liquidity and growing investor confidence now allow the market to function more independently.
Meanwhile, in the cryptocurrency market, Bitcoin (BTC) and major benchmarked cryptocurrencies fell as Brent crude surged to a four-year intraday high on renewed fears of US military escalation against Iran.
The jump in oil prices reflects a growing war premium tied to the effective shutdown of the Strait of Hormuz and expectations that hypersonic US weapons could be deployed in the region.
Analysts say BTC is unlikely to break above $80,000 unless Middle East tensions ease. Its value shrank by 1.5 per cent to $75,931.00.
In addition, Ethereum (ETH) slipped by 3.2 per cent to $2,254.51, Solana (SOL) depreciated by 1.9 per cent to $83.11, Ripple (XRP) lost 1.6 per cent to sell at $1.37, Binance Coin (BNB) dipped by 1.5 per cent to $616.58, and Cardano (ADA) dropped by 1.4 per cent to $0.2463.
But Dogecoin (DOGE) rose by 1.9 per cent to $0.1062 and TRON (TRX) appreciated by 0.5 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 3.77 per cent on Wednesday on the back of sustained bargain-hunting in equities with sound fundamentals.
The growth reported by Nigerian stocks at midweek raised the year-to-date return above 50 per cent, precisely at 52.43 per cent.
According to data, only the insurance sector ended in red after it shed 1.01 per cent at the close of business.
The industrial goods index appreciated by 6.14 per cent, the energy segment grew by 4.54 per cent, the banking counter expanded by 1.92 per cent, and the consumer goods industry rose by 1.01 per cent.
Consequently, the All-Share Index (ASI) went up by 8,465.40 points to 237,205.59 points from 228,740.19 points, and the market capitalisation increased by N5.450 trillion to N152.728 trillion from N147.278 trillion.
The quartet of UAC Nigeria, Zichis, CAP, and Airtel Africa gained 10.00 per cent each to sell for N165.00, N19.80, N132.00, and N3,021.30, respectively, and Jaiz Bank surged by 9.99 per cent to N8.81.
On the flip side, the duo of John Holt and Cadbury Nigeria lost 10.00 per cent each to trade at N12.60 and N66.15, respectively, as eTranzact shed 9.97 per cent to close at N15.80, Morison Industries slipped by 9.92 per cent to N10.62, and Haldane McCall shrank by 9.74 per cent to N3.43.
The busiest stock for the day was Access Holdings with 281.3 million units worth N7.3 billion, UBA transacted 160.6 million units valued at N7.0 billion, Lasaco Assurance traded 78.6 million units for N153.6 million, Wema Bank sold 65.7 million units worth N2.3 billion, and Morison Industries exchanged 65.0 million units valued at N690.3 million.
At the close of trades, investors bought and sold 1.3 billion equities for N69.1 billion in 83,445 deals versus the 908.0 million units worth N68.2 billion in 72,886 deals on Tuesday.
This showed that the trading volume, value, and number of deals increased yesterday by 43.17 per cent, 1.32 per cent, and 14.49 per cent, respectively.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn