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LCCI Solicits Support for Nigeria’s Paper, Pulp Industry

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paper and pulp

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the government at all levels to put in place measures to revamp the paper and pulp sector in the country.

The call was made by the president of the chamber, Mrs Toki Mabogunje, at the ongoing Lagos International Trade Fair, where FAE Limited, Nigeria’s leading paper packaging manufacturer, unveiled a new product.

She said that the government needed to ensure that the operating environment was conducive for the industry players to enable the sector to perform at optimal capacity.

“The industry has not been performing at optimal capacity over the years due to several structural challenges, including abysmally weak domestic milling capacity, tough operating environment, policy flip-flop and poor infrastructure.

“These challenges have made it increasingly difficult to attract and sustain private investment.

“The sector has for long depended on importation and this is a downside risk to the sustainability of the paperwork industry.

“Government at all levels need to show commitment by engaging measures that would revamp the sector and at the same time create a conducive operating environment for businesses,” she said.

FAE Limited, at the event, unveiled its Radio-Frequency Identification (RFID)-Blocking Automated Teller Machine (ATM) card cover as a solution to electronic pickpocketing.

Also speaking at the event, Mrs Funlayo Bakare-Okeowo, Chief Executive Officer, FAE Envelopes, said the RFID was in line with evolving technology of making contactless payments.

Contactless credit cards are cards that use RFID for making transactions.

Mrs Bakare-Okeowo said the RFID-blocking ATM card cover was manufactured with shielded sleeves that block RFID energy required to power the chip on the contactless card.

The industrialist said that the card cover ensured perfect protection of data and guaranteed users of monetary safety.

She said that the system allowed the cardholder to wave the RFID card in front of a contactless payment terminal to complete a transaction.

“All you need to guarantee the safety of your contactless card is FAE’s stylish security encrypted card cover.

“As good as the features of the contactless card are, not many users are aware that their cards can be read with powerful RFID readers from a distance of 100-meters by malicious hackers on the quest to steal the financial data of unsuspecting users.

“The contactless card is designed to enhance a cashless lifestyle by promoting increased card usage for lower value transactions.

“Payments through this card are made by tapping the card on the POS machine with contactless functions for low-value transactions; the card can also be used in a regular POS as a normal MasterCard.

“To prove your card is a contactless card, you could check for a radio wave or Wi-Fi symbol on your ATM card.

“The card covers can be customised according to colours, preferences and companies needs,” she said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

CBN Puts Down N500m to Encourage Entrepreneurship Among Students

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Encourage Entrepreneurship

By Ashemiriogwa Emmanuel

As part of its policy measures to address rising youth unemployment and underemployment, the Central Bank of Nigeria (CBN) has disclosed that it will support students in tertiary institutions to encourage entrepreneurship.

According to the apex bank, a grant of N500 million would be awarded to five top Nigerian polytechnics and universities with the best entrepreneurial pitches or ideas.

“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million,” a report from the central bank on Wednesday, October 20, titled Guidelines for the implementation of tertiary institutions entrepreneurship scheme stated.

The bank said it would receive offers from crucial sectors of the economy like agribusiness, information technology, creative industry, and science and technology.

On implementation, CBN disclosed that a Body of Experts (BoE) from the private and public sector would be put together for the regional and national entrepreneurship competitions to evaluate entrepreneurial and technological innovations submitted by participants.

The BoE, who will review and recommend the projects, will comprise four representatives from the Bankers’ Committee, one representative from consulting industry, and one nominee from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

The body to review the pitches also comprises one nominee each from the Nigerian Universities Commission (NUC), National Board for Technical Education (NBTE), and from the CBN (Secretary).

“Participation under the developmental component shall be restricted to undergraduates of Nigerian polytechnics and universities.

“Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal (https://cbnties.com.ng), outlining brief details of the project, potential impact, and evidence of originality of the project.

“The submitted applications shall be evaluated by the BoE through engagements that showcase undergraduates competing by pitching entrepreneurial and technological innovations at regional levels, with finalists proceeding to the national event for final consideration and ranking by the BoE,” CBN disclosed.

According to the bank, the program, which will be aired a month on national television stations and on social media, will help promote the value of entrepreneurship.

It said that the awarded grant will be credited “in tranches of 55:45 ratio” directly to a dedicated account opened for the purpose of the funding.

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Economy

NGX Group Gains 10% to Lift Stock Market by 0.26%

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NGX Group Shares

By Dipo Olowookere

The nation’s stock market rebounded by 0.26 per cent on Wednesday after going down by 0.71 per cent on Monday, which was the last trading session as the exchange was closed on Tuesday for a public holiday in Nigeria.

Investors were in high spirits yesterday when they returned to the market and this reflected in the level of activity as the trading volume rose by 47.47 per cent to 499.5 million stocks from 338.7 million stocks, the trading value increased by 25.16 per cent to N5.1 billion from N4.1 billion, while the number of deals grew by 2.25 per cent 5,998 deals from 5,866 deals.

Business Post reports that when the exchange closed for the day, FBN Holdings was the most traded equity with the sale of 147.6 million units valued at N1.8 billion, followed by eTranzact, which transacted 105.2 million units worth N215.6 million.

Furthermore, Access Bank sold 27.9 million units worth N266.0 million, Transcorp traded 22.3 million units valued at N22.8 million, while GTCO recorded a turnover of 20.6 million shares worth N612.9 million.

It was observed that the market closed in the positive territory as a result of the growth posted by the Nigerian Exchange (NGX) Group Plc as its share price went up by 10.00 per cent to settle at N21.45.

GlaxoSmithKline rose by 6.87 per cent to N7.00, NPF Microfinance Bank gained 5.85 per cent to trade at N1.81, Coronation Insurance grew by 4.17 per cent to 50 kobo, while FBN Holdings appreciated by 3.83 per cent to N12.20.

On the flip side, Prestige Assurance was the worst loser as its value depreciated by 8.51 per cent to 43 kobo, Consolidated Hallmark Insurance fell by 8.33 per cent to 55 kobo, Academy Press also dropped 8.33 per cent to 33 kobo, Cadbury Nigeria lost 5.88 per cent to sell for N8.00, while Union Bank went down by 5.66 per cent to N5.00.

In all, a total of 21 stocks closed on the gainers’ chart while 18 stocks finished on the losers’ chart, indicating a positive market breadth and investor sentiment.

However, three of the five major sectors of the market closed bearish with the energy, consumer goods and banking counters losing 0.39 per cent, 0.24 per cent and 0.20 per cent respectively, while the insurance and industrial goods sectors rose by 0.58 per cent and 0.04 per cent apiece.

At the close of transactions, the All-Share Index (ASI) improved by 105.04 points to 41,249.71 points from 41,144.67 points, while the market capitalisation expanded by N54 billion to N21.526 trillion from N21.472 trillion.

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Economy

Naira Appreciates to N414.07/$1 as Bitcoin Hits $66k

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bitcoin nigerians

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 0.16 per cent or 66 kobo on Wednesday, October 20 as trading returned after the Eid-el-Maulud holiday break.

At the close of business at the midweek session, the local currency was sold for N414.07/$1 in contrast to N414.73/$1 it was traded on Monday, according to data obtained from FMDQ Securities Exchange.

During the second trading session of the week, a turnover of $334.97 million was recorded as against the $172 million achieved at the preceding session.

This indicated a $162.97 million or 48.7 per cent rise in the value of transactions yesterday and because of the anticipation of pressure on the Nigerian currency, FX supply was made available to traders and this supported the growth posted by the domestic currency during the trading day.

But at the interbank segment of the market, the Nigerian currency maintained stability against the American Dollar as it remained unchanged at N410.89/$1 on Wednesday.

Meanwhile, at the cryptocurrency market, Bitcoin (BTC) rallied to an all-time high (ATH) of $66,000 yesterday as optimism surged for greater mainstream acceptance in the wake of the successful launch of the first exchange-traded fund for US investors.

In a Naira equivalent, the most popular digital coin in the world was sold for N37,004,384.99 after it rose by 2.8 per cent.

On October 19, 2021, the Proshares Bitcoin Strategy ETF (BITO) was launched. The bitcoin exchange-traded fund is the first ETF ever to be approved in the United States and it’s based on bitcoin futures markets.

This development, Business Post gathered, triggered a renewed interest in the cryptos and caused Litecoin (LTC) to rise by 9.3 per cent to N117,992.99. Dash (DASH) went up by 5.9 per cent to sell for N111,892.63, Tron (TRX) grew by 4.7 per cent to trade at N58.70, while Ripple (XRP) appreciated by 4.4 per cent to trade at N635.00.

Further, Dogecoin (DOGE) was 4.2 per cent higher to sell at N150.96, Cardano (ADA) saw its value rise by 4.1 per cent to N1,305.81, Binance Coin (BNB) made a 3.4 per cent gain to trade at N205,395.75, while Ethereum (ETH) rose by 1.7 per cent to trade at N2,203,900.99.

However, the US Dollar Tether (USDT) went down by 0.4 per cent to sell for N565.49.

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