Economy
TraderMoni, MarketMoni Beneficiaries Repaying Loans–Osinbajo
By Adedapo Adesanya
Vice President Yemi Osinbajo has said the TraderMoni and MarketMoni schemes are getting positive feedback and that beneficiaries are doing very well and are paying back their loans.
This was disclosed by Mr Laolu Akande, the VP’s spokesman, in a statement released recently in the nation’s capital, Abuja.
He said that the vice president had an interaction with newsmen after his assessment visit to markets in Keffi and Masaka towns of Nasarawa State where the TraderMoni and MarketMoni schemes are being disbursed to traders.
The vice president urged beneficiaries of the loan schemes to continue to repay their loans so they could get more money and become very successful in businesses.
“It is going very well; and I am excited to hear the testimonies of the traders who have done so well after getting their first loan.
“It is also exciting to see that they have repaid their loans very quickly, because as you pay back, you are able to get more; when you get N10, 000, and you pay back, you get N15, 000 and it gets to N20, 000, when you repay, all the way to N100, 000, and it is so exciting to see that these traders are doing so well.
“Everybody is keying in already, what we want to do is to expand it so that more traders can get this facility, so we need to do more because at the moment, we have done close to two million but we need to increase the number,” he stated.
Mr Osinbajo said the target of the Federal Government in the Next Level was to expand the scheme to cover more traders and also increase the amount received to enable beneficiaries expand their businesses.
According to him, the TraderMoni and MarketMoni schemes will be expanded to include more people in every state and added that more of the traders would get the TraderMoni and the MarketMoni loans.
“So long as you continue to pay back you will continue to get more money.
“We want to make sure that every petty trader in the market have enough so that they themselves can even employ more people and pay their children’s school fees and also build their own houses.
“As I told you, we are going to expand the scheme so that more people can benefit,” he added.
During his complementary visit to the Emir of Keffi, Alhaji Shehu Yamusa, Vice President Osinbajo said his visit to the State was to assess the disbursement of the TraderMoni and MarketMoni loans to traders in markets across the States.
He said that TraderMoni was the President Muhammadu Buhari’s own way of empowering women and men who were traders.
The Vice President then added the inventories of many of the traders were very small as they could be people hawking groundnuts, selling bread and other basic things.
“Most of them don’t have enough capital to improve their businesses. So, what we do is to empower them through the Bank of Industry.
“So, we want to ensure that people who are trading have an opportunity and that opportunity is provided when we are able to give them capital as part of this TraderMoni scheme. So, that is why we are here.”
On the Emir’s appeal about improving educational standards, the vice president said President Buhari was determined to improve both access and quality of education to all Nigerians regardless of their socio-economic backgrounds.
He noted that one of the other things that would the traditional might be happy to hear was the President’s determination to the question of education.
“On June 20, while speaking to governors when he inaugurated the National Economic Council, he made the point that the Federal Government will enforce, along with the State governments, the law on free and compulsory education of the first nine years of the child’s school life.
“It is a very important thing because we all know that education is the key to the economic success, the key to self-realisation and the key that enables any person live a dignified life.
“So, we are extremely concerned on how to improve education; Technical education in particular, I think that it is very important.
“As a matter of fact, under our N-Power scheme we already have a number of technical education schemes going on. We have what we call N-Build which is technical education for persons involved in the building industry (tillers, brick layers etc). We also have training for extension workers, persons who will provide extension service.
“There is the one for persons involved in technical training like carpenter, electricians and many others,” he said.
He added that the Federal and state governments were committed to doing more in terms of technical education.
Mr Osinbajo said there was also collaboration in supporting the states especially in making primary education and first three years of secondary education free and compulsory as well as in the education of young women.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
