Financial Sector

Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered introduces COVID-19 support for entrepreneurs

Standard Chartered Bank has said it has launched new programme with Youth Business International, to support young entrepreneurs hit by the economic impact of COVID-19. In a statement on Tuesday, it said the project was part of ‘Futuremakers’ by Standard Chartered, a global initiative to tackle inequality. It stated, “YBI and Standard Chartered Foundation are working together to provide crucial support to over 33,000 underserved young entrepreneurs in six countries across Africa, Asia and Europe. “In Nigeria, the project will be implemented by FATE Foundation.” Speaking on the project, the Head of Corporate Affairs, Brand and Marketing, Standard Chartered Bank Nigeria, Dayo Aderugbo, said,...

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How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

How Nigeria can benefit from Okonjo-Iweala-led WTO – LCCI

The Lagos Chamber of Commerce and Industry has highlighted steps Nigeria needs to take in order to fully take advantage of the opportunities offered by the World Trade Organisation under the leadership of Dr Ngozi Okonjo-Iweala. The LCCI, in a statement on Monday, felicitated with Nigeria on the appointment of Okonjo-Iweala as the Director-General of WTO. The Director-General, LCCI, Dr Muda Yusuf, said, “While the emergence of Dr Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration, there is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues...

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Foreign exchange inflow drops to $5.7bn in one month

Nigeria recorded $5.7bn foreign exchange inflow into the country in November 2020. This was a drop from $6.47bn and $7.34bn recorded in October and September respectively. The Central Bank of Nigeria disclosed this on Wednesday. It stated that slow global economic recovery and uncertainty in the crude oil market, resulted in lower foreign exchange inflow into the economy. “Consequently, aggregate foreign exchange inflow into the economy was $5.7bn, a decrease of 13.3 per cent and 62.0 per cent, below the respective levels in the preceding month and the corresponding month of 2019,” it stated. Also, foreign exchange outflow through the economy fell by 24.6 per...

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FG disburses another N123.34bn grants to states

FG disburses another N123.34bn grants to states

The Federal Government has disbursed another round of performance-based grants to states in the sum of N123.348bn ($324.6m) under its States Fiscal Transparency Accountability and Sustainability Programme for Results. Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this in a statement issued in Abuja on Wednesday by the ministry’s Director of Press and Public Relations, Hassan Dodo. Ahmed explained that the disbursement followed the achievement of results by the states in the just concluded 2019 Annual Performance Assessment. The assessment was carried out by the Office of the Auditor-General for the Federation as the independent verification agent and approved by the...

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Equity market begins 2021 positive with N459bn gain

Trading activities on the floor of the Nigerian Stock Exchange on Monday opened the New Year on a positive note following gains recorded by major blue chip firms. The market performance indices, the NSE ASI and market capitalisation, appreciated by 2.18 per cent as some blue chip stocks recorded price appreciation. Market breadth closed positive as Honeywell Nigeria Flour Mills Plc led 32 gainers as against two losers topped by FCMB Plc at the end of the trading session, an improved performance when compared with the previous day. Consequently, the All-Share Index grew by 876.67 basis points or 2.18 per cent from 40,270.72...

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Access Bank, IFC Empower 50 Female Entrepreneurs

Access Bank, IFC Empower 50 Female Entrepreneurs

Access Bank Plc and the International Finance Corporation (IFC) have empowered 50 women across Africa who graduated from the bank’s ‘W’ Womenpreneur pitch-a-ton Africa initiative.The participants were put through a mini Masters in Business Administration (MBA) programme by the International Finance Corporation (IFC), a member of the World Bank Group. The programme, in its second edition, had over 40,000 applications which was later pruned down to 50 participants, who took part in the free mini Masters in Business Administration (MBA) certification programme.The Womenpreneur Pitch-a-ton Africa 2020 campaign was designed to provide female owned businesses across Africa an opportunity to access to...

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Nigeria generated N424.71bn VAT – NBS

The National Bureau of Statistics on Monday said N424.71bn was generated as VAT in the third quarter of the year. This was against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019. It said the third quarter VAT represented 29.8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year. “Other manufacturing generated the highest amount of VAT with N47.07bn generated,” the bureau said. This, it said, was closely followed by professional services, which generated N44.01bn. It added that N214.66bn was generated as non-import VAT locally, N115.34bn as non-import VAT foreign and N94.70bn as Nigerian Customs Service-import VAT. Source: Punch 5A Dozek Close,Off Alternative Route,Chevron...

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MTN shareholders have made approximately N1 trillion since April 2020

MTN Stock increase

Shareholders of MTN Nigeria gained close to a trillion naira in less than 7 months. MTN Nigeria shareholders have gained N986.58 billion since the first trading session in April 2020. This was uncovered by calculating the difference in the telecommunication giant’s market capitalization of ₦1.832 trillion at the open of trade, for the first trading session in the month of April 2020, and the market capitalization of ₦2.646 trillion at the close of trade in the first trading session in the month of October. This gives a whopping N814 billion increase in market capitalization, and this with the dividend the company has paid...

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Stock market advances with N67bn gain

The bulls maintained their grip on the equity market on Wednesday following gains recorded majorly by blue-chip stocks as investors positioned to leverage undervalued stocks. The key market performance indicators, the Nigerian Stock Exchange All Share Index and market capitalisation, rose by 0.5 per cent as market sentiment extended gaining streak to fourth day following investors’ sustained optimism. The market breadth closed positive with 21 gainers against 14 losers. The ASI appreciated by 128.12 basis points or 0.5 per cent to close at 25,783.02 basis points as against 25,1654.90 recorded the previous trading session. The market capitalisation of equities grew by N67bn from N13.41tn...

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Purchasing Managers’ Index Contracts in September

Purchasing Managers’ Index Contracts in September

The Manufacturing Purchasing Managers’ Index (PMI) stood at 46.9 index points in September, indicating contraction in the manufacturing sector for the fifth time, According to the PMI report for September posted on the Central Bank of Nigeria (CBN) website, of the 14 subsectors surveyed, four sub-sectors reported expansion (above 50% threshold) in the review month in the following order: electrical equipment; transportation equipment; cement and nonmetallic mineral products. On the other hand, the remaining sub-sectors reported contractions in the following order: petroleum and coal products; primary metal; furniture and related products; printing and related support activities; food, beverage and tobacco products; textile,...

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