Economy
SMEDAN, Edo Govt, Reteriate Commitment to Promote Market Access for MSMEs
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), says it will continue to create opportunities for MSMEs to penetrate local and international markets.
The Director-General of SMEDAN, Olawale Fasanya, said this at the opening of the Micro, Small and Medium Scale Enterprises (MSMEs) Opportunity Fair 2022 in Benin on Wednesday.
Fasanya said lack of access to market was one of the challenges that was preventing MSMEs from expanding as well as being competitive.
“The idea of the Opportunity Fair is to impact MSMEs, It is a way to assist them to access market, technology, finance, networking, capacity building.
“If all these are put in place, it means their businesses will run better.
”He said the fair was a one -stop shop to solve the challenges of MSMEs as the different regulatory and business promotion bodies as well as financial institutions were on ground to provide support.
Also speaking, Gov. Godwin Obaseki of Edo, said that one could not underscore the fact that MSMEs were the engine of any economy, as they remained the largest employers of labour.
Obaseki said the theme for the Fair, ‘Expanding Market Access for Nigerian MSMEs’, reinforced his administration’s objectives to partner with private sector to promote enterprise and skills development in the state.”‘In Edo, we have been intentional in creating the right atmosphere for the development of small businesses, which have been anchored on the state skills development drive.”
The governor was represented by Hon Afishetu Braimoh, the Commissioner for Industry, Trade and Cooperative in Edo.
The governor urged MSMEs owners attending the Fair to leverage the platform provided to showcase their products, services and innovation.
Speaking in his capacity as Commissioner, Braimoh said the state had initiated a project tagged “Farm to Table” where 20 made in Edo products would be promoted to the shelter of top shops in the state.
Braimoh said that the Fair would help MSMEs tackle challenges of lack of market information, access to market as well as harnessing of export potential.
Represented by Mrs Evelyn Imode, the Director, Trade and Promotion in the ministry, the Commissioner said, “this exhibition is a clarion call on all Edo people to improve their patronage of goods and services made in the state.”
“MSMEs activities in the state range from processing to production of consumer goods, from supply of input to the real estate, distribution, and creative industries, among others.”
In her remarks, wife of Edo Governor, Mrs Betsy Obaseki, who declared the Fair opened, commended the organisers as well as sponsors for providing an opportunity for MSMEs to grow their businesses.
Obaseki said that Edo government was passionate about the growth and sustainability of MSMES, noting that the Production Hub in the state had provided a space for businesses to enjoy minimum cost of production. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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