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Economy: Lawyer Urges FG to Exploit Mineral Resources

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An Ilorin based legal practitioner, Mr Mustapha Ahmed, has urged the Federal Government to exploit the abundant mineral resources to boost the country’s economy. Ahmed, who made the call in Ilorin on Thursday in an interview said the abundant resources were enough to rescue Nigeria’s economy.

He said Nigeria is blessed with rich mineral resources which if properly tapped and utilised, could revive the country’s economy.“ God gave us everything we need to survive as a nation. It is left for us to utilise it appropriately and get the best from it.“ We are blessed with gold, oil, natural gas, iron ore, tin ore, copper, uranium, mining chemical raw materials, metals, zinc and many others yet to be best utilised.
“What else do we want God to do for us? Some countries out there don’t have half of what is deposited in Nigeria and they make use of it in best ways.“ Government must hire the best brains and scientists needed to maximise the usage of these minerals. We don’t need to waste money inviting foreign experts. We have them in our midst.“ We have best geographers, archaeologists, geologists, engineers and historians in Nigeria. Let us give them chance and see what they are capable of.“ The government needs to give them the necessary support. What we have is enough to survive as a nation and stabilise our economy,” he said. The legal practitioner however advised government officials not to underrate the enormous mineral resources and raw materials deposited in Nigeria. He also urged governments at all levels to invest in mineral resources to help stabilise the fluctuating economy. (NAN)

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Economy

CBN Set to Empower Tertiary Students, Releases Guidelines

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN), has released the guidelines for the implementation of the Tertiary Institutions Entrepreneurship Scheme (TIES).
The framework, according to the apex bank, was in pursuant to the CBN Act, 2007 and in line with its policy measures to address rising youth unemployment and underemployment.


The CBN stated that the scheme was in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.
It said in the guideline that the scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.

The initiative, the apex bank stated, aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.
TIES has been designed to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.
The guidelines listed activities to be covered under the scheme to include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in agribusiness – production, processing, storage and logistics; Information technology – application/software development, business process outsourcing, robotics, data management; and entertainment.
Others are artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics; and Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, as well as, waste management.
The document stated that there would be two classes of participants, with tier 1 receiving N5m with a tenor of five years at five percent interests, (nine per cent ) as from March 2022 and moratorium of 12 months.
It said that Tier 2 candidates could receive as much as N25m under similar terms, adding that the CBN interest payment and principal repayment shall be made on monthly or quarterly basis by the obligor depending on the established cash flow cycle and in line with the approved repayment schedule.
It said that under the scheme five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded grants, with the best receiving N150m, while from second to fifth, the grants would be N120m, N100m, N80m and N50m, respectively. 

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Economy

NGX Opens Week with N153bn Loss on MTNN, Nestle loses

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Trading in the domestic bourse resumed for the week on Monday with bearish sentiments due to profit taking in bellwether stocks – MTNN and Nestle.

Specifically, the market capitalisation lost N153 billion or 0.

71 per cent to close at N21.471 trillion from N21.624 trillion on Friday.

Also, the All-Share Index dipped 293.48 points or 0.71 per cent to close at 41,144.67 against 41,438.15 posted on Friday.

Accordingly, the month-to-date and year-to-date return settled at 2.3 per cent and 2.2 per cent, respectively.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; Nestle, MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), May and Baker and NPF Microfinance Bank.

Consequently, the market breadth closed negative with 21 losers as against 19 gainers.

May and Baker led the losers’ chart in percentage terms by 8.02 per cent to close at N4.36 per share.

Royal Exchange followed with 7.81 per cent to close at 59k, while NPF Microfinance Bank shed 7.57 per cent to close at N1.71 per share.

FBNH declined by 7.48 per cent to close at N11.75, while Mutual Benefits Assurance shed 6.67 per cent to close at 28 kobo per share.

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Conversely, the Nigerian Exchange Group dominated the gainers’ chart in percentage terms with 9.86 per cent to close at N19.50 per share.

Ikeja Hotel followed with 9.52 per cent to close at N1.15, while Custodian Investment rose 7.53 per cent to close at N7.85 per share.

Honeywell Flour Mills up by 6.48 per cent to close at N3.78, while Chams appreciated by 4.55 per cent to close at 23k per share.

In the same vein, the total volume of shares traded dipped by 53.53 per cent with an exchange of 338.72 million shares valued at N4.06 billion exchanged in 5,866 deals.

This was in contrast with a total of 728.96 million shares worth N8.53 billion traded in 4,852 deals on Friday.

Transactions in the shares of FBNH topped the activity chart with 67.615 million shares valued at N832.79 million.

Access Bank followed with 36.62 million shares worth N351.21 million, while Transcorp traded 26.55 million shares valued at N26.62 million.

Guaranty Trust Holding Company (GTCO) traded 25.56 million shares worth N755.25 million, while Fidelity Bank transacted 19.47 million shares worth N53.25 million. (NAN)

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Economy

165 Persons Benefit from Taiwo Afolabi Free Medical Outreach

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Over 165 traders at the popular Gbagi market in Ibadan, Oyo State, have enjoyed free dental and medical care at the community health outreach sponsored by SIFAX Group.

Taiwo Afolabi Community Dental Outreach, which is organised by the University of Ibadan Association of Dental Students, is a free medical mission targeted at rural communities in Oyo State.

Mr Olumuyiwa Akande, Head, Corporate Communications, SIFAX Group, disclosed this in a statement on Monday in Lagos.

Akande who represented the company at the event noted that the beneficiaries were majorly traders at the market.

He noted that some of the services enjoyed by the beneficiaries were body mass index test, blood pressure test, blood sugar test and blood pressure test, among others.

“There was also a health talk on the imperative of maintaining good oral health.

“Medical personnel deployed for the event included doctors, medical and dental students from the University College Hospital, Ibadan.

“The sponsorship of the programme is part of the humanitarian initiatives of the company designed to provide succour and support for indigent Nigerians.

“This is in line with the company’s belief that a healthy citizenry translates to a productive nation,” he said.

Mr Olalekan Efunkunle, President, University of Ibadan Dental Students Association, said the aim of the outreach was to create an oral health awareness and promotion of good oral health hygiene in the society.

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Efunkunle commended the SIFAX Group for the support noting that the outreach helped in extending medical care to rural persons.

He added that the outreach equipped the students with adequate field knowledge needed for them to excel in dentistry.

Efunkunle enjoined other corporate organisations to emulate the company by partnering the association to take the rural health mission to other communities. (NAN)

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