Economy
ECOWAS Reiterates Commitment to Support SMEs for Job Creation, Devt.
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Mrs Massandje Toure- Litse, the Commissioner for Economic Affairs and Agriculture, ECOWAS, has reiterated the commission’s commitment to support the growth of small businesses in Nigeria and the West Africa region.
Toure- Litse said this while receiving an award of excellence from the National Association of Small and Medium Enterprises (NASMEs) in Abuja on Saturday.
Reports says that the award was one of the highlights at the on-going 2023 West Africa SMEs Exhibition.
Toure- Litse was recognised for her collaboration and contribution towards the development of Micro, Small and Medium Enterprises (MSMEs) in the West African region.
While reiterating ECOWAS commitment to continue partnering with NASMEs to boost small businesses, she expressed her pleasure at receiving the award.
”That is the result of all the interests that ECOWAS shows in that segment of our economy in all our countries.
”Development of SMEs is a way to really empower women and youth and to create jobs. And it is the cognisance of the work of my team.
”And it is really an opportunity for me as a commissioner, to reiterate the fact that ECOWAS will in the years to come, continue to work to attain this objective.
” Of helping more and more SMEs integrate the formal economy and create jobs for women, for youths in usage of the internet for developing more trade volumes between our countries,” she said.
The commussioner said ECOWAS with its 15 countries, had more than 300 million inhabitants.
Toure- Litse said: ”Its a big market, and we definitely need to take those opportunities, those business opportunities by helping the SMEs.
Earlier, the President and Chairman Governing Council of NASMEs, Dr Abdulrashid Yerima, recognised its partners which included the ECOWAS, SMEDAN, Deputy Speaker and Office of the Lhuillier’.
“Today, we are presenting an award to the ECOWAS Commissioner, in recognition of her outstanding contributions to MSMEs development in the West African region.
”We appreciate her and her commission’s sponsorship of this Maiden event which we intend to hold annually going forward.”
The president reiterated that the NASME’s N1 billion each Women and Youth Empowerment Fund would be extended to other West African States.
” We are bringing in our brothers and sisters from West Africa to be part of this empowerment programme.
”We are also bringing in new partners like the International Trade Centre, Nigerian Police Micro Finance Bank, Bank of Industry, Sterling Bank and other international partners.
On the beneficiaries , he said they would include graduates, non-graduates, nano and micro business owners and those in the digital innovation technology.
Yerima said the objective of the fund was to support the green and digital economies in the country, “Yerima said.
NAN reports that another highpoint of the event was the inauguration of steering Committees on the establishment of ECOWAS Small Business Coalition (ECOWAS SBC) and Small Business Partnership Platform (ECOWAS SB – PP).
The objective of the committees is to mobilise SMEs development agencies, partners and associations in ECOWAS countries to promote SMEs businesses within the region.
The committees comprised representatives of NASMEs, CPU-PME Côte d’Ivoire, SMEDAN, Ministry of Commerce, Côte d’Ivoire and Ghana Enterprise Agency.
The three-Day workshop which began on Thursday ended today and was attended by stakeholders in the sector and participants from some West African countries. (NAN)
Economy
Stock Market Sustains Bullish Momentum, Gains N270bn
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Investors’ sustained interest in MTN Nigeria, Zenith Bank, and FBN Holdings, among other key stocks, drove the Nigerian Exchange Ltd. (NGX) market capitalisation to a gain of N270 billion or 0.48 per cent.
Specifically, the market capitalisation, which opened at N55.708 trillion, closed at N55.
978 trillion.The All-Share Index also advanced by 0.
48 per cent, or 476 points, to settle at 98,592. 12, compared to 98,116.27 recorded on Thursday.As a result, the Year-To-Date (YTD) return rose to 31.87 per cent.
Market breadth closed positive with 38 gainers and 18 losers.
On the gainers table, ABC Transport, Eterna Plc, Julius Berger, and United Capital led by 10 per cent each to close at 77k, N19.
80, N110 and N15.95 per share respectively.Mecure followed closely with 9.94 per cent to close at N8.52 per share.
On the other hand, Union Dicon Salt led the losers’ table by 9.88 per cent to close at N7.30, UPL trailed by 8.97 per cent to close at N2.18 per share.
Custodian dropped 8.59 per cent to close at N11.70, Omatek lost 7.14 per cent to close at 65k and Axa Mansard declined by 6.85 per cent to close at N5.03 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46 per cent.
A total of 477.44 million shares valued at N8.17 billion were exchanged in 9,529 deals, against 791.78 million shares valued at N15.13 billion exchanged in 9,059 deals posted in the previous session.
Veritas Kapital led the activity table in volume with 103.24 million shares valued at N125.59 million, while Oando led the table in value with 52.39 million shares worth N2.13 billion. (NAN)
Economy
Selloffs in Banking Stocks Dip Market Capitalisation by N68bn
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The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.
The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.
The All-Share Index also shed 0.
12 per cent or 121 points to settle at 100,365. 17, compared to 100,486.12 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return declined to 34.
23 per cent.Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.
Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.
Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.
UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.
On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.
Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.
FCMB appreciated by 5.26 per cent to close at eight Naira per share.
On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.
A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.
First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.
Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million. (NAN)
Economy
Bankable Projects will Empower Youth, Women in Agriculture – Speaker
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The Speaker of the House of Representatives, Rep. Tajudeen Abbas, says Nigeria can empower youth and women in Agriculture with the development and implementation of bankable business proposals.
Abbas said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths and women in Agriculture on Monday in Abuja.
The Speaker, who was represented by his Deputy, Rep.
Benjamin Kalu, said youth and women are the most vital demographics in the society.The event was organised by the African Development Bank (AfDB) Group.
While acknowledging the bank and its partners for their contribution and interventions in the sector, Abbas said the need to diversify Nigeria’s economy could not be over emphasised.
According to him, our over-reliance on oil as primary resource has become neither sustainable nor profitable as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary, but urgent for us to explore and invest in alternative sectors.
“By focusing on developing and implementation of bankable business proposals, we can empower our youth and our women, to become key players in these sectors.
“Their active participation is not only essential for economic diversification, but also for ensuring food security and sustainable development through agriculture and technological advancements through high safety,” he said.
Abbas recognised AfDB’s hi-5 priorities to empower, feed, industrialise, integrate and improve the quality of life for the people of Africa.
He expressed the commitment of the legislators to support youth and women development through various projects and programmes.
He urged for more collaboration of the AfDB and other stakeholders to advance initiatives that could drive significant progress in the country and across the continent.
“Through this, we will certainly build a better, more resilient future for Nigeria and for the world,” he said.
Earlier, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said any workable concept on youth and women in agriculture would contribute to sustainable agricultural development across the continent.
Kyari said the country was committed to work closely with bilateral and multilateral development partners, in advancing the engagement of youth and women in agriculture.
“Notably, agriculture remains the singular sector with the highest potential for mass job creation.
Youth participation will further bridge the gap for aging farm population.
“It will take development back to the rural communities, cause a significant improvement in production and overall productivity and offer a veritable platform to accentuate the poverty reduction drive of government,” he said.
Kyari said President Bola Tinubu’s Renewed Hope Agenda for Food Security was poised to change the narrative of agriculture of a way of life.
“And agriculture as a wealth creating sector with sustainable, marketable, and bankable business prospects for youth and women engagement.’’
Similarly, the Minister of Youth Development, Dr Jamila Ibrahim, said it was crucial to build capacity of youth and women to see agricultural beyond subsistent but as an enterprise.
Ibrahim expressed the commitment of the ministry to work with stakeholders to co-create initiatives to support women and youth.
“We are open to working with partners to strengthen what we are doing. By doing so, we will build a brighter future for Nigeria,” she said.
For the Minister of Communications, innovation and Digital Economy, Dr Bosun Tijani, innovation is key to solve most challenges we face in Nigeria and the continent.
Tijani said that this innovation could not be done without including the young people including women, thus the need to invest in them.
Also speaking the Director-General, West Africa Region of AfDB, Mr Lamin Barrow, said the event was part of activities to celebrate the bank’s 60 years anniversary.
According to the director-general, Africa’s progress will be driven by young dynamic workforce, thus the importance to boost investment in them.(NAN)