Economy
FG Launches National GEEP 2.0 in Imo
The Federal Government has formally launched the Government Enterprise Empowerment Programme (GEEP 2.0) in Imo to assist the poor.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, inaugurated the national phase of the programme in Owerri on Saturday.
Newsmen report that the major highlight of the event was the minister’s presentation of cheques for interest-free loans to selected beneficiaries of the programme in Imo.
They included some peasant farmers and petty business women.
In a speech, Farouq said that the initiative was in line with President Muhammadu Buhari’s commitment to fight poverty and its devastating impact from all angles.
According to her, GEEP is a programme designed by the present administration to create further opportunities for the poor, vulnerable and low-income Nigerians.
She said that the targeted beneficiaries were mainly those involved in viable informal productive activities with limited financial requirements but never had access to loans from the formal financial sector.
“It is meant to give priority to the most vulnerable in our society, like widows, youth, persons with disabilities and the internally displaced persons, amongst others,” she said.
She said that at least 4,144 beneficiaries were selected from across the 27 Local Government Areas of Imo .
The minister also said that the process of their selection was transparent, adding that the beneficiaries were verifiable.
“These beneficiaries now have bank accounts.
“They have been given ATM cards and are currently being enumerated.
“All these are our deliberate efforts to enhance financial inclusivity of our poor in a sustainable manner,” Farouq said.
She further said that the GEEP roll-out, which heralded a launch and disbursement of loans in all the states, was a consolidation of the National Social Investment Programme.
“This programme is being implemented in close partnership with the State Government and this effort is a clear demonstration of our collective commitment to address poverty, which is the core developmental challenge confronting us as a people,” she further said.
Newsmen report that GEEP 2.0 has three unique products, including Tradermoni loan of N50,000, meant to uplift the under-privileged and marginalised youths between the ages of 18 and 40 years.
The second is MarketMoni loan, also of N50,000 for the under-privileged and marginalised women, like widows, divorcees and other vulnerable groups.
The third is FarmerMoni loan of between N50,000 and N300,000 designed for small scale farmers in the communities to improve their productivity and inclusion into commercial farming.
In a remark, Gov. Hope Uzodimma pledged the Imo Government’s readiness to play a complimentary role toward the success of the programme.
“I have seen that Federal Government alone cannot get to you people without the support of the State and Local Governments.
“That is why I have pleaded that more Imo people should benefit from the programme.
“The minister has graciously approved that more Imo people would benefit,” Uzodimma said.
He further described the home-grown feeding programme as one of the best inititiatives of the Federal Government.
“That is why I want all our parents to pick interest knowing that your children will eat when they go to school.
“Pick interest in how the food is prepared and served,” he said.
The governor said that the Federal Government’s gesture had proved that promises could be made and fulfilled in politics.
He recalled that in 2021, his administration gave N250,000 each to 15,000 youths in the state.
He promised that the figure would be increased before the end of the year.
The governor, who commended Buhari for his interest in the masses, urged the beneficiaries to utilise the loans judiciously to meet the expected economic impacts. (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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