BUSINESS
GO-CARES: Gombe Disburses N500m to 60 SMEs
The Gombe State government has disbursed N500 million grant to support 60 businesses affected by the COVID-19 pandemic.
The amount was disbursed to the beneficiaries under the Gombe COVID-19 Action Recovery and Economic Stimulus (GO-CARES) programme.
It is a social programme in line with the Federal Government’s NG-CARES designed to reduce the impact of COVID-19 on vulnerable households, Medium nd Small Scale Enterprises (SMEs).
Governor Inuwa Yahaya announced this while presenting N500 million cheque to representatives of the business groups on Saturday in Gombe.
He said the move was to support businesses, adding that about N3.4 billion has been expended since inception of the GO-CARES programme in the state in 2022.
The government, he said, initiated viable interventions in form of relief packages to support thousands of vulnerable families and businesses.
“So far, 147,666 indigenes of Gombe State have benefitted from the GO-CARES and many more will come on board as many packages are underway.
“Ours is a grant not a loan, and the allocation of this huge sum is a proof of how important we take businesses owing to the role they play in the growth and development of our dear state,” he said.
According to the governor, about 60 businesses will benefit from the N500 million grant with immediate effect.
The governor said that his administration had provided the right atmosphere conducive for businesses to thrive through intensive investment in infrastructure and human capital development.
“My government is a business-friendly government and our policies are geared towards benefitting common man.
“It is against this backdrop that we are undertaking N18 billion project, the Muhammadu Buhari Industrial Park in Dadin Kowa which will employ hundreds of thousands of youths and support numerous businesses within and outside Gombe State”.
Yahaya called on the people of the state to re-elect the All Progressives Congress (APC), to ensure sustainability and actualisation of viable social and economic development projects initiated by the party’s administration including the Kolmani Integrated Oil Project.
He also urged the beneficiaries to ensure effective utilisation of the fund to grow their businesses for the development of the state.
Chairman of the business owners association, Malam Uba Abdullahi lauded the gesture, adding that it would reduce poverty and encourage growth of SMEs in the state. (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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