Anambra Government says it has initiated low interest loans to support Micro, Small and Medium Enterprises (MSMEs) in the state to become sustainable businesses that would create jobs and wealth.

Mr Christian Udechukwu, Commissioner for Industry, Trade and Investment, said this on Saturday in Awka.

He spoke while inaugurating the Anambra Small Business Summit with the theme:  “Enhancing the Growth of Small Business for Job and Wealth Creation.

Udechukwu, who did not list the interest rates, however, said the mandate of the ministry was to enhance businesses for jobs and wealth creation.

“In the ministry we have funds that we have made available to micro, small, medium and large enterprises.

“For micro businesses, you can apply from zero to NN10 million. It is funded by the Anambra State government and the Bank of Industry,” he said.

He explained that to access more than N10 million loan the business owner had to register with the Corporate Affairs Commission (CAC) and also own assets.

The commissioner emphasized the need for small business owners in the state to register with the Small and Medium Enterprises Development Agency (SMEDAN) and Nigerian Association of Small and Medium Enterprises (NASME).

He said the measure would enable them access the various low interest loans available in the state.

Udechukwu said the government was building structures that would promote the non-oil sector through small scale businesses and agriculture.

Mrs Chito Onuzuluike, the State Coordinator, SMEDAN, said it was unfortunate that small business owners in the state do not take advantage of the opportunities abound in the agency to boost their operations.

Onuzuluike said the plan of SMEDAN to help small scale businesses in the state to develop  was being hindered by lackadaisical attitude of business owners.

Also, Mr Kingsley Ahamefula,  the head of CAC in the state said business registration was important in order to be recognised locally and internationally.

Mrs Bridget Obi, former Commissioner for Women Affairs in the state and a farmer commended the state chapter of NASME for organising the summit.

Obi said the event has exposed participants on many ways to develop small businesses and export goods and services.

Earlier, Mr Chinemerem Oguegbe, the state Chairman NASME said the summit was first of its kind organised by the private sector to provide solutions to the challenges of doing business in the state. (NAN)

Selloffs in BUA Cement and Tier-one banking stocks on Tuesday dragged the Nigerian Exchange Ltd. (NGX) market capitalisation down by N394 billion, a 0.66 per cent decline.

Specifically, the market capitalisation, which opened at N59.812 trillion, closed at N59.418 trillion.

Similarly, the All-Share Index dropped by 0.

This dip also reduced the Year-to-Date (YTD) return to 31.14 per cent.

Market breadth was negative, with 32 losers declining and 26 gainers on the Exchange.

On the losers’ table, Cadbury Nigeria led by 9.89 per cent to close at N16.40 per share, while Northern Nigeria Flour Mill(NNFM) led the losers’ table by 10 per cent to close at N37.

However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 96.08 per cent.

A total of 399.32 million shares valued at N8.93 billion were exchanged in 9,547 deals, compared to 353.18 million shares valued at N4.55 billion transacted in 9,417 deals posted previously.

Meanwhile, UBA led the activity chart in volume and value with 90.41million shares worth N2.61 billion.(NAN)

In the just concluded week, equity investors gained N836 billion or 1.41 per cent, week-on-week.

The Nigerian Exchange Ltd.(NGX) All-Share Index and Market Capitalisation appreciated by 1.41 per cent to close the week at 99,448.91 and N60.261 trillion respectively.

This is against 98,070.

Similarly, all other indices finished higher, with the exception of NGX Consumer Goods and NGX Lotus II which depreciated by 0.

Fifty-eight equities appreciated in price during the week, higher than 33 equities in the previous week.

Eighteen equities depreciated in price lower than 43 in the previous week, while 76 equities remained unchanged, same as 76 recorded in the previous week.

On the gainers’ table, Eunisell Interlinked Plc, led 47 advanced equities by 20.69 per cent to close at N3.50 per share.

Also, Dangote Sugar Refinery Plc, led 17 declined equities on the losers’ table by 10.13 per cent to close at N31.50 per share.

A total turnover of 2.142 billion shares worth N85.946 billion in 41,217 deals was traded this week by investors on the floor of the Exchange, in contrast to 1.447 billion shares valued at N73.889 billion that exchanged hands last week in 39,546 deals.

The Financial Services Industry, measured by volume led the activity chart with 1.176 billion shares valued at N23.739 billion traded in 19,570 deals; thus contributing 54.91 and 27.62 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 366.923 million shares worth N4.672 billion in 4,004 deals.

Third place was the Oil and Gas Industry, with a turnover of 228.439 million shares worth N52.635 billion in 7,547 deals.

Trading in the top three equities, namely: United Bank for Africa Plc, Champion Breweries Plc and Japaul Gold and Ventures Plc measured by volume accounted for 828.822 million shares worth N12.319 billion in 5,080 deals.

This contributed 38.70 and 14.33 per cent to the total equity turnover volume and value respectively.

Reacting, analysts at Cowry Financial Market Research stated that the recent positive quarterly corporate earnings reports, further buoyed market sentiment.

The analysts noted that this was particular in the banking, industrial goods, and consumer goods sectors, delivering strong performances from key players.

They stated that the market sentiment also drove the benchmark index closer to the 100,000 points threshold.

“Notably, we think the current rally is likely to persist, though cautious profit-taking activities may create intermittent dips,” they said.

Looking ahead, the analysts predicted that the stock market was poised for further gains.

According to them, this is as investors look forward to the upcoming macroeconomic data releases and corporate earnings reports, which are anticipated to influence short-term trading dynamics.(NAN)