First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with the Mastercard Foundation to provide subsidized loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs), to scale their operations to create work opportunities for young Nigerian women and men.
The program, which is part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria, aims to sustainably move Nigerian youth out of poverty. It is being executed through a novel $27.8 million (about N15.5 billion) MSME Revitalization Fund, ensuring that qualified MSMEs can access loans for their business at a single-digit interest rate. Seventy percent of the MSME Revitalization Fund targets women-owned MSMEs in agribusiness, the creative industry, and digital sector.
The remaining 30 percent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria. Speaking on the partnership, the Managing Director, FCMB, Yemisi Edun, described it as a purpose-driven intervention that would further help break the barriers that limit MSMEs’ productivity and overall success in Nigeria.
She said, “The past few years have been very challenging for individuals, households, and businesses in Nigeria. Now more than ever, all hands must be on deck to create opportunities that will sustainably enable people and businesses to find their footing and stand on more solid ground.
“We are proud to partner with the Mastercard Foundation to rebuild businesses, drive recovery, and stimulate economic growth by providing the much-needed support to Nigerians to engage in productive activities.
“As a caring and inclusive institution, we will deploy our products, services, and other excellent offerings to ensure that this partnership achieves the desired results.”
The Mastercard Foundation’s Country Head for Nigeria, Chidinma Lawanson, commented, “This partnership will enable us to scale our support to reach even more young people and communities that have been affected by the pandemic.
“Together with our partners and others, we will continue to ensure that our efforts enable young people, especially young women, to access quality education, skills, and financial services so that they can transition to dignified and fulfilling work.”
FBNH, Access Corporation lead gainers on NGX
First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.
This is as investors also lost N132.43billion on the Nigerian equities market yesterday.
The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.
YTD, the NGXASI stands at 39.22 percent.
The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.
The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.
At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.
Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.
UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.
According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.
FG raises oil price, exchange rate projections
The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.
This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.
Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.
“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.
Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.
Mr Adeniyi, Vitafoam’s Group CEO, bags award for excellence
Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer of Vitafoam Nigeria PLC, has been crowned the CEO of the year-Manufacturing, by Africa Safety Award for Excellence (AfriSAFE) in Lagos recently.
The prestigious Award, described by market watchers as the Grammy Award for manufacturers, celebrates outstanding individuals and organisations who have demonstrated total commitment to Quality, Safety, Community Social Responsibility (CSR) Projects and strong Sustainability Initiatives.
The Award, the 5th in the series, recorded 18716 entries, of which only 105 were shortlisted across five African Countries. Adeniyi towered above his peers in all the adjudged metrics.
Besides, Adeniyi had earlier clinched the Africa’s Manufacturing (Mattress/Foam) Brand CEO of the Year at the Africa Brand CEO Awards 2023, while Vitafoam, a frontline manufacturer of rigid foams and other household materials, under Adeniyi, had also won the Iconic Mattress Brand of the Year at the Brandcom Awards 2023.
In a Statement co-signed by the Publisher, Brand Communicator and Convener, Brandcom Awards and Project Co-ordinator, Brandcom Awards, Mr Joshua Ajayi and Jeremiah Agada respectively, the virtues of Vitafoam that placed the Company ahead of the curve are explained: “ Amongst all other nominated manufacturing companies, our distinguished panel of assessors made up of experts and seasoned marketing and communications professionals came to the conclusion that VITAFOAM stood head above shoulders among others in this category to emerge winner, considering that it has consistently delivered high-quality mattresses, captured the trust of consumers, and played a pivotal role in shaping the mattress market. It showcases the brand’s enduring legacy, commitment to sleep comfort and innovation, and its ability to meet or exceed industry standards.”
Market watchers were quick to say that Vitafoam under the leadership of Adeniyi had consistently sustained a high level of profitability and generous dividend policy.
Appraising Vitafoam’s trajectory of topnotch performance at 60 last year, Adeniyi provided a clue that defines the company’s competitive edge, “We offer a vast array of high and superior quality products that present the customers with multiple unique choices. We do not benchmark ourselves with what is available in the market.
“We benchmark ourselves with global standards and what global standards say is that your product must be fit for a purpose. Customer-centricity is at the centre of our operations.
“The sustained growth and good performance from the company is predicated on customer centric operations, focused on quality from the view point of our customers. In Vitafoam, our investment in state-of-the-art Technology and People have been the driving force.”
News6 years ago
NLC, NUT shock El-Rufai with massive protest
Politics4 years ago
Implementation of N30,000 minimum wage depends on each State’s capacity -Governor’s Forum
Energy6 years ago
Cost reflective tariff, our challenge – Ikeja Electric
News8 years ago
Wema Bank awarded two ISO Certifications
News8 years ago
10 dead, 4 rescued as shipping mall collapse in Ogun
News6 years ago
2019: OBJ lobbies Tinubu, Kwankwaso, Duke in new party
News7 years ago
Relocation to Ghana: Nigeria to lose $12bn foreign airlines investments
News7 years ago
Ekweremadu visits Fani Kayode, Abati, others in EFCC cell