Business News
At 182m, Nigeria has the world’s 7th largest population
The world’s most populous black nation — Nigeria — now has an estimated population of 182 million, half of whom are young and in need of jobs.
The world’s most populous black nation — Nigeria — now has an estimated population of 182 million, half of whom are young and in need of jobs.
At this rate, Nigeria has the world’s seventh largest and fastest growing population among the world’s ten most populous countries.
Bloomberg quoted the Director General of Nigeria’s National Population Commission, Mr Ghaji Bello, as saying that the latest estimate is based on the population of 140 million which was recorded about ten years ago during the country’s last census.
According to Bello, an annual growth rate of 3.5% was deduced based on variables such as rising life expectancy rate and a steadily declining infant mortality rate.
The growing youthful population is putting a strain on a struggling economy
Nigerians within the age of fourteen are said to account for some forty percent (40%) of the population. These are school-aged children whose teaming presence is putting a greater demand on Nigeria to provide health and educational facilities.
Unfortunately, the country is struggling to do this, no thanks to an ailing economy and the lack of political will by those in power to take decisive action.
But there are some prospects with this youthful population
According to the Director General of the National Population Commission, Nigeria’s youthful population are assets inasmuch as they are liabilities. He said Government must quickly figure out a way to ensure that the youths become gainfully employed adults in the nearest future.
This is imperative, considering that much of the country’s young graduates are either completely unemployed or underemployed.
“The implication is that they’re assets, they’re the future of our country. But they’re also liabilities.
“We need to know how to plan for their transition from youths to the next category. It has implications for education, health, and security, particularly in our environment where you have a lot of employment.” -Bello
A future census in the nearest future…
Mr Bello said that he is hopeful that the Government will soon fix a new date for a national census. Earlier plans to hold one in 2018 was delayed by the toppling of the previous administration of President Goodluck Jonathan.
Meanwhile, in a bid to ensure that figures obtained from any future census are accurate, Bello said that several measures are being put in place.
Financial Services
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.
The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.
This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.
The circular improved on the earlier provisions contained in section 7.3.1.5 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”
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What this means
Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.
In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.
Why this matters
Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 7.3.1.5 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.
In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.
Business News
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
(READ MORE:Dangote’s NASCON Allied Industries Plc moves operation from Apapa)
Bottomline
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Tech News
Instagram disables its “Recent” feature
Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
(READ MORE:U.S dollar stable amid U.S holiday)
Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
UACN Property Development Company Plc: Decrease in sale of property stock, others depletes revenue
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Instagram disables its “Recent” feature
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COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦460/$1
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