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Business News

Beneficiaries get N23.3bn Home Renovation Loans from FMBN

The Federal Mortgage Bank of Nigeria (FMBN), has disbursed N23.3 billion under its Home Renovation Loans window to 28,363 beneficiaries.

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28,363 beneficiaries get FMBN's N23.3bn Home Renovation Loans

Ahmed Dangiwa, the Managing Director of Federal Mortgage Bank of Nigeria (FMBN), has disclosed that the bank disbursed N23.3 billion under its Home Renovation Loans window to 28,363 beneficiaries.

Speaking at a cheque presentation ceremony to members of the Lagos State Public Servant Housing Cooperative, Dangiwa disclosed that the loan beneficiaries cut across the country.

He was represented at the event by FMBN’s Executive Director in charge of Loans and Mortgage Services, Hajia Rahimatu Aminu-Aliyu.

“It is pertinent to note that a total sum of N23.3bn has so far been disbursed by the Federal Mortgage Bank of Nigeria to 28,363 beneficiaries across the country under the Home Renovation Loan window.

“Just recently, one of the most ambitious housing delivery programmes in this country, the National Affordable Housing Delivery Programme in collaboration with the Nigerian Labour Congress, the Trade Union Congress and the Nigerian Employers’ Consultative Association was launched by the bank.

“It is a programme to deliver affordable houses to Nigerian workers in every state of the federation. As we speak, the pilot projects have commenced in earnest in five states. The pilot phase is to deliver 100 houses in each of two states across the six geo-political zones of the country.”– Dangiwa

About the Home Renovation Loans: This programme is one of the several products of the bank, aimed at ensuring that contributors to the NHF benefit from the scheme.

The FMBN Home Renovation Loan was created for the purpose of renovating existing structures, at six percent for a tenure of five years maximum.

How the funds are sourced: The funds were sourced from 2.5 percent of the basic income of Nigerian workers earning the minimum wage and who are 18 years and above.

About FMBN: The bank was established to provide long-term credit facilities to mortgage institutions in Nigeria. More so, to encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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    Business News

    FG to support MSME contribution to economy to boost development – Minister

    The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria.

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    FG releases new details on MSMEs support scheme, budgets N200 billion for loans, FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

    The Federal Government declared that it is working with stakeholders to improve MSME participation in the economy through improving the business climate which will create jobs.

    This was disclosed by Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment, at the 7th EMPRETEC Global Summit,  on Tuesday, themed “The Role of Entrepreneurship, MSME and EMPRETEC in post-COVID-19 Resurgence.”

    The Minister stated that the MSME sector of the economy is the growth engine of any economy which contributes to its development, job creation and export, amongst others.

    “An MSMEs survey indicates that Nigeria’s SMEs contribute nearly 50 percent of the country’s GDP and account for over 80 percent of employment. No doubt, the sector is pivotal to Nigeria’s growth, including reducing poverty and unemployment levels.

    It has, therefore, become more apparent that supporting entrepreneurs and small businesses by creating opportunities for MSMEs to thrive is essential for increasing productivity, creating jobs, and boosting our economy.

    This is why the Government is working with stakeholders across all sectors, to create the enabling environment for entrepreneurs and MSMEs to ensure that they grow now and into the future,” she stated.

    On economic sustainability

    The Minister said that the FG has schemes aimed at improving the post-pandemic climate for SMEs in Nigeria. She also disclosed that the FG launched the National Policy on Micro, Small and Medium Enterprises (MSMEs), a framework for the resolution of the challenges faced by the sector.

    The programmes launched by the FG includes the Survival Fund and Guaranteed Off-take Schemes, operated by a Steering Committee in the Ministry of Industry, Trade and Investment.

    “The Government of Nigeria had, prior to the outbreak of COVID-19, initiated the MSMEs Clinics scheme as a strategy, aimed at providing support for the MSMEs in the country.

    At the clinics, operators in the MSMEs space are engaged by regulators and business advisory experts, on issues ranging from entrepreneurship, skill development, finance, quality & standards, and on how to facilitate and grow their businesses and enterprises,” she added.

    British airways

    What you should know 

    Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

    A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1%. This means that 33.3% of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

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    Business News

    Amazon to open its first African office in South Africa

    Amazon already launched its data centres for AWS in Cape Town but its eCommerce services had until now, not been available in Africa,

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    Amazon- More than 19,000 workers got the Covid-19 virus

    Amazon, US retail giant has announced that it would be opening its first African office in South Africa with a real estate investment of over R4 billion. This announcement is coming a week after Twitter choose to open its first African office in Ghana.

    Authorities in Cape Town noted that Amazon would be occupying a new development in River Club, a prime section of the city. This new development will create 5,239 jobs in the construction phase alone. Along with 19,000 indirect and induced jobs.

    The 15-hectare parcel of land will cost R4 billion and include two precincts. Authorities said the first precinct of 60,000sqm will occupy different layers of development; while the second section of 70,000 will hold Amazon headquarters in Africa.

    Cape town city officials noted that “US retail giant, Amazon, will be the anchor tenant, opening a base of operations on the African continent. The development is envisaged to take place in phases, with construction set to take place over three to five years.

    It is clear that this development offers many economic, social and environmental benefits for the area. We are committed to driving investment to revitalize the economy, which is slowly recovering following the impact of Covid-19.”

    What you should know

    Amazon already launched its data centres for Amazon Web Services (AWS) in cape town but its eCommerce services had until now, not been available in Africa.

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