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Cryptocurrency1 hour ago

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

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Business News2 hours ago

Banks earn N216 billion in E-banking income amidst threat from challenger banks

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Currencies2 hours ago

Naira gains at black market as external reserves increases by $620 million in 2 weeks

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COVID-19 Update in Nigeria

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Business News

NEPC’s partnership with Shoprite could mean well for Nigerian manufacturers

The Nigerian Export Promotion Council (NEPC) has disclosed its plans to partner with one of Africa’s leading retailers, Shoprite, to promote export of Nigerian products.

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AfCFTA

The Nigerian Export Promotion Council (NEPC) has disclosed its plans to partner with one of Africa’s leading retailers, Shoprite, to promote export of Nigerian products.

The Executive Director/Chief Executive Officer of NEPC, Mr Olusegun Awolowo, disclosed this in Abuja while speaking to journalists. According to him, the partnership is aimed at promoting made in Nigeria products outside Nigeria, Africa and beyond.

Plans Explained: Awolowo made it known that the NEPC was planning on working with Nigerian exporting companies and together would leverage the Shoprite platform in order to increase the basket of exportable products from Nigeria to African markets.

He further noted that the partnership would help meet the council’s quest to bring made-in-Nigeria products to over 15 million Nigerians in the diaspora with a view to increasing the volume and value of the country’s non-oil exports hence it was going to be a win-win situation for Nigerian exporters and Shoprite.

[READ ALSO: How Nigeria’s Air Peace lost N1.2 billion trying to operate across Africa]

More Details: The NEPC boss while showing his optimism, added that a Memorandum of Understanding would be considered and signed by both parties soon in order to actualise the objectives of the trade partnership.

 “This development is commendable and would help our exporting companies improve the quality of their products as well as build strong brands for Nigerian goods in the international market.” He said.

Sigma Pensions

Meanwhile, speaking on how Nigerian goods will be distributed in the international market, the General Manager of Shoprite Nigeria, Mr Carl Erickson, said that the retail outlet was looking forward to expanding outside of the African continent as part of a strategic initiative to increase their operations and generally promote goods of African origin.

The partnership is a good development in that it would encourage the exportation of finished products from Nigeria. By so doing, Nigeria will better diversify its non-oil sectors and earn more foreign exchange from them.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business

Digital Switch Over: Broadcasting code amendment to curb monopoly and boost local content – FG

The Minister disclosed that the DSO has been rolled out in five states so far.

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Insecurity: FG to implement town hall meetings to reach a national consensus

The Federal Government said the Digital Switch Over is a priority project because it will improve local content, create jobs, curb content monopolies and improve on-demand television to millions of Nigerian households.

This was disclosed by the Minister of Information, Lai Mohammed At The Digital Switch Over Stakeholders Meeting in Lagos on Monday.

The Minister disclosed that the DSO has been rolled out in five states so far, adding that the FG is “kick-starting the new rollout here in Lagos state on April 29th 2021, Kano state on June 3rd 2021 and Rivers state on July 8th 2021. We will then follow up with Yobe state on July 15th 2021 and Gombe state on August 12th 2021.”

What the Minister said

  • The DSO is about stimulating local content and empowering platform owners. It’s about creating jobs for our teeming population, especially the very creative youth population. This project is capable of generating 1 million jobs in three years.
  • We have carried out an unprecedented reform of the broadcasting industry because we know that there is a nexus between those reforms and the success of the DSO. The amendments were necessitated by the need to boost the local content in Nigeria, curb anti-competitive and monopolistic tendencies and boost advertising revenues.

The Amendments

The Minister revealed that the FG  amended the Code to curb monopoly and exclusivity of programme content in order to create room for the local industry to grow. “For example, the pay-tv sector of the Broadcast Industry had been controlled by foreign interests, while indigenous efforts to compete have been frustrated or weakened by the established control of the big monopolies,” he said.

  • We have amended the Code to stimulate growth in the advertising industry, introducing regulations mandating media agencies and advertisers to offset all outstanding invoices within 60 days related to advert placement and the barring of carriage of adverts of defaulters.
  • Under the new amendment, for a programme to qualify as local content, it must be authored, directed and produced by a Nigerian. In addition, at least 75 per cent of the leading actors and major supporting cast must be Nigerians, a minimum of 75% of its program expenses and 75% of post-production expenses paid for services provided by Nigerians or Nigerian companies.

The Minister added that the amendments also boosted advertising as all advertised products and services manufactured, grown, processed, developed, created and originating from Nigeria, shall be wholly produced in Nigeria.

What you should know

In February, The Federal Government launched a 14-member Ministerial Task Force on the Digital Switch Over (DSO) rollout across the country.

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Business

CBN moves against bad debtors to other financial institutions in new circular

The CBN has said it will extend its Credit Risk Management System to other financial institutions in the country.

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CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

The Central Bank of Nigeria (CBN) has further moved against bad debtors as it said it will extend its Credit Risk Management System (CRMS) to the other financial institutions (OFIs) in the country.

This follows the successful implementation of the CRMS in deposit money banks across the country.

This disclosure is contained in a circular titled, ‘Credit Risk Management System: Commencement of Enrolment of all Development Finance Institutions, Microfinance Banks, Primary Mortgage Banks and Finance Companies, issued by the apex bank and signed by its Director, Financial Policy and Regulation Department, Kelvin Amugo, on April 8, 2021.

CBN in the circular noted that this policy is to help promote a safe and sound financial system in the country as well as prevent the bad debtors from undermining the banking system.

READ: CBN warns banks against rising level of Non Performing Loans

What the CBN is saying in the circular

The statement from the CBN’s circular reads, “As part of efforts to promote a safe and sound financial system in Nigeria, the CBN introduced the CRMS to improve credit risk management in commercial, merchant and non-interest banks as well as to prevent predatory borrowers from undermining the banking system.

“With the successful implementation of the CRMS in deposit money banks, it has become expedient to commence the enrolment of Other Financial Institutions on the CRMS platform.

Accordingly, all DFIs, MfBs, PMBs and FCs are required to report all credit facilities (principal and interest) to the CRMs and to update same on monthly basis. OFIs shall note the Bank Verification Numbers and Tax Identification Numbers are the only basis for regulatory renditions.

Sigma Pensions

READ: CBN reviews minimum interest rates on savings deposit to 1.25%

To ensure full compliance, OFIs are reminded to conclude the tagging of ALL life credits files for ALL individual and non-individual borrowers with BVN and TIN respectively by May 14, 2021.’’

The apex bank in the circular also advised concerned OFIs to acquaint themselves with the regulatory guidelines for the operations of the redesigned CRMS for commercial, merchant and non-interest banks in the country.

While noting that it would monitor compliance with the requirements of this circular, the CBN said that appropriate sanctions would be applied for non-compliance.

READ: U.S Government to unveil Crypto nemesis before end of July

Stanbic 728 x 90

What you should know

  • The CRMS was introduced due to rising cases of non-performing loans in banks and this contributed significantly to the financial distress in the banking sector.
  • This was also compounded by the existence of predatory debtors in the banking system who are fond of abandoning their debt obligations in some banks only to move to contract new debts in other banks. This led to the need for a central database from which consolidated credit information on borrowers could be obtained.
  • The CRMS is web-enabled thereby allowing banks and other stakeholders to dial directly into the CRMS database for the purpose of rendering statutory returns or conducting status enquiry on borrowers.

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