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Business News

MSMEs require more credit – NSE, Credit Bureau Association  

The NSE and the Credit Bureau Association of Nigeria (CBAN) have called for increased access to credit by MSMEs in Nigeria. 

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MSMEs require more credit - NSE, Credit Bureau Association  

According to the Nigerian Stock Exchange (NSE) and the Credit Bureau Association of Nigeria (CBAN), Micro, Small and Medium Enterprises (MSMEs) in Nigeria require, increased access to credit.

Mr Jude Chiemeka, Head, Trading Business, NSE disclosed that better credit reporting would boost MSMEs’ access to credit for their different projects while receiving the Chairman, CBAN, Mrs Jameelah Sharieff-Ayedun and other delegates during a visit to the NSE.

[READ MORE: FCMB and SystemSpecs sign MoU, launch a payroll solution for SMEs]

According to Mr Chiemeka, MSMEs play an important role in the development of the economy, which is evident based on the fact that they account for over 80% of businesses and more than 70% of employment in Nigeria. In spite of this influence on the Nigerian economy, MSMEs still find it challenging to access loans to grow and expand their businesses.

However, he retreated the NSE’s commitment in ensuring that the MSMEs, which he described as the engine room for Nigeria’s economic development, have access to long term finance as it has set in motion a framework to achieve this objective.

Meanwhile, in response, Mrs Sharieff-Ayedun stated that there was a need for the creation of a good and enabling business environment where MSMEs could have access to credit. According to her, this would add value to the economy, improve the country’s Gross Domestic Product (GDP) and also contribute to increase in employment and improved standards of living for Nigerians.

CBAN, which is a Non-profit business management organization created to promote good credit reporting culture for the expansion of the Nigerian economy, said remarkable progress on loan repayment by both corporate and individual borrowers had been recorded. It attributed the progress to the existence of the Credit Reporting Act.

[READ ALSO: CBN channels financial inclusion drive on women, MSMEs, others]

Mrs Sharieff-Ayedun also said that borrowers needed to be accountable to monies they collected, saying that CBAN has over the years, engaged in education and enlightenment on responsible borrowing.

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Tech News

Spotify podcast listeners set to surpass Apple podcast for the first time in 2021

Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

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The number of Spotify’s podcast listeners will surpass Apple’s listeners this year. According to a report by eMarketer, 28.2 million U.S. users will listen to podcasts on Spotify at least monthly, compared with 28.0 million via Apple Podcasts. This shift will come on the heels of the expected 41.3% in 2021.

Apple was the de facto destination for podcasts for a long time, but in recent years, it has not kept up with Spotify’s pace of investment and innovation in podcast content and technology.

By putting podcasts and music in one app, Spotify became the convenient one-stop-shop for everything digital audio. Unlike Apple that has a different app for podcasts instead of offering a well-integrated experience with music and podcasts in one app.

This shift made more people stick to Spotify for the sheer experience of streaming music and also listening to a podcast on the same platform. Other music streaming services like Amazon, Pandora, etc. also have the seamless experience of enjoying podcasts and music on the same App.

According to the report, Spotify’s investments have empowered podcast creators and advertisers through its proprietary hosting, creation, and monetization tools.

Overall, there will be 117.8 million overall monthly podcast listeners in 2021, a 10.1% year-over-year (YoY) increase. This year, podcast listeners will represent 53.9% of monthly digital audio listeners, surpassing 50% for the first time.

We anticipate that more audio listeners will start listening to podcasts monthly, leading to a 60.9% share by 2024.

This year, $1.28 billion will be spent on podcast advertising, surpassing $1 billion for the first time, representing a 41.0% YoY increase. Podcast advertising is continuing to gain a share of total digital audio ad spending, representing 24.0% in 2021.

What you should know

  • Last week, Spotify announced that it will be expanding its service to 85 new markets including Nigeria.
  • This new expansion came with other upcoming features and products like the paid podcast subscriptions that will allow creators to publish paid podcast content aimed at their most dedicated fans.
  • Spotify is also partnering with WordPress to add a new integration to its platform similar to Clubhouse. This integration will make it easier for bloggers to turn their posts into podcasts, either by reading the blog posts themselves or leveraging third-party text-to-speech technology

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Coronavirus

Peter Obi urges FG to beg manufacturers, rich nations for COVID-19 vaccines

Obi urged the FG to consider appealing to rich nations, drug manufacturers for vaccines instead of spending billions of nairas to procure them.

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Katsina Abduction, Recession: Economy should be redirected from wasteful-consumption to productivity — Peter Obi

Former governor of Anambra State, Peter Obi has appealed to the Federal Government to take a second look at their stipulated Covid-19 budget and rather, consider begging drug manufacturers and rich nations for the vaccines.

The former Vice Presidential candidate while speaking in an interview on Channels Television, lamented on what he felt was an over-the-top and ludicrous budget for the Covid-19 vaccines and advised that the FG should instead, appeal to manufacturers for the vaccine.

Obi, speaking on the FG Procurement Budget for the Covid-19 vaccine explained that it makes little sense for Nigeria to apportion 80% of its health budget for the procurement of Covid-19 only. He also stated that sufficient Covid-19 vaccine for the country can be purchased for a price way below the figure being put forward by the FG.

They said they need N400bn. Our Budget for health this year is N547bn and you are saying that you need 80% of that for vaccine procurement. Assuming that’s what we are going to use the money for. I have checked the vaccine we need to have 70% which WHO has stipulated that if they receive it is okay. The quantity we need cannot cost us more than N150bn. It might be less because there are people who are willing to give vaccines for free,” Obi said.

Mr. Obi took it a step further by advising the FG on how to go about the quest to get Covid-19 vaccines at a much cheaper rate. He believes the country should own up to its poor status and demand for help unashamedly. This, he said, will reduce the amount the FG will pay for the Covid-19 vaccines.

Why don’t we beg manufacturers to donate, saying to them that we don’t have anything. We can go kneel and beg them saying please give us the vaccines. We are from a poor country. Give us a discount. There is nothing wrong with saying that you are poor. It is not a crime. Because you are poor,” Obi added.

Since pharmaceutical companies and drug manufacturers began discovering and manufacturing vaccines against the novel Covid-19, there have been concerns that the poorer nations might be left far behind in the race to acquire the vaccines.

In case you missed it

  • Nigeria received its first batch of Covid 19 vaccines from India today. The first batch of Oxford AstraZeneca COVID-19 vaccines from India landed in the Nigerian capital Abuja on Tuesday.
  • About 3.94 million doses of the vaccines arrived at Nnamdi Azikiwe International Airport Abuja via an Emirates flight.

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