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Business News

Tony Elumelu Foundation partners UNDP to support SMEs in Nigeria 

2,100 African entrepreneurs are set to benefit from the TEF-UNDP Entrepreneurship Programme led by the Tony Elumelu Foundation.

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AfDB approves $5 million for selected entrepreneurs under Tony Elumelu Foundation , Tony Elumelu Foundation, UNDP partner to support SMEs in Nigeria, others 

Over 2,000 African entrepreneurs are set to benefit from the Tony Elumelu Foundation (TEF) and United Nations Development Programme (UNDP) Entrepreneurship Programme. This was announced in a statement released by the foundation.

According to the foundation, the entrepreneurship programme is targeted at supporting small businesses across seven countries which include Nigeria, Niger, Chad, Mauritania, Burkina Faso, Mali and Cameroon.

Tony Elumelu Foundation, UNDP partner to support SMEs in Nigeria, others 

Ifeyinwa Ugochukwu

The selection process: The entrepreneurs were selected after going through intensive business training online held for particular communities in each country during the programme.

The call for applications commenced in July this year and ended with a pitching competition in various communities in the seven countries, powered by the United Bank for Africa Plc, while the selection process was coordinated by Deloitte.

The lucky entrepreneurs, who have been chosen, would join the alumni network of the Tony Elumelu Foundation’s flagship Entrepreneurship Programme, and would each receive seed funding between $1,500 and $5,000, depending on the size of their business initiative.

“The TEF-UNDP Entrepreneurship Programme is a partnership between the Tony Elumelu Foundation and the United Nations Development Programme to empower 100,000 entrepreneurs over 10 years across Africa.

 “This mission – to economically empower young African entrepreneurs, create millions of jobs and revenue in Africa, and break the cycle of poverty on the continent – aligns with the purpose of the Tony Elumelu Foundation,” the statement read.

[READ MORE: AfDB approves $5 million for entrepreneurs under Tony Elumelu Foundation)

More details: Commenting on the programme, the Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu said, “Creating opportunities and giving young Africans hope for a brighter future will reduce poverty, extremism and illegal emigration in Africa. 

“This is why at the Tony Elumelu Foundation, we forge partnerships to enable us to reach more youths and scale our impact to convert the impending demographic doom to economic boom on the continent.”

Tony Elumelu Foundation, UNDP partner to support SMEs in Nigeria, others 

Tony Elumelu Foundation Entrepreneurship Programme 2018

What you should know: Since 2010, both in Nigeria and Africa at large, Tony Elumelu, the chairman of United Bank for Africa (UBA) and Heirs Holdings has been supporting SME growth through his foundation, the Tony Elumelu Foundation.

The foundation has been supporting youths in Africa by providing them with funds to enable them achieve their dreams, as it believes that with the right support, entrepreneurs can be empowered to contribute meaningfully to the prosperity and the social development of the continent.

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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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Manufacturing

Lafarge Africa gains N71 billion in market value in three trading sessions

The market capitalization of Lafarge Africa Plc has gained N70.87 billion in the past three trading sessions on NSE.

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Lafarge Africa provides grant for startups, Lafarge Africa’s latest earnings report reveals 8.5% decline in gross profit , Lafarge Africa gets new CFO one month after resignation of former finance director, Lafarge Plc reveals why it invited Italian man with Coronavirus to Nigeria, Lafarage Africa group Plc posts a revenue of N213 billion in 2019, profit up N17 billion, Lafarge moves to sell 35% shareholding in Continental Blue Investment Ghana Limited

Lafarge Africa Plc, one of the leading cement manufacturers in Nigeria, has gained almost N71 billion in the past three trading sessions on NSE, pushing the market capitalization of the cement manufacturer to N384.98 billion.

Lafarge whose shares peaked at N30.3 this year, saw its share price increase from N19.5 on the 3rd of March 2021 to N23.90 at the close of trading activities on March 8 2021 after enduring a massive sell down in recent weeks.

According to data tracked on the NSE website, this move led to a N70.87 billion gain in the market capitalization of Lafarge Africa in three trading sessions on the local bourse.

This impressive gains in Lafarge’s shares and market value were triggered by buying pressures from bargain hunters who took position in the company after its share price slumped to N19.5 per share.

  • At the time of writing this report, Lafarge was the tenth most capitalized company on NSE with a market capitalization of N384.98 billion, behind Nigerian Breweries with a market capitalization of N395.85 billion.
  • A total of 5,380,311 units of Lafarge ordinary shares worth N129,602,973.90, were exchanged on the bourse in 185 deals on Monday 8th March 2021.
  • The shares of the cement manufacturer gaining a total 7.66% or N1.7 to close higher at N23.9 on the 8th of March 2021.

What you should know

  • Lafarge Africa Plc, a subsidiary of LafargeHolcim, a world leader in building materials, is a leading cement manufacturing company in Sub-Saharan Africa with a current installed cement production capacity of 10.5Mtpa.
  • The cement manufacturer has a wide operational footprint in Nigeria strategically positioned in three Geo-political zones in the country which include; the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State).
  • The company also has a ready-mix operation in Lagos, Abuja and Port Harcourt.

In an effort to cut down on deadweight cost, the Board of Lafarge Africa Plc has resolved to sell off its 35% stake in Continental Blue Investment Ghana Limited – a move that will see the company cut down on costs impacting the Group’s profit.

This is not the first time the company has had to sell off an unproductive investment, in August 2019, Lafarge Africa sold off all its stakes in Lafarge South Africa Holdings (LSAH).

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Macro-Economic News

Nigeria’s foreign trade rises to N9.12 trillion in Q4 2020

Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose 8.8% to N9.12 trillion in Q4 2020

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Nigeria's foreign trade drops to N6.24 trillion, trade balance hits N1.8 trillion deficit in Q2 2020, Nigeria's current account worsens

Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose to N9.12 trillion, representing an increase of 8.88% compared to N8.38 trillion recorded in the previous quarter.

This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).

READ: Nigeria’s foreign trade drops to N8.3 trillion, down by 18% in Q1 2020

According to the report, total imports stood at N5.93 trillion, 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.

Also, Nigeria’s trade balance plunged further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to N2.73 trillion deficit in Q4 2020.

 

More details shortly…

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