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German bank to support 10,000 Nigerian SMEs with $33 million credit facility 

About 10,000 SMEs are set to benefit from the $33 million credit facility given by the German lender, KfW Development Bank.

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German bank moves to support 10,000 SMEs with $33 million credit facility 

KfW Development Bank, a German bank, is set to empower 10,000 Small and Medium-sized Enterprises (SMEs) with $33 million credit facility.

The German bank designed the initiative to support the African Guarantee Fund (AGF) realise its goal of providing financial guarantees to African entrepreneurs.

This was announced by AGF’s Group Chief Executive Officer (CEO) Felix Bikpo. According to Bikpo, the bank’s funding would enable the group to carry out its initiatives in Africa.

He said that this new injection came at a time the continent’s SME sector had been singled out as a key driver of growth.

[READ ALSO: World Bank picks holes in CBN’s policies on lending, MSMEs loans(Opens in a new browser tab)]

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Bikpo made known that the group would also be partnering financial institutions so as to create 30,000 jobs on a yearly basis.

“We are excited about the confidence our shareholders and partners have in what we are doing in Africa. This capital injection will go a long way in ensuring that we continue to make a positive impact on the continent.

 “So far, we have cumulatively issued more than $1 billion worth of guarantees, making available about $1.7 billion for SME financing through our partner financial institutions. This has led to the creation of more than 100, 000 additional jobs,” Bikpo said.

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[READ MORE: Tony Elumelu Foundation partners UNDP to support SMEs in Nigeria)

Why this matters: This funding would enable African SMEs to continue to play their critical role in driving Africa’s economy as the AGF platform aims to create easy access to financing for SMEs across the continent.

Speaking further, The Nation reported that Bikpo described the milestones reached by the organization. He disclosed that 20,000 African SMEs had benefitted from the AGF Guarantees, 60% of who are young people across Africa.

He also said 30% of the SMEs are owned by women, adding that youths and women are demographics that heavily impact Africa’s economy.

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About AGF: The AGF was founded by the government of Denmark through the Danish International Development Agency (DANIDA); the government of Spain through the Spanish Agency for International Cooperation and Development (AECID) and the AfDB. Other shareholders include French Development Agency (AFD), Nordic Development Fund (NDF), Investment Fund for Developing Countries (IFU) and KfW.

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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]

2 Comments

2 Comments

  1. Mgbodim Ebubechukwu Valentine

    January 14, 2020 at 1:00 pm

    Good afternoon Sir I am Mgbodim Ebubechukwu Valentine I am from Anambara state of Nigeria, I am into production, i do produce house paints but I am doing it in small quantity with my hand please Sir i need your support to buy the machines for the project, help me ten million naira will be enough to buy all that’s needed. I will be paying you back on monthly or in every six month, based on the arrangement of the organizations plan

  2. Anodebenze

    January 20, 2020 at 5:12 pm

    Young man mgbodim valentine,”YOU ARE WASTING A LOT TIME,TIME IT’SELF IS MONEYit also depend on the level of your education,if your level of education is not deep,go and sees somebody with an university education,a friend or a relation in your community, with your proposal who will do your business analysis for you and free on this basis (1)this is a business entity with it’s potentials and it’s future trends and on your market or your targeted market do you wishes to open alocalpaint shop or a building shop or do you wants to be apaint manufacturer or do you aim to sell in Onitsha as a wholesaler or retailer.i.e WHAT DO YOU WANT ? DO YOU WANT TO BE A SMALL SCALE MANUFACTURER OR A MAJOR PAINT MANUFACTURER (2)WHAT IS YOUR NICHE ?WHAT EDGE YOU HAVE OVER OTHER PAINT MANUFACTURER IN NIGERIA OR YOUR OWN STATE ANAMBRA STATEthere is a paint manufacturer in awka,the capital of Anambra state,which is owned by mr nwangwo from abagana,(3) you ask your friendly business analysis to do a financial on what you are doing now and on what you think you want in future.
    After reading this business anlysis,and you should believe in this business analysis,if you have any doubt ask him/her question,you should be transparent in what you are doing,what machine you wants to buy and where you wants to buy.I SAID IF YOU DO NOT BELIEVE THIS BUSINESS ANALYSIS,NO BANK WILL GIVE YOU ANY MONEY,you must have the passion in what in what to do,if you do not have any faith in yourself,the bank will not have any faith in yourself,ask any you shall have,have faith in yourself,you can borrow a or you can have small sum of 1 million naira from any bank in Onitsha without any security or colaterall,sample opinion with the bank in your bank in your area.i know what I am talking about,i did worked as a young retail banker,and I do have a very young sister,who uses to work with Zenith bank,she does bank loan marketing analysis and marketer for their bank
    Or you maybe patient,once the economy picks up,you can approach some venture capitalist in Nigeria,they will give you some money and will acquires some percentage of you company ownership
    Do not be afraid,you will get atleast 1 million from any bank in Nigeria,be honest with yourself,honest is still the best policy,there is no shot-cut in being rich,work hard and the almighty God will reward you for your hardwork

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Coronavirus

COVID-19: Evidence suggests that new variants could pose challenge for vaccines

The research findings show that the new COVID variants may likely not respond well to the vaccines.

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Recent research findings suggest that the new coronavirus variants would likely pose a big challenge for the vaccines, as revealed by studies by several medical researchers.

The new variant was first discovered in South Africa in October but has now been spread to more than a dozen countries all over the world.

According to the most recent findings, as reported by CNN, researchers took antibodies from six people who were hospitalized with Covid-19 before the new variant was discovered. They found to varying degrees, that the antibodies for all six of the survivors were unable to fully fight off the virus.

According to Alex Sigal, a virologist at the Africa Health Research Institute and the Max Planck Institute for Infection Biology, “I think the evidence is building that these mutations — and I think other mutations — will emerge across the globe — and are emerging already — that are escaping antibodies from previous infection. It’s concerning.”

According to Jesse Bloom, a virologist at the Fred Hutchinson Cancer Research Center, “When you see two groups independently arriving at same basic answer, that good — there’s more consonance that they are correct”

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What you should know

  • Sigal’s findings were very similar to those of a recent study by the National Institute for Communicable Diseases in South Africa.
  • A research study has revealed that mutations in the new variant allowed them to evade some of the immunity induced by vaccination, but it was far from a complete escape.
  • One thing that is critically safe for everyone is to get vaccinated, while the researchers are working to confirm whether these variants are dangerous or not to contain with the vaccines.
  • According to Alex Sigal, “I would for sure get it if I could. My father-in-law had the opportunity to fly to Israel and get it, and I was shooing him out of the house because you can’t get it here in South Africa.”
  • In a research study done at Rockefeller University, from a sample of 20 people who had received either the Moderna or the Pfizer vaccine, it was found that different mutations in the viruses did allow some escape from some types of antibodies, but the volunteers’ immune systems threw an army of different types of antibodies at the viruses.
  • According to the research conducted in South Africa, blood was drawn from 44 people who had Covid-19 but the antibodies of about half of the 44 people were powerless against the new variant, while the other half, their antibody responses were weakened, but not totally knocked out.

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Tech News

Facebook Oversight Board to review decision to suspend Trump’s account

The decision to suspend Donald Trump’s Facebook and Instagram accounts will be examined by an oversight board.

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Facebook’s Oversight Board has received a proposal to revisit the decision to indefinitely suspend former US President, Donald Trump’s access to Facebook and Instagram.

On January 7, Facebook suspended Trump’s account indefinitely, a decision reached when he incited a violent mob that stormed the U.S. Capitol, leaving the country shaken.

Nick Clegg, Facebook VP of Global Affairs and Communications said that the circumstances around Trump’s suspension was an unprecedented set of events that called for unprecedented action and also explained why the Oversight Board would review the case.

Our decision to suspend then-President Trump’s access was taken in extraordinary circumstances: A U.S. president actively fomenting a violent insurrection designed to thwart the peaceful transition of power; five people killed; legislators fleeing the seat of democracy,” Clegg said. “This has never happened before — and we hope it will never happen again.”

The oversight board was established last year to make the final call on some of the most difficult content decisions Facebook makes. It is an independent body and its decisions are binding — they can’t be overruled by CEO Mark Zuckerberg or anyone else at Facebook. The board itself is made up of experts and civic leaders from around the world with a wide range of backgrounds and perspectives.

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According to the Oversight Board, a five-member panel will evaluate the case soon with a decision planned within 90 days. Members will decide whether the content involved in this case violated Facebook’s Community Standards and values. They will also consider whether Facebook’s removal of the content respected international human rights standards, including freedom of expression.

Trump’s case is a big moment for how impactful the board’s decisions will really wind up being. If the board overturns Facebook’s decision, that decision would likely kick up a new firestorm of interest around Trump’s Facebook account, even as the former president recedes from the public eye.

What you should know

  • Following the violent attack of the US Capitol building by Trump supporters, Facebook announced the suspension of Trump’s account indefinitely, on allegations of inciting his supporters.
  • YouTube also suspended Trump’s channel and removed new content uploaded by Trump’s campaign, citing potential threats of violence.
  • Twitter announced it has permanently suspended Trump, citing the risk of further incitement of violence.
  • Jack Dorsey, the CEO and founder of Twitter, in his statement, said that the decision to ban Trump from the social network was the right decision, but one that sets a dangerous precedent.

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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

READ: Covid-19: FG directs universities to suspend academic activities till further notice

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

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The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

READ: Toyota suspends operations in China over Coronavirus outbreak 

What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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