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Bank of Industry supports businesses with N3.9 billion loan 

The Bank of Industry (BOI) has disbursed about N3.9 billion loan as financial support for Small, Medium Enterprises (SMEs) in Kebbi state

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Managing-Director-BoI-Mr.-Olukayode-Pitan, Bank of Industry supports SMEs with N3.9 billion loan 

The Bank of Industry (BoI) has disbursed about N3.9 billion loan as financial support for Small and Medium Enterprises (SMEs) and larger enterprises in Kebbi state.

The Managing Director and Chief Executive Officer of BoI, Mr Olukayode Pitan disclosed this during a courtesy visit to see the Governor of the state, Governor Abubakar Atiku Bagudu.

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Entrepreneur, Multiple businesses, Nigeria partners UAE to boost SMEs , US technology company deploys software to ease business process in Nigeria, Experts outline what SMEs must do to attract funding, investors in 2020 , https://www.sunnewsonline.com/bank-of-industry-invests-n3-9bn-in-kebbi-for-smes/ 

 

Pitan also made known that over 22,000 people had benefited from the N1 billion matching grant fund released by the Kebbi State Government and managed by the bank. He disclosed BOI’s intention to partner with the Kebbi government in order to offer support to entrepreneurs towards the industrialisation of the state.

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“We came to Kebbi State to chart the best course of partnership with the state government to offer support to entrepreneurs for them to set up industries and companies to grow the state’s economy. 

“We commend Gov. Bagudu for providing N1 billion matching grant to the bank, and also solicit for further collaboration to move the state forward. Over 22, 000 people have benefited from the fund advanced by the state government to be managed by the bank.”

(READ MORE: Vitafoam Nigeria Plc obtains N2 billion loan from Bank of Industry)

Why this matters: The role of SMEs in enhancing economic growth and development has, over time, been widely acknowledged globally. Most entrepreneurs often complain of financing being the major challenge hampering the expansion of their output. This is why this disbursement of funds for SMEs is important as it creates value and in turn enhances the gross domestic product.

More details: While breaking down the bank’s investments over time, the MD and CEO of BOI noted that the bank had recently approved the sum of N1.5 billion for two industries in the state, adding that Zango Kangiwa rice project and Mtech Universal Engineering which specialise in weaving sacks were expected to benefit from the loan.

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“The bank opened its office in the state in 2017 and since then it has made a lot of impacts. The bank has invested N3.9 billion in the state with N2.8 billion for SMEs while N1.21 billion for large enterprises. Recently, the bank had also approved N1.5 billion for two industries in the state.

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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 - chidinma.nwagbara@nairametrics.ng

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Coronavirus

Sanwo-Olu gives incentives to businesses to prevent job loss

Babajide Sanwo-Olu noted that the state is Nigeria’s number one commercial centre and a massive job loss will not bode well for it’s economy

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Bond: Lagos to rAN100 billion for infrastructural development, COVID-19: Lagos asks civil servants to stay at home, No public buses between 7pm and 6am, Okada ban takes effect from May 4 – LASG, No public buses between 7pm and 6am, Okada ban takes effect from May 4 – LASG, Sanwo-Olu gives incentives to businesses to prevent job loss

Lagos state governor, Babajide Sanwo-Olu, has promised that any business that employs a large number of people will receive incentives from the state government in order to prevent massive job loss in the state.

He noted that Lagos state is Nigeria’s number one commercial center and heavy job losses will not bode well for the economy of the state, and the country.

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“We are having conversations with different sectors on the requirements they need to ensure they do not retrench their staff. What many of the companies want will affect the State’s IGR but we are willing to make the sacrifice to prevent the loss of livelihood of our citizens,” the governor stated.

The phased reopening of the economy

The governor explained in his tweet that all businesses were still required to follow the Register-to-open initiative, and put all facilities in place before they would be allowed to reopen.

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(READ MORE: COVID-19: Best and worst case scenarios for the Nigerian economy)

According to him, the state will consider companies in the construction and manufacturing sector as top priority in the first stage of the reopening, while businesses in the entertainment and hospitality sector will be considered for reopening in the second phase, as the state tries to balance economic reactivation with COVID-19 management.

“We are caught between managing hunger & sustaining an economy that is not only dependent on commercial activities in Lagos alone but also in other states.  

“We are at the stage where we have to balance public health safety & the economy that affects the wellbeing of the people” Sanwo-Olu stated. 

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He urged Lagosians to support the government in breaking the cycle of transmission, by adhering to the guidelines from the authorities.

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Around the World

Air Peace to evacuate stranded Indians from Lagos to Kerala

A list of the passengers to be attended to has already been given and the flight shall depart Lagos on May 30, 2020, to Cochin Airport, Kerala.

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Air Peace signs deal with Brazillian aerospace company , Air Peace suspends flight operations over COVID-19

The management of Air Peace Nigeria has been contacted by the Indian High Commission in Nigeria to undertake the evacuation of stranded Indian nationals to Kerala, India. This was disclosed by the airline via its Twitter handle.

The airline explained that a list of passengers that would be attended to have been released and it has started reaching out to the Indians on Saturday.

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It stated, “A list of the passengers to be attended to has already been given to us and we have commenced reaching out to them. The flight shall depart Lagos on May 30, 2020, to Cochin Airport, Kerala.”

The flight is not free anyway. According to the airline, payments are expected immediately and they are Economy is $1.300 and Business class is tag $1,700. “You are equally allowed to pay in Naira at N460/$,” it added.

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However, some Indians in Nigeria has reacted with mixed feelings to the development on Twitter. While some were ready to join the flight back home, others called for the refund of ticket fare booked a week ago.

READ ALSO: Hope rises as Emefiele set to meet MTN, 4 banks today.

For instance, Jayant Khamesra requested for the refund ticket fare of N568, 100, which he paid for a flight from Lagos to Delhi.

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He said, “Please refund ticket fare P47812 LAGOS to DELHI. No show by Air Peace and it is been 1 week now, there has been no refund or confirmation of the same. Reference ALHN79 amount N568,100. I am sure a good world-class carrier like Air Peace won’t delay refunds purposely. Please act fast.

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Coronavirus

The World’s Economy may not survive without a vaccine

Industries like tourism and travel with social distancing rules in place will only scramble for the little they can get while sports stadiums, entertainment hot-spots, etc., will remain closed.

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The World’s Economy may not survive without a vaccine

As parts of the world restart economic activities, it is becoming clear that the worst plunge in modern history would need a vaccine or cure before things can revert to normal.

In response to the exogenous shock that is the Covid-19 pandemic, leaders, researchers, analysts, and experts have sought methods, options, – anything to reduce the negative impact of what many now regard as the worst slump since the 1930s. So far, different parts of the world have put systems and structures in place to allow a level of economic activity to continue as it became increasingly clear that full social welfare was simply unsustainable. This is, however, not without the existence of relevant restrictions like temperature checks, social distancing rules, and the latest fashion accessories – masks and gloves.

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READ ALSO: Nigerian economy going into recession, might contract by -8.9% – Finance Minister

While this is an admittedly better development than the enforced total lockdown – at least for the economy, this too has its limitations. Economic activities have taken on a sluggish growth pace and while production might continue, global demand remains hamstrung. Industries like tourism and travel with social distancing rules in place will only scramble for the little they can get. Sports stadiums, entertainment hot-spots, etc., will remain closed. Even with the increased dependence of delivery services, restaurants will struggle to make what they used to before. Jobs have been cut and even more will. In essence, the partial reopening of the economy isn’t also sustainable. Yet, it is impossible to ignore the virus itself especially given the risks of a resurgence of the virus in already treated patients and the increasing cases in many parts of the world.

Data obtained from Bloomberg revealed that people infected around the world reached 5 million with a death toll of over 330,000. With the pandemic still on our tails, finding a vaccine is our best bet – and nothing else might be able to beat that. Stephen Jen, CEO of Eurizon SLJ Capital – hedge fund and advisory firm in London told Bloomberg News that there’s some sort of bounty on the virus globally.

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READ MORE: Osinbajo sets up committee on reopening of Nigerian economy, suspends loan deductions for states

In his words, “I don’t see how it is wiser for investors to bet on the virus than to bet on science, technology, and unlimited political and financial capital in the world to contain and defeat the virus.”

Also, the shares of American drug maker based in Massachusetts, Moderna Inc., hit a record high early in the week, as a result of its early data from a small trial of the company’s Covid-19 vaccine. It, however, gave up some of those gains days after stock traders scrutinized the early nature of the vaccine data.

Bloomberg Economics predicts that the restriction and shutdown of businesses triggered a plunge in economic activities of about 30% and their findings found that the first steps to relax controls will have a good impact on activity than later ones. Yet, our optimism is palpable. Anita Zaidi, Director of Vaccine Development and Surveillance at the Bill & Melinda Gates Foundation have advised that the process of creating an effective immunity could take years, and even then it will have to solve the issue of logistics that is making the vaccine readily available globally.

Today, the world waits in hope that this too passes like many of its predecessors. While it will indeed pass, there still is no saying how long it will take before life reverts to a new but sustainable normal.

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