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Are SMEs the solution to Nigeria’s wailing economy?

MTN Nigeria commenced The Revv Program to mitigate the effects of the pandemic on SMEs across Nigeria.

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The outbreak of the COVID-19 pandemic this year has been a major disaster to several sectors including the financial sector. The ensuing lockdown affected the global economy tremendously. SMEs in Nigeria were among the worst hit.

According to a survey published by the Fate Foundation and BudgIT on the ‘Impact of COVID-19 on Nigerian SMEs’, 94.3% of the total 1,943 respondents said the pandemic has negatively affected their business.

Back in 2017, the Small and Medium Enterprises (SME) sector comprising approximately 40 million SMEs contributed an estimated 48% to Nigeria’s Gross Domestic Product (GDP), and employed 84% of the country’s entire workforce, according to a National Bureau of Statistics (NBS) report released in 2018.

GDP is an important indicator of a country’s economic power. According to the NBS, Nigeria’s 2017 GDP was worth about N113.7 billion. Of that amount, the SME sector contributed 48%; that’s two percent short of half the total amount. This value provided by SMEs, which ensures the smooth running of the country, is why they are referred to as the bedrock of the economy.

But this was before the pandemic and the accompanying lockdown that resulted in an unprecedented economic tailspin affecting business operations, consumer spending, loss of jobs, and livelihoods. According to the Fate Foundation and BudgIT survey, off the businesses still managing to stay afloat, 72.1% cannot find the cash flow to continue running their business, and 59.2% are struggling to increase their revenue base.

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When asked in what area they want to be supported, 72.1% answered with cash flow; 67.7% said they’ll need support to make sales; 89.4% want the federal government to provide them with funding; 33.8% need access to markets; 74% want the private sector to support with funding; and 62.9% want business support.

Recently, MTN Nigeria commenced an initiative tagged The Revv Program to mitigate the effects of the pandemic on small businesses across Nigeria. Working with relevant stakeholders, subject-matter experts, and the company’s executives, the program aims to support over 10,000 small businesses.

At the virtual launch, Chief Executive Officer, MTN Nigeria, Ferdi Moolman, called on large corporates to join MTN and “strongly position themselves to support SMEs as a foundation to the growth of a stronger economy going into 2021 and beyond”, saying “The Revv Programme is our way of standing with SMEs in their journey to rise through these challenging times.”

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Adopting a four-pronged approach that includes masterclass sessions, support with productivity tools, access to market and advisory initiatives, the programme seeks to help SMEs relearn, readjust, and retool their businesses. The masterclasses which have been held weekly since August 18 focuses on core areas of business management as part of a broader strategy to uplift the SMEs.

This will be followed by the selection of The Y’ello 200 (two hundred top-performing SMEs from the sessions) that will enjoy exclusive access to a broad range of technology and productivity tools and services absolutely free, for a period of six months. They will also receive productivity support to enhance their business performance, in addition to access to MTN’s media assets for product marketing, which will open up new market opportunities for their business’ growth and expansion.

The majority of the small businesses affected by the pandemic are facing funding problems.  The first masterclass, themed “Accessing the Right Funding for Your Business”, addressed this need. MTN Nigeria’s Chief Financial Officer (CFO), Modupe Kadri, together with other subject-matter experts threw light on ways SMEs can access funding from investors, and the role a properly managed cash flow system plays. “Anybody that wants to advance some securities to you will want to know the strength of your cash flow management; how you generate the income streams and how you’re going to keep the lead on that. The same thing also applies to your costs”, Kadri said.

In a subsequent masterclass themed, “Setting Up Your Business for Success: The Technology Advantage”, the Chief Enterprise Business Officer of MTN Nigeria, Lynda Saint-Nwafor shared that the concern for SMEs is at the core of The Revv programme. “We have the interest of SMEs at heart and whilst we do not provide all the services that are applicable, we are willing to partner with organisations that provide access to technology tools that are relevant to SMEs on a platform that makes it easy for them to access at the right price”, according to Lynda.

The Revv Programme will not be the first time MTN is supporting small businesses in the country. In 2018 the company launched the viral “Man In The Box” campaign with commendable outcomes for SMEs in the country. The idea was to support small businesses with technology solutions and create awareness for them by showcasing their businesses in the “Box” to the entire world.

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For 24 hours and for free, selected businesses were showcased within the “Box” on LED screens, and across MTN’s social media platforms. Man In The Box was a huge success; it awakened Nigerians to the enormous untapped possibilities that litter the SME space. SMEs that were featured in the “Box” told amazing testimonies of how they witnessed growth and increased patronage of their businesses.

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As we transit to a post-COVID environment, small businesses that had their business affected by the pandemic and are looking for new sources of income will have to pay attention to the programme. The good thing is, it does not matter how bad the pandemic may have affected their success, business will soon shape up for SMEs, especially the 10,000 small businesses to benefit from The Revv Programme. And with that, they will continue to provide the much-needed backbone for Nigeria’s economy.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Earnings Online: Currencies, Bitcoin, Stocks, Gold, Oil

Trading in the financial markets can be one of the most promising and profitable types of such earnings.

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There are a huge number of ways to make money online nowadays. You can do it sitting at home on the couch, at a table in a cafe or even in parallel with the main work. In general, anywhere, you just need an internet-connected computer or a smartphone.

Trading in the financial markets can be one of the most promising and profitable types of such earnings. Why? Let’s figure it out in this article.

What is Online Trading?

It is an opportunity to make money on fluctuations in the price of various financial assets. Simply put, you buy, for example, a currency and wait for it to rise in value. Or, conversely, you sell in the expectation of a fall in the rate. This is the basic principle of trading. But brokers offer more than just currency trading, which is a huge advantage. For example, working with a brokerage company like NordFX, you can trade a wide variety of asset types. For example, stocks, oil and gold, stock indices and even cryptocurrencies. Such a rich selection allows you to significantly diversify your earning opportunities. Moreover, you can earn not only on the growth, but also on the fall in the price of any of these assets.

Currency and Cryptocurrency Trading: Features

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Let’s say you have chosen currency trading. What should you pay attention to? First, on the fact that all currencies are in pairs on Forex. That is, you do not just buy, for example, euros, but you automatically sell another currency in return. Basically, it all looks like in a standard exchange office. The thing is that you do not need to have all these currencies in stock, the broker will automatically convert funds from your trading account.

For example, when buying a EUR/USD currency pair, you purchase euros and sell US dollars. When selling the same currency pair, you, on the contrary, sell euros and buy US dollars. On Forex, all currency pairs are divided into major ones, for example, GBP/USD (British pound/US dollar) or USD/JPY (US dollar/Japanese yen) and cross rates (in such pairs, currency exchange is performed directly, bypassing the US dollar), for example, EUR/GBP (Euro/British Pound) or NZD/CAD (New Zealand Dollar/Canadian Dollar). Apart from this, there are also exotic pairs in which rare currencies are present, such as the African rand, for example, or the Norwegian krone. In total, 33 currency pairs are available for NordFX clients to conduct transactions.

In addition, you can make transactions with digital currencies. The principle of trading here is the same as in Forex. Trading operations can be carried out with any of 11 cryptocurrency pairs, including the leading cryptocurrencies against the US dollar: BTC/USD (Bitcoin), ETH/USD (Ethereum), LTH/USD (Litecoin), EOS/USD (Eos), XRP/USD (Ripple), etc.

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Stock Trading

The principle of stock trading is quite simple. You are not buying the stock itself, but a contract for the difference (CFD). That is, ownership is not transferred to you. You kind of make a bet with a broker whether a particular stock will rise or fall in price. And it gives you the chance to make a profit both if its value soars to heaven and if it collapses to zero.

Broker NordFX offers a large selection of CFDs on shares of nearly 70 companies, including such world-famous brands as IBM, JP Morgan Chase, Coca-Cola, Mastercard, McDonalds, Microsoft, Twitter, UBER, eBay, Alibaba, Deutsche Bank and many others.

Trading in Precious Metals and Oil

NordFX also offers the opportunity to profit from the difference in quotations of the most popular metals and raw materials. And if gold and silver are more often used as insurance assets to hedge risks, oil prices, on the contrary, are subject to fairly strong fluctuations reaching hundreds of percent. This combination with the addition of trading positions for stocks, currencies, and cryptocurrencies, allows you to form the most balanced investment portfolio that brings maximum profit with minimum risk.

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What if I Do Not Know How to Trade Yet?

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The overwhelming majority of those who come to online trading do not have relevant experience and generally know practically nothing about the financial markets. To help novice traders, the broker NordFX has posted a lot of useful videos and articles on its website. on the topic of Forex trading. In particular, you can learn about the basics of trading, strategy creation, market analysis, wealth management, and risk. Finally, a whole section is devoted to how to use the MetaTrader 4 (MT4) trading platform, on which, in fact, all transactions are performed.

It is clear that before buying a particular currency or another asset, it is necessary to analyze for the development of a trend, that is, to predict where the quotes will go, and, accordingly, open a buy or sell transaction. There are two types of analysis here: technical and fundamental.

Using the MetaTrader 4 (MT4) platform, you can carry out technical analysis of quotes using all kinds of built-in indicators and various charting tools. MT4 has a built-in news feed as well, which allows you to quickly learn about important macroeconomic events and, accordingly, perform another type of analysis, fundamental. In addition, you can find regular analytical reviews and forecasts for the main financial markets on the NordFX website, for which the company has even been awarded the prestigious international award as Best News & Analysis Provider.

Also, you will find an economic calendar on the website of this broker, thanks to which you will know in advance on what day and at what time certain economic events, decisions of Central banks or important macro statistics are expected.

How to Profit Without Trading Yourself

You can make money on financial markets not only by trading yourself. Clients of the broker NordFX are also offered various services with the help of which they can make a profit without even having an idea of what market analysis is and without making a single transaction on their own.

For this purpose, the broker offers PAMM accounts (Percent Allocation Management Module) which is a special platform where a client can choose an experienced and successful managing trader (one or more) and entrust them with managing the client’s funds.

In addition to PAMM, CopyTrading service is also offered. Here you also choose an experienced trader as your “partner”. But, unlike PAMM, you do not transfer your funds for management, but you copy on your account all those transactions that the trader you have chosen (the provider of trading signals) makes on their account, in a fully automatic mode. Moreover, you can work with one or many signal providers.

The use of robot advisors is another opportunity to profit from trading in financial markets, which does not require special knowledge. A robot advisor is a computer program that will make transactions for you according to the algorithm embedded in it. You just need to purchase or download the robot free of charge on the Internet, install it on your MT4 platform, after which it will trade for you 24 hours a day.

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There are nuances here, however. Thus, NordFX does not offer specific robots to its clients. Accordingly, all of these will be third-party programs. Therefore, you need to test them and optimize their settings (for example, the volume of transactions, levels of stop orders and take profit) before working. This can be done using a special tester already built into MetaTrader 4. Also, any Expert Advisor needs not only one-time optimization, but also periodic monitoring.

How to Increase Your Profits Tens and Hundreds of Times

Trading conditions, margin and leverage are three things that can multiply your income from trading in the financial markets.

First, you need to be mindful of the trading conditions. All brokerages charge a spread fee for ongoing trading transactions. This is their earnings, and for some such commissions are quite large, while for others, like NordFX, they are minimal, which allows clients to earn even with insignificant fluctuations in quotes.

As for the leverage, in fact, this is a loan that the broker provides to its clients automatically and without any collateral, and which, like in NordFX, when trading currency pairs, can exceed your own capital 1000 times. That is, having in your account, for example, $100, you can make transactions of up to 100 thousand dollars. Accordingly, your profit grows too. Imagine that your deposit is 10,000 USD. In this case, with the help of such leverage, for only 100 transactions your turnover can reach a billion (!) dollars, and this is already a very large business on an international scale.

The same goes for cryptocurrency trading. With NordFX margin trading, you can open buy or sell positions with just $150 in your account. This despite the fact that the price of bitcoin is above 10.000 USD now!

And most importantly, everything that is described above is not a fairy tale or fantasy. This is a reality that is available to everyone. And you don’t have to graduate from Harvard, work on Wall Street in New York, or have a start-up capital of millions of dollars to open your way into the world of finance. Once again, you need just an internet-connected computer or smartphone and… $10. This is the minimum deposit in order to become a client of the NordFX brokerage company.

To achieve a lot, you can start with a little. The main thing is to start.

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Cordros records business expansion, announces 3 new subsidiaries

Cordros Capital Limited has announced a major corporate expansion with the establishment of 3 new subsidiaries.

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Cordros Capital Limited has announced a major corporate expansion with the establishment of three (3) new subsidiaries. In a statement released to the media on Tuesday, the company announced that it had obtained all relevant licences and regulatory approvals to open shop for its Insurance, Trustees, and Registrars businesses.

According to the Group Managing Director, Mr. Wale Agbeyangi, Cordros Insurance Brokers Limited has been granted an operating license by both the Nigerian Council of Registered Insurance Brokers (NCRIB) and the National Insurance Commission (NAICOM). Also, Cordros Trustees Limited, and Cordros Registrars Limited.

Following the achievement of this new corporate milestone, the statement confirmed that the new businesses will commence operations in earnest.

It would be recalled that after commencing operation as a Securities Trading business in 2007, Cordros recorded significant milestones in 2010 and 2013 when it started its Investment Banking and Asset Management businesses, respectively.

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Geely Auto to invest 54 million dollars in the development of healthy cars

Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.”

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As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus.

The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles.

READ: Automotive Bill: Why FG may return it to National Assembly

The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants.

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Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with anti-bacterial and anti-viral properties which can be used within air-conditioner systems and on frequently touched surfaces such as buttons and handles.

Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions to set up special project teams to work on the new research.

READ: Cars45 CEO explains how to increase demand for Made in Nigeria cars

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An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group said “Epidemic prevention is a job that requires the long-term effort of wider society. As the most common mode of transportation, consumers spend a considerable amount time in their cars, akin to a “second home” Only by making healthier products can we meet consumer demand for better quality of life. Based on the automotive industry’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives.”

Earlier on January 28, Geely Holding Group joined hands with the Li Shufu Foundation to set up a special 30 million dollars fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.

Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.” Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test results and moves into new dimensions of passenger safety.

Visit www.geely.ng to find out more about Geely Nigeria

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