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Business

Afreximbank sets up a $500 million fund to support Africa’s creative industries

African Export-Import Bank has set up a $500 million fund to support Africa’s creative industries.

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The African Export-Import Bank (Afrexim Bank) has set up a $500 million fund to support Africa’s creative industries as the continent faces a challenge to effectively monetize its creative output.

This disclosure was made by Afreximbank President, Benedict Oramah at a virtual “fireside chat” on Tuesday organized by the Africa Soft Power Project, entitled “The New Face of African Collaboration.”

According to Africa Investment Forum Senior Director, Chinelo Anohu,

READ: Afreximbank set to commit $200 million to Africa’s export fund

“Digital platforms in Africa should scale up to take advantage of the continent’s surging demand for creative content, and the African Development Bank flagship entity is providing advisory services and investment support to creative players.

“The Africa Investment Forum was working to promote content deals as well as digital infrastructure projects to advance creative industries, including support to smaller players.

“At AIF 2019, we had a very interesting entrepreneur scheme which saw those that were not as big get the kind of funding they needed to get beyond getting a feasibility study done.

READ: Tesla loses $200 billion in market value following Bitcoin investment

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“Data is one of the African Development Bank’s strong points. They have a fantastic research division, and what we’re trying to do is mainstream that data culled from 55 countries and distill it in such a manner that the investors can easily access the information they need.

“Support for intellectual property rights and equipping investors with the data they need to tackle negative perceptions about investing in Africa are key priorities for Africa Investment Forum.

 What you should know

  • The event was held against the backdrop of the recent coming into force of the African Continental Free Trade Agreement (AfCFTA).
  • Discussion at the event primarily focused on the role of infrastructure and connectivity in advancing Africa’s creative industries, including film, textiles and design.
  • It is important to note that 2021 is also the African Union’s year of arts, culture and heritage.
  • In January 2020, Afreximbank set up a $500 million fund to support Africa’s creative industries.
  • It is strongly believed that AfCFTA would help address some of the key challenges to boosting Africa’s creative output.
  • The Africa Investment Forum, championed by the African Development Bank and its founding and institutional partners, works to accelerate the closure of the continent’s investment gaps. The Forum currently has a growing portfolio of 118 deals valued at $114 billion.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

JAMB: How to register for the 2021 UTME examinations

JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.

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The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.

This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.

However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.

JAMB in its public communications gave a guide on how to register for the UTME.

READ: How to link your National Identity Number with your phone number

How to register for the 2021 UTME

  • VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
  • NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
  • VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
  • CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
  • JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
  • CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.

READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory

What you should know

JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.

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Business

Customs Apapa Command generates N159.58 billion revenue in Q1 2021

Most revenues came through customs duty and charges.

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Here's how much Lagos-Apapa Customs Command generated in 5 months

The Nigeria Customs Service (NCS) Apapa Command stated that it has generated a revenue of N159.58 billion in the first quarter of 2021.

This was disclosed by Ibrahim Yusuf, the Area Controller at Apapa Customs Command, in an interview with newsmen on Monday.

He added that most revenues came through customs duty and charges, citing a 44.8% revenue increase on duty collection compared to the N110 billion generated in the same period in 2020.

READ: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21

“The difference recorded was made possible because of robust stakeholders engagement, officers’ resolve in discharging their duties and increased level of compliance in the trade zone,” he said.

He added that the total seizure for the first quarter stood at 28 containers of goods with DPV (Duty Paid value) of N1.87 billion.

“The containers had rice, wheat declared as supermarket items, medical soap declared as baking powder, tramadol and others.

“These are all importations in breach of sections 46, 47 and 161 of the Customs and Excise Management Act CAP C45 LFN 2004 and Schedules 4 and 6 of the Common External Tariff (CET).

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READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

“These cases are at various stages of investigation and in due time will be revealed,” he disclosed.

The Customs boss also revealed that exported goods from Apapa were valued at N41.55 billion in Q1 2021, including manufactured goods such as soaps, textiles, noodles, and agricultural products such as cashew nuts, hibiscus, sesame seeds and other mineral resources.

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