₦airaland Forum

UBA's Chief Risk Officer/Director Loads Additional Stocks
https://businesspost.ng/banking/ubas-chief-risk-officer-director-loads-additional-stocks/

Stanbic IBTC Fixes Scrip Dividend Price at N24.79
https://businesspost.ng/banking/stanbic-ibtc-fixes-scrip-dividend-price-at-n24-79/

S&P Lowers Nigeria’s 2020 GDP Growth Forecast to 1.5%
https://businesspost.ng/economy/sp-cuts-nigerias-2020-gdp-growth-forecast-to-1-5/

NDIC Assures Bank Customers Safety of Deposits
https://businesspost.ng/banking/ndic-assures-bank-customers-safety-of-deposits/

CBN, Others Seek N120bn to Fight COVID-19
https://businesspost.ng/economy/cbn-others-seek-n120bn-to-fight-covid-19/

Freight Forwarders Beg FG to Waive Demurrage Charges
https://businesspost.ng/general/freight-forwarders-beg-fg-to-waive-demurrage-charges/

Union Bank Donates N50m to Procure COVID-19 Testing Kits
https://businesspost.ng/banking/union-bank-donates-n50m-to-procure-covid-19-testing-kits/

Don't Invest in MBA Forex, Box Value, Helping Hand, Now-Now Alert, Others—SEC Warns Nigeria
https://businesspost.ng/economy/dont-invest-in-mba-forex-box-value-helping-hand-now-now-alert-others-sec-warns-nigerians/

COVID-19: CSCS Goes Fully Digital, Begins Remote Operations
https://businesspost.ng/economy/covid-19-cscs-goes-fully-digital-begins-remote-operations/

Sterling Bank Declares 3 Kobo Dividend After 15% Rise in Profit
https://businesspost.ng/banking/sterling-bank-declares-3-kobo-dividend-after-15-rise-in-profit/

Nigeria's Maiden 15-Year Bond Oversubscribed by 460%
https://businesspost.ng/economy/nigerias-maiden-15-year-bond-oversubscribed-by-460/

NAICOM Extends Q1 Results Submission Deadline by One Month
https://businesspost.ng/economy/naicom-extends-q1-results-submission-deadline-by-one-month/

eTranzact Submits Application for Listing of N7bn Rights Issue
https://businesspost.ng/economy/etranzact-submits-application-for-listing-of-n7bn-rights-issue/

Nigerians Frustrating Efforts to Stop COVID-19 Spread—FG
https://businesspost.ng/general/nigerians-frustrating-efforts-to-stop-covid-19-spread-fg/

By Dipo Olowookere

The federal government has expressed its anger over the way some Nigerians are frustrating efforts to curb the spread of the coronavirus pandemic in the country.

Minister of Information and Culture, Mr Lai Mohammed, at a press conference on Thursday, said some citizens, who flew into the country from high risk nations, deliberately filled wrong information, making tracing them when the need arises very difficult.

“Let me say, without mincing words, that we are not getting the kind of cooperation that this moment deserves from Nigerians.

“Many are busy engaging in meaningless criticisms instead of complying with the stipulated directives to keep people safe.
ALSO READ Delta South Senatorial Seat not for Clueless Person—Orette

“Some Nigerians who flew into the country from overseas filled wrong addresses and phone numbers in their forms, making it difficult to trace them when the need arises.

“Some Nigerians defied orders to stay away from large gatherings while some religious leaders wilfully flouted the directives to ensure social distancing.

“The government is doing its best but we need the citizens to do their best too. We have now gone past the stage of persuasion. It’s time for strong enforcement,” he stated.

He said this aggressive enforcement is aimed at containing the spread of the virus through social distancing, contact tracing, testing, isolation of suspected cases, and ensuring that our messaging gets down to the grassroots.
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He said other measures include stopping inter-state/inter-town travels, except for essential services; closing all motor parks and inter-state rail stations; and using fire-fighting and other adaptable vehicles and personnel to fumigate cities and towns.

According to him, “We have 4,370 people of interest whom we are tracing. We urge those who have had contact with suspected cases to immediately report to the authorities.
ALSO READ Bakare, Dogara Meet Buhari In Aso Rock

“We urge Nigerians to support the authorities in this regard. We are on the verge of reaching the level of community spread. We must stop this immediately or we will record exponential cases in the days ahead. There is no better way to say this.”

Mr Mohammed urged Nigerians not to panic, saying, “It is said that panic is our greatest enemy. The federal government is determined to work with the good people of Nigeria to defeat COVID-19. And defeat the disease we will.”

https://businesspost.ng/general/nigerians-frustrating-efforts-to-stop-covid-19-spread-fg/

Moody’s Raises Red Flag in Dangote Cement’s Liquidity Level
https://businesspost.ng/economy/moodys-raises-red-flag-in-dangote-cements-liquidity-level/

FBNQuest Urges Investors to Consider Contrarian Investing
https://businesspost.ng/economy/fbnquest-urges-investors-to-consider-contrarian-investing/

GTBank to go Ahead with AGM, to Stream Meeting Live
https://businesspost.ng/banking/gtbank-to-go-ahead-with-agm-to-stream-meeting-live/

Moody's Assigns Ratings to Dangote Cement N300bn Bonds
https://businesspost.ng/economy/moodys-assigns-ratings-to-dangote-cement-n300bn-bonds/

Director Offloads 116,000 Units of Stanbic IBTC Stocks
https://businesspost.ng/economy/director-offloads-116000-units-of-stanbic-ibtc-stocks/

Tumbling of Nigerian Stocks Worries Senate
https://businesspost.ng/economy/tumbling-of-nigerian-stocks-worries-senate/

Purchase of Stocks at Cheap Prices Buoys Market by 0.19%
https://businesspost.ng/economy/purchase-of-stocks-at-cheap-prices-buoys-market-by-0-19/

Dollar Weakens to N361 at Interbank, N380.53 at Black Market
https://businesspost.ng/economy/dollar-weakens-to-n361-at-interbank-window/

SEC Postpones Q1 Capital Market Committee Meeting
https://businesspost.ng/economy/sec-postpones-q1-capital-market-committee-meeting/

Dangote Cement to Sell Bonds for Debt Refinancing
https://businesspost.ng/economy/dangote-cement-to-sell-bonds-for-debt-refinancing/

Nigerian Businesses Must Prepare for Greater Challenges Ahead
https://businesspost.ng/general/nigerian-businesses-must-prepare-for-greater-challenges-ahead/

CBN Retains Monetary Policy Rate at 13.5%
https://businesspost.ng/economy/cbn-retains-monetary-policy-rate-at-13-5/

Transcorp, UBA, Lafarge, 6 Other Stocks Trade at 52-Week Lows
https://businesspost.ng/economy/transcorp-uba-lafarge-6-other-stocks-trade-at-52-week-lows/

BREAKING: Coronavirus Cases in Nigeria Escalate to 40
https://businesspost.ng/health/breaking-coronavirus-cases-in-nigeria-escalate-to-40/


NSE Closes Trading Floors Wednesday, Goes Fully Digital
https://businesspost.ng/economy/nse-closes-trading-floors-wednesday-goes-fully-digital/

By Dipo Olowookere

Governor Ahmadu Fintiri of Adamawa State has announced the decision of his administration to reduce the cost of rents for houses, commercial shops and business premises by 50 percent.

The Governor made this announcement on Monday during a state-wide broadcast on measures being taken by the his government to address the global coronavirus pandemic, which has infected 36 persons in Nigeria and has claimed a single life so far in the country.

Mr Fintiri said though Adamawa State was yet to record any case of COVID-19, efforts are being made to rev up the attention that is necessary to contain or prevent the spread of the pandemic by preparing an isolation ward, equipped with monitors, at the Yola Specialist Hospital.

He said in order to make the state’s economy remain strong, his administration has resolved to implement cost saving measures such as a review of the current budget by 20 percent, coupled with a reduction in overhead cost by 50 percent across board.

“To cushion the effect of the alarming economic challenge of COVID-19, (the state) government has agreed on a 50 percent reduction in the cost of house rent, commercial shops and business premises,” the Governor also announced during the broadcast.

ALSO READ Ganduje Introduces 5% Consumption Tax in Kano
Continuing, Mr Fintiri said, “Government is aware of the impact of the economic implication of the current meltdown on informal businesses where majority of citizens are involved and has graciously approved another 50 percent reduction in the taxes affecting this category.”

“However, government is mindful of the need to shore-up its earnings and will therefore, intensify effort on Internally Generated Revenue (IGR) in areas where there will be minimal effect on the public wellbeing,” he stressed.

“Fellow citizens, we all know that these measures are not going to be easy but they are necessary. Political correctness should not be the criteria for political expedience.

“There is no doubt that going by what is happening now, the financial inflow of the state government has been affected, but while adjusting to the prevailing reality, government will do its best to implement the agenda it has set out to achieve,” Governor Fintiri stated.

ALSO READ NSE Posts N24.2b Transactions in 5 Days as Index Sheds 0.74%
He used the occasion to announce the setting up of the Adamawa State COVID-19 Containment Committee headed by the Secretary to the State Government, Mr Bashiru Ahmad. He said the team will have as members the Commissioner Health, Professor Abdullahi Isa; the Medical Director, Yola Specialist Hospital; Medical Director, Federal Medical Centre Yola; the Commissioners for Local Government; Environment; Information and Strategy; Livestock and Aquaculture Development; while the Director Public Health, Ministry of Health will serve as the Secretary.

“Its terms of reference include but not limited to coordinating the overall Medico-social response to COVID-19 pandemic paying attention to public sensitization and implementation of containment measures.

“The committee shall be responsible for regular briefings and updates on containment measures,” the Governor said.

He urged residents of the state to “pay attention to regular briefings by the state Commissioner for Health, to keep abreast with unfolding developments,” saying government realised that “ignorance and lack of information often aggravate cases of serious public health crisis like the case at hand.”

ALSO READ Egypt, US Host Entrepreneurship Summit in Sohag
Mr Fintiri also appealed to religious leaders and traditional rulers in the state to help sensitise the people on ways to stop the spread of the coronavirus, especially by moderating their congregation to a maximum of 50 people, until further notice.

“All conventions, congresses, seminars and workshops that will warrant a gathering of more than 50 people at a time, are hereby banned till further notice.

“For the avoidance of doubt, all forms of social, religious, and cultural gatherings, that will attract more than 50 people, are also hereby banned,” he said.

https://businesspost.ng/economy/adamawa-cuts-taxes-rents-overhead-cost-by-50-budget-by-20/

Fidelity Bank Raises Dividend to 20 Kobo as Profit Hits N28bn
https://businesspost.ng/banking/fidelity-bank-raises-dividend-to-20-kobo-as-profit-hits-n28bn/

Ecobank Grows Earnings by 9% to N843bn in 2019
https://businesspost.ng/economy/ecobank-grows-earnings-by-9-to-n843bn-in-2019/

Seplat Suffers 6.2% Revenue Shortfall in FY'19
https://businesspost.ng/economy/seplat-suffers-6-2-revenue-shortfall-in-fy19/

NAICOM Stops Insurance Companies from Foreign Operations
https://businesspost.ng/economy/naicom-stops-insurance-companies-from-foreign-operations/

CBN to Support Fidson, GSK, Others, With N3.5trn
https://businesspost.ng/health/cbn-to-support-fidson-gsk-others-with-n3-5trn/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) may have finally bowed to immense pressure from various quarters to devalue the Naira.

Few days ago, there were speculations that the central bank would devalue the local currency, following crash in the prices of crude oil at the global market and steep decline in the foreign reserves.

This created panic at the currency market and caused the Naira/Dollar exchange rate to shoot as high as N400/$1 at the black market. The value only retreated to N375/$1 at the parallel market on Thursday after the CBN had maintained that it was not going to carry out exchange rate realignment.
ALSO READ FSDH Expects CBN to Hold Rates at 14% after MPC Meeting

Yesterday, the Presidential Economic Advisory Council held a meeting with President Muhammadu Buhari and he was bluntly told that the current economic situation in the global could force Nigeria to devalue the local currency.

Same yesterday, the CBN auctioned OMO bills worth N150 billion, but foreign investors, who are qualified to buy the investment tool, snubbed the exercise, forcing the apex bank to declare a No Sale.
ALSO READ Nigerian Stocks Sustain Growth by 0.87%

On Friday, Reuters said the central bank sold forex to Jaiz Bank Plc at N360/$1 instead of the official rate of N306/$1, “implying a 15 percent devaluation.”

Quoting traders as its source of information, the reputable foreign media platform said “no quotes were shown on Friday for the Naira on the official market, which has been supported by the central bank for more than two years.”

It stated further that today, only few trades were done on the Naira at N380/$1 on the over-the-counter spot market for investors on thin liquidity.
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Last week JP Morgan said it expected Nigeria to devalue its currency by around 10 percent to N400/$1 by the end of June after a sharp oil price tumble ramped up the pressure on Africa’s biggest economy.

Reuters said the central bank was not available for comment.

https://businesspost.ng/economy/report-suggests-cbn-devalues-naira-by-15/

Report Suggests CBN Devalues Naira by 15%
https://businesspost.ng/economy/report-suggests-cbn-devalues-naira-by-15/

Cadbury Nigeria Delivers Double-Digit Bottom-Line Growth in FY19
https://businesspost.ng/economy/cadbury-nigeria-delivers-double-digit-bottom-line-growth-in-fy19/

Seplat Proposes Dividend Payment for FY2019
https://businesspost.ng/economy/seplat-proposes-dividend-payment-for-fy2019/

Zenith Insurance, MTN Begin Mobile Insurance Service
https://businesspost.ng/brands-products/zenith-insurance-mtn-begin-mobile-insurance-service/

Reps Threaten to Fine, Arrest MTN, Other Telcos CEOs
https://businesspost.ng/general/reps-threaten-to-fine-arrest-mtn-other-telcos-ceos/

Ecobank Urges Customers to Adopt Digital Self-Service Solutions
https://businesspost.ng/banking/ecobank-urges-customers-to-adopt-digital-self-service-solutions/

ARM Excites Clients With Mobile App to Trade Local, Int'l Stocks
https://businesspost.ng/economy/arm-excites-clients-with-mobile-stock-trading-app/

SAHL Coughs Out N756m to Raise Stake in Stanbic IBTC
https://businesspost.ng/banking/sahl-coughs-out-n756m-to-raise-stake-in-stanbic-ibtc/

Offshore Investors 'Run Away' from CBN OMO Auction
https://businesspost.ng/economy/offshore-investors-run-away-from-cbn-omo-auction/

Oil Rallies First Time in 10 Days After Trump's Comments
https://businesspost.ng/economy/oil-rallies-first-time-in-10-days-after-trumps-comments/

Friesland Lifts Unlisted Securities Market by 0.97%
https://businesspost.ng/economy/friesland-lifts-unlisted-securities-market-by-0-97/

Stock Market Investors Lose N371bn Thursday
https://businesspost.ng/economy/stock-market-investors-lose-n371bn-thursday/

ARM Holding Sells ARM Life Insurance to Tangerine Life
https://businesspost.ng/economy/arm-holding-sells-arm-life-insurance-to-tangerine-life/

Naira Trades at N375/$ at Black Market
https://businesspost.ng/economy/naira-trades-at-n375-at-black-market/

Offshore Investors 'Run Away' from CBN OMO Auction
https://businesspost.ng/economy/offshore-investors-run-away-from-cbn-omo-auction/

By Olutayo Irantiola

Okeho, as a community, has been renowned to be a part of the history of the colonial and post-colonial Nigeria.

There are certain factors that showed that we are a very crucial part of the politics of Oyo State. The area was firstly known as Okeho/Iganna district council, which was created in 1955 with 36 wards in the defunct western region of Nigeria.

In 1976, Kajola local government was created, with headquarters at Okeho as a result of the local government reforms. The local government is one of the 33 local governments in Oyo State, the major towns in Kajola LG are Ilero, Ilua, Ayetoro-Oke, Isemi Ile, Iwere-Oke, Ilaji-Oke and other hamlets.

In 1987, the Oyo State Hospital Management Board was inaugurated. The board has three zonal offices at Ibadan/Ibarapa, Oyo/Ogbomoso and Oyo North managing 51 health outlets within the state.

Okeho General Hospital Administrative block

The board is expected to provide an all-encompassing health care that is accessible, affordable and high quality with a view to restoring, transforming and repositioning our health sector. Other health facilities within Oyo North are located at Saki, Iseyin, Iwere, Iganna and Ado-Awaye.

Few weeks after the board was inaugurated, the General Hospital, Okeho, was commissioned by the then Military Governor of Oyo State, Colonel Adetunji Olurin, on June 11, 1987. As such, this showed that the hospital was one of the pioneer General Hospitals in the state.

While going through the facilities, it was seen that the administration of the late Governor, Alhaji Lam Adesina, also commissioned projects, such as the female/children’s ward and the mortuary block in the year 2000.

Unfortunately, within the space of 33 and 20 years of commissioning all these facilities respectively, the hospital has become a morbid secondary healthcare institution.

Okeho General Hospital ambulance

The hospital, being one of the oldest General Hospitals in the state, with the best structure, is grossly underutilised and wasting away. Located on a large expanse of land at the entry of the town cum junction that leads to other neighbouring communities, the hospital has become a shadow of itself.

In fact, the people of Okeho and environs can attest to the fact that this hospital does not provide affordable, accessible and high quality medicare. People have either of these two choices- visiting private health service providers within their localities or move to the state capital, Ibadan- when they need medicare.

At the moment, the two major storey buildings within the hospital, the administrative and Female/Children's Ward, have their roofs blown off. When I attempted to climb the stairs, I was almost stung by wasps and on getting upstairs, bats flew out of one of the rooms. What sort of equipment would be in an uncovered building?

Okeho General Hospital Female and Maternity Ward

Going further into the premises, one would see that the mortuary is no more functional. The whole building is equally abandoned. It's quite disheartening to see that nothing can be preserved in its current state.

Prior to this time, people usually believe that drugs given to patients in any government health facility is always genuine. However, the Pharmacy of this hospital is not well-stocked, inversely, patients would be required to get their drugs from any private pharmacy in town.

From what I saw, the laboratory in this hospital is working but one can be sure that it is just the basic tests that would be carried out here. All of these attest to the overall "commitment" of the government to the welfare of her citizenry. Equally, the waste disposal method is also sordid, it's all emptied in a shoddy pit and burnt periodically. It should not be too much to build an incinerator for proper disposal.

Having said all these, there is no ambulance in the entire hospital. The physically present vehicle is no more serviceable. While querying further, I was told the other ambulance is abandoned in Ibadan because it was not fixed after developing a fault. This shows that the hospital cannot provide emergency care for any patient within this locality.

Okeho General Hospital Mortuary

Asides the dilapidated buildings, there are also a lot of uncompleted buildings. The truth be told, if this sort of facility was located in any urban area, it would have been overtaken by hoodlums. I would agree that indigenes and residents of Okeho might not be able to pay heavily, but if they get value for their money, they would definitely pay up their bills.

It’s rather unfortunate that we are experiencing two forms of economic wastage with this abandoned facility- the hospital’s inability to generate employment and the abandoned structure that has not been profitable to either the government or the community. There is a need for successive governments to complete all projects regardless of party affiliations or not.

I would want to acknowledge the selfless service of the members of staff working in this very unconducive environment. It is only committed individuals that can give their best in this type of working environment. At this point in time, wherein professional are exiting the country for better working environment.

We need to start with at least a very functional building well equipped. We deserve more in Okeho, our relevance should transcend every four years when the political class are jostling for office.

We need hospitals that are adequately equipped in Okeho and Oke-Ogun in general. There is no need rushing people to tertiary healthcare facilities in Ogbomoso or Ibadan before they can have quality medicare.

https://businesspost.ng/featureoped/okeho-general-hospital-another-morbid-secondary-healthcare-institution/

Cedar Offers N493m for Minority Shares of Union Diagnostic
https://businesspost.ng/economy/cedar-offers-n493m-for-minority-shares-of-union-diagnostic/

Senate Lauds NSE’s Contributions to National Development
https://businesspost.ng/economy/senate-lauds-nses-contributions-to-national-development/

Capital Adequacy Ratios of Nigerian Banks Seriously at Risk
https://businesspost.ng/banking/capital-adequacy-ratios-of-nigerian-banks-seriously-at-risk/

COVID-19 Could Trigger Naira Devaluation—Buhari’s Economic Squad
https://businesspost.ng/economy/covid-19-could-trigger-naira-devaluation-buharis-economic-squad/

Nigeria Drops Crude Oil Benchmark to $30 from $57 Per Barrel
https://businesspost.ng/economy/nigeria-drops-crude-oil-benchmark-to-30-from-57-per-barrel/

A support group of the ruling All Progressives Congress (APC) known as the APC Mandate Defenders, has said President Muhammadu Buhari is not obliged to address the nation concerning the ravaging coronavirus disease, which has infected 12 persons so far in Nigeria.

The group, in a statement signed by its spokesman, Mr Ifeanyi Emeka, said what is most important is the action of the President, which it said has been commendable. It, therefore, lambasted those criticising President Buhari.

“Since the outbreak of the virus, Mr President has taken some bold steps like setting up and inaugurating a presidential taskforce headed by the Secretary to the Government of the Federation, setting up another committee to examine the impacts of the virus on the economy among many other initiatives.

“Accordingly, Mr President has been implementing the reports and recommendations of the various committees which has led to the reduction of the pomp price of Premium Motor Spirit popularly known as petrol from N145 to N125, announcement of plans to slash the 2020 budget by N1.5 trillion, banning of flights by officials in the various ministries, departments, agencies and parastatals of government from travelling to countries affected by coronavirus,” APC Mandate Defenders said in the statement.

The group further explained that a Nigerian, who was previously tested positive, was recently tested negative after undergoing some medications in the country, while the Italian who brought the virus into the country is about to be released from the isolation centre.

“These are all bold marks made by the various actions Mr President has taken which a mere Presidential Address cannot help but will only exacerbate the situation because of spin-doctors who will turn the president's address into a political enterprise,” it said.

The group also lambasted the former presidential spokesperson, Mr Olusegun Adeniyi, for under-estimating the Office of the Secretary to the Government of the Federation as well as the capacity of the current occupant in handling the Presidential Taskforce for the Control of Coronavirus in his Thursday's Column in Thisday Newspaper.

It said the SGF was not only qualified and capable of leading the taskforce, but also has capacity to mobilize men and material as well as coordinate national efforts to contain the spread of the virus in Nigeria.

“As SGF, Mr Boss Mustapha is responsible for the monitoring, evaluation and coordinating the implementation of federal government policies and programmes.

“So, the Presidential Taskforce on Coronavirus is still an off-shoot of his official mandate which he has proved his capacity and has continued to maintain the high pedestal of service in the fight against coronavirus,” the statement noted.

APC Mandate Defenders advised Nigerians to support the taskforce and other initiatives of Mr President instead of criticising and “wailing over a Presidential Speech or address, which will add little or nothing to the efforts of Mr President in containing the virus.”

https://businesspost.ng/general/coronavirus-buhari-does-not-need-to-address-the-nation-apc-group/

BREAKING: Nigeria Confirms Five New Coronavirus Cases
https://businesspost.ng/health/breaking-nigeria-confirms-five-new-coronavirus-cases/

UACN Chairman Pays N98m to Acquire Additional Stocks
https://businesspost.ng/economy/uacn-chairman-pays-n98m-to-acquire-additional-stocks/

Dangote Cement Leads Stock Market to Danger Zone
https://businesspost.ng/economy/dangote-cement-11-others-dig-0-71-grave-for-stock-market/

Stakeholders Suggest Ways to Boost Liquidity, Competitiveness in Commodity Market
https://businesspost.ng/economy/stakeholders-suggest-ways-to-boost-liquidity-competitiveness-in-commodity-market/

Is Nigeria’s Economy Strong Enough for N33trn Debt?
https://businesspost.ng/economy/is-nigerias-economy-strong-enough-for-n33trn-debt/

Jaiz Bank Board Proposes Payment of Dividend
https://businesspost.ng/banking/jaiz-bank-board-proposes-payment-of-dividend/

CBN to Convey MPC Meeting Monday March 23
https://businesspost.ng/economy/cbn-to-convey-mpc-meeting-monday-march-23/

What Jim Ovia Said About Rumoured Zenith Bank, Union Bank Merger
https://businesspost.ng/banking/what-jim-ovia-said-about-rumoured-zenith-bank-union-bank-merger/

Stocks Fraud: Court Orders Bank, Staff to Pay Investor N15m
https://businesspost.ng/banking/stocks-fraud-court-orders-bank-staff-to-pay-investor-n15m/

Nigeria’s Inflation Rises to 12.20% in February
https://businesspost.ng/economy/nigerias-inflation-rises-to-12-20-in-february/

Fidelity Bank to Support Traders Affected by Abule Ado Explosion
https://businesspost.ng/banking/fidelity-bank-to-support-traders-affected-by-abule-ado-explosion/

Nigeria Suspends Plan to Borrow $22.7bn
https://businesspost.ng/economy/nigeria-suspends-plan-to-borrow-22-7bn/

Decline in Earnings, Profitability Worries Transcorp Board
https://businesspost.ng/economy/decline-in-earnings-profitability-worries-transcorp-plc-board/

COVID-19: CBN Slashes Interest Rates to 5% to Support Economy
https://businesspost.ng/economy/covid-19-cbn-slashes-interest-rates-to-5-to-support-economy/

Coronavirus: Travellers from Europe to Undergo Screening—FG
https://businesspost.ng/health/coronavirus-travellers-from-europe-to-undergo-screening-fg/

Unlisted Securities Index Depreciates by 14.85 Points Monday
https://businesspost.ng/economy/unlisted-securities-index-depreciates-by-14-85-points-monday/

COVID-19: Nigeria to Lose $20bn in Crude Oil Export Revenue
https://businesspost.ng/economy/covid-19-nigeria-to-lose-20bn-in-crude-oil-export-revenue/

Oil to Remain Bearish This Week
https://businesspost.ng/economy/oil-to-remain-bearish-this-week/

Vibrant Commodities Market Will End Poverty, Create Jobs—Osinbajo
https://businesspost.ng/economy/vibrant-commodities-market-will-end-poverty-create-jobs-osinbajo/

Zenith Bank Shareholders Meet Today to Discuss at AGM
https://businesspost.ng/banking/zenith-bank-shareholders-gather-today-to-discuss-at-agm/

Okomu Oil, 16 Other Stocks Lift Customs Street by 0.17%
https://businesspost.ng/economy/okomu-oil-16-other-stocks-lift-customs-street-by-0-17/

NSE Posts Weekly 13.49% Loss, Moves 4 Billion Stocks Worth N44bn
https://businesspost.ng/economy/nse-posts-weekly-13-49-loss-moves-4-billion-stocks-worth-n44bn/

Access Bank Targets 100 Million Customers by 2022
https://businesspost.ng/banking/access-bank-targets-100-million-customers-by-2022/

Airtel Introduces Cash Reward Scheme for Customers
https://businesspost.ng/technology/airtel-introduces-cash-reward-scheme-for-customers/

FG Owes N494.12bn in Pension—PenCom
https://businesspost.ng/general/fg-owes-n494-12bn-in-pension-pencom/

Observers React to Potential Zenith Bank, Union Bank Merger
https://businesspost.ng/banking/observers-react-to-potential-zenith-bank-union-bank-merger/

Robbery Attack: Court Orders First Bank to Pay N10m
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Red Star Express Increases Shares to 926,352,051 Units
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By Dipo Olowookere

President Muhammadu Buhari on Wednesday informed some key players in the private sector that the rates at which banks in the country give loans to farmers, small business owners and manufacturers have been lowered in the past 10 months.

Yesterday, the President held a dinner with Mr Aliko Dangote, Mr Jim Ovia and others at the Going for Growth 2:0 Roundtable Session organised by the Central Bank of Nigeria (CBN) headed by Mr Godwin Emefiele.

Mr Buhari, during the gathering, said he agreed to participate in the dinner because he believes that the task of enabling greater growth and development of the Nigerian economy requires joint collaboration between the public and the private sectors.

According to him, his administration remains steadfast in seeking to promote growth of the Nigerian economy, and by extension the growth of the private sector.

While pointing out the threats posed by the coronavirus on the economy, he said efforts are being made to ensure that Nigeria is self-sufficient in the production of strategic goods.
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The President he was determined to diversify the nation’s economy and improve the country’s level of self-sufficiency in food production.

“These measures would help support faster economic growth, create employment opportunities for our teeming youths, and reduce our import bill,” he noted.

The stressed that the COVID-19 and the subsequent crash in the price of crude oil by over 45 percent since January 2020 has highlighted the fact that “we need to continue to implement measures that would enable growth in other sectors of our economy and reduce our dependence on earnings from crude oil.”

“For these objectives to be achieved, the vital role of the Nigerian private sector cannot be disputed or overemphasised,” Mr Buhari said.

“I am delighted to note that we have made some progress in our diversification plans and in creating an enabling environment for the Nigerian private sector to thrive,” he continued.

He noted that, “In the agricultural and manufacturing sectors, we have seen substantial improvements in the cultivation and processing of key staple commodities such as rice, maize, cotton and tomatoes.”
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“We have also worked to improve access to finance for businesses in the agriculture and manufacturing sectors. Access to credit is often cited as a constraint to the growth of farmers and small and medium sized businesses. Over the past 10 months, we have seen significant improvements in credit to support continued growth of our economy.

“I am aware that lending rates by banks to farmers, small businesses and manufacturers have been lowered over the same period. These measures along with aggressive efforts at rebuilding our road, rail and power infrastructure, will help to reduce the cost of doing business in Nigeria and promote faster growth of our economy,” the President added.

He said, “Apart from the successes we have recorded, I admit that challenges do remain. Given our dependence on crude oil revenues for close to 60 percent of government revenues, the recent decline in crude oil prices affects our ability to meet the infrastructure and human capital needs.
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“Also, with annual population rates, we must continue to support growth in sectors that have the ability to absorb the employment needs of our growing population. With our vast arable land as well as population, ample room for growth exist in our agriculture and manufacturing sectors.

“I, therefore, welcome continued collaboration with the private sector. The recommendations provided today on ways in which the private sector can support growth in key sectors such as Agriculture, Manufacturing, ICT, and Finance are necessary if we are to achieve double digit growth of our economy.

“I assure you that this government would pay close attention to your recommendations, as part of our efforts towards developing policies and programs that will enable improved economic growth and creation of jobs.”

https://businesspost.ng/economy/im-aware-lending-rates-by-banks-have-been-reduced-buhari/

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