- Firm Expresses Desire to Create Six Million Jobs, Increase GDP to $5bn
The Executive Vice-President of Hudson Group, Prince Tom Iseghohi, has expressed the desire of his company to create six million jobs in the next three years and the increase Nigeria’s Gross Domestic Product (GDP) to $5billion within five years.
Iseghohi, who disclosed this in Lagos at a two-day strategic session organised by the group in partnership with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and other partners, noted that from a gallop study conducted, it was discovered that Nigeria has the highest entrepreneurial intent in the world which he said is an indication that there are more Nigerian entrepreneurs willing to start a business compared with other countries in the world.
He also noted that if entrepreneurs are given the needed support to start up a business and they become successful, the country’s GDP would grow tremendously; the per capital income would increase and employment would be addressed.
He added that in terms of conversion of entrepreneurial intent for successful businesses, Nigeria is one of the lowest in the world.
Iseghohi explained that the two key reasons responsible for this challenge are as a result of lack of access to funding and access to market especially the international market, stating that the focus of the conference is aimed at creating a platform to solve the issues that face micro-small medium scale enterprises.
The Hudson VP stated that “we have put together a structure that includes international financiers, private sector, government officials and technocrats, to come together to solve this problem which is to formalise micro-small medium enterprises and give it access to technical partners and funding.
“At the end of the meeting, we would have developed a clear road map that any person interested in creating a business can plug into and tap from. We have decided that we need to be measured by very clear matrix. If we are successfully, we should see SMEs getting more funding than they should have which is easily measurable.
“If we are successful, SMEs would create six million jobs in the next three years, and there should be a direct traceable impact on the GDP. Nigeria’s GDP can be trillions of dollar, but today, it is less than $500 billion and the best way to drive that is through the SMEs. We have seen the commitment of the government through SMEDAN. SMEDAN and other state governments are partnering us to try out a process which shows that this can be done.”
In his remark, the SMEDAN Director-General, Dr. Dikko Radda, who was represented by the Director Enterprise Development and Promotion Agency of Nigeria, Dr. Wale Fasanya, stated that the agency has been involved in designing programmes and projects, creating the appropriate platforms to address some of the numerous constraints of Micro Small Medium Scale Enterprises (MSMEs), adding that the contribution of the sector to export is 7.27 per cent.
He noted that in the face of recession, the sector is expected to serve as a catalyst for reversing the economic downslide, stressing that the expectation is not certainly misplaced but would be more justifiable if enabling environment is created for the over 37 million new jobs created by the sector.
Radda explained that as part of efforts to address the challenges faced by MSMEs, they have established a national collateral registry for MSMEs to secure loans; credit information portal to ease up the task of sourcing for information regarding available credits for MSMEs, SME rating initiative, marketing linkages, and others.
Global Oil Drops as Coronavirus Infections Rises in India and Other Nations
Oil prices declined on Monday during the Asian trading session amid rising concerns that the surge in coronavirus in India and other nations could force regulators to enforce stronger measures at curbing its spread and eventually affect economic activity and drag on demand for commodities like crude oil.
Brent crude oil, against which Nigerian oil is priced, declined by 22 cents or 0.33 percent to $66.55 per barrel at 8:19 am Nigerian time on Monday, following a 6 percent surge last week.
The US West Texas Intermediate (WTI) declined by 18 cents or 0.29 percent to $62.95 per barrel, after it gained 6.4 percent last week.
The decline was after India reported 261,500 new coronavirus infections on Sunday, taking the country’s total cases to almost 14.8 million, second to only the United States that has reported over 31 million coronavirus infections.
“With … a resurgence of virus cases in India and Japan, topside ambitions continue to run into walls of profit-taking,” said Stephen Innes, chief market strategist at Axi.
Businesses in Japan believed the world’s third-largest economy will experience a fourth round of coronavirus infections, with many bracing for an additional slow down in economic activity.
While Japan has had fewer COVID-19 cases when compared with other major economies, concerns about a new wave of infections are fast rising, according to responses in Reuters poll.
On Tuesday, April 20, 2020, Hong Kong will suspend all from India, Pakistan and the Philippines because of imported coronavirus infections, authorities stated in a statement released on Sunday.
India’s COVID-19 death rose by a record 1,501 to hit 177,150.
Global Markets Near Record Peaks and Will Get Stronger: deVere CEO
As the FTSE 100 hits 7,000 points for the first time since the Covid pandemic, global stock markets are poised to “get even stronger”, says the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The observation from Nigel Green, the chief executive and founder of deVere Group, comes as London’s index jumped over the important threshold in early trading in London, gaining over 0.5% to 7024 points.
Mr Green notes: “London’s blue-chip index is up 40% since the worst lows of the pandemic.
“This landmark moment represents the wider optimistic sentiment gripping global markets which are near record peaks.
“We can expect global stock markets to get even stronger as investors look to seize the opportunities from economies reopening.
“They are looking towards economies rebounding in a post-pandemic era due to the monetary and fiscal stimulus, pent-up cash and demand, and strong corporate earnings.
“The current ultra-low interest rate environment and the under-performance of bonds will also act as a catalyst for stock markets.”
However, the CEO’s bullish comments also come with a warning.
“I would urge investors to proceed with caution as there are some headwinds on the horizon, including relations between the U.S. and China, the world’s two largest economies, which could be coming to a tipping point in coming weeks.
“As such, in order to capitalise on the opportunities and mitigate risks, investors must ensure proper portfolio diversification.”
Mr Green concludes: “A variety of factors are going to drive global stock markets. Investors will not want to miss out and should work with a good fund manager to judiciously top-up their portfolios.”
Refinitiv Expands Economic Data Coverage Across Africa
Building on its commitment to drive positive change through its data and insights, Refinitiv today announced the expansion of its economic data coverage of Africa. The new data set allows investment managers, central bankers, economists, and research teams to use Refinitiv Datasteam analytical data for detailed exploration of economic relationships and investment opportunities among data series covering the African continent.
Securing reliable, detailed, timely, locally sourced content has not been easy for economists who have in the past had to use international sources which often can take many months to update and opportunities to monitor the market can be missed. Because Africa is a diverse continent, economists and strategists need more timely access to country-specific data via national sources to create tailored business, policy, trading and investment strategies to meet specific goals.
Africa continues to develop critical infrastructure, telecommunications, digital technology and access to financial services for its 1.3bn people. The World Bank estimates that over 50% of African inhabitants will be under 25 by 2050. This presents substantial opportunities for investors who can spot important trends and make informed decisions based on robust and timely economic data.
Stuart Brown, Group Head of Enterprise Data Solutions, Refinitiv, said: “Africa’s growing, dynamic and fast evolving economies makes it a focal point for financial markets today and in the coming decades. As part of LSEG’s commitment to empowering the global markets with accurate and timely data, we are excited about making these unique datasets available via the Refinitiv Data Platform. Our economic data coverage of Africa will provide our customers with deeper and broader inputs for macroeconomic analyses and enable more effective investment strategies and economic research.”
Refinitiv Africa economic data coverage:
- Africa economics content comprises around 500,000 nationally sourced time series data covering 54 African nations
- Content is sourced from national statistical offices, central banks and other key national institutions
- The full breadth of economics categories in Datastream including national accounts, money and finance, prices, surveys, labor market, consumer, industry, government and external sectors
- International sources including OECD, World Bank, IMF, African Development Bank, Oxford Economics & more provide comparable data & forecasts across the continent
Refinitiv® Datastream® has global macroeconomics coverage to analyze virtually any macro environment, and better understand economic cycles to uncover trends and forecast market conditions. With over 14.2 million economic times series map trends, customers can validate ideas and identify opportunities using Refinitiv Datastream. Access its powerful charting tools, 9,000 pre-built chart templates and chart studies for commonly used valuation, performance, and technical and fundamental analysis.
Refinitiv continually grows available data – the China expansion in 2019 covered a unique combination of economic and financial indicators. Refinitiv plans to expand Southeast Asia covering Thailand, Vietnam, Philippines and Malaysia with delivery expected in 2021. This ensures that Refinitiv will have much needed emerging market economic content.
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