- BoI Gives Loans to 7,000 Entrepreneurs in C’River
The Bank of Industry has disbursed micro-credit loans ranging from N50,000 to N100,000 to over 7,000 beneficiaries in Cross River under the Federal Government’s Enterprise and Empowerment Programme.
According to a statement from the bank, the Executive Director, Micro Enterprise, BoI, Mrs. Toyin Adeniji, stated this recently in Calabar during the presentation of loan certificates to beneficiaries in the state.
Toyin explained that GEEP was one of the social intervention programmes of the Federal Government executed by the BoI to facilitate easy access to interest-free loans for market women, traders, farmers, cooperatives and youths.
She said, “The GEEP programme is the one that touches the hands of the people and has immediate direct impact on their lives. It is also a micro programme, very easy to access and everyone is qualified to access once you are into one commercial business or the other.
“The programme is targeted at market women, artisans, youths and small holder farmers. Today, the government is giving out loans in the region of N50,000 to N100,000. The loans are payable over six months and they are payable in weekly instalment so that it can be easy for the beneficiaries.
According to her, BoI has been given a task to make sure that the money gets to 1.6 million beneficiaries across Nigeria.
She further said that the bank disbursed about N185m to over 3,840 beneficiaries across 105 associations in Cross River State in 2017.
The Cross River State Commissioner for Women Affairs, Mrs. Stella Odey, was quoted as saying that the initiative had engaged women and youths in the state in meaningful activities.
She said, “I must commend the Federal Government for the laudable initiative of helping our women, artisans, farmers and youths to grow their small businesses.
“Cross River State places premium on the empowerment of women; what we have seen here today shows clearly that the Federal Government is determined to engage the citizens in productive ventures.”
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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