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Manufacturers Receive N2 Trillion Loans in One Year

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  • Manufacturers Receive N2 Trillion Loans in One Year

Deposit Money Banks granted manufacturers across the country a total of N2.01 trillion loans between July 2017 and June 2018, the banking sector credit report of the National Bureau of Statistics has shown.

The report published on Thursday, however, showed that the credit to the manufacturing sector declined by N239 billion from N2.26 trillion recorded in the previous year.

A further look into the report indicated that credit started declining in the third quarter of 2017, when the total credit granted to the manufacturing sector dropped from N2.26 trillion to N2.17 trillion in the fourth quarter of 2017. Suggesting that the surged in global crude oil price above the $70 a barrel by the end of the third quarter of 2017 boosted oil and gas sector attractiveness to DMBs at the expense of real sectors like manufacturing, services etc.

But between the fourth quarter of 2017 and the first quarter of 2018, the report showed credit declined further by another N100 billion from N2.17 trillion to N2.07 trillion.

However, the decline continued during the second quarter of 2018, dropping from N2.07 trillion to N2.01 trillion.

The drop in credit to the manufacturing sector is not in line with the Federal Government’s objective as stipulated in its Economic Recovery and Growth Plan.

According to the growth plan, the government would support and promote the sector through effective policies and ensure an average growth of 8.48 per cent between 2018 and 2020.

The sector is expected to expand from -5.8 percent in 2017 to about 10.6 percent by 2020.

Experts have blamed the lackluster growth of the sector on limited access to credit and financial services, poor infrastructure and unreliable power supply that forces businesses to spend more on operating cost, therefore, reducing their competitiveness and profitability.

The Regional Director, United Nations Industrial Development Organisation, Jean Bakole, called on the DMBs to provide credit support to entrepreneurs across the country.

“There is no doubt that Nigeria’s SME sector is the largest employer of labour in the country today. However, there is a major challenge that should be at the back of our minds. This relates to how to formalise and grow the large micro enterprises estimated to be over 37 million enterprises in 2013, according to SMEDAN/NBS survey of the Small and Medium Enterprises,” Bakole said.

“The financial institutions should think of ways to support these trained entrepreneurs to start up or expand their businesses, especially those who are able to develop a bankable business plan.”

“Particular attention should be paid to the issue of collateral for youth and women to enable them to access finance for start-ups or expansion of their businesses.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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ARISE News Channel Goes Global: Launches in Nine Southern African Countries

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Arise News

ARISE News Channel, a prominent Nigerian cable news network, has reached another significant milestone in its journey to become a global media powerhouse.

The channel has officially gone live in nine Southern African countries, including South Africa, Angola, and Botswana.

This expansion was made possible through a partnership with Multichoice/DSTV, with ARISE News Channel now available on Channel 416.

Alongside South Africa, Angola, and Botswana, the channel is now accessible to viewers in Lesotho, Malawi, Mozambique, Namibia, Swaziland, Zambia, and Zimbabwe.

In a statement released by the Chief of Staff to Chairman/Editor-in-Chief of ARISE News Channel, Fauziya Ali Mohammed, it was revealed that the channel’s presence now spans 54 African countries.

Mohammed explained that ARISE News Channel is committed to delivering high-quality news coverage across the continent, showcasing various facets of African life, including business, politics, technology, commerce, science, sports, show business, and fashion.

ARISE News Channel, which celebrated its 11th anniversary earlier this year, has earned acclaim for its Emmy-winning programming.

It has become a leading broadcaster in Africa, offering audiences a diverse range of content while projecting the best of Africa’s culture and people to the world.

Chairman/Editor-in-Chief of ARISE News Channel, Nduka Obaigbena, expressed his excitement about the channel’s expansion into Southern Africa, emphasizing its commitment to promoting African narratives globally.

Obaigbena highlighted ARISE News Channel’s dedication to showcasing the continent’s potential and celebrating its achievements on the global stage.

The channel operates around the clock from studios located in Lagos, Abuja, Johannesburg, Cape Town, London, and New York.

Its coverage extends beyond traditional broadcasting platforms, reaching viewers across Europe, North Africa, the Middle East, and the United States through various channels and streaming services.

With its latest expansion into Southern Africa, ARISE News Channel continues to solidify its position as a leading voice in African media, shaping narratives and fostering dialogue on issues of regional and global significance.

As the channel continues to grow its global footprint, it remains dedicated to providing audiences with insightful and impactful journalism that reflects the dynamism and diversity of the African continent.

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Air Peace Flight Delayed, Passengers Stranded After Failed Promise of Hotel Stay

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Passengers aboard an Air Peace flight from Abuja to Owerri found themselves in a state of disarray and frustration after a series of delays and unmet promises left them stranded without accommodations.

What was supposed to be a routine flight scheduled to depart Abuja at 4:30 PM and arrive in Owerri at 5:30 PM turned into a nightmare as the flight was delayed until 6:18 PM due to a reported lack of a pilot.

However, midway through the journey, passengers were informed that the flight couldn’t proceed to Owerri because the airport there would close by 6:40 PM.

The flight was forced to return to Abuja, where passengers endured further uncertainty as they waited for over 20 minutes to receive any communication from the airline. Eventually, they were informed of plans to provide a bus to transport them to a hotel for accommodation.

However, this promise was not fulfilled, leaving passengers stranded and scattered around the airport.

One passenger, who had already experienced delays with another airline earlier in the day, expressed frustration at the lack of accountability and protection for travelers.

The incident highlights the ongoing challenges faced by passengers in Nigeria’s domestic aviation sector and raises questions about the adequacy of regulations to safeguard passengers’ rights.

Attempts to reach Air Peace for comment on the situation were unsuccessful at the time of reporting.

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Emirates Halts Check-Ins Amid Severe Weather Disruption

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Emirates Airline

Emirates, the largest international airline, has taken the unprecedented step of halting all passenger check-ins for the day.

The move comes as the emirate grapples with severe weather disturbances, including heavy rainfall and storms, leading to widespread travel chaos in one of the world’s busiest aviation hubs.

The airline announced that check-ins for all passengers would be suspended from 8 am local time until midnight, as the adverse weather conditions continue to wreak havoc on travel plans.

Despite the disruption, Emirates assured that transit passengers would still be allowed to proceed to their connecting flights.

Dubai, known for its modern infrastructure and bustling aviation industry, has been brought to a standstill by the relentless rainfall and storms.

The inclement weather has resulted in delayed or diverted flights, leaving travelers stranded and adding to the existing challenges posed by the ongoing global pandemic.

Emirates has pledged to exert all efforts to restore its scheduled operations and provide support to affected customers amidst the chaos.

However, the extent of the disruption caused by the adverse weather conditions underscores the resilience and adaptability required to navigate unforeseen challenges in the aviation sector.

As the situation unfolds, authorities and airline personnel are working tirelessly to mitigate the impact of the severe weather on travel operations and ensure the safety and well-being of passengers.

Despite the temporary setback, Emirates remains committed to maintaining the highest standards of service excellence and operational efficiency, even in the face of unprecedented challenges posed by Mother Nature.

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