Connect with us

Markets

TraderMoni: Osinbajo Introduces Interest-free Loan To Lagos Petty Traders

Published

on

Obasanjo
  • TraderMoni: Osinbajo Introduces Interest-free Loan To Lagos Petty Traders

TraderMoni, an initiative of the Federal Government (FG) and the Bank of Industry (BoI), was on Monday introduced in Lagos, by the Vice President, Prof. Yemi Osinbajo.

The interest-free loan was introduced at the Oshodi, Bariga and Ketu markets in Lagos state.

Speaking at the event, the Vice President, said since the scheme was introduced it has helped over 800,000 traders across the nation, each of them received N10,000.

The scheme, according to the Vice President, has now been introduced in Thirty-Three (33) states and is expected to reach up to Two (2) million beneficiaries by the end of 2018.

“TraderMoni, which is part of the Federal Government’s Social Investment Programme, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000”, Professor Yemi Osinbajo said.

“Through TraderMoni scheme, the Muhammadu Buhari administration aims to take financial inclusion down to the grassroots, and uplift Nigerians at the bottom of the pyramid, considering the contribution of petty traders to economic development,” the Vice President added.

TraderMoni is an initiative set up to provide capital in form of a loan to petty traders, artisans and small-scale farmers nationwide.

The scheme, offers free-interest loans of N5,000 and 10,000 to petty traders; when they repay weekly within a period of six (6) months, they are given access to higher loans of N20,000 and N50,000.

It is worthy to note that under the Federal Government powered Social Investment Programme comes the TraderMoni and MarketMoni scheme which have severally been confused as same.

The TraderMoni is targeted to benefit petty traders, while the MarketMoni is aimed to benefit the medium-scale traders.

Also, while the TraderMoni starts at N5,000 and N10,000, the MarketMoni starts at N50,000.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

Published

on

markets energies crude oil

The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

Continue Reading

Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

Published

on

oil

Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

Continue Reading

Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Published

on

Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

Continue Reading

Trending