- DBN to Empower MSMEs With N100bn
Development Bank of Nigeria has said it will empower Micro, Small and Medium Enterprises segment with N100bn before the end of 2019.
In a statement, the Chief Economist, DBN, Prof Joseph Nnanna, disclosed this at the fifth edition of the Refined Economic Development quarterly lecture at the University of Abuja.
In his presentation titled, ‘Contemporary strategies for financial inclusion and prosperity in Nigeria,’ Nnanna reiterated that MSMEs were the backbone of any economy, considering the fact that the segment made up over 90 per cent of all firms and accounted for an average of 60 to 70 per cent of total employment, and roughly 50 per cent of Gross Domestic Product of Nigeria.
It stated that a 2018 survey by the International Finance Corporation showed that only 31 per cent of MSMEs in Nigeria had ever obtained a loan from a financial institution, commercial or micro finance bank.
Nnanna said that reasons for the low figure included lack of collateral, problems with credit history, and unfavourable worthiness of the prospective borrowers.
He stated, “For Nigeria as a whole, we are trying to achieve more access to finance for the MSMEs, because we believe they are the engine that grows any economy in any part of the world.
“This year alone, the DBN plans to disburse N100bn to MSMEs and we are quite on track as it is already.
“We are very confident that we will achieve that this year and beyond.”
To aid in reducing the risks associated with the MSME segment, Nnanna said, “DBN offered partial risk sharing (credit guarantees) with prospective financial institutions granting credit to the operators in the segment.
“In 2018, 22.74 per cent of total credit was allocated to the oil and gas sector and 13.75 per cent was allocated to the manufacturing sector. Conversely, sectors where the MSME participants operate include agriculture which total credit allocated was a paltry 3.16 per cent, general/trade and commerce 6.89 per cent and education which credit to this sector remains subdued, received 0.41 per cent (NBS, 2018).”
According to the don, limited access to finance for the MSME segment severely constrained opportunities for economic diversification in Nigeria.
He noted that from a macro-economic examination, there was “a crowding out effect,” due to government borrowing.
“As a result, over a period of one year, we witnessed an increase in treasury bill rates peaking at 18 per cent in 2017. At the same time, banks facing a challenging external environment worked to reduce risks, crowding out liquidity to real sector including MSMEs.”
MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games
MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.
The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.
According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.
Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”
MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.
President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State
President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.
President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.
The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.
Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.
President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.
Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.
“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.
“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.
Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others
Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.
Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.
Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.
Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.
Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.
Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.
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