Data from the Policy Development Facility (PDF) Bridge Programme indicates that Nigeria’s dependency on oil exports for government revenue (80%) and foreign exchange earnings (87%) has long been at odds with the sector’s contribution of just 8.33% to the country’s Gross Domestic Product (GDP). No thanks to the global oil shock triggered by the COVID-19 pandemic, Nigeria’s economic vulnerability is glaring as GDP growth declined by 6.1% and 3.6% in the second and third quarters of 2020.
Strengthening the non-oil export sector of the economy has therefore become a matter of utmost necessity and leading financial institution, Fidelity Bank PLC, is working assiduously to address this having recognised the need long before the Covid-19 pandemic.
In 2016, for instance, the Bank, in partnership with the Nigerian Export Promotion Council (NEPC) and the Pan-African University (PAU) launched the Export Management Programme (EMP). The programme, which is scheduled to hold in two locations across the country in October 2021, is an industry-focused programme aimed at equipping existing and prospective exporters with the knowledge needed to thrive in the non-oil export industry and the larger global export market.
While EMP 11 is scheduled to hold at the Lagos Business School (LBS), Lekki, Lagos between 4 and 8 October 2021; EMP 12 would hold at a soon-to-be announced venue in Kano State from 11 to 15 October 2021. The sessions would be facilitated by leading faculty from LBS, Nigerian Export Promotion Council (NEPC) staff as well as experts in financial management and exports.
“The benefits of supporting the non-oil sector of the economy cannot be overemphasized given the immense benefits that it provides to the economy and the nation in terms of providing much needed foreign exchange investments, increasing our Gross Domestic Product (GDP) and employment generation. This informs our decision to host the EMP regularly and we enjoin interested entrepreneurs to take advantage of this initiative to take their business to the next level,” explains Mrs. Nneka Onyeali-Ikpe, Fidelity Bank Plc’s Managing Director.
Over the years, Fidelity Bank, through the EMP, has empowered hundreds of individuals within the non-oil export sector with many beneficiaries attesting to the positive impact of the programme on their business. One participant, Mr. Odufeso Olusegun said, “The EMP which I was privileged to participate in was a real blessing to my business. It opened my inner eyes to the intricate details of taking my foodstuff supplies (domestically) to the next level of exportation.”
Like Mr Odufeso, many others have benefited immensely from this programme. Obianuju Nweke in 2019, commented, “This programme is amazing. The knowledge bank revealed to us was perfect. There were also many aspects in this sector that were taught and it got everyone really thinking about how to add the most value to the economy whilst making profits and building institutions. Great networking and collaborative opportunity. Awesome Job! Well done LBS and Fidelity Bank.”
Nitin Verma also added, “The programme is a good initiative in building capacity in the export space in Nigeria. It is highly educational and well delivered by highly skilled resource persons who are well knowledgeable in the subject matter. I believe participants have acquired the necessary skills to be able to compete in the export market for their own benefit as well as grow the Nigerian economy. Any agricultural exporter needs to attend a session like this. Very good one.”
Ben Chiobi described the programme as “An essential master-class for anyone desiring to be involved in the profitable export business.”
In addition to its contributions to the non-oil export through the EMP, The Bank has given out around N25 billion in new credit to indigenous businesses operating in the non-oil export and agriculture sectors in 2020. The Bank also leveraged partnerships with key players, including the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs), under different funding programmes aimed at enhancing the credit access of eligible agribusiness owners and non-oil exporters.
Through the support it is giving players in the non-oil and agribusiness sectors, Fidelity Bank is helping to improve Nigeria’s foreign exchange earnings and consequently its GDP.
To register for the EMP or to find out more information on the bank’s non-oil and agribusiness initiatives, kindly visit www.fidelitybank.ng .
Guaranty Trust Holding Company (GTCO): Profit After Tax Inches Slightly Higher in Q3 2021
Guaranty Trust Holding Company (GTCO Plc), Nigeria’s leading financial institution, grew profit after tax by 4.11 percent to N49.986 billion in the three months ended September 30, 2021.
The lender’s interest income drops by 7.48 percent to N68.945 billion in the third quarter under review, down from N74.518 billion achieved in Q3 2020.
Interest expense inched slightly higher to N13.057 billion in Q3 2021, representing an increase of 5.3 percent when compared to N12.397 billion filed in the same period of 2020.
As expected, GTCO’s net interest income moderated by 10.03 percent from N62.121 billion in Q3 2020 to N55.887 billion in Q3 2021.
Net interest income after loan impairment charges stood at N54.608 billion in Q3 2021, a decline of 7.04 percent from N58.745 billion recorded in Q3 20210.
However, GTCO was able to plug further decline with a 67.39 percent increase in fee and commission income. The bank realised N18.318 billion in fee and commission income in Q3 2021, up from N10.944 billion charged in Q3 2020.
Fee and commission expense increased slightly to N3.343 billion in the quarter under review, up from N2.239 billion in Q3 2020.
The bank grew net fee and commission income by 72.07 percent to N14.976 billion in Q3 2021 from N8.704 billion achieved in Q3 2020.
Also, the bank’s net gains on financial instruments classified as held for trading dipped slightly to N8.048 billion in Q3 2021. While other income improved from N11.157 billion in Q3 2020 to N15.283 billion in Q3 2021.
Profit before income tax grew slightly by 2.11 percent to N58.852 billion in Q3 2021 from N57.638 billion in Q3 2020. The bank paid N8.866 billion in taxes in the period under review.
GTCO loses N9.491 billion to forex differential in the third quarter but also made N2.847 billion due to forex differential to take its total comprehensive income for the quarter N44.618 billion.
Wema Bank Changes Date of Board Meeting to October 26, 2021
Wema Bank Plc, one of Nigeria’s banks, on Monday announced it has changed the date of its board meeting from October 26, 2021 to October 28, 2021.
The lender disclosed in a statement signed by Johnson Lebile, Company Secretary and Legal Adviser.
The statement reads, “Further to the previous notice of September 30, 2021, in line with the Rules of the Nigerian Exchange Limited (the Exchange), we hereby inform the investing public that the meeting of the Board of Directors of Wema Bank Plc (the Bank or Company), earlier scheduled for October 26, 2021 to consider and approve the Company’s third quarter performance and Unaudited Financial Statements for the period ended 30 September 2021 (2021 Q3 UFS) along with other corporate actions, has been rescheduled to hold on October 28, 2021 at 10.00 a.m. in Lagos.
“The Company’s Closed Period which commenced on 1 st October 2021 will continue until 24 hours after the Bank’s 2021 Q3 UFS and other corporate actions have been made public in line with the Rulebook of the Exchange.”
Stanbic IBTC Reiterates Strategic Youth Agenda
Determined to further strengthen the strategic position young Nigerians occupy in the country, Stanbic IBTC, a member of Standard Bank Group, has continued to promote various programmes to get Nigerian youths engaged and empowered for better productivity and participation in the development of the nation.
The Group aimed one of its initiatives, the ‘Youth Leadership Series’ (YLS), at deepening financial and entrepreneurial knowledge among Nigeria’s younger generations. The initiative, which was launched in 2018, is held in institutions of higher learning across the nation and brings together mentors from across various sectors of the economy to encourage and inspire the next generation.
Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, spoke of the initiative. He stated that through one of the organisation’s CSI pillars, ‘economic empowerment’, the YLS was birthed as an avenue to get young Nigerians engaged and empowered to become future business leaders.
He said that Nigerian youths required support, guidance, and empowerment to propel them to the pinnacle of their various fields, and added that innovative projects and tech disruptions championed by youths in virtually every sector have proved their ingenuity, skill, brilliance, and resourcefulness.
Sogunle further stated that since youths easily get distracted by different challenges, the organisation wanted to ensure that they were aptly and constantly guided, mentored, inspired, and motivated, not just to attain their goals but to actualise their full potentials.
This year’s event which held virtually attracted youths from across Nigeria and various parts of the world including the UK, USA and UAE. It featured an array of speakers – Debo Adebayo, better known as Mr. Macaroni and Ms. Ifedayo Agoro, the founder of Diary of a Naija Girl (DANG), an online lifestyle website, who spoke on ‘Winning with Social Media’; the duo of Olumide Soyombo, co-Founder, Bluechip Technologies and Tracy Batta, co-Founder, Smoothie Express who spoke on ‘Winning with Entrepreneurship’; while Akin Bamidele Akintola, Head of Equity Sales, Stanbic IBTC Stockbrokers and Yanmo Omorogbe, co-founder of Bamboo Invest, an investment platform that allows Nigerians to invest in United States stocks, both spoke on ‘Winning with Investments’.
All speakers shared their entrepreneurial experiences, challenges, and success stories in these areas.
Speakers at previous editions of the YLS included Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005, who later went on to bag a First Class Degree from the University of Thomas Houston, Texas and emerged a finalist at America’s Got Talent; Member Feese, survivor of the United Nations Building bomb blast in Abuja and Cobhams Asuquo, renowned music producer, who was born blind.
Also, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota and in alignment with the 73rd session of the United Nations General Assembly (UNGA) in New York City, engaged Nigerian youths on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.
The organisation also said that some needs of youths have been catered to with the Stanbic IBTC BluEdge Youth Account, targeted to help students and youths cultivate a savings culture very early in life.
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