Connect with us

Economy

‘Cut Interest Rates to Assist Skilled Graduates’

Published

on

Interbank rate
  • ‘Cut Interest Rates to Assist Skilled Graduates’

An All Progressives Congress (APC) member in Lagos and a House of Representatives aspirant has advised governments and banks to support graduates of skills empowerment institutions by reducing loans’ interest rates for them.

Martins Owodunni Iwonlanwe, who gave the advice at 120 trainees’ graduation at TREM City, Wilmer, Lagos, said it is the only way beneficiaries of such programmes could be supported since many of them have no money to start off. He scored the empowerment training, which he sponsored, high and praised the graduates for their attendance and comportment during their training.

The trainer and Managing Director of Spotless World Skills Acquisition, Agim Immacualate, also praised the graduates saying: “I will score them 100 per cent. The trainees performed more than expected. You can’t train a person to make a cake or a pair of shoes in three days. But with this set of trainees, we did. They did marvelously well. They should keep it up. They should start something, no matter how small, even if it is N1000 they have, they should take off with.”

Wife of resident pastor TREM City of Joy, Olodi-Apapa, Princess Favour Nkere, advised the graduates on the need to go for further training. She said:“You have acquired knowledge, go for further training. Register a company, do complementary cards to sell yourself to enable people buy your products.’’ Her husband, Rev Chinedu Nkere, prayed for them, urging them to be God-fearing in their businesses.

A graduate of the training, Mrs Husainat Ibrahim, expressed delight with the sponsor and the trainer, saying she applied for the training and was picked without any hurdles. She promised to deploy her training in her fashion business.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

Continue Reading
Comments

Economy

Oil Prices Decline on Rising COVID-19 Cases

Published

on

Oil 1

Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally

Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.

Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.

global Oil prices While the price of US West Texas Intermediate (WTI) crude oil dipped from $40.97 per barrel it traded on Thursday to $38.78 on Friday.

Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.

“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.

Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.

As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.

This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.

In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.

Continue Reading

Economy

We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos

Published

on

Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff

The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.

Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.

The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.

Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.

“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.

The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.

Continue Reading

Economy

Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries

Published

on

Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations

The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.

Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.

The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”

Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.

“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.

“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”

He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending