- Loans to Oil Sector Increase by N300 Billion in Q2
Positive global oil outlook boosted the attractiveness of the Nigerian oil sector in the second quarter (Q2) of the year.
According to the National Bureau of Statistics (NBS), loans to the sector rose by N300 billion from N3.42 trillion in the first quarter to N3.45 trillion in Q2.
The report also showed loans granted by banks to private sector dropped from N16 trillion in the first quarter to N15.34 trillion in the second quarter of the year. Representing a difference of N600.60 billion and the sixth consecutive quarter of decline.
Frank Jacobs, president, Manufacturers Association of Nigeria (MAN), said banks are finding it hard to lend to the real sector as stipulated by the Central Bank of Nigeria (CBN).
Credit facility to the manufacturing sector drop from N2.07 trillion in the first quarter to N2.01 trillion in the second quarter. Still, below CBN requirement.
“One of the greatest challenges facing the manufacturing sector in the country is lack of long-term financing and high-interest rate,” Jacobs said.
“It is quite disturbing to us that the banks are not lending as much as we need because that is the only way to grow the economy.”
Accordingly, Mr Madu Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI) said more fund should be provided to the private sector to better stimulate productivity and aid economic diversification plan of the government.
However, he said declining loans indicate unfavourable business environment as lenders are generally risk-averse, therefore, until government address these challenges, the trend may not change anytime soon.
Despite the surge in business loans to the oil sector, the sector contracted by 3.95 percent during the quarter and 7.48 percent when compared to the first quarter of 2018.
Again, foreign investment inflow into the sector dropped by 70.98 percent or $60.77 million to $24.85 million in the second quarter. Suggesting that investors are wary of growing uncertainty ahead of the forthcoming general election.
Angry South Africans Protest in Front of Nigerian Embassy, Demand Deportation of Illegal Immigrants
South Africans Marched to the Nigerian Embassy, Demand Deportation of Illegal Immigrants
A group of South African protesters on Tuesday marched to the Nigerian embassy in Pretoria to demand an end to the influx of Nigerians into Africa’s most industrialised economy and the deportation of all illegal immigrants.
According to protesters, under the banner of #PutSouthAfricanFirst, the South African government has failed to put the country first, therefore, they are calling for the deportation of all illegal immigrants and revocation of grants and other state benefits.
The group, alongside other groups like South Africa First and Only One SA, have handed over a memorandum of demands at the Nigerian Embassy.
Action for change’s Nandi Gachwari said their demands were clear.
“We demand an end to human trafficking in Pretoria and, broadly, South Africa; the deportation of all illegal immigrants; the exposure of corruption in flawed Home Affairs processes that grant citizenship to undeserving foreign nationals.”
Nigerian High Commissioner to South Africa, Kabiru Bala, said he has accepted the memorandum but it was unfair that only Nigerians were being blamed for South Africa’s social and economic ills.
Jumia Boss Juliet Anammah is Now Flour Mills Board of Director
Juliet Anammah is Now Member of Flour Mills Board Directors
The Chair of Jumia Nigeria Board, Juliet Anammah, has been appointed by Flour Mills of Nigeria Plc to join its Board of Directors.
This was made known in a regulatory filing by Flour Mills to the Nigerian Stock Exchange.
According to the company, Anammah appointment is effective September 10, 2020.
Speaking on the new appointment, John Coumantaros, the Chairman of the Board of Flour Mills of Nigeria, said “I am truly excited to welcome Juliet to the Board of Directors. Her over 28 years of executive leadership experience in business consulting and e-commerce in Africa will be of tremendous value to FMN, as we continue to position the group to take advantage of the changing consumer landscape in the foods and agro-allied sectors.
“Her appointment represents our determination to ensure that we have a diverse mix of skills and viewpoints on the FMN Board and continue to fulfil our purpose of feeding the nation, every day.”
Anammah served as Non-Executive Director at Diamond Bank Plc between July 24, 2017, and October 24, 2018.
Nigerian Physician Dr. Tunji Funsho Named one of TIME’s Most Influential People in the World
TIME named Nigerian physician Dr. Tunji Funsho to the 2020 TIME100, its annual list of the 100 most influential people in the world. The full list and related tributes are available now at time.com/time100.
The list, now in its seventeenth year, recognizes the activism, innovation and achievement of the world’s most influential individuals.
Dr. Funsho, a cardiologist based in Lagos, Nigeria, is the first Rotary member to receive this honor for the organization’s work to eradicate polio, having played an essential role in ensuring Africa’s certification as wild polio-free in August of 2020.
“I’m honored to be recognized by TIME for my part in ensuring that no child in Africa will ever again be paralyzed by wild polio, a disease that once disabled 75,000 African children every single year,” said Dr. Funsho. “Eradicating the wild poliovirus in Africa was a team effort that required the cooperation and dedication of governments, partners, Rotary members, hundreds of thousands of health workers, and countless parents who chose to have their children vaccinated against polio.”
As the leader of Rotary’s Nigeria National PolioPlus Committee, Funsho has worked alongside Rotary members throughout the country to raise awareness about the importance of polio immunization, encouraged governments and public figures to support polio eradication, and served as a vocal leader and advocate for Rotary’s fight to end polio in Africa.
Dr. Funsho works closely with Rotary’s partners in the Global Polio Eradication Initiative (GPEI): the World Health Organization (WHO), UNICEF, the U.S. Centers for Disease Control and Prevention, the Bill & Melinda Gates Foundation, and Gavi, the Vaccine Alliance. As a member of Nigeria’s Presidential Task Force on Polio, he has coordinated immunization and advocacy campaigns with the Minister of State for Health and the Inter-Agency Coordination Committee for Polio Eradication. He has also worked closely with the Sir Emeka Offor Foundation, the Dangote Foundation, the Traditional Leaders Council and the Federation of Muslim Women’s Association of Nigeria.
In August 2019, Nigeria reached three years without a case of wild poliovirus. Nigeria’s progress, led by Rotary, its GPEI partners and local and national governments, was the result of decades of sustained efforts, including domestic and international financing, the commitment of hundreds of thousands of health workers, and innovative strategies to immunize children who previously couldn’t be reached due to insecurity in the country’s northern states.
On 25 August, the African region was certified wild polio-free. This historic announcement means that five of the WHO’s six regions, representing more than 90 percent of the world’s population, are now free of the wild poliovirus. The virus is now endemic in just two countries, Afghanistan and Pakistan.
Rotary’s nearly 32,000 members in Africa have played a critical role in helping the region achieve its wild polio-free status by holding events to raise funds and awareness for polio, and working with world governments and national and local leaders to secure funding and support for polio eradication.
Business2 months ago
Nneka Ede Purchases Portuguese Football Club, Lusitano Ginasio Clube
News3 months ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Business3 months ago
Seplat Appoints Emeka Onwuka as CFO, Executive Director
Forex3 months ago
Naira-USD Exchange Rate to Hit N430 – Report
Finance3 months ago
DSS Arrests EFCC, Acting Chairman, Magu
Government3 months ago
FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000
Forex3 months ago
Naira Declines Against Pound, Euro After Devaluation
Business3 months ago
TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall