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Again, Dangote crashes diesel, Aviation fuel prices further to N940, N980 respectively

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Again, Dangote crashes diesel, Aviation fuel prices further to N940, N980 respectively

Dangote crashes diesel price, Dangote refinery

Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively.

 

This is coming at the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.

 

The price change of N940 is applicable to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above.

 

Speaking on the new development, the Head of Communication, Mr Anthony Chiejina, explained that the new price is in consonance with the company’s commitment to cushion the effect of economic hardship in Nigeria.

 

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price, in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”

 

He further stated that the partnership will be extended to other major oil marketers. “The essence of this is to ensure that retail buyers do not buy at exorbitant prices.

 

“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.

 

It would be recalled that the management of Dangote Petroleum Refinery announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely two weeks ago.

 

This marks the third major reduction in diesel price in less than three weeks when the product sold at N1,700 to N1,200 and also a further reduction to N1,000 and now N940 for diesel and N980 for aviation fuel per litre.

 

Nigerian President Bola Tinubu had also commended Mr Dangote for the initial price reduction, describing it as an “enterprising feat.”

 

Reacting to the latest development, The Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, said that “The decision of Dangote Refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940 is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.”

 

He added that “The trickledown effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

 

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country; a lot of companies will be back in operation.”

Governor Adeleke Confirms First Wife, Titilola As Official First Lady To End Public Debate

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Governor Adeleke Confirms First Wife, Titilola As Official First Lady To End Public Debate

It has taken an official visit by the President’s wife, Oluremi Tinubu to Osun state for the record to be finally set straight regarding who is the state’s official First Lady -more than a year and had since Governor Ademola Adeleke took office. The governor, yesterday, has had to clarify that Titilola Adeleke, his wife, is the state’s First Lady -and not his second wife, Ngozi Adeleke.

This has finally brought a close to arguments over the issue. Before now, Erelu Ngozi Adeleke has been engaged in activities in her capacity as a wife of the Governor and oftentimes addressed as First Lady in the media.

 

There was confusion on Monday after two different fliers emanated from the offices of Ngozi and Titilola, Adeleke’s wives, welcoming Oluremi Tinubu, Nigeria’s first lady, to the state. On both fliers, the two women were addressed as the first lady of Osun state which sparked a wave of mixed reactions on social media.

 

The Governor in a statement through his spokesman, Olawale Rasheed, has however clarified that there is “no confusion on this official position”. He stressed that Titilola is the state’s first lady and would be the one to host Oluremi Tinubu on her arrival. He also said the second flier was not authorised by Ngozi, adding that the person behind it had been “nabbed and questioned”.

 

“For clarification, Chief (Mrs) Titilola Adeleke, the First Lady of Osun State, is officially hosting the First Lady of the Republic tomorrow in line with the directive of Mr Governor. There is no confusion on this official position. The state government under Governor Ademola Adeleke is set to receive the First Lady and her team in Osun State.” the statement reads.

BRANDED: KayiApp: Revolutionizing Banking with its Cutting-Edge Super App

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BRANDED: KayiApp: Revolutionizing Banking with its Cutting-Edge Super App

In the rapidly evolving landscape of digital banking, KayiApp has emerged as a game-changer that is reshaping the way people manage their finances. Unveiled in October 2023, KayiApp is a digital bank that offers a comprehensive suite of services tailored to meet the diverse needs of its customers. With its innovative approach and commitment to providing a seamless banking experience, KayiApp is quickly gaining recognition as a leading player in the industry.

 

The Power of the Super App:

 

At the heart of KayiApp’s success lies its groundbreaking Super App, which is now rolling out across all channels, from its physical branch at 61 Maganda Road in Kano to its digital platforms on USSD by dialing *5294#; on web at https://kayi.ng, and mobile app (MyKayiApp) available on the Play Store and App Store. This Super App consolidates a wide range of features and functionalities, empowering users to effortlessly manage their finances in a single, user-friendly interface.

 

Effortless Money Transfers:

 

KayiApp sets itself apart by offering customers unparalleled convenience when it comes to sending and receiving money. With its easy-to-use options, users can securely transfer funds both online and offline, enabling seamless transactions across borders. Whether you’re a business owner looking to transact globally or an individual sending money back home, KayiApp ensures that your funds reach their destination swiftly and efficiently.

 

Multi-Currency Transactions:

 

Recognizing the global nature of modern banking, KayiApp supports transactions in multiple currencies. This feature allows users to transact locally and internationally, eliminating the need for multiple accounts or currency conversion hassles. Whether you’re conducting business in China, Dubai, London, Riyadh, Rabat, Texas, Lagos, or Mumbai, KayiApp empowers you to transact with ease, regardless of your location.

 

Cutting-Edge Security:

 

KayiApp takes the security and privacy of its customers’ financial information seriously. Leveraging blockchain and other Web 3 technologies, the platform integrates state-of-the-art cybersecurity solutions to create an impenetrable financial ecosystem. Users can have peace of mind knowing that their transactions and personal data are protected with the highest level of encryption and advanced security measures.

 

Empowering Financial Growth:

 

Beyond its core banking services, KayiApp goes the extra mile to support the financial growth of its customers. The platform offers a range of additional services, including stock investments, insurance coverage, convenient loan options, secure crypto transactions, and a structured savings program designed to provide impressive returns. With KayiApp, users have access to a comprehensive range of financial tools and resources to help them achieve their goals.

 

Conclusion:

 

KayiApp is revolutionizing contemporary banking through its cutting-edge Super App and comprehensive suite of financial services. By combining convenience, security, and innovation, KayiApp is empowering individuals, businesses, and the African diaspora to manage their finances effortlessly and seize opportunities in the emerging African market. As the digital banking landscape continues to evolve, KayiApp is at the forefront, driving the transformation of banking as we know it.

Price of rice crashes to N42,000 from N90,000 per bag

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Price of rice crashes to N42,000 from N90,000 per bag

The price of a bag of rice, a staple food in Nigeria, has dropped from N90,000 to between N42,000 to N67,000 in Abuja, Lagos, Ogun and some other states.

 

This crash in the price of rice, Politics Nigeria understands, may not be unconnected with the rebound of the naira against the dollar.

 

In some communities close to the country’s borders with other countries, it was gathered that a 50kg bag of rice was selling at a much lower rate compared to what was obtained in the cities.

 

For example, in Ogun border communities like Imeko, Idiroko, Oja-Odan, and others, a bag of rice was selling for around N49,000 or below, according to Punch.

 

According to Mayowa Tosho, a bag of rice now sells for N42,000 at Saki, a border community in Oyo State.

 

Recall that the removal of subsidy on petrol and the floating of the naira by the Bola Tinubu administration in 2023 shot up the prices of food items, leading to high inflation.

 

As the dollar fell against the dollar, the price of rice soared to as high as N90,000 in Lagos between February and March.

 

However, a visit to various markets across Lagos, Abuja, Ogun, and others, confirmed that the food items were on a downward trend.

 

Selected rice sellers in Agege and Oshodi markets said the price of rice had been reduced to between N65,000 and N63,000 compared to December 2023 and January 2024, when the staple was sold between N75,000 and N80,000.

 

The traders noted that the long grain rice, which sold between N42,000 and N50,000 mid-last year, jumped to N80,000 in January 2024.

 

In Oshodi, Ogechukwu Amadi noted that she bought a bag of rice between N74,000 and N76,000 in December and sold it for N83,000 during the period.

 

According to Amadi, she now buys rice for around N60,000 and sells it for N63,000.

 

“Our purchase rate will always determine our selling price. In most cases, wholesalers usually add about N2,000 to their selling price, and this has caused non-uniformity in the prices traders sell in the market.

 

“In December, I was buying between N74,000 and N76,000. But I now sell for N65,000 and sometimes N62,000, depending on who sold the stock to me,” she said.

 

Another trader in the Agege market, who simply identified himself as Ade said the price of the 50kg bag of rice had been reduced to around N60,000.

 

“We can only thank God that the hardship is not as serious as it was in February. Rice practically turned gold, but we thank God today. I wish it could return to N40,000,” he said.

 

Similarly, the price of a 50kg bag of rice dropped in different parts of Ogun State.

 

Checks reveal that the prices differ based on the proximity of the areas to the borders with the Republic of Benin, as communities like Imeko, Ilara, Idiroko, Ipokia, Oja-Odan, and others get the commodity cheaper.

 

“I bought one bag of rice for N47,000 in Ilara last week. It was close to N70,000 in February and March, even here at the border. But now it is coming down,” a trader, who identified herself as Adeyinka, said on Monday.

Cost of pain killers surges by 200% in Nigeria

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Cost of pain killers surges by 200% in Nigeria

In the bustling heart of Lagos, 58-year-old Emeka Joshua, a retired teacher, stands at the counter of a local pharmacy.

 

With a furrowed brow, he hesitates before reluctantly handing over. N800 more for a routine pain medication.

 

“These drugs used to cost me half of this price just last year,” he remarks, echoing a growing concern among millions across Nigeria.

Since 2022, the cost of pain medicines in Nigeria has surged by over 200%, placing a significant burden on the shoulders of ordinary Nigerians.

 

Amidst an economy grappling with soaring inflation and a depreciating currency, this increase is more than just a statistic. It is a daily challenge affecting the health and finances of countless individuals.

 

Recommended reading: FG to sign executive order to curb escalating drug prices

Factors behind the surge

Inflation

 

In March 2024, the already strained pockets of Nigerian consumers faced yet another challenge as the National Bureau of Statistics (NBS) reported an alarming inflation rate of 33.2%.

 

This significant increase from the previous year’s 22.04% in March 2023 highlights a troubling trend of steadily rising costs across various sectors, including food, beverages, electricity, fuel, and housing.

Such increases have not only strained household budgets but have also sharply pushed up the prices of essential items, notably pain medications.

The inflation rate in 2022 stood at 18.85%, up from 16.95% the year before.

This gradual yet persistent rise has cascaded into a severe impact by 2024, directly affecting the affordability of healthcare.

Pain medications, critical for managing chronic and acute conditions, have seen their prices surge, placing them out of reach for many.

Forex

In 2022, the US Dollar to Nigerian Naira exchange rate saw fluctuations, averaging around 445.42 Naira per US Dollar in December. The monthly rates peaked at 448.84 and dipped to a low of 443.83 during the same period.

 

The current average exchange rate hovers around 1147.029 Naira per US Dollar (April 2024), marking a staggering 158% increase from the rates observed in 2022.

 

This rate, which is the most favourable of the year, highlights a sharp contrast to the near 2000 Naira per US Dollar rates at the year’s start.

This escalation in the exchange rate has profound implications for the pharmaceutical sector, notably impacting the costs associated with manufacturing, importing raw materials, and acquiring equipment and machinery.

Additionally, expenses related to logistics, distribution, and packaging materials have surged, compounding the challenges faced by pharmaceutical companies in managing operational costs and maintaining reasonable pricing for essential medications like pain relievers.

Nairametrics has put together a comprehensive comparison of over-the-counter pain medication prices, detailing the changes between 2022 and 2024.

 

Implications of rising medication costs on Nigerians

A pharmacist who spoke to Nairametrics under the condition of anonymity highlighted that the escalating prices of medications have significantly affected pharmacy sales.

 

The pharmacist noted that as prices climb, Nigerians are increasingly turning to more affordable alternatives, including herbal concoctions, or buying smaller quantities of pain medications than usual.

“Regarding changes in consumer behaviour, people are opting for less expensive options if available. When specific medications are necessary, they purchase them in smaller amounts,” the pharmacist explained.

 

One customer shared with Nairametrics his strategy of enduring pain to minimise medication costs, resorting to painkillers only when absolutely necessary.

 

“I try to manage the pain before deciding to buy medicines,” he said.

 

Healthcare professionals have expressed concerns that rising costs are severely impacting medication adherence.

 

“This leads to misuse,” noted one health worker. “Most patients take a single dose and then try to see how long they can last before the pain forces them to take another.”

 

To combat the financial strain of these price increases, another health worker suggested practical steps for consumers:

 

“Nigerians should consider health insurance. They can register through the NHIS or HMOs to cover basic medications. Those who are insured should maximise their benefits.”

With an optimistic outlook, some healthcare professionals hope for stabilisation in medication prices. “If the naira strengthens and inflation rate begins to decrease, we expect the cost of medicines to reduce as well,” they commented.

Nestle Nigeria revalues fixed assets to fix negative shareholders funds

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Nestle Nigeria revalues fixed assets to fix negative shareholders funds

Nestlé Nigeria PLC has announced a strategic revaluation of its fixed assets, a decision spurred by the company’s FY 2023 financial results which reported a substantial loss, erasing shareholders’ funds by N78 billion.

 

Nairametrics earlier reported Nestle recorded a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion same period in 2022.

 

The losses were largely due to a foreign exchange loss of N195 billion which was the major reason for the overall loss reported by the company. The company however, stated that “94%” of the fx losses were “unrealized” and as the company still had strong fundamentals.

 

Recommended reading: Nestle Nigeria reports N104 billion loss in 2023, shareholders funds wiped out

What Nestle is saying

According to Nestle, this revaluation aims to provide a more accurate representation of the company’s financial health and asset value.

 

The company’s board disclosed that its property, plant, and equipment (PPE), previously recorded at historical costs, will now reflect their fair market value.

Historically, these assets were listed at cost less accumulated depreciation and impairment losses.

Nestlé Nigeria stated that despite stating its assets at cost, it has heavily invested in enhancing its manufacturing and distribution facilities over the past five years, more than doubling the net book value of its PPE from N73.3 billion in 2018 to N165.4 billion by the end of 2023.

It also claimed that the investments, accelerated by the addition of new capacities and the integration of advanced technologies, necessitated a revaluation to align with current market conditions and the increased foreign obligations on the liabilities side.

How they revalued the assets

Nestle stated that an independent valuation was conducted by the certified firm of valuers, M/s Niyi Fatokun & Co.

 

The evaluation covered key facilities including the Agbara Factory in Agbara, the Flowergate Factory in Sagamu, the Abaii Factory in Abuja, and distribution centers in Agbara and Ota.

The valuation, which assessed the market value of land, buildings, and plant and machinery as of March 16, 2024, concluded a total market value of N305.4 billion, a significant increase from the previous carrying values recorded at the end of 2023 and February 2024.

The comparative figures outlined in the report showed a drastic increment in market values:

 

Land: From N1.2 billion to N14.8 billion

Buildings: From N28.5 billion to N51.3 billion

Plant and Machinery: From N58.5 billion to N238.9 billion

Total Increase:From N88.3 billion to N305.4 billion

This revaluation has thus led to an increase in the market value of revalued assets under PPE by N217.1 billion as compared to the carrying value as of December 31, 2023, and N214.3 billion as of February 29, 2024.

 

Furthermore, Nestlé Nigeria also said it has taken steps to comply with global and local accounting standards, providing stakeholders with a transparent and accurate financial depiction.

About Nestle 2023 FY losses

The company acknowledged the effect of the losses on its going concern status stating as follows

 

“The Company made a net loss of N79 billion (2022: net profit N49 billion) for the year ended 31 December 2023 and as at that date, its total liabilities exceeded its total assets by N78 billion (2022: net asset N30 billion).”

“Despite the strong operational performance, the net profit is impacted by significant devaluation of the naira. The company believes that as macroeconomic situation stabilizes, the same would yield positive impact to the overall economy as well as company results.”

“The company has taken robust margin management and cost management initiatives to address significant forex volatility and cost inflation.”

“In 2023, the company’s revenue grew by 22.4%, an increase of ₦100billion and the operating profit increased by 41.2%.”

Nairametrics opined that the negative shareholder funds incurred by Nestle will most likely lead to a fresh raise of capital.

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Army Dismisses Soldiers Who Stole Armoured Cables At Dangote Refinery

 

The authorities of the Nigerian Army, on Monday, dismissed two of its soldiers who were caught for vandalising and stealing armoured cables at Dangote refinery in Lagos, Lagos State.

 

Dangote Refinery, an investment said to worth over $19 billion, is owned by Dangote Groups of company was inaugurated on the 22nd of May 2023 in the Ibeju-Lekki area of Lagos State.

 

With the full operation of the refinery, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world.

 

The suspects, identified as Corporal Innocent Joseph and Lance Corporal Jacob Gani, were arrested by the private security guards and other soldiers of the Nigerian Army.

 

They were subsequently taken into the custody by the army authorities for investigation and trial where the two suspects were said to have been allowed to present their own side of the story.

 

Giving an update on Monday at army headquarters, the spokesman of the Nigerian Army, Onyema Nwachukwu, said the duo were found guilty of abandoning their duty post during the investigation that was carried out.

 

Nwachukwu, a Major-General, explained that the suspects failed to perform military duties in line with section 57, sub section (1) and other civil offences, adding that by flouting military laws, it is punishable under section 114, sub section (1) of the Armed Forces Act CAP A20, the Law of the Federation of Nigeria 2004.

 

He said the duo were subsequently dismissed with immediate effect and handed over to appropriate authorities for prosecution in order to serve as a deterrent for other security officers planning to commit the same offence.

 

“In line with Nigerian Army’s (NA) commitment to upholding high standard of professionalism, integrity and discipline, the NA wishes to update the general public on the outcome of the investigation into the alleged theft of armoured cables at the Dangote Refinery premises on 14th April 2024, involving Corporal Innocent Joseph and Lance Corporal Jacob Gani.

 

“Sequel to a thorough investigation conducted in collaboration with the management of the company, the two soldiers were found to have abandoned their duty post and to be in unauthorized possession of the materials.

 

“Subsequently, they were both charged for Failure to Perform Military Duties punishable under section 57, sub section (1) and Other Civil Offences punishable under section 114, sub section (1) of the Armed Forces Act CAP A20, the Law of the Federation of Nigeria 2004. They were summarily tried.

 

“During the trial, the evidence against them was presented and they were given the opportunity to present their cases and defend themselves, but were however found guilty of the charges levelled against them in accordance with military laws.

 

“As a demonstration of NA’s zero-tolerance for misconduct and criminality within its ranks, the two soldiers have been dismissed from the NA with immediate effect and handed over to relevant authorities for further prosecution.

 

This decisive action underscores the NA’s resoluteness in maintaining its institutional integrity and reputation. The NA reassures the general public of its dedication to upholding integrity, discipline and accountability at all levels.

 

“We remain resolute in our duty to protect and serve the nation with honor and dignity. We urge the public to continue to support our efforts in safeguarding national security and promoting peace and stability across the nation.”

Food leads commodity inflation as headline inflation rate hits 27-year high of 33.20% 

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Food leads commodity inflation as headline inflation rate hits 27-year high of 33.20% 

The headline inflation in March 2024 hit 33.20% relative to February 2024 which stood at 31.70%. Inflation in the country has been increasing steadily as the figures continue to flirt around high double-digit numbers.

 

The figures in March put inflation at a 27-year high. The last time the headline inflation was above current figures was in March 1996 when the inflation was 41.90%.

 

In January of this year, inflation stood at 29.90% and many were confident that we had topped. However, one quarter into the year, the figures are steadily rising with no ceiling in sight. It is not all bad news though, as the food inflation for March 2024 (3.62%) was 0.17% lower than the rate recorded in February 2024 (3.79%).

 

Recommended reading: Nigeria’s inflation rate jumps to 33.2% in March 2024 – NBS

Food inflation

Following the decline of the Naira we witnessed in the first quarter of the year, we expected food prices to increase as the Nigerian agricultural sector is still heavily reliant on imports. According to data, another factor that affected the inflation in food prices is the inflation in transportation.

 

According to the NBS March 2024 inflation report, bus journeys within the city led the core inflation which stood at 25.90% a 6.26% increase from rates recorded in February 2024. This inflation in food transportation affects the final market prices of food around the country.

 

The Food and Non-Alcoholic beverages inflation had the highest contribution to the headline index (17.20%) on a Year on Year basis far surpassing the House, Water, Electricity, Gas, and other Fuel which contributed just 5.56%. On a month on month basis however, Food and Non-Alcoholic beverages contributed 1.56% while communication contributed the least with just 0.02%.

 

A huge cause for worry is the steady rise in rural inflation as these are the traditional food production hubs in the country. In March 2024, urban inflation rate stood at 35.18% while rural was 31.45%. In February 2024, it was 29.99%. As rural inflation rates pass the 30% mark, we may see a collective surge in prices of unprocessed food as farmers struggle to adapt to the new realities of inflation in their localities. On a month-on-month basis however, rural inflation declined 0.2% as compared to February 2024 (3.07%) and was recorded at 2.87%.

 

The food inflation in March 2024 was 40.01% on a year-on-year basis due to increase in the prices of Garri, Millet, Akpu Uncooked Fermented (which are under the Bread and Cereals class), Yam Tuber, Water Yam (under Potatoes, Yam, and other Tubers class), Dried Fish Sardine, Mudfish Dried (under Fish class), Palm Oil, Vegetable Oil (under Oil and Fat), Beef Feet, Beef Head, Liver (under Meat class), Coconut, Water Melon (under Fruit Class), Lipton Tea, Bournvita, Milo (under Coffee, Tea and Cocoa Class) which make up the food basket.

 

Fortunately, we are seeing a decline on a month-on-month basis in the increase in inflation of food. In March 2024 the food inflation rate was 3.62%, a 0.17% decline compared to February 2024.

 

Declining headline inflation rate

Even though the inflation rate across all categories rose in March 2024, the rate of its rise is slower compared to February 2024. For example, even food inflation slowed down on a month-on-month basis. This shows signs of overall weakening inflation, and the odds favour a slowing inflation rate.

 

On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%. This number was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.

 

Interestingly, we may start to see the ripple effect of the Naira gains in the foreign exchange market as the economy digests the recovery. In March 2024 alone, the Naira appreciated by 14.6% closing the month at N1329/$.

 

Recommended reading: Nigeria’s inflation rate rises to 31.70% in February 2024

Food inflation bites hard in major food producing states

Kogi and Kwara states with a combined landmass of 66658 km² topped the list of the hardest hit states on a year-on-year basis. Kogi recorded an astronomically high 48.46% increase in food prices and Kwara recorded a 46.18% increase. This is very worrisome as these states are major food producing states in the country.

 

Kwara with a landmass of 36,825 km² is bigger than the entire Southeast 36,100 km² and offers fertile land for farming. Kwara is the leading food producer in Nigeria. The Kwara State Fish producers’ association claims that the state is the largest producer of catfish in the country. In terms of rice production, the CBN in a 2022 report Kwara State crossed the 100,000 metric tonne mark in 2022.

 

On a month-on-month basis Abia State leads the pack with a 5.17% decline, closely followed by Cross River, which recorded rates of 5.14%. Interestingly, both states are major producers of Yam, Cocoyam and Oil Palm. Adamawa State has the lowest month-on-month growth rate at just 2.12%.

FG launches N200 billion intervention fund for MSMEs, manufacturers in Nigeria

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FG launches N200 billion intervention fund for MSMEs, manufacturers in Nigeria

The Federal Government has announced the launch of N200 billion Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.

 

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement on Monday in Abuja.

 

She said that following the ongoing disbursements targeted at supporting one million nano businesses across the country, the government has decided to include both MSMEs and manufacturers into the initiative.

 

According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.

 

“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.

“This fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.

“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.

“Thousands of beneficiaries have already confirmed receipt with many more to come,” Uzoka-Anite said.

Recommended reading: CBN Intervention Fund: Power Sector gulps N2.3 trillion as of 2023

Backstory

Earlier, Nairametrics had reported that the Federal Government announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide.

 

Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

 

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has made this disclosure in a statement on Tuesday in Abuja.

 

In December 2023, she announced the Presidential Conditional Grant Scheme (PCGS) to empower nano businesses as part of the Presidential Palliatives Programme.

 

The Trade Grant Scheme, which initially was to take off on March 9, 2024, offers financial grants, without repayment obligations, to eligible small business owners operating in various sectors, such as trading, food services, ICT, transportation, creative and artisans.

 

The PCGS targets 70% women and youths, 10% people with disabilities, and 5% senior citizens, with the remaining 15% distributed to other demographics.

 

Recommended reading: MSMEs get less than 7% of N10 trillion CBN intervention loan in 10 years

NAFDAC crackdown reveals fake cosmetics syndicate in Lagos

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NAFDAC crackdown reveals fake cosmetics syndicate in Lagos

The Investigation & Enforcement Directorate of the National Agency for Food and Drug Administration and Control (NAFDAC) has uncovered an illegal operation involving counterfeit cosmetics production in Lagos State.

 

The agency disclosed this on its X, formerly Twitter, on Monday.

 

At the Balogun Trade Fair Gate within the Trade Fair Complex, Lagos State, on Monday, NAFDAC’s vigilant team unraveled the illicit activities of a fake cosmetics producer.

 

Recommended reading: NAFDAC raids popular supermarkets in Abuja, seizes counterfeit products worth N50 million

The crackdown

Mr. Pius Effiong Eyoh, proprietor of Pasco Global Limited, was apprehended by the NAFDAC authorities for a litany of offenses, including the manufacturing, packaging, distributing and selling a wide array of substandard and counterfeit cosmetic products, the agency said.

 

Among the products seized were Skin Balance Perfect Knuckle Organic Peel Therapy and the Golden Face Triple Action Concentrated Perfect Skin.

Eyoh’s operation involved the processing and packaging of these cosmetic products with deceitful labels adorned with French inscriptions and a purported Cameroonian address in a bid to deceive unsuspecting consumers, NAFDAC said.

NAFDAC’s intervention resulted in the immediate sealing of the illicit manufacturing premises, the arrest of Eyoh, and the slated destruction of his substandard products, the agency noted.

 

NAFDAC stated that the purpose of the crackdown is to safeguard public health and ensure that only safe and genuine products are in Nigerian markets.

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