Connect with us

Business

CBN Launches Tertiary Institutions Entrepreneurship Scheme

Published

on

The Central Bank of Nigeria (CBN), yesterday, launched the Tertiary Institutions Entrepreneurship Scheme (TIES), to provide access to finance bankable ideas by graduates and undergraduates, in the quest to tackle youth unemployment in the country.

The Scheme, developed in partnership with Nigerian polytechnics and universities, is designed to harness the potentials of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation.

Speaking at the event, in Abuja, the Governor, Mr. Godwin Emefiele, vowing to tackle youth unemployment and underemployment in the country.

He said, “With about 600,000 students graduating yearly from Nigerian tertiary institutions, and without the commensurate employment opportunities in both the public and private sectors, it has become imperative that government, at all levels, puts in place policy measures to support entrepreneurial development among our youth.

“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.

“The ecosystem should provide support in re-orientating, training, and providing a financing model apt to the peculiarity of the sector within which the businesses operate.”

Mr. Emefiele described entrepreneurship as an integral part of any economy, and that “entrepreneurs play a key role in driving growth and innovation, which in turn results in job creation.”

The TIES m he explained would create an ecosystem that allowed the flow of affordable credit to the real sectors of the economy.

He added, “With an estimated population of 213 million, out of which two-third are youth, aged under 35 years, the nation is faced with a historic opportunity, particularly as the demography continues to create clear evidence of their relevance to economic development, as accentuated by the global recognition of Nigerian tech start-ups and continued growth of businesses in the technology space owned by the youth.

“In realization of this, the CBN has introduced several innovative financing programmes designed to extend low-cost financing to youth entrepreneurs across the country. These interventions have continued to receive resounding commendations, as they have proven effective in extending credit to youth entrepreneurs across the country.

“For instance, under its Targeted Credit Facility (TCF), the Bank has disbursed a total of ₦363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses. Under its Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS), the Bank has released ₦134.63 billion to 37,571 entrepreneurs. Disbursements under the NYIF stood at ₦3.00 billion to 7,057 small business beneficiaries.”

The scheme consisted of three segments: The Term Loan Component;The Equity Investment Component; The Developmental Grant Component.

The loan component provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.

An applicant, if successful, is eligible for a maximum of ₦5 million for an individual, sole-proprietorship or small company; and a maximum of ₦25 million for a partnership or company. The tenor for the facility is maximum of five (5) years, with a one-year moratorium, and at an interest of 5 per cent per annum, which shall revert to 9 per cent from March 2022.

Mr. Abubakar Suleiman of Sterling Bank heads a Body of Experts which was inaugurated to access the proposals by applicants.

The Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, in a message noted that entrepreneurship was the way to go for Nigeria youths, given that there were not enough jobs in both public and private institutions for all graduates.

Business

Dana Air initiates refunds following suspension by NCAA for safety audit

Published

on

By

Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.

The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.

The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.

According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.

  • “In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
  • “To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.

The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.

Continue Reading

Business

Naira falls to N1,300/$ at parallel market

Published

on

By

The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 3.17 percent drop from the N1,260 traded on April 22.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,300 — leaving a profit margin of N40.

At the official window, the naira fell to N1,308.52 against the dollar — a 0.64 percent decline from the N1,300.15 traded on April 23.

According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

Continue Reading

Business

Economic hardship: Soludo’s wife advises Anambra women to embrace backyard gardening

Published

on

By

Nonye Soludo, the first lady of Anambra, says women in the state should embrace backyard garden practice to help their families cope with the rising cost of living.

Nonye, the founder of Healthy Living Initiative, spoke when she received a group of Anambra female farmers and businesswomen in Awka, the state capital.

She said home garden practices have helped families as primary and regular sources of diet and nutrition

The Anambra first lady said backyard gardens would also reduce dependence on commercial food products which are mostly expensive.

“Economic circumstances do not completely determine healthy living practices, including the choice of what we consume to keep the body in good shape,” she said.

“We also need to dispel the notion that eating healthy is about eating expensive food products.

“You only need to go to the small farm behind your house to pick up what the body needs to be healthy.

“This is why I am encouraging families to embrace backyard or home gardens and this is in line with the state government’s agricultural agenda.

“Those who live in areas without enough land for subsistence farming purposes can adopt sack farming, which does not cost anything to set up.

“By having such farms around the house, households can have easier and healthier alternatives, cut down their costs of living and boost the green environment.’’

Nonye said her healthy living campaign aims to sensitise households on adopting healthy living as a culture.

“One of our goals is to ensure that families in Anambra prioritise nutritional values of what they eat to improve their family health,” she added.

On her part, Esther Onyekesi, the leader of the group, said women have a major role to play in food production and should be given every necessary support.

Onyekesi, who is also the women’s leader of the All Progressives Grand Alliance (APGA) in the state, encouraged her colleagues to key into backyard farming to enhance food security.

She added that the recent hike in prices of foodstuffs should encourage everyone to go into farming.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...