Business
Tinubu directs disbursement of N150,000 grant to MSMEs in Ekiti
President Bola Tinubu has directed the disbursement of N150,000 grant to each participant of the expanded national micro, small, and medium enterprises (MSMEs) clinic.
Vice-President Kashim Shettima disclosed this on Thursday while declaring open the third edition of the MSMEs clinic at the trade fair complex in Ado Ekiti, Ekiti state.
The expanded national MSME clinics are one of the federal government’s strategies for ease of doing business in Nigeria, according to a statement by the presidency posted on X.
The presidency said the programme is a series of business forums organised in different cities across the country to proffer “on-the-spot solutions to challenges confronting MSMEs”.
According to the statement, the first and second editions of the clinics were launched in Benue and Ogun states respectively earlier in the year.
Speaking at the launch, Shettima said the N150,000 was an outright grant that does not require beneficiaries to repay.
“I am pleased to share that Mr President has directed me to ensure that all outstanding exhibiting MSMEs at the clinic today receive a grant of N150,000 each,” he said.
“This is an outright grant, and the beneficiaries will not need to repay it. We extend our gratitude to our partners for their unwavering support.”
The Shettima also disclosed that the same clinics would be launched in Borno and Enugu states “before culminating in the national MSME Awards in FCT on June 27, to commemorate the United Nations World MSME Day”.
“Small businesses are the lifelines of communities across the nation and a strong pillar of stability during this critical phase of our economic transition,” Shettima said.
“We cannot claim to have excelled in our interventions unless they remain our top priority.
“Our commitment to revitalising the MSME sector ensures that these businesses continue to serve their essential buffering function.”
During his visit, Shettima also inaugurated the ultra-modern fashion and garment hub at Odua textile complex, Basiri, Ado Ekiti.
The vice-president said while it competes ideally with others globally, the hub has the potential to create an estimated 48,000 jobs annually.
He described the hub as a significant milestone by Tinubu’s administration to empower local industries.
“It boasts the capacity to produce a wide range of fashion gear, including military uniforms, and rivals any facility in the world,” he added.
“Equipped with modern-day machinery and technology, this hub holds immense potential for job creation, with projections estimating an average of 48,000 jobs annually.
“With over 300 pieces of cutting-edge equipment, this hub represents a significant milestone in our efforts to empower local industries.”
Shettima also said he anticipates that the facility would be managed by a competent private sector entity, while both federal and state governments will maintain vigilant oversight over its operations.
Business
Bitcoin price crosses $75,000, sets new all-time high after Trump’s victory
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalisation, crossed $75,000 for the first time on Wednesday.
TheCable observed that the leading cryptocurrency gained 8.63 percent over the past 24 hours, and momentarily settled at $75,011.06, according to CoinMarketCap, a price-tracking website for crypto assets, earlier today.
However, it declined to $73,803 at 11:40pm (GMT+1).
Bitcoin’s previous all-time high was $71,195 recorded on March 11.
Also, the global cryptocurrency market capitalisation rose to $2.45 trillion earlier, after recording an increase of over $190.4 billion in the last 24 hours.
Similarly, the price of other cryptocurrencies also experienced an increase.
Ethereum (ETH) price rose by 7.51 percent to $2,618 in the last 24 hours while Solana (SOL) has surged by a whopping 14 percent retailing for $184, and Dogecoin (DOGE) also saw a 19 percent push.
The surge in the bitcoin price comes amid reports that Donald Trump, a Republican Party candidate, won the United States presidential election after exceeding the magic number of 270 electoral college votes.
In May 2024, the Trump campaign announced that supporters can make donations in crypto, including bitcoin, ether, and dogecoin — indicating crypto will be a key issue during the election.
Last month, the former US president began promoting World Liberty Financial, a crypto venture set up by his longtime business partners and others, according to Financial Times.
World Liberty began selling its token to qualified investors to raise $300mn.
Business
Nationwide blackout as national grid collapses ninth time in 2024
The national grid has collapsed for the ninth time in 2024, leading to a total blackout nationwide.
Data obtained from the Nigerian system operator’s portal showed that the grid recorded zero megawatts (MW) as of 2:09pm on Tuesday.
Business
FG terminates Julius Berger’s Abuja-Kaduna road contract
The federal government has terminated the contract for the rehabilitation of the Abuja-Kaduna road by Julius Berger, a construction company.
In a statement on Monday, Mohammed Ahmed, director of press at the ministry of works, said the termination was based on non-compliance with the reviewed cost, scope and terms, stoppage of work and refusal to remobilise to the site as directed by the ministry.
The contract covers section one of the Abuja-Kaduna-Zaria-Kano dual carriageway.
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According to Ahmed, negotiations had been ongoing for several months without any significant progress.
“It is a sad commentary on the company that rather than accepting the offer, they tinkered with the Bills of Quantities, as well as that of Engineering Measurements and Evaluation via a letter to the Ministry dated 29th October, 2024,” Ahmed said.
“The company was summoned for a meeting with the Management of the Ministry, today, 4th November, 2024 but refused to show up, hence the termination of the contract based on effluxion of time and non-performance.
“Based on non-compliance with reviewed cost, scope and terms, stoppage of work and refusal to remobilise to site, as directed, the Federal Ministry of Works has issued a 14-day Notice of Termination to Messrs Julius Berger (Nig.) Plc for the Rehabilitation of Abuja-Kaduna-Zaria-Kano Dual Carriageway in FCT, Kaduna and Kano States, Contract No.6350, Section I (Abuja-Kaduna), today, 4th November, 2024.
“Nigerians may wish to know that the contract for the Rehabilitation of the Abuja-Kaduna-Zaria-Kano Dual Carriageway, which was divided into three (3) Sections was awarded to the company on 20th December, 2017 and flagged off by the then Minister of Power, Works and Housing, H:E. Babatunde Raji Fashola at an initial sum of N155.7bn on 18th June, 2018.
“Sections II (Kaduna – Zaria) and III (Zaria – Kano) were partially completed and handed over during the twilight of the administration of former President Muhammadu Buhari, GCFR. Since then it has been one variation and augmentation or the other and finally, the present Minister of Works directed for the redesigning and re-scoping of the Section I of the contract.
“The alignment was divided into two with one phase redesigned to be on continuously reinforced concrete pavement (CRCP), while the remaining with asphaltic pavement. Approval for the Section I, Phase 1 for a length of 38 (thirty-eight) kilometres on concrete pavement was given to Messrs Dangote Industries (Nig.) Ltd, while the remaining 127 (one hundred and twenty-seven) kilometres remained with the substantive contractor. The Phase 1 was flagged off on 17th October, 2024 with a 14-month completion period.”
‘CONTRACT TERMS WERE NOT AGREED UPON’
The director said a request to rescope the project was approved by the federal executive council (FEC), but the contractor did not agree upon the contract’s terms.
“Due to the stalemate of the contract and, most importantly, the desire of His Excellency, President Bola Ahmed Tinubu, GCFR, as encapsulated in the Renewed Hope Agenda infrastructure initiative, to see to the completion of this laudable project, also to alleviate the sufferings of Nigerians plying the road, the ministry re-scoped it and got the approval of the Federal Executive Council (FEC),” he said.
“The award for the re-scoping and downward review of contract for the rehabilitation of Abuja-Kaduna-Zaria-Kano Dual Carriageway in FCT, Kaduna and Kano States, Contract No.6350, Section I (Abuja-Kaduna) in favour of Messrs Julius Berger (Nig.) Plc from the sum of N797.2bn to N740.7bn was granted by FEC on 23rd September, 2024 and conveyed to the company on 3rd October, 2024.
“As due to the socio-economic importance the road as a vital artery connecting Abuja, the FCT to the North, the Ministry conveyed the approval for a Final Offer on the Abuja – Kaduna Dual Carriageway to the company on 23rd October, 2024, stating that it should agree, in writing, to accept the reviewed contract sum of N740.7bn within seven (7) days or risk the termination of the said contract.”
On September 23, Dave Umahi, minister of works, said the Abuja-Kano road project handled by Julius Berger received approval for N740 billion.
Umahi said the project, which was initially valued at N155 billion, was revised to N797 billion by the previous administration and further increased to N1.5 trillion.
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