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Nigeria: Lagos begins ‘trader money’ palliative scheme for SMEs

Published

1 year ago

December 18, 2023

Lagos State, Nigeria’s commercial capital, will commence a N50,000 palliative scheme to support 15,000 traders across the 57 local council development areas (LCDAs) in the state.

The state governor, Babajide Sanwo-Olu, disclosed this on Sunday during the launch of the new Food Agro Hub in Mushin, stating that the move was to cushion the effect of economic challenges, as well as empower small businesses in the state.

Many small businesses that rely on cheap petrol for business operations have been badly affected since the removal of the gasoline subsidy in May.

“Today, I launched a fresh palliative scheme in Lagos to support low-income traders. The Lagos Market Trader Money, in its first phase, will provide N50,000 in business grants to 15,000 traders across our 57 local councils. This initiative aims to cushion the impact of economic challenges and empower small businesses.

“I made this announcement at the commissioning of the middle-level Fresh Food Agro Hub in Mushin, expanding our food supply chain. This milestone facility signifies a turning point in Lagos’ food distribution system, paving the way for improved logistics and modernization of our markets,” Sanwo-Olu said.

Sanwo-Olu stated that merchants were essential to the state’s economic growth and that his administration placed a high premium on their well-being.

According to a World Food Programme report, unless appropriate action is immediately taken, the number of women, men, and children affected by a food and nutrition crisis in West and Central Africa is expected to reach a new record high in June 2022 – quadrupling in just three years from 10.7 million in 2019 to 41 million in 2022.

Multilateral body, the World Bank, recently warned that the recent coup d’état in the Niger Republic may complicate issues around Nigeria and other West African nations’ food markets, noting that “the coup d’état in Niger might put additional pressure on West African food markets.” Given its border city status and its population, Lagos State is strategic to food supply in Nigeria and the West Africa sub-region.

Nigeria is currently experiencing a worsening cost-of-living crisis, with the surge in food prices and November inflation hitting 28.20% for the eleventh consecutive month, the highest level in eighteen years.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

24 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”