Economy

Nigerian govt announces N75bn single-digit interest loans for MSMEs

Published

5 hours ago

November 7, 2024

The Nigerian government has approved a N75 billion loan scheme with a nine per cent interest rate for 75,000 Micro, Small, and Medium Enterprises, MSMEs, across Nigeria.

Scheduled for launch in 2025, this scheme aims to foster economic growth by targeting women and youth-owned enterprises, creating jobs, and stimulating local economies.

Minister of Information and National Orientation, Alhaji Mohammed Idris, outlined the project’s goals at a town hall meeting in Abuja, noting its alignment with President Bola Tinubu’s Renewed Hope Agenda.

“This scheme is a concrete manifestation of Tinubu’s commitment to economic transformation. By focusing on MSMEs, which are the backbone of our economy, we aim to diversify income streams, boost exports, and provide valuable job opportunities,” he said.

The loan, a joint effort among the Federal Government, the Bank of Industry, BOI, and state governments, offers single-digit interest rates with individual loans capped at N1 million.

This move is expected to alleviate some of the challenges MSMEs face, particularly high production costs due to recent fuel subsidy removal.

The BOI’s Enugu Branch Head, Mrs Anuli Akabogu, highlighted this during a session in Enugu, saying: “The government understands the burdens MSMEs face; this fund is intended to ease the cost of production.”

At the sensitisation event in Akwa Ibom, Commissioner for Trade and Investment, John James, urged beneficiaries to prudently utilise the loan.

“This is an opportunity to scale your businesses responsibly. MSMEs drive economies globally, and we want the same for Nigeria,” he said.

To reach potential recipients, government agencies like the Corporate Affairs Commission, Federal Inland Revenue Service, and other partners have joined efforts, touring the nation to inform business owners of the application criteria.

In Kaduna, Governor Uba Sani, represented by his Special Adviser on Economic Matters, praised President Tinubu’s dedication to economic empowerment.

He noted: “This initiative proves Tinubu is a leader who listens to the needs of Nigerians. Through this, MSMEs will revitalise not just the local economy but bolster our national strength.”

BOI officials stressed the importance of following the correct application procedures.

Tola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation, cautioned applicants against fraud.

“This loan has a fixed interest rate with no hidden fees. Visit any BOI branch to apply directly; don’t fall victim to middlemen,” he advised.

The scheme requires applicants to present key documents, including a federal civil service guarantor, to qualify.

Mr Michael Agidani, BOI manager in Ogun State, shared that the bank has already begun disbursing loans, with an initial N1 billion reaching MSMEs in the state.

As the rollout begins, the initiative’s reach is expected to improve national economic resilience, expand export capacities, and fulfill Tinubu’s vision of a revitalised Nigerian economy.

Economy

See Exchange Rate As Naira Appreciates At Parallel Market

Published

20 hours ago

November 6, 2024

Naijablitznews

Naira appreciated to N1,725 per dollar in the parallel market from N1,735 per dollar last week Friday.

But the Naira depreciated to N1,676.9 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,676.9 per dollar from N1,666.72 per dollar last weekend indicating N10.18 depreciation for the naira.

The volume of dollars traded (turnover) in the official market declined by 15.6 percent to $79.47 million from $94.2 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N48.1 per dollar from N68.28 per dollar last weekend.

Economy

SEE NAIRA Rates Against The USD, GBP, EURO At Parallel Market Today November 5, 2024

Published

2 days ago

November 5, 2024

Naijablitznews

WHEN we look at this month, USD was traded at ₦1740 at the beginning of this November on Friday, November 1, 2024. As at today with USD being traded at ₦1,735 we see a -17.39% decline for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1735 1720
Pounds to Naira 2270 2250
Euro to Naira 1872 1845
Canadian Dollar to Naira 1239 1232
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday.com

Economy

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Published

2 days ago

November 5, 2024

Kayode Sanni-Arewa

Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App. The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support.

Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.