Business

NBS Data Reveals 32% Rise In Healthy Diet

Published

3 days ago

July 3, 2024

A National Bureau of Statistics (NBS), Report has established that cost of healthy diet, in the country has risen by 32 percent to N1,041 per adult per day in May 2024 from the N786 it used to be last December
The NBS in the Cost of Healthy Diet report for May 2024, noted that the rise was driven by increase in the prices of starchy staples, legumes, nuts and seeds, and animal source foods.
Analysis of the NBS report for the period (December 2023 to May 2024) showed that the cost of healthy diet increased by 9.2 percent month-on-month, MoM, to N858 in January 2024 from N786 in December 2023. The cost increased by 9.3 percent to N938 in February and up by 4.7 percent to N982 in March.
The upward trend continued in April as it grew by 5.4 percent to N1,035 in April and up by 0.6 percent to N1,041 in May.
The report stated: “The national average cost of a healthy diet was N1,041 per adult per day in May 2024. The Cost has been steadily rising over the past six (6) months, since December 2023.
“In May 2024, the Cost was 32 percent higher than it was in December 2023 (N786). It was also 1.0 percent higher than the cost in April 2024 (N1,035).
“The main drivers of this increase are starchy staples, legumes, nuts and seeds, and animal source foods. Vegetables and fruits, on the other hand, saw the smallest increase in price month-on-month”.
On cost share by food group, NBS said, “Animal source foods were the most expensive food group recommendation to meet in May, accounting for 36 percent of the total Cost, to provide 13 percent of the total calories.
“Fruits and vegetables were the most expensive food groups in terms of price per calorie. They accounted for 11 percent and 12 percent, respectively, of total CoHD, while providing only 7.0 percent and 5.0 percent of total calories in the healthy diet basket.
“Legumes, nuts and seeds were the least-expensive food group on average, at 7.0 percent of the total cost”.
The Bureau noted that at the state level, Ebonyi State had the highest average Cost with N1,225 per adult per day, while Kano State accounted for the lowest cost with N898.
At the zonal level, the South East had the highest cost with N1,189 per day, while the North West had the lowest average with N919 per day.

Business

FG Set To Disburse N150bn MSMEs, Manufacturing Loans

Published

3 days ago

July 3, 2024

The Tide

The Federal Government is set to commence the disbursement of N150 billion soft loans to Micro, Small and Medium Enterprises (MSMEs) and manufacturers by the end of July.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this in a statement through her official X handle

Uzoka-Anite said 60 percent of the proposed one million beneficiaries of the Presidential Conditional Grant had received a financial grant of N50,000 without repayment obligations in the 774 Local Government Areas of the country.

She said, “To all applicants of the Presidential Conditional Grant Scheme who are yet to be paid, thank you for your continued patience. The disbursement process is still ongoing, and we have allocated about 60 percent of the 1 million grants.

“We are also at the final stages of vetting for the MSMEs and Manufacturing loans. Applications remain open, and disbursement will begin by July ending”.

Recall that in December 2023, the Federal Government unveiled the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme as part of the Presidential Palliatives Programme aimed at supporting businesses to navigate the economic crunch caused by removal of fuel subsidy and the floating of the foreign exchange market which has led to the depreciation of the naira.

Both initiatives require beneficiaries to meet certain conditions precedent to approval and drawdown.

Under the loan scheme, manufacturers can access up to N1 billion, at a single-digit interest rate of nine per cent per annum, for working capital with a repayment period of one to five years for the purchase of machinery and equipment.

The benefiting manufacturers are those that have been assessed by the accredited banks and have met all requirements for disbursement.

The fund dedicates N75 billion to MSMEs and another N75 billion to the manufacturing sector to help businesses in Nigeria navigate the harsh economic realities.

Business

Industrialists Commend FG For Empowering SMEs

Published

3 days ago

July 3, 2024

The Tide

Nigerian Association of Small-Scale Industrialists (NASSI) has commended the Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, and President Bola Tinubu for their Renew Hope Agenda initiatives tagged “Presidential Grant and House-to-House Grant programmes”.

In a statement issued by the Chairman of the forum, Chief Dakta Solomon Daniel Vongfa, NASSI lauded these programmes for providing much-needed support to small and medium-sized enterprises (SMEs) across Nigeria, including a significant number of NASSI members.

Chief Vongfa added that NASSI looks forward to collaborating with the Ministry of Industry, Trade and Investment to ensure the successful implementation of these programmes and maximize their positive impact on NASSI members and SMEs nationwide.

According to the statement, the National Treasurer of NASSI, Dr. Abubakar Bala Tanko, highlighted the positive impact these grants will have on the growth of SMEs.

“The Presidential Grant and House-to-House Grant will empower SMEs to grow their businesses, create jobs, and contribute more significantly to the national economy.

“We are particularly grateful for the recognition of the crucial role SMEs play in Nigeria’s development”, Dr. Tanko stated.

The National Treasurer said SMEs are the lifewire of the economy, adding that empowering them would equip them to expand their businesses and also solve other societal problems.

He called for more efforts by the stakeholders of Nigerian economy towards empowering SMEs and also creating enabling environment for businesses to strive in the country.

Lilian Peters

Business

Wema Bank Charges Stakeholders On Digital Empowerment

Published

3 days ago

July 3, 2024

The Tide

Wema Bank has charged stakeholders to prioritise digital empowerment for Micro Small and Medium Enterprises (MSMEs) as a measure for championing a sustainable MSME ecosystem in Nigeria.

The pioneer of Africa’s first fully digital bank gave the charge at the International MSMEs Day and MSME Awards Night 2024, a two-fold event organised by the Federal Government of Nigeria through the Office of the Vice President in commemoration of the Day

The event, which was held in Abuja, not only acknowledged the successes in the Nigerian MSME Sector, but also targets developing sustainable solutions for the continuous growth and development of the sector, to ultimately boost the Nigerian economy.

The programme, themed “Call to Action: Provision of Sustainable Single-Digit Loans for MSME”, gathered top reputable institutions and entities to brainstorm and proffer sustainable financial solutions in providing affordable loans and funding for MSMEs, in addition to ensuring that these financial solutions are easily accessible and available to MSMEs.

The Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, who represented Wema Bank’s MD/CEO, Moruf Oseni, further emphasised the pressing need to prioritise technology and digital empowerment to complement, “capacity development, financial empowerment and collaborative efforts, towards building a supportive ecosystem for MSMEs to thrive.

“At Wema Bank, our approach is ‘Give a man fish, he will come back, but teach a man to fish, he will learn to fend for himself and others’.

“Technology and digital are the future, and intelligence is here to stay. What we are doing for these MSMEs is beyond providing the finances they need. We are also focusing on empowering them with relevant and transferrable digital skills to ensure they are not left behind in this digital evolution.

“We often ask ourselves what are the skills they need to sell in this fast-growing digital world? To operate effectively? To compete? To maximise the resources at their disposal? These are the questions that drive us at Wema Bank.

“The goal is digital empowerment for scale and to maximise our impact, we continue to partner with several esteemed bodies and institutions across the world, from Banks to Agencies, Regulatory organisations, etc.

“Collaboration for us is continuous so from small alliances that allow us to empower smaller businesses through significant platforms within their ecosystem to the bigger partnerships like the FGN-ALAT Digital Skillnovation Programme.

“We will continue to combine efforts and pool resources together to create an enabling environment for businesses to thrive, provide financial support and other resources that these businesses need and empower them to skillfully utilise the resources available to them for maximum impact and growth”.

Wema Bank continues to prove its mettle not just as an enabler for MSMEs, but also as the partner of choice for all.

At the event, the Bank also awarded a brand-new car to the female winner of the “Outstanding MSME Clinic” award category, in addition to the N2,000,000 prize slated for this category.