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MAW SME SPECIAL

UNITED STATE DEPARTMENT IMPOSES SANCTIONS ON EMPLOYEES OF CHINESE TECH COMPANIES Secretary of State Mike Pompeo announced Wednesday that the U.S. will impose sanctions on some employees of Chinese tech companies like Huawei, over their role in “facilitating human rights abuses.” He told reporters that visa restrictions would be placed on certain employees of Chinese technology companies who provide “material support to regimes engaging in human rights violations and abuses globally.”

AFDB seeks youth workforce maximization for West African economic delivery • Report says region’s growth could contract further by -4.3% The African Development Bank (AfDB), in its just-released Regional Economic Outlook 2020, has called on the West African countries to harness their youthful workforce for the speedy recovery of its economy post-COVID-19. According to the Bank, growth in West Africa, which had been projected to expand by 4.0 per cent by year-end, was now projected to contract by -2.0 per cent in the same period. The report noted that as a result of the pandemic, growth in the region could fall further by as much as -4.3 per cent in a worst-case scenario, as countries that depend on oil and tourism for foreign exchange and fiscal revenues would face reduced fiscal space and heightened external account imbalances, stoking a build-up of public debt. This, notwithstanding, the report said West Africa’s budding youth population offers a strategic workforce tha...

Maize farmers secure N16bn CBN facility • Targets 25million Mt for 2020/2021 season Following the ban on importation of maize by the Central Bank of Nigeria (CBN), Maize Farmers Association of Nigeria (MFAN), disclosed that it has secured N16billion credit facility from the apex bank for the 2020/2021 planting season.  CBN in a recent memo dated July 13th, had directed all authorized dealers to discontinue processing of the Form M requesting for the importation of Corn with immediate effect, in effort to increase local production and stimulate rapid economic recovery.  Commending the ban on importation of the grain, the National President, MFAN, Dr Bello Abubakar, during a news conference yesterday, in Abuja, disclosed that they have secured funds from the CBN, which would be distributed to about 40,000 members nationwide in the form of agro inputs like fertilizers, seeds, and agro-chemicals.  He further said to boost maize production during the 2020 wet sea...

CBN unveils intervention support guidelines for agribusiness, others The Central Bank of Nigeria (CBN), has unveiled guidelines for non-interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS), and Micro, Small and Medium Enterprises Development Fund (MSMEDF). According to the apex bank, the 10 guidelines also included the Accelerated Agricultural Development Scheme (AADS), and seven other intervention schemes in its bouquet. The guidelines are the outcome of the bank’s June 2020 meeting where it announced plans to unveil a framework to integrate non-interest windows in its intervention programmes aimed at supporting businesses and households negatively impacted by COVID-19. In the AGSMEIS guidelines for the operations of NIFIs issued on Tuesday, the CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ to be domiciled in a dedicated account with the apex bank. The CBN said the guidelines stipulated that...

How digital currency can aid business growth amidst COVID-19 Technology experts have canvassed the use of digital currency for business transactions to meet demands of 21st century financial economy.   The experts, who noted that digital currency is the safest at this time amidst the COVID-19 pandemic, spoke at the weekend during the launch of the first Bitcoin Automated Teller Machine in Nigeria and Africa.   Bitcoin is legally accepted in the United States, China, Japan, United Kingdom, Canada and a host of other developed countries as a means of payment and settlement. Specifically, Chief Executive Officer of Blockstale, an innovative blockchain technology, Daniel Adekunle noted that digital currency has unveiled several advantages that come with a financial model. He said: “Undoubtedly, the COVID-19 pandemic has ravaged the economy of the world. This year will never be forgotten in the heartbeat of mankind. 2020 is the year in which essential service provider...

Dangote cement's "Bag of Goodies" to produce nine millionaires daily To reward and improve the livelihoods of its consumers around Nigeria, Dangote Cement Plc, yesterday, unveiled plans to produce additional nine millionaires daily in its new Spell and Win “Bag of Goodies 2” Consumer Promo. The promotion, scheduled to run from Wednesday, July 15, to November 15, is expected to produce 1,000 millionaires within 16 weeks. Besides, consumers also stand a chance to win tricycles, motorcycle, television sets, refrigerators, Dangote Food Goodies packs, recharge cards and many other exciting gifts. To be a part of the promotion, “all the consumer needs to do is to buy any promo bag of Dangote Cement during promo period, pick out the scratch card inserted in the bag, scratch open the inserted card to see what you have won, go to the nearest redemption center to collect your prize. Advertisement To win a million naira, the consumer is expected to collect cards to spe...

Many Nigerians struggle to survive as income weakens Although the working situation seems to be improving with the easing of the lockdown, Nigerian workers and consumers still face challenges in all sectors of the economy, the second round of the COVID-19 National Longitudinal Phone survey (COVID-19 NLPS) conducted In June, by the National Bureau of Statistics (NBS), has shown.     According to the survey, millions of Nigerians have been struggling to survive, as there has not been any significant improvement in safety nets or other sources of income assistance from institutions and/or remittances.   The Guardian had on Monday, reported that the last three months of the lockdown imposed to check the spread of the novel coronavirus have been hectic for most Nigerians, as they struggle to find a balance between dipping incomes and rising inflation manifest in exorbitant prices of goods amid weak currency.         In June, there was virtually...

NIGERIA'S POPULATION TO OVERTAKE CHINA'S BY 2100 – STUDY Nigeria’s population is expected to surpass that of China by 2100, a new study suggests. China, which is currently the most populous nation in the world, is expected to peak at 1.4 billion in four years time before nearly halving to 732 million by 2100 while India will become the world’s most populous nation. The study predicts that within the same period, Nigeria’s population will hit 791 million, making it the second-largest country in the world. The research which was conducted by the University of Washington’s Institute for Health Metrics and Evaluation states that the general population of the world will drop due to a reduction in fertility rates. However, the population of sub-Saharan Africa – arguably the poorest region in the world – is expected to triple in size to more than three billion people by 2100.

SOON, MANY WILL BE DISCOURAGED TO STAND AGAINST CORRUPTION – OSINBAJO Vice-President Yemi Osinbajo has predicted that the fight against corruption will continue to get more difficult daily. He said it would get to a point that many people would become discouraged to stand up against corruption. Osinbajo said this in his address at the 20th anniversary regional webinar organised by the Independent Corrupt Practices and other offences Commission. The Vice-President said, “The fight against corruption is nuanced and hydra-headed, it is not going to get easier by the day; as a matter of fact, it will get more difficult by the day and many will become discouraged in standing up against corruption.

Undoing the toxic myth of exclusion and scarcity by Seth Godin It’s easy to believe that excluding a group increases the benefits for those that are doing the excluding. That division and barriers somehow benefit the people who divide and hoard. That’s true when we’re talking about allocating a truly scarce resource. If you’re on a spaceship that’s headed for Mars, the oxygen you’ve got is all you’ve got. (Unless you have a population with the innovation needed to make more). But in our modern world, a world built on community, connection and the magic that comes from combining ideas, the opposite is true. When people deprive others of education and opportunity, they’re not helping themselves, they’re depriving themselves of the benefits that would come from what others would end up contributing. We don’t benefit from treating others poorly, we pay for it. More programmers, more healthy parents, more scientists, more leaders, more passionate artists, more breakthrough de...

MAW MOTIVATIONAL

Where are you? by Joshua Nicholas Today's topic is a question. So many people are trying so hard to get results in a strange land. Before God created man, He first created places. The place you are, determines what happen to the person you are. For this reason, you can't excel outside the place you are meant to be. This is the most guarded secret to success. For every divine purpose on earth, there is a divine place for its accomplishment.  I believe this fiction story will explain further;  A mother and a baby camel were lying around under a tree in a zoo. Then the baby camel asked, “Why do camels have humps?” The mother camel considered this and said, “We are desert animals so we have the humps to store water so we can survive with very little water.” The baby camel thought for a moment then said, “Ok…why are our legs long and our feet rounded?”  The mama replied, “They are meant for walking in the desert.” The baby paused. After a beat, the camel aske...

US Agency to double commitment in Nigeria by $530m The United States (U.S.) Development Finance Corporation (DFC), has reaffirmed plans to double its commitment in Nigeria with about $530 million.  The Corporation, which said it is currently on the active commitment of $530 million, said it is interested in agriculture, critical infrastructure, financial services, and healthcare sectors.  It maintained that in the wake of the COVID-19 pandemic, one of its key focuses is to create a more resilient global healthcare system.  At a webinar programme, tagged; “US Project Financing Opportunities,” organised by the American Business Council in partnership with the U.S. Mission, Regional Director for Africa, DFC, Vibhuti Jain, said Nigeria is a priority country for the DFC. She said the Corporation recognised robust financial opportunities, particularly the U.S. business which has tremendous potential for development.  She maintained that in Africa, the DFC has...