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Nigeria: European Investment Bank, African Development Bank to support private sector investment

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THE European Investment Bank and the African Development Bank have agreed to support the creation of the new Development Bank of Nigeria to strengthen lending for business and agriculture investment in the country. The European Investment Bank has finalized a US $20-million equity stake in the new financing institution, alongside US $50-million equity participation from the African Development Bank.

The Development Bank of Nigeria has been created by the Federal Government of Nigeria to address financing challenges hindering private sector investment in the country. The Bank is called to play an important and catalytic role in providing funding and risk sharing facilities to micro, small and medium enterprises as well as small corporates.

“The Development Bank of Nigeria will overcome the funding gap in the micro-, small- and medium-scale enterprises space and help businesses unlock opportunities across Nigeria. DBN’s ambition is strengthened by the financial and technical support of international partners, including the European Investment Bank and African Development Bank. The new institution builds on international experience and uses a business model that has demonstrated proven success to enhance private-sector investment across Africa and around the world where other financing options are inadequate or absent,” said Tony Okpanachi, Managing Director of the Development Bank of Nigeria.

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“Private sector businesses are critical to the development of the Nigerian economy as they possess huge potential for employment generation and output diversification. Nevertheless, there has been under-performance of these businesses and this has undermined their contribution to economic growth. Among the issues affecting their performance, the shortage of finance, particularly investment finance, occupies a very central position. The Development Bank of Nigeria is expected to contribute to mobilizing significant long-term financing to an important yet underserved sector with high development potential,” said Stefan Nalletamby, Director of the Financial Sector Development Department at the African Development Bank.

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“New private sector investment is crucial to create jobs and enable business to expand and limited access to long-term financing holds back economic growth. The European Investment Bank is pleased to support the new Development Bank of Nigeria to strengthen private-sector investment in Africa’s largest economy. We look forward to continued close cooperation with Nigerian and international partners to ensure that once fully operational the new Development Bank of Nigeria can help harness the country’s economic potential,” said Ambroise Fayolle, Vice-President of the European Investment Bank (EIB).

“The European Union is committed to supporting private-sector investment in Nigeria. The new backing for the Development Bank of Nigeria by both the European Investment Bank, the bank of the European Union and the African Development Bank, with 13 EU member state shareholders, will make a clear contribution to tackling the lack of access to credit by entrepreneurs and businesses across the country. With more investment, we hope to promote a vibrant economy and stimulate growth, employment and increase opportunities, especially for youth,” said Ambassador Ketil Karlsen, Head of the European Union Delegation to Nigeria and the Economic Community of West African States (ECOWAS).

Addressing the investment gap holding back private-sector investment

At present, new investment essential for companies to expand and create jobs is hindered by limited access to commercial banks. It is estimated by the Development Bank of Nigeria that only 5% of the 37 million entrepreneurs and small businesses in Nigeria that contribute to 50% of GDP can access credit in the financial system.

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Building on broad international support

Other international financial institutions including the World Bank, Germany’s KfW and the French Agence française de développement (AFD) will also support the new bank alongside backing from the Federal Government of Nigeria.

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11 Things Smart People Won’t Say At Work

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There are some things you simply never want to say at work.

These phrases carry special power: they have an uncanny ability to make you look bad even when the words are true.

Worst of all, there’s no taking them back once they slip out.

I’m not talking about shocking slips of the tongue, off-color jokes, or politically incorrect faux pas. These aren’t the only ways to make yourself look bad.

Often it’s the subtle remarks—the ones that paint us as incompetent and unconfident—that do the most damage.

No matter how talented you are or what you’ve accomplished, there are certain phrases that instantly change the way people see you and can forever cast you in a negative light. These phrases are so loaded with negative implications that they undermine careers in short order.

How many of these career killers have you heard around the office lately?

1. “It’s not fair.”

Everyone knows that life isn’t fair. Saying it’s not fair suggests that you think life is supposed to be fair, which makes you look immature and naïve.

If you don’t want to make yourself look bad, you need to stick to the facts, stay constructive, and leave your interpretation out of it. For instance, you could say, “I noticed that you assigned Ann that big project I was hoping for. Would you mind telling me what went into that decision? I’d like to know why you thought I wasn’t a good fit, so that I can work on improving those skills.”

2. “This is the way it’s always been done.”

Technology-fueled change is happening so fast that even a six-month-old process could be outdated. Saying this is the way it’s always been done not only makes you sound lazy and resistant to change, but it could make your boss wonder why you haven’t tried to improve things on your own. If you really are doing things the way they’ve always been done, there’s almost certainly a better way.

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3. “No problem.”

When someone asks you to do something or thanks you for doing something, and you tell them no problem, you’re implying that their request should have been a problem. This makes people feel as though they’ve imposed upon you.

What you want to do instead is to show people that you’re happy to do your job. Say something like “It was my pleasure” or “I’ll be happy to take care of that.” It’s a subtle difference in language, but one that has a huge impact on people.

4. “I think …/This may be a silly idea …/I’m going to ask a stupid question.”

These overly passive phrases instantly erode your credibility. Even if you follow these phrases with a great idea, they suggest that you lack confidence, which makes the people you’re speaking to lose confidence in you.

Don’t be your own worst critic. If you’re not confident in what you’re saying, no one else will be either. And, if you really don’t know something, say, “I don’t have that information right now, but I’ll find out and get right back to you.”

5. “This will only take a minute.”

Saying that something only takes a minute undermines your skills and gives the impression that you rush through tasks. Unless you’re literally going to complete the task in 60 seconds, feel free to say that it won’t take long, but don’t make it sound as though the task can be completed any sooner than it can actually be finished.

6. “I’ll try.”

Just like the word think, try sounds tentative and suggests that you lack confidence in your ability to execute the task. Take full ownership of your capabilities. If you’re asked to do something, either commit to doing it or offer an alternative, but don’t say that you’ll try because it sounds like you won’t try all that hard.

7. “He’s lazy/incompetent/a jerk.”

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There is no upside to making a disparaging remark about a colleague. If your remark is accurate, everybody already knows it, so there’s no need to point it out. If your remark is inaccurate, you’re the one who ends up looking like a jerk.

There will always be rude or incompetent people in any workplace, and chances are that everyone knows who they are. If you don’t have the power to help them improve or to fire them, then you have nothing to gain by broadcasting their ineptitude. Announcing your colleague’s incompetence comes across as an insecure attempt to make you look better. Your callousness will inevitably come back to haunt you in the form of your coworkers’ negative opinions of you.

8. “That’s not in my job description.”

This often sarcastic phrase makes you sound as though you’re only willing to do the bare minimum required to keep getting a paycheck, which is a bad thing if you like job security.

If your boss asks you to do something that you feel is inappropriate for your position (as opposed to morally or ethically inappropriate), the best move is to complete the task eagerly. Later, schedule a conversation with your boss to discuss your role in the company and whether your job description needs an update. This ensures that you avoid looking petty. It also enables you and your boss to develop a long-term understanding of what you should and shouldn’t be doing.

9. “It’s not my fault.”

It’s never a good idea to cast blame. Be accountable. If you had any role—no matter how small—in whatever went wrong, own it. If not, offer an objective, dispassionate explanation of what happened. Stick to the facts, and let your boss and colleagues draw their own conclusions about who’s to blame.

The moment you start pointing fingers is the moment people start seeing you as someone who lacks accountability for their actions. This makes people nervous. Some will avoid working with you altogether, and others will strike first and blame you when something goes wrong.

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10. “I can’t.”

I can’t is it’s not my fault’s twisted sister. People don’t like to hear I can’t because they think it means I won’t. Saying I can’t suggests that you’re not willing to do what it takes to get the job done.

If you really can’t do something because you truly lack the necessary skills, you need to offer an alternative solution. Instead of saying what you can’t do, say what you can do. For example, instead of saying “I can’t stay late tonight,” say “I can come in early tomorrow morning. Will that work?” Instead of “I can’t run those numbers,” say “I don’t yet know how to run that type of analysis. Is there someone who can show me so that I can do it on my own next time?”

11. “I hate this job.”

The last thing anyone wants to hear at work is someone complaining about how much they hate their job. Doing so labels you as a negative person and brings down the morale of the group. Bosses are quick to catch on to naysayers who drag down morale, and they know that there are always enthusiastic replacements waiting just around the corner.

 

 

By Travis Bradberry

 

 

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Cryptocurrency Is ‘Not Money’ – Trump

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US President, Donald Trump on Thursday expressed his mistrust of cryptocurrency, saying it was “not money” and warning that those wishing to join the trade would have to abide by banking regulations.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted.

Trump, also stressed that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.

Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators the world over.

With more than two billion Facebook users, the social media giant’s cryptocurrency — which is slated for a 2020 launch and already has multiple partners — could completely disrupt the financial world.

However, Trump said that Libra has “little standing or dependability.”

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and international banking regulations.

“We only have one real currency in the USA, and it is stronger than ever,” he tweeted.

“It is called the United States Dollar!”

A high-level G7 working group is expected to produce a preliminary report on asset-backed cryptocurrencies next week when the group’s finance ministers meet in France.

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“The more we, the international regulators, investigate this project, the more we have serious questions and potentially reservations,” said Francois Villeroy de Galhaut, head of the French central bank.

His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress.

“I think we need to do a very careful, patient, thorough assessment of what the risks really are,” Jerome Powell said Thursday, adding that the size of Facebook’s social media network points to Libra’s “systemic importance.”

Some American politicians have called for a total freeze on Facebook’s Libra project.

Facebook has pledged to deliver a stable virtual currency that lives on smartphones and could bring over a billion “unbanked” people — adults without bank accounts or those who use services outside the banking system such as payday loans to make ends meet — into the financial system.

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

AFP

 

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GTBank Named Best Bank in Africa at Euromoney Awards

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Foremost African financial institution Guaranty Trust Bank plc has been named the Best Bank in Africa 2019 by Euromoney at its annual Awards for Excellence, which held in London on Wednesday, July 10, 2019 at the London Hilton Hotel, Park Lane. GTBank was also named the Best Bank in Nigeria for a record ninth time, reflecting the Bank’s position as one of the best managed financial institutions in the country, with strong and focused leadership that keep the business in a constant state of re-invention and innovation.

Now in its 50th year, Euromoney is the leading publication for covering the growth of international finance. Euromoney’s Awards for Excellence are the awards that matter to the banks and bankers who matter. This year, Euromoney received almost 1,500 submissions from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries. The Magazine’s Awards for Excellence celebrates the best banks around the world by recognizing institutions that have demonstrated leadership, innovation, and momentum in the markets they operate. In selecting its award recipients, Euromoney combines quantitative and qualitative data to honor institutions that have brought the highest levels of service, innovation and expertise to their customers.

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Key to the emergence of GTBank as the Best Bank in Africa and the Best Bank in Nigeria, is the Bank’s digital drive and its clarity of vision in reimagining the future of banks and banking. The Euromoney awards also recognized GTBank’s commitment to leading the future of banking as well as its consistent long-term strategy led by a senior management team that abhors complacency and keeps the business in a constant state of innovation.

Commenting on the Bank’s Euromoney awards, the Chief Executive Officer of GTBank, Segun Agbaje, said; “We are delighted and proud to win the Euromoney Awards for Africa’s Best Bank and Nigeria’s Best Bank. These awards reflect the progress we are making in delivering the best banking experience that captures what customers want in the world of today and tomorrow. They are also a testament to our leading role in driving world class corporate governance standards, excellent service quality and innovation in Africa’s banking industry.”

He further stated that; “At GTBank, we are passionate about building the bank of the future by leveraging the best of technology to add real value to our customers’ lives, and these awards illustrate the hard work and commitment of our staff, management and board towards achieving this goal.”

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GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

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