Connect with us

Business

Osinbajo in Ibadan Tuesday for MSMEs Clinic, youth town hall   

Published

on

THE Vice President, Prof. Yemi Osinbajo will on Tuesday be in Ibadan for the Oyo State Edition of the National Micro, Small and Medium Enterprises (MSMEs) Clinic and town hall meeting with the youth.

The MSMEs Clinic organized by the Office of the Vice President in collaboration with the Oyo State Government will start on Monday June 25, 2018 at the International Conference Centre, University of Ibadan, Oyo State by 10am daily with an exhibition where locally made products and enterprise will be exhibited for inspection by the Governor of Oyo State, Senator Abiola Ajimobi and an interactive session between the federal government agencies and members of MSMEs

The Oyo State Commissioner for Trade, Industry, Investment and Cooperatives, Princess Taibat Adeyemi-Agaba disclosed at the weekend that the Vice President, Prof. Osibajo will inspect the MSMEs booth  on Tuesday and also intimate the stakeholders on the efforts of Federal as well as the State Governments towards strengthening SMEs in the state and the country at large.

Oyo hosts National MSMEs Clinic Monday

Princess Adeyemi-Agaba said that Professor Osibajo will also address youths in the state during a town hall meeting at the Prof. Theophilus Ogunlesi Hall, Opposite UCH Main Gate by 3pm on Tuesday.

ALSO READ  15 Habits that could be hurting your business relationships

She stated that federal and state government officials, members of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Manufacturers Association on Nigeria (MAN), Chambers of Commerce, Organised Private Sector, Informal Sector, beneficiaries of FG Social Investment Programmes and other stakeholders are expected to be part of the MSMEs Clinic while youth across the state will be the guests of the Vice President at the Town Hall meeting.

Princess Adeyemi-Agaba noted that the MSMEs Clinic is geared towards driving the economy out of recession and placing it on a sound and sustainable path, saying that the plan is designed to assist the 36,994,587 micro enterprises recognized by the Nigerian Bureau of Statistics (NBS) and the Small Medium Enterprise Development Agency of Nigeria (SMEDAN) on ease of doing business.

She explained that the Project is in partnership with various Regulatory Federal Government Agencies whose operations are critical to the activities and survival of MSMEs doing business in the Country, stressing “It is a collaborative effort with respective State Governments where conducive atmospheres are being created for all critical stakeholders to interact with each other with a view to getting feedback for resolving problems militating against the growth and sustainability of MSME space in Nigeria.

ALSO READ  Investment in Refinery, Petrochemicals is Driven by Innovation, Efficiency, Says Dangote

 “This program is one of the socio-economic interventions of the Federal Government domiciled in the Office of the Vice President to assist businesses to thrive in Nigeria. Others being; N-Power, Conditional Cash Transfer, Home Grown School Feeding Programme and Government Enterprise Empowerment Programme (GEEP),” Princess Adeyemi-Agaba said.

The Commissioner said that the program is to create enabling environments for critical stakeholders to interact with each other to enable Federal Government Agencies proffer on the spot solutions where possible to problems affecting MSMEs.

She said that the Oyo State Government has been strengthening MSME’s scheme in the State with the strategic partnership with Bank of Industry in instituting a 1 billion naira MSME Development funding Scheme for on-lending to manufacturing related MSME in the State at 5% annual interest rate.

Princess Adeyemi-Agaba stressed that 200 projects have been supported under the Scheme in the Sum of about N800 Million naira, noting that a total of 5000 direct jobs have been generated under the Scheme throughout Oyo State.

Advertisement
Comments

Business

Bitcoin Hits $50,000 For First Time Since 2021

Published

on

By

A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

ALSO READ  COVID-19: Oyo Govt Warns Against Tyre Burning By Community Vigilantes

Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

Continue Reading

Business

Microsoft Joins Apple In $3 Trillion Club

Published

on

By

Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

ALSO READ  COVID-19: Oyo Govt Warns Against Tyre Burning By Community Vigilantes
Continue Reading

Business

Nigeria: Shell Announces Sale of Onshore Oil Assets

Published

on

By

In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

ALSO READ  UNICEF, Oyo govt., train enumerators on conduct of school census.

“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending