Business
N50,000 presidential grant: 100,000 small businesses benefit in first phase
N50,000 presidential grant: 100,000 small businesses benefit in first phase
A total of 100,000 small businesses across the country have so far received a presidential grant of N50,000 under the first phase of the Trade Grants Scheme.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this, adding that one million nano businesses would benefit from the scheme.
A report by Saturday Punch quoted the minister as saying this through her aide, Terfa Gyado, in an interview with the newspaper.
Newstrends notes that the grant aimed at driving sustainable economic growth at the grassroots level will be disbursed with 70 per cent going to women and youths, 10 per cent individuals with disabilities, and five per cent senior citizens, and the remaining 15 per cent allocated to other groups.
Bank of Industry (BOI) was appointed as the executing agency for the funds.
The minister said the disbursement which began a few weeks ago would be distributed to 1,291 nano businesses in each of the 774 local governments in the country.
The Federal Government in December announced the Presidential Conditional Grant Scheme to empower small businesses as part of the Presidential Palliatives Programme.
It said a total of N200 billion would be disbursed through the BoI to support manufacturers and businesses across the country.
Aniete, giving an update on the scheme, said all verified applicants would receive their grants in subsequent phases.
The minister said, “The Presidential Conditional Grant Scheme kicked off a few weeks back and disbursement has been made to the first batch.
“Each grant applicant gets N50,000 while the applicants are judged by the criteria of owning a nano business and being verified using their Bank Verification Number and their National Identification Number.
“So those who were successfully verified on the nature of their business and all other criteria have been able to get some of the initial disbursement.”
The minister said the grant was paid directly to beneficiaries’ accounts after proper verifications with a target to reach one million small businesses in the 774 LGs and the six council areas in the Federal Capital Territory.
“The target is for one million nano businesses across the 774 local governments across the federation and that works out to a total of 1,291 nano businesses per local government and that is how the spread is going to be.
“So far, the disbursement has hit about 100,000 small businesses and they have got the initial disbursement and the target remains one million. “Disbursement is still ongoing and we are still waiting for data from across all the states and it is an ongoing process.”
Business
Stopping fuel importation will create monopoly, sustain fuel crisis – Marketers
Stopping fuel importation will create monopoly, sustain fuel crisis – Marketers
Three major oil marketers in the country, yesterday, asked the Federal High Court in Abuja to stop what they described as plot by Dangote Petroleum Refinery and Petrochemicals FZE, to monopolise the energy sector of the economy.
The marketers, including AYM Shafa Limited, A. A. Rano Limited and Matrix Petroleum Services Limited, maintained that allowing Dangote Refinery to takeover the oil sector would spell doom for the country.
However, efforts made to reach the Group Head, Communications, Dangote Group, Mr. Anthony Chiejina, last night, were unsucces-sful as several calls made to his known mobile phone were unanswered, while text and WhatsApp messages were not also responded to at press time.
The companies took the position in a reply they filed to challenge the competence of the suit Dangote’s firm filed to nullify licenses they secured to import refined petroleum products into the country.
The marketers were cited as defendants in the suit marked: FHC/ABJ/CS/1324/2024, which also has the Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and the Nigeria National Petroleum Corporation Limited, NNPC, as defendants.
It will be recalled that Dangote Refinery had, in its suit, queried the propriety of licences issued to other key oil marketers to bring refined petroleum products into the country when it has not recorded any shortfall in its own operations.
According to the plaintiff, NMDPRA acted in breach of Sections 317(8) and (9) of the Petroleum Industry Act, PIA, by issuing licenses for the importation of petroleum products to the defendants.
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The plaintiff told the court that the licences were issued to the defendants, “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by Dangote Refinery.”
It, therefore, prayed the court to award N100billion in damages against the NMDPRA for allegedly continuing to issue import licenses to NNPCL and the other defendants for the import of petroleum products, such as Automotive Gas Oil, AGO, and jet fuel (aviation turbine fuel) into Nigeria.
Specifically, Dangote Refinery, among other things, applied for an order of injunction, restraining the 1st defendant (NMDPRA) from further issuing and/or renewing import licenses to the 2nd to 7th defendants or other companies for the purpose of importing petroleum products.
It further sought an order of court directing the 1st defendant to seal off all tank farms, storage facilities, warehouses, and stations used by the defendants for the storage of all refined petroleum products imported into Nigeria.
“An order of mandatory injunction directing the 1st defendant to withdraw immediately all import licenses issued to the 2nd-7th defendants and other companies other than the plaintiff and other local refineries for the purpose of importing refined petroleum products into Nigeria.
“An order of injunction restraining the 1st defendant from imposing and demanding a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favour of MDGIF or any other levy or sum against the plaintiff.”
However, in their reply to the suit, dated November 5, 2024, the three marketers told the court that the plaintiff does not produce adequate petroleum products for the daily consumption of Nigerians, saying there was nothing before the court to prove the contrary.
The defendants told the court that they were well qualified and entitled to be issued a licence by the 1st defendant to import petroleum products into the country within the provisions of Section 317(9) of the PIA.
They argued that vesting the plaintiff with the power of monopoly in Nigeria’s petroleum industry, as it was seeking through the legal action, would kill competitive pricing of petroleum products in the country, further deteriorate Nigeria’s critically ailing economy “and unleash untold hardship on Nigerians, all of which constitute a recipe for disaster in the polity.
“That if Nigeria puts all her energy eggs in one basket by stopping importation of petroleum products and allowing the Plaintiff to be the sole producer and supplier of petroleum products in Nigeria, with liberty to determine the prices at which it supplies the products, the prices of petroleum products in Nigeria will continue to rise and energy security will elude Nigeria.
“That in the event of any breakdown in or obstruction to the production chain of the plaintiff which stops it from producing, Nigeria will be thrown into energy crises as Nigeria does not have the reserves that would last it for the at least 30 days that it would need to order, pay for, freight and import refined products into tanks in Nigeria.
“That amid the glaring absence of any credible and demonstrable proof that the Plaintiff refines and supplies adequate petroleum products for the daily use/consumption of Nigerians, giving the plaintiff judicial imprimatur to be the sole supplier of refined petroleum products to Nigerians, thereby encouraging monopoly in a major aspect of Nigeria’s oil industry, is a recipe for disaster in Nigeria’s energy sector,” the defendants added.
They insisted that granting the reliefs sought by the plaintiff, which is aimed at making it a monopolist in Nigeria’s petroleum sector, would leave Nigeria and Nigerians at the mercy of the olaintiff, with respect to availability and cost of purchasing petroleum products in the country.
More so, the defendants told the court that they were fully qualified for the import licences issued to them by the 1st Defendant, as they duly met all the legal requirements.
“The import licences lawfully and validly issued to the defendants did not in any way whatsoever, cripple the Plaintiff’s business or its refinery.
“The import licences issued to the defendants by the 1st defendant are in line with the provisions of Petroleum Industry Act, 2021, the Federal Competition and Consumer Protection Act, 2018 and other relevant laws,” the defendants averred.
Justice Inyang Ekwo had earlier adjourned the matter till January 20, 2025, to enable the parties explore an out-of-court settlement of the dispute, even as the plaintiff expressed its readiness to withdraw the suit.
Stopping fuel importation will create monopoly, sustain fuel crisis – Marketers
Business
Electricity: DisCos increase prices of prepaid meters by 28.03%
Electricity: DisCos increase prices of prepaid meters by 28.03%
Electricity Distribution Companies, DisCos, have announced a rise in the price of various electricity meter models, making it the second price hike in four months.
According to the DisCos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800. This amount indicates an increase of 28.03 per cent or N32,800, depending on the distribution company and meter vendor.
The new prices posted on the official X handle of the Discos yesterday were scheduled to take effect on Tuesday, November 5, 2024. It also reflected the deregulation of meter asset providers as directed by the Nigerian Electricity Regulatory Commission, NERC.
It was learned that the upward revision followed an earlier increase in August 2024, further amplifying concerns among electricity consumers about affordability and accessibility.
An analysis of the documents revealed that meter prices vary across DisCos, influenced by vendors and meter models (single-phase and three-phase).
Eko DisCo pegged the price of its Single Phase Metre between N135,987.5 and N161,035, while a Three Phase Metre was pegged between N226,600 and N266,600.
Ibadan DisCo said customers will pay between a range of N130,998 and N142,548 for a single-phase meter and N226,556.25–NN232,008 for a three-phase meter.
Customers under Abuja DisCo will pay N123,130.53–NN147,812.5 for single-phase meters and N206,345.65–NN236,500 for three-phase meters.
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Kano Electricity Distribution said its customers will pay N127,925–N129,999 for a single-phase metre and N223,793–NN235,425 for a three-phase meter.
Kaduna DisCo said N131,150—N142,548.94 would be paid for single-phase meters and N220,375—N232,008.04 three-phase meters.
In April, the Nigerian Electricity Regulatory Commission introduced a significant policy shift by announcing the deregulation of meter prices under the Metre Asset Provider, MAP, scheme for end-user customers.
The move was targeted at addressing lingering issues surrounding meter supply and pricing transparency within the electricity sector.
According to NERC’s latest order, meter prices under the MAP scheme will now be determined through competitive bidding, rather than being centralised.
This shift is expected to foster greater competition among meter providers, ultimately improving cost efficiency and service delivery for end users.
The deregulation removes earlier operational restrictions, allowing MAP permit holders to provide metering services across all electricity distribution companies in Nigeria.
However, MAPs must meet specific regulatory requirements to ensure compliance and maintain quality standards in service delivery.
Recall that NERC regulated meter prices, which were often subsidised across all DisCos to reduce costs for customers. While this model aimed to make metering affordable, it inadvertently stifled competition and limited transparency in the supply chain.
As a result, DisCos and customers were unable to negotiate or explore better deals from meter vendors, contributing to inefficiencies in the system.
With deregulation now in place, NERC anticipates a more dynamic metering ecosystem where customers and DisCos can benefit from competitive pricing, improved service quality, and greater accountability among meter providers.
Electricity: DisCos increase prices of prepaid meters by 28.03%
Business
Naira exchanges for N1,720/$ in parallel market
Naira exchanges for N1,720/$ in parallel market
The Naira yesterday appreciated to N1,720 per dollar in the parallel market from N1,725 per dollar on Monday
Similarly , the Naira appreciated to N1,671.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,671.32 per dollar from N1,676.9 per dollar on Monday indicating N5.58 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased by 124.4 percent to $218.77 million from $79.47 million traded on Monday .
Consequently, the margin between the parallel market and NAFEM rate widened to N48.68 per dollar from N48.1 per dollar on Monday .
Naira exchanges for N1,720/$ in parallel market
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