The Nigerian Export and Import Bank (NEXIM) has launched a N10 billion Women and Youth Export Facility (WAYEF) to boost the non-oil exports.

The facility would be disbursed to small and medium entrepreneurs at a five per cent interest rate in the first year of the programme and a nine per cent interest rate in the subsequent years.

WAYEF aims to, among others, increase funding to indigenous women and youths towards broadening the export basket and facilitating regional industrialisation for value-addition.

The Executive Director Business Development Nexim Bank, Stella Okotete, during the official launch of WAYEF in Abuja noted that the aim is to support women and youths towards upscaling and expanding export capacities.

On how to access the fund, Okotete said applicants are expected to pay a non-refundable N20, 000 application fee.

She highlighted some of the requirements to include an application letter, relevant incorporation letter, valid export contract or Local Purchase Orders (LPOs), audited account statement, cash flow projections and evidence of previous export performance.

The Economic Impact Report (EIR) of the World Travel & Tourism Council (WTTC) for 2020, released recently, shows Global travel and tourism sector has recorded an excess of $4.5 trillion revenue loss for Year 2020, which translates to about 50 per cent decline of its yearly turnover.

links the loss to the devastating impact of COVID-19.

Meanwhile, the Lagos State government has granted N1 billion worth of loans to tourism and hospitality practitioners in the state. The loans were meant to be seed capital to help drive new growth in the sector in the state.

Operators nationwide have estimated billions of naira loss to pandemic lockdown and slow restart of businesses in the COVID-19 era.

EIR showed that the sector’s contribution to global Gross Domestic Product (GDP) dropped a staggering 49.1 per cent, compared to the overall global economy that dropped by just 3.7 per cent last year.

Vast losses run-up during 2020 paint the first full picture of a sector struggling to survive in the face of crippling travel restrictions and unnecessary quarantines, which continue to threaten the urgent recovery of the world economy.

Altogether, the sector’s contribution to global GDP plummeted to $4.7 trillion in 2020 (5.5 per cent of the global economy), from nearly $9.2 trillion the previous year (10.4 per cent).

Telecom subscribers who are interested in getting new SIM cards may have to wait longer as the Federal Government on Thursday said it has no plans to lift the ban placed on new registration.

The government had in December 2020 imposed the ban as part of an audit exercise “to verify and ensure compliance by Mobile Network Operators with the set quality standards and requirements of SIM Card registration as issued by the Federal Ministry of Communications and Digital Economy and the Commission”.

The Mobile Network Operators (MNOs) were directed to “immediately suspend the sale, registration and activation of new SIM cards until the audit exercise is concluded, and the government has conveyed the new direction”.

But when the government lifted the suspension order on the replacement of SIM cards in January, it was silent on sale of new SIMs.

Speaking at the sixth edition of the ministerial briefing by the Presidential Media Team at the Presidential Villa, Abuja, Minister of Communication and Digital Economy Isa Pantami said the government has no plans to lift the ban.

 The Federal Government of Nigeria Plans Meeting With Telecommunications Operators Over The Recent Court Judgement Preventing The Government From Disconnecting SIM Cards Not Linked To National Identity Numbers By April 6.

Officials Of The Federal Ministry Of Communications And Digital Economy As Well As Operators In The Telecommunications Industry Affirmed That The Government Was Making Progress With The Nin Enrollments And It’s Linking To SIM Cards.

A Former Second National Vice-President Of The Nigerian Bar Association And Human Rights Lawyer, Monday Ubani, Had Filed An Originating Motion And Asked The Court To Stop The Nigerian Communications Commission From Disconnecting All SIM Cards Not Linked To NINS.

The First To Fourth Defendants In The Suit Include The Federal Government, Attorney General Of The Federation, The NCC And The Minister Of Communication And Digital Economy.

“These Are Issues That Will Be Addressed In The Meeting That Will Come Up Before The April 6 Deadline,” An Official Of The Communications Ministry, Who Spoke Off Record, Said.

Nnamani said, “The Minister Will Make A Determination On it When it Gets Close To The Time. There Will Be An Implementation Review Meeting Just Before The Due Date To Ascertain If It Is Necessary To Extend The Time.

However, He Encourages Everyone To Go And Get Their NIN And not Assume It Will Be Extended.”

In an effort to boost rice production in Ondo state and provide employment the unemployed, the government of Ondo state Governor, Rotimi akeredolu has partnered Malaysian firm, La Ruta Malaysia.

It has been said that the partnership would bring about drastic measures to develop and quicken the state’s local rice production in order to achieve self-sufficiency.

The president, Nigeria-Malaysia business council, Dr. Michael aderounmu, said the partnership would do the state a lot of good. he made the statement while speaking at a one -day workshop held on Thursday at Ayede ogbese in the Akure north local government area of Ondo state, for the farmers in the state on the integrated rice project .

Aderounmu, who represented the Malaysian private sector, said the memorandum of understanding had already been signed on the partnership.

He said, “with this partnership, the state would enjoy food security. any country that can’t produce security and enough food for the people is a failure but governor Rotimi Akeredolu has already taken the right step by travelling to Malaysia to address the Malaysian government on the need of the state to improve on food production and on value chain, which includes the training of the youths and other things’’.

After the assessment, the rice farmers would benefit immensely from the project. The government would provide an enabling environment and the firm would bring the logistics and equipment. The MOUs have been signed and we are going to do the assessment in other parts of the state.

According to the special adviser to the state governor on agriculture and agric business, Akin Olotu, the programme would help to identify the challenges facing rice farmers in the state.

Nigeria’s Aliko Dangote’s networth dwindled in the first quarter of this year after his fortune dropped to $16.4 billion. The decline occurred when the founder invested heavily in the oil industry and fertilizers business.

Aliko Dangote’s networth dwindled in the first quarter of this year after his fortune dropped to $16.4 billion.

The decline occurred when the founder invested heavily in the oil industry and fertilizers business.

Dangote‘s wealth lost $1.4 billion between January and March 2021, this is according to the Bloomberg Billionaire Index. The founder of Dangote Group had started this year with $17.8 billion.

But the networth started declining, causing a 7.9 percent reduction in his fortune. Despite this drop, the billionaire still remains the richest man in Africa and the wealthiest black man in the world.

As of Wednesday, March 31, 2021, Dangote’s wealth was placed at $16.4 billion.

While this might not significantly threaten his position in Africa, on the world stage, there are billionaires breathing down his neck and aiming for his position.

Dangote Oil Refinery, is a company owned by the Nigeria-based Dangote Group, is developing the project with an estimated investment of $12bn.

Dangote refinery is a 650,000 barrels per day (bpd) integrated refinery and petrochemical project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be the Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion in 2020.