businessday market monitor FMDQ Close Benchmark NTB* & CP* Benchmark Sovereign & Corporate Bonds MTN Nigeria Axxela BDC Exchange Rate Funding 1 NSP-SPV Bitcoin FOREIGN EXCHANGE NTB Communications plc FGN Dangote PowerCorp NSE (Natural Gas) CP (Series 4) Cement plc plc plc Foreign Reserve $34.7bn Market Spot ($/N) 28-Oct-21 17-Dec-21 23-Jul-30 30-Apr-25 20-May-27 27-Feb-34 ₦44,998,577.83 I&E FX Window 0.77 0.56 0.00 0.66 0.58 0.00 Biggest Gainer Biggest Loser Cross Rates GBP-$:1.40 YUANY - 59.15 BUY SELL 410.33 CBN Official Rate as at Commodities 379.00 4.97 9.22 13.31 15.07 15.02 15.45 LINKASSURE NEM -5.03 May 6, 2021 $-N 475.00 482.00 3M N0.63 9.52pc N2.00 -9.50pc Cocoa Gold Crude Oil 1M 2M 6M 12M 36M 60M £-N 663.00 676.00 Currency Futures 26-May-21 30-Jun-21 28-Jul-21 27-Oct-21 27-Apr-22 24-Apr-24 29- Apr-26 US$ 2,463.00 $1,831.30 $68.28 39,198.75 €-N 575.00 587.00 ($/N) 420.43 421.86 423.29 427.59 436.18 517.94 613.33 *NTB - Nigerian Treasury Bills; *CP - Commercial Paper NEWS YOU CAN TRUST * MONDAY 10 MAY 2021 I VOL. 19, NO 817 I N300 g www. g @ g See what Nigeria’s record low-interest rates end Nigerian banks charge you for as bond yields rise by most in 12yrs borrowing LOLADE AKINMURELE The benchmark 10-year Nige- and marks the fastest uptick in percent. HOPE MOSES-ASHIKE rian government bond yielded government bond yields since Analysts say the rapid rise in igerian banks are charg- he rapid rise in the 13.3 percent as of Friday, May 7, at least 2009. yields is a signal that Nigeria’s ing an average interest yields of Nigerian according to data from trading The yields on one-year Trea- low interest rate policy is being rate of between 4 percent debt signals an end to platform, FMDQ. That is more sury bills, which are short-term phased out as monetary authori- N and 36 percent on loans given to the record low inter- than three times the 4 percent debt, have also gone up from a ties look to make Nigerian debt customers in various sectors of est rate environment return on the same bond only record low of 0.5 percent some the economy, especially agricul- Tthat characterised the year 2020. six months ago in October 2020, six months ago to nearly 10 Continues on page 31 ture and forestry, manufacturing and education. This represents -7.5 percent- age point lower and 24.50 basis point higher than 11.50 percent Monetary Policy Rate (MPR). Apart from that there are other administrative charges, which sometimes are not known to customers. A Lagos businessman, Chris- tian Ezegolo, two years ago, took some loan from one of the banks at 23 percent interest rate and had liquidated the loan, but has not been able to access another loan since that time due to gam- ut of economic realities around the business environment. Such challenges include the cost send time it takes to place order, produce, ship and clear Continues on page 31 INSIDE Mining sector holds L-R: Gbolahan Sanni, marketing director, Coca-Cola Nigeria Limited; Alfred Olajide, vice president/managing director, Coca-Cola Nigeria Limited; opportunities for investors Ogho Okiti, managing director, BusinessDay, and Nwamaka Onyemelukwe, director, public affairs, communications and sustainability, Coca-Cola Nigeria Limited, during a courtesy visit by the BusinessDay team to Coca-Cola, recently. across Nigeria P. 30 2 BUSINESS DAY Monday 10 May 2021 www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng Monday 10 May 2021 BUSINESS DAY 3 www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng 4 BUSINESS DAY Monday 10 May 2021 www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng Monday 10 May 2021 BUSINESS DAY 5 www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng 6 BUSINESS DAY Monday 10 May 2021 NEWS Modesty Signature launches ‘The Lantern Essence Collection’ Nigeria in dire need of data amadan is a time of streets to create a more festive The Lantern is not a symbol spiritual reflection, environment that is in tune of Ramadan, but an addition to self-improvement with the holy month. the festivities. analysts, software engineers and heightened de- The gap in gender par- which are the toughest to ac- Rvotion and worship. During ENDURANCE OKAFOR ticipation in the industry is quire are mostly technology ca- the period of Ramadan, cities another talent-related chal- pabilities, the report revealed worldwide light up and pre- ne in two Ni- lenge, the Nigeria Fintech that skills such as business pare for the month of fasting gerian finan- Census 2020- Profiling and management, marketing and by decorating their houses and cial technol- Defining the Fintech Sector communication are becoming shops with colourful lanterns ogy (FinTech) report shows that female more essential. creating a beautiful and magi- companies cur- workforce participation in “This gap may continue to cal atmosphere. Orently employs at least one the sector stood at 44 percent widen, as more talents emi- According to Nasif Kayed, international talent. while 56 percent was reported grate or work in other markets,” managing director, Sheikh Mo- While attraction and re- for male. While 55 percent the report projected. hammed Centre for Cultural Un- tention of talent is a top tier of Fintechs have all-male However, 77 percent of derstanding, the concept of the challenge for Nigerian Fintech founders only 12 percent of the industry leaders said they lanterns originated in ancient organisations, skills such as the female are founders. were actively looking at ways Egypt, during the Fatimid dy- data analytics, cybersecurity “The quality and volume of to mitigate the skill dearth nasty, when Caliphate Al-Mu-izz and software engineering are FinTech talent in Nigeria is lim- within their organisations, li-Din Allah arrived on the first among the most difficult to ited and insufficient. Attracting through partnerships with day of Ramadan, the people and find, one of the barriers to the and retaining talent remains other SMEs, suppliers/con- children of Egypt went outside to growth of Fintechs. the biggest challenge faced tractors, constant re-training greet him holding their lanterns. Results of the 2020 survey by FinTechs in Nigeria,” Ade to upskill the current work- Before then, lanterns were by FinTech Association of Ni- Bajomo, president, FinTech force, and collaboration with just used to walk around geria (FintechNGR) recently Association of Nigeria said. academia to develop modern at night, and to walk to the released shows that 54 percent Commissioned to better and relevant digital course mosque. But when the Caliph of Fintech companies said understand the needs of the content including off-taking came, the whole community their businesses were facing an sector and to catalyze the next standout candidates from this went to welcome him with acute shortage of digital skills. steps in the evolution of Nige- process. their lanterns. Since then, it “An area where many believe ria’s FinTech landscape, the Breakdown of the report became that the month of Ra- more support is required,” the report defined Fintechs as shows advanced digital skills madan is more beautiful with report said. organisations combining in- are essential for success as lit-up lanterns everywhere. “Nigerian FinTechs thrive novative business models and agreed by most of the industry In modern-day, with the on recruiting onshore talent technology to enable, enhance, leaders that were engaged in availability of electricity and within the domestic market,” and disrupt financial services the survey. 77 percent of the technology, lanterns are not Dapo Adewole, partner, Tech- EY Definition of FinTech. Fintech leaders pointed to data really needed as a source of nology & FinTech Leader West While the leaders that were analytics as “critical” to strategy light. Instead, it is now used as Africa, EY said in the report that interviewed during the survey and operations, compared to decoration for popular Rama- was jointly published by EY. suggest that the skill areas other digital skills. dan tents, gatherings, and city www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng Monday 10 May 2021 BUSINESS DAY 7 www.businessday.ng https://www.facebook.com/businessdayng @Businessdayng 8 BUSINESS DAY Monday 10 May 2021 NEWS Vaccine bubble lifts Moderna to most profitable quarter in history TEMITAYO AYETOTO There was also an increase said Stéphane Bancel, chief a global supply of up to 3 billion with new governments in Asia, was valued at cost, the compa- in grant revenue of $190 mil- executive officer of Moderna. doses by 2022. Middle East, Africa, and Latin ny’s cost of sales for the quarter he bulging bubble lion mainly driven by revenue In November 2020, Mod- Moderna vaccine is one America likely to push its total would have been $377 million from COVID-19 rise from BARDA related to the erna began to push for U.S. of the mRNA-based vaccines advance purchase agreements or 22 percent of product sales. vaccines produc- company’s COVID-19 vaccine and European emergency leading the fight against the for 2022 higher than 2021 Also, the financials put tion has lifted Mod- development. authorisation of its COVID-19 pandemic. Governments Costs of sales for the quarter research and development erna to the largest “In the first quarter, the vaccine on Monday following around the world including in focus were $193 million or expenses at $401 million Tprofitable quarter ever re- Moderna team delivered on results from a late-stage study the US and UK have inoculated 11 percent of product sales, compared to $115 million corded in its 10-year history.