I have always opined for people to take up reading as a hobby. Probably because I am an Educationist, people feel intimidated by my proposals for reading books. Well, I am not the only one proposing books or reading materials, there are other folks who are doing great at this.

On March 31, 2020, I had opined that the book by the former First Lady of the United States (Michelle Obama), was a groundbreaking book for anyone to actually read. If you missed my tweet on that, click here to see what I had earlier tweeted.

As you well know the lock down has been extended in various countries globally as everyone continues to battle the silent enemy; CODVID-19. In Nigeria, the lock down has been extended in a drastic measure to curb the spread of the virus. During this time in Nigeria, there is hardly stable electricity and the citizens (commoners) are finding it difficult to find relief as hunger, and crime rates are really high.

You might ask yourself (as you’re lying down), if this is the best time to read a book? My answer is, Yes! This is a great time to sober reflect and learn new things

A young Nigerian female leader who goes by the name: Amarachi Emannuela Azubike, did a deep insightful review of the book – Becoming. It was written by Michelle Obama and it has received tons of review. But why is her own review special (at least to me)?

Let’s go inside her full thoughts on this.

“In all of these lock-down, with a little moment off social media, I had voraciously read every piece of content and book I could lay hands on including “Becoming” Michelle.

I was to find out that my beginning wasn’t much different from that of Michelle in Euclade avenue though in a more localized setting amid a jungle where the weak got eaten up by the strong.

Consuming each page of this book, I fell more and more inclined with the 9 year old Michelle, how she had felt living with her family in an all black district where a lot of whites were emigrating from.

It reminded me of family, school, and those check boxes you never get to finish ticking and the questions of whether you’re enough constantly niggling you until you’re older than 30 with each feat and accomplishment making you feel impressed with yourself and then another obstacle posing same question and the cycle repeat all by itself, again and again.

For a young girl, there was the yearn to maintain the approval of family, friends and relative, impressing them in all she did ranging from the course she studied in school to her lifestyle generally, giving thoughts about what people would think about her and allowing it to become a part of who she was.

It’s a pressure we all get too comfortable with, like you’ve gotten placed high up there and must exist in a certain way so you don’t fall the hands of people looking up to you, or rather, looking out for you.

I’ve always loved planning and a little more pessimistic than I pretend not to be, and just like Michelle, I made plans and plans and plans before I eventually carried them out. I kept ticking those imaginary check boxes all the time, not wanting to at any moment make any mistake or slip my foot. I paid attention to details and being a long-term thinker, if it doesn’t feel like it, I dumped it right away.

Unlike Michelle though, I didn’t have a boyfriend at 17. I never had one even during university, and even though at some point I felt I should consider it, those check boxes starred at me all the time. I had a lot on the list to do, and I’ve not reached the part of having a man.

When I had an idea, I’d think it over and over, weighing all the sides until whatever emotions/enthusiasm I should have had dies alongside it.

Am I enough?

Back in school, even though most people considered me a hyper, the question was there.

Few months into tech and the question was there.

Before I spoke at an event, it was there.

Before I applied for a job/scholarship, It was looming.

And somehow, it never ever goes away.

It was there as Michelle tore through Whitney college, sprinted through Princeton University and aced. It was there when she at 25, had graduated from law school and worked in a high profile law firm in Chicago.
It was there more than ever when she struggled through loosing her dad, dealing with the dissatisfaction her job gave her and a confusion as to whether to quit or not. As her to-be husband Obama, gently nudged her about “what her passions were”.

There, as she quit her job at the law firm and took a job with Chicago commissioners office, down to when she passed through the hectic job of trying to balance working and being an absolute mother and the stress of having a not-at-home husband.

Her dislike for politics because of what it was doing to her home made her hesitant in consenting to her husband’s running for presidency in 2004. She’d preferred he waited till the children grew, so the check boxes can be properly ticked.

When she finally consented because she didn’t want to stand in the way of who her husband is, she was unsure herself avid numerous jeer-on from American citizens.
And then after Obama’s public declaration of running for the presidential seat, and the ensuing spark in her like never before seeing the supporters stand en-masse in the icing cold, which birthed the key roles she played to ensure the campaign ran smoothly especially in Ihuo, After the incessant flights, the meetings, the pessimistic Michelle said to herself at the end of the day “He will never win”, considering all the circumstances.

Their were times the optics, news and bloggers picked at and dissected her every word, her dressing, her gesticulations leaving her hurt and sad.
Heralding the victory and gradual transition which made her to take a leave of absence from her job at the Chicago University hospital to take on her first lady duties. She became a POTUS to her FLOTUS and it was all a series of events each one spiraling and unfolding to the next chain of events and all the while the question came popping up at intervals.

But one thing is to be understood and made clear. It wasn’t about the questions, rather, it was about the answer. Young Michelle had no answers then, she basically worked to show herself approved with each feat giving birth to another up to the point where the answer became clear enough. Just as it was clear to me. That I’m enough.

Yes, I am enough, and so are you. That’s the answer and that’s the only thing that makes sense.”

Speaking of reviews? Now, that’s one hell of a review combined with a unique story telling approach. What do you think of her review?

As every country in the world affected by the coronavirus pandemic push to save its economy by doling out grants for businesses and households, Nigeria appears to be following suit.

The most critical of it all has been sustenance as many states are embarking on lockdown and restriction of movement to quell the spread of the virus.

As part of its Social Intervention Program, the federal government of Nigeria, through the Central Bank of Nigeria (CBN), announced last month that it is giving N50 billion Targeted Credit Facility to households and businesses affected by the pandemic. The arrangement is to be facilitated through CBN’s agency, the Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

In a surprising turn, the NIRSAL Microfinance Bank is demanding N10,000 fee from small business owners as prerequisite for accessing the intervention loan, according to Sahara reporters.

According to circular shared earlier by the Apex Bank, businesses eligible for the loan scheme include hospitality, health (pharmaceuticals and medical supplies), agricultural value chain activities, airline service providers, manufacturing and value addition, trading.

One other condition to access the loan is that businesses must provide evidence that they have been adversely affected by the pandemic. A statement published in NIRSAL’s website earlier in March said that there must an evidence of downturn of business activities as a result of COVID-19, for enterprises seeking to obtain loan from the Targeted Credit Facility.

The alleged request for N10,000 access fee has cast doubt on the genuineness of the scheme even though the CBN has refuted it.

The outbreak of coronavirus has wreaked unprecedented havoc on businesses around the world, and Nigeria is not immune to its devastating impacts. Every business is counting losses, and every enterprise has such a claim to make. From the oil industry to the financial sector to entertainment to transport and sports, there are undeniable effects of the virus on every business as deserted streets show.

NIRSAL said it’s charging N10,000 as application processing fee, and compared to intervention programs rolled out by other countries, it is more like a revenue generating scheme, since every business that accessed the fund would repay it with interest.

The maximum amount to be accessed is N25 million and households can access N3 million with an interest rate of 5% per annum and the maximum period is one year.

Some other countries in Africa are also rolling out sustainability measures as the scourge bites harder. The Central Bank of Kenya (CBK), in March advised commercial banks to provide relief to borrowers. In Egypt, the central bank announced a huge 300 basis point cut as the country is working to limit the economic pains stemming from the virus.

African countries are focused mainly on health infrastructure as the negligence of their health sector has exposed many to vulnerability of the disease. A few however, are making provisions for businesses and the economy as a whole.

However, economists believe that Nigeria’s N50 billion Credit Facility fund is quite insignificant to the economic intervention needed. Nigeria and South Africa are the African continent’s largest economies and have been hardly hit by economic turmoil. South Africa is technically in recession while the downturn in the oil market puts Nigeria in line.

Experts believe that without stronger economic measures in the continent, there will be more trouble. Stephen Karingi, the director of the trade division at the UN’s Economic Commission for Africa, told VOA in March, that Africa’s economy will be devastated.

“As things stand now, the 3.2 percent growth has actually been insignificant when it comes to meeting these SDG goals. That’s the point we want to make. In other words, we are going to see an increase in the number of people who are actually poor or below the poverty,” he said.

Nigeria as a net oil exporter has suffered gross loss as the price of the commodity plummet in the wake of coronavirus. Economists said there would be severe impact in coming months as the disruption in supply chains across the globe gets on the increase.

Vera Songwe, secretary general of the United Nations Economic Commission for Africa, said Nigeria is going to feel the impact according to the performance of the oil market.

“If you’re a country like Nigeria, which is a net oil exporter – one, we’re demanding less oil from you, but secondly the amount of oil that we’re demanding from you has dropped {in price}. We’ve estimated that Nigeria could lose almost $19 billion if the trend continues and that’s a big shock to Nigeria’s economy, which was already growing at quite a low rate of 2.8 percent,” Songwe said.

Though OPEC reached a deal to cut oil production so as to increase demand, it will be a long call as the global supply chains remain largely closed.

Nigerian option to sustain its economy will depend on SMEs and all non-oil sector business as borrowing will not easily happen now. The situation places emphasis on the need to sustain small businesses. Economists have called on the Nigerian government to increase the Targeted Credit Facility fund and help as many businesses as possible in order to curtail the looming mass layoffs that will follow the liquidation of businesses.

Updated: The Central Bank of Nigeria had denied of any fee collection for the loan application.

“The attention of CBN has again been drawn to false reports on the social media circles, that loan seekers and owners of small scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fees.CBN urges members of the public to disregard any message requiring them to pay any amount to process their applications.

“Members of the public, particularly, households and owners of small scale businesses are therefore advised to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via cpd@cbn.gov.ng or call 07002255226”

Since close of trade on 6th April 2020, the market has now gained over 5.80% in four consecutive trade days and recovered over N630 billion for Investors, the last time the market enjoyed this streak was January 2020.

The All-Share Index (ASI) appreciated by 2.32% today to abate the year-to-date loss of the Market to 18.49%.

Market Breadth: The breadth of the market remained strong today as the Bulls maintained their hold on the market for the fifth day running, 28 stocks appreciated as against 12 that depreciated. NB and CONOIL led the gainers’ chart, while PZ and REDSTAREX led the losers chart. See the list of top gainers or losers below:

Market Turnover: ZENITH and GTB led the most traded stocks chart in volume and value. See top 10 traded stocks below:

Have a good evening.