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Facebook today announced a ₦500m grant to support 781 small businesses in Nigeria, as part its $100m Global Grants Programme announced earlier this year, which aims to support 30,000 SMBs in over 30 countries. Aimed at stimulating economic recovery following the effects of COVID-19, this will help empower and extend a lifeline to local small business owners who have been most affected. The grants will be administered and managed by Deloitte in partnership with FATE Foundation and Afrigrants. It will be provided as a combination of cash and ad credits to help small businesses as they rebuild, re-engineer and recover operations during this challenging year. Available to qualifying SMBs in Nigeria, applications will be open from 24th August 2020 for the North East, North West and South East regions and 26th August 2020 for the South West, South-South and North Central regions. SMBs can check to see whether they’re eligible as well as apply and find out more details about the programme. In the recent State of Small Business Report, published by Facebook in partnership with the OECD and the World Bank, the many challenges faced by SMBs during this COVID-19 crisis were laid bare, specifically with over 37% of SMBs in Nigeria saying that cash is a concern. “We know small businesses are the engine of the Nigerian economy, the COVID-19 pandemic has extended beyond a public health crisis to an economic emergency, with these small businesses most affected. We’re listening to the challenges these small business owners are facing right now and want to provide useful resources for them during this difficult and uncertain year” said Nunu Ntshingila, Regional Director, Facebook Africa. Recognising that SMBs need training, digitalisation assistance and improved social connection infrastructure as consumer behaviour shifts online, Facebook has also rolled out virtual versions of its in-person training - Boost with Facebook across Nigeria. These free webinars and online resources cover a range of topics from how to take your business online, build resilience, stay connected with customers and adapt in real-time. HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020. The shape of disruption in the retail space: how it works, how to respond to it, and why it matters You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction. Nigeria's GDP Shrinks by 6.10% in Q2 2020 - NBS Nigeria's Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020 The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand. Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work. IITA empowers Ogoni youth on agribusiness for sustainable livelihoods The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State. Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19 74% of organizations reported moderate to significant impact to their employees due to the pandemic.

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