Economy
Stanbic IBTC to Unlock Business Opportunities in AfCFTA for Clients
By Dipo Olowookere
Stanbic IBTC Bank Plc has promised to unlock business opportunities in the African Continental Free Trade Area (AfCFTA) agreement for its corporate and Small and Medium-sized Enterprises (SMEs) clients.
The chief executive of the financial institution, Mr Wole Adeniyi, while speaking at a webinar recently, explained that this would be done by leveraging the trade opportunities in the deal.
In 2018, countries on the continent came together to form a single market aimed to boost their respective economy, though it officially kicked off in January 2021 after a few postponements.
Nigeria signed the AfCFTA in 2019, after a year’s delay, and is considered the most recent country to ratify the agreement.
For Stanbic IBTC, a subsidiary of Standard Bank Group, Nigerian investors and business owners can tap into the initiative for their benefit.
Addressing participants at the event themed AfCFTA State of Play: Understanding Potential and Maximising Opportunities for the Customer, Mr Adeniyi stated that multiple studies have shown that the increase in trade has a direct impact on reducing unemployment and poverty in societies.
According to him, the AfCFTA agreement presents numerous trade opportunities that are both exciting and promising not just for the continent but for the Nigerian market.
Another speaker, Mr Bamidele Ayemibo, a lead consultant at 3T Impex Trade Academy, pointed out that with the implementation of the AfCFTA agreement, Africa has the opportunity of becoming the largest market in the world with a population of 1.2 billion people and a combined GDP of $3.4 trillion.
He emphasised that the goal of AfCFTA is to create a single market for Africa and encourage the free movement of goods and services thereby facilitating trade transactions.
Mr Ayemibo pointed out that Nigerian customers can take advantage of the non-sensitive list, the sensitive list and the exclusive list in the agreement while engaging in various trade transactions with other African countries.
According to him, out of about 5,000 AfCFTA codes or products in the world that fall under the non-sensitive list, 90 per cent are duty-free and Nigeria customers can take advantage of this.
He added that countries can liberalise their products under the sensitive list within a period of 10 years while the exclusive list enables countries not to liberalise their products in order to protect that sector of their economy.
Mr Ayemibo stressed that the Federal Government is currently developing a portal where Nigerian customers and investors can trade with other countries under the AfCFTA agreement.
He explained that AfCFTA presents a huge potential for Nigerian manufactured products on the African continent because Nigeria produces about 90 per cent of such products that are imported by other African countries.
While appreciating Stanbic IBTC for the bold step it has taken to educate its clients and investors about the benefits of AfCFTA, Mr Ayemibo added that information enables agreement such as the AfCFTA to thrive, lamenting that previous agreements like the ECOWAS Trade Liberalisation Scheme (ETLS) collapsed due to lack of adequate information.
He added that with its vast footprint across Africa through Standard Bank, Stanbic IBTC can reach out to its numerous customers and educate them on the benefits of the AfCTFA agreement.
By Dipo Olowookere
The Nigerian equity market showed no signs of slowing down, as it further appreciated by 1.30 per cent on Friday on the back of sustained buying pressure.
Unlike the preceding sessions, investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 43 price gainers and 26 price losers, implying a positive market breadth index, the first this week.
UPDC gained 10.00 per cent to close at N4.40, Academy Press also appreciated by 10.00 per cent to quote at N7.70, Haldane McCall improved by 9.97 per cent to N3.97, Zichis soared by 9.94 per cent to N15.60, and Wema Bank added 9.84 per cent to settle at N31.25.
Conversely, Meyer lost 9.92 per cent to sell for N16.80, Trans-Nationwide Express also crashed by 9.92 per cent to end at N7.90, C&I Leasing slipped by 8.53 per cent to N5.90, Omatek dipped by 7.34 per cent to N2.02, and eTranzact decreased by 5.28 per cent to N17.05.
When the bourse closed its doors to business, the All-Share Index (ASI) rose by 2,884.81 points to 225,722.49 points from 222,837.68 points, and the market capitalisation grew by N1.858 trillion to N145.335 trillion from N143.477 trillion.
A look at the activity chart showed that market participants transacted 627.6 million shares worth N44.5 billion in 55,232 deals during the trading day compared with the 667.9 million shares valued at N38.1 billion traded in 53,062 deals a day earlier.
This indicated that the volume of transactions went down by 6.03 per cent, the value of trades went up by 16.80 per cent, and the number of deals jumped by 4.09 per cent.
Access Holdings closed the session as investors’ toast, with a turnover of 75.6 million units worth N2.4 billion. UBA transacted 43.1 million units valued at N2.3 billion, Wema Bank exchanged 41.5 million units for N1.3 billion, Zenith Bank traded 38.4 million units valued at N5.2 billion, and Universal Insurance sold 29.5 million units for N35.9 million.
By Aduragbemi Omiyale
Mr Taiwo Oyedele has set some goals he intends to achieve as Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
While taking over from his predecessor, Mr Wale Edun, on Thursday, the tax expert assured that he has no plans to overturn some of the reforms already put in place by the former occupier of the seat.
In a message on Friday, he emphasised that, “Our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”
He promised to ensure fiscal discipline by embracing transparent and prudent management of public resources, while also harmonising revenue administration, broadening the tax base, reducing the burden on the vulnerable population, and supporting economic growth.
Mr Oyedele further said his other strategic priorities include creating a predictable and investor-friendly environment anchored on policy coherence, consistency, and clarity; and aligning efforts across all tiers and institutions to maximise policy impact.
He also said efforts would be made to deepen collaboration with the private sector and other key stakeholders for data-driven policy design, co-implementation, and feedback for continuous improvement.
According to him, “Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”
“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy,” he stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
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