Economy
Aba Bedrock of Nigeria’s Economy—FG
By Dipo Olowookere
The importance of the commercial capital of the Southeast Nigeria, Aba in Abia State, has been highlighted by the Acting President, Mr Yemi Osinbajo.
During a visit to Aba, where he participated in the First MSMES Clinics after the media launch in Abuja on Tuesday, and using an analogy, the story President Muhammadu Buhari once told him about the importance of taking care of people “who do the things that make us comfortable, the Vice President observed “it is important to pay attention to MSMES.”
He said, “We will spend time to ensure that we give those who produce locally all the support that we can give, and that is why we are doing this clinics.”
Mr Osinbajo urged those relevant FG agencies to see themselves as facilitators of the businesses and remove bottlenecks that are often reported when enterprises have something to do with the agencies.
The Vice President went round the stands of all the agencies at the Aba MSMES Clinic and also those of several businesses and local manufacturers, all of whom were obviously elated at the Federal Government’s gesture to re-orient the relationship between them and the agencies.
Explaining why the clinic was initiated, office of the Special Adviser on Economic Matters in the Presidency said it was devised to bridge the gap between medium and small scale businesses and government agencies such as Corporate Affairs Commission, CAC; Standards Organisation of Nigeria, SON; National Agency for Food & Drug Administration and Control, NAFDAC; Bank of Industry, BOI; Federal Inland Revenue Services, FIRS; Nigerian Export Promotion Council, NEPC; and others.
The clinic is meant to bring together all those agencies in one spot and at appointed times across the country to attend to the needs, questions and requests of people doing business.
It was stated that such clinics would be held in two different cities every month and those government agencies would be on hand to solve problems of business enterprises, take enquiries, explain government initiatives and educate the public about regulatory issues regarding MSMES in Nigeria.
Commenting at the clinic, Governor of Abia State, Mr Okpezie Ikpeazu, disclosed that “with the visit of the Acting President to Abia, the story of Aba traders will change. The visit of the Acting President is a testimony that something new is happening here.”
By Dipo Olowookere
The presence of the bulls further strengthened the Nigerian Exchange (NGX) Limited on Tuesday, as the performance indices further gained 0.19 per cent.
The nation’s stock market survived profit-taking witnessed in the banking sector during the session, which crashed its index by 0.02 per cent.
This loss was offset by the gains recorded by the other sectors, with the insurance segment chalking up 0.49 per cent. The consumer goods space appreciated by 0.47 per cent, the industrial goods counter expanded by 0.04 per cent, and the energy sector rose by 0.03 per cent.
At the close of business, the All-Share Index (ASI) was elevated by 475.60 points to 246,659.56 points from 246,183.96 points, and the market capitalisation improved by N307 billion to N159.119 trillion from N158.812 trillion.
The market breadth index was positive yesterday after the bourse finished with 34 price gainers and 22 price losers, implying strong investor sentiment.
UPDC REIT grew by 9.86 per cent to N11.70, Thomas Wyatt advanced by 9.73 per cent to N3.72, Ikeja Hotel climbed 9.53 per cent to N46.55, The Initiates went up by 9.52 per cent to N33.95, and Neimeth increased by 9.47 per cent to N9.25.
Conversely, Mecure depreciated by 9.95 per cent to N76.95, Haldane McCall dropped 9.86 per cent to trade at N3.29, CMFC declined by 9.85 per cent to N3.02, Trans-Nationwide Express lost 9.68 per cent to close at N2.80, and Academy Press shrank by 9.38 per cent to N5.80.
The activity level was mixed during the session, as investors traded 932.5 million equities worth N49.3 billion in 50,059 deals versus the 851.6 million equities valued at N49.6 billion transacted in 56,873 deals a day earlier.
This showed that the trading volume soared by 9.50 per cent, the trading value moderated by 0.61 per cent, and the number of deals retreated by 11.98 per cent.
The busiest equity for the day was Access Holdings, which sold 336.6 million units for N8.7 billion. FCMB exchanged 88.8 million units worth N1.0 billion, First Holdco transacted 72.7 million units valued at N7.7 billion, Zenith Bank traded 37.4 million units for N4.4 billion, and UBA transacted 32.1 million units worth N1.5 billion.
By Aduragbemi Omiyale
Thirty-one companies on Tuesday emerged as winners of the 2025 licensing round of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The energy firms competed to take control of 50 oil and gas blocks put on offer by the Nigerian government.
They were among the 143 companies that submitted 200 bids for the oil facilities drawn from diverse terrains, including the Niger Delta Onshore, Niger Delta Shallow Water, Niger Delta Deep Offshore, Benin Basin Onshore, Anambra Basin Onshore, Chad Basin Onshore and Benue Trough.
Business Post gathered that investors, however, were only interested in 37 out of the 50 oil blocks put up for sale by the NUPRC. This is the first time in Nigeria’s energy history that frontier basins would attract such a level of investor interest.
The organisations that won the bids include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), GupscoEnergy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62) and Nuway Oaklane Limited (2A49).
Others are Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) HighbanResources Limited (PPL 700), Eyre Energy Limited (PPL 801).
By Adedapo Adesanya
Oil prices rose roughly 2 per cent on Tuesday as investors reacted to mounting concerns that escalating hostilities between the United States and Iran and threats by Yemen’s Houthis to blockade Saudi Arabia could disrupt global energy supplies.
Brent futures rose $1.79 or 2.0 per cent to $91.01 a barrel, while the US West Texas Intermediate (WTI) crude gained $1.68 or 2.0 per cent to settle at $84.91 per barrel.
US forces bombed targets in the south and west of Iran while Iran targeted American sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.
Supply concerns resurfaced with the Strait essentially closed again and tanker traffic at multi-month lows, to the level from before the ceasefire between the US and Iran, which appears to be over at the moment.
Prices could go much higher if the renewed conflict drags on for a few more months, as the world has now drained a lot of the buffers that had kept oil surges in check between March and May.
Drained strategic and commercial inventories in many key oil-consuming economies, including the US, are setting the stage for further oil price rallies during the busiest oil demand season.
The just-declared Houthi blockade on Saudi maritime shipping has already begun to witness ill-effects, as reports emerge of two oil tankers having made U-turns while initially en route toward the Suez Canal. It was reported that their crews received threats from Houthi militants in Yemen.
The two oil tankers, which loaded Saudi crude for China and India, made U-turns in the Red Sea and headed toward the Suez following the warning from the militia.
Meanwhile, Kuwait’s power and desalination plants caught fire for a second straight day as US and Iran traded strikes for a tenth day.
As Russia’s war with Ukraine expands beyond Ukraine’s borders, the Caspian Pipeline Consortium (CPC) has stopped receiving oil from Kazakhstan after suspending loadings on Monday due to attacks on oil tankers at its Black Sea terminal.
