Economy
FG to Domicile Local Funding, Gets $500m for Digital Economy
By Adedapo Adesanya
The Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, has disclosed that the federal government has secured a $500 million loan for a local funding programme.
According to the tech maven, the credit facility would be used to boost innovation and entrepreneurship within the country’s digital sector.
“So, we’ve got access to about half a billion dollars to start local funding,” the Minister said last Friday at a dinner organised in his honour by the ministry in partnership with the World Bank.
The occasion was also used to unveil an ambitious target to provide at least 148 million people of working age with a digital national ID by the middle of next year, marking a significant step towards inclusion and accessibility.
Mr Tijani outlined federal government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, adding that it will be collaborating with the Bank of Industry (BoI).
He also highlighted the importance of supporting and promoting Nigerian businesses.
“We want to ensure that those businesses that will benefit are true, real Nigerian businesses,” adding that by domiciling the funding locally, the government aims to foster the growth and development of homegrown enterprises, ultimately contributing to the country’s economic progress.
The minister assured the public that the initial $500 million announced for local funding is just the beginning. He stressed that more investors would be brought on board, to increase the funds available to support Nigerian innovators.
Mr Tijani also emphasised that the government’s goal is to leverage the fund to attract additional investment and expand resources for local entrepreneurs.
“Part of my responsibilities is working with BoI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.
“And what we are going to see is that the funding is available locally and in the coming months it is going to become larger and as these funds become larger, we want to leverage that money as well.
“So, the government is not just going to put half a billion and that’s it, it can actually bring more investors to heart as we have more money and more of our innovators can have access to resources.”
On his part, World Bank Country Director for Nigeria, Mr Shubham Chaudhuri, reaffirmed the organisation’s commitment to eradicating poverty, improving lives, and creating job opportunities for the country’s youth.
Mr Chaudhuri emphasised the potential of leveraging digital technologies to drive transformation and outlined two key areas of partnership with Nigeria to achieve these goals.
He said the World Bank is collaborating with the National Identity Management Commission to ensure the successful rollout and registration of digital national IDs for all Nigerians.
According to him, “Our main mission here in Nigeria is to eliminate poverty, make lives better, and create jobs, for all Nigerian youth. One of the areas that we think have the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID.
“So, one of the main partnerships we have is working with NIMC to ensure the rollout of the registration so that all [estimated] 220 million Nigerians have a digital national ID, beginning of course with all people of working age and I think the target for that is at least 148 million people by the middle of next year.
“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity because without broadband connectivity digital technologies will lead to a digital divide. So, their support has been for good kinds of policies and regulations that will help invite private investment into this space and then fibre optic cables.
“One thing, for example, working with states is to persuade states to reduce the right of way fees and fibre. Cable operators have to pay more when they’re getting the land to lay the cable. All that is like the foundations and real potential comes from once you have the national ID, all the technologies that apps that can be built on the weather to bring services to people, to people where they get people access to finance that all of that needs skills.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.
Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.
Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.
On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.
During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
By Adedapo Adesanya
The Naira recorded a marginal gain of 43 Kobo or 0.03 per cent against the United States Dollar on Wednesday, June 25, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell for N1,380.11/$1 compared with the previous day’s N1,380.54/$1.
However, the Nigerian currency lost N3.21 against the Pound Sterling in the official market during the session to close at N1,818.84/£1, in contrast to Wednesday’s exchange rate of N1,815.63/£1, and against the Euro, it fell by N3.21 to trade at N1,566.84/€1 versus midweek’s value of N1,563.63/€1.
In the same vein, the Nigerian Naira depreciated against the Dollar at the GTBank FX deck yesterday by N3 to sell for N1,383/$1 compared with the preceding session’s value of N1,380/$1, and at the black market window, it remained unchanged at N1,395/$1.
Interbank FX turnover at the NFEM window surged by about 56 per cent day-on-day to close at $195.371 million from $125.588 million reported on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The Naira continues to feel the impact of rising FX payments and a strong US Dollar amid a sharp slowdown in forex market interventions by the central bank, with more than six weeks of no support for the local currency.
Nigeria’s foreign reserves increased further to $51.142 billion, while oil prices continue to be held in the $70 range by developments in the geopolitical scene.
Meanwhile, in the cryptocurrency market, Bitcoin sank below $60,000 as more than $1 billion in crypto positions were liquidated over the past 24 hours, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. It led at $489 million in liquidations and dropped 2.8 per cent to sell at $59,862.61.
Ethereum (ETH) crashed by 5.5 per cent to $1,554.57, Ripple (XRP) declined by 4.8 per cent to $1.03, Cardano (ADA) fell by 4.3 per cent to $0.1433, Dogecoin (DOGE) dropped 3.4 per cent to sell at $0.0745, TRON (TRX) slid 2.2 per cent to $0.3215, Binance Coin (BNB) slumped by 1.8 per cent to $561.34, and Solana (SOL) dipped by 0.3 per cent to $62.94, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
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