Economy
CBN Pledges Support for Investment Flows into Nigeria’s Special Economic Zones
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) says it will continue to support the federal government to implement a promotion strategy to facilitate investment flows into the economy via Special Economic Zones (SEZs)
According to Mr Kalu Oji, the Deputy Director of Trade and Exchange Department at the CBN, while speaking at a two-day annual meeting of SEZs stakeholders which commenced on Wednesday in Lagos, the central bank is aware of the challenges faced by the SEZs.
He said the special economic zones were significant to the actualisation of President Bola Tinubu’s economic vision of a $1 trillion economy by 2026.
Mr Oji said CBN’s mission of ensuring monetary policy and financial system stability was a catalyst for inclusive growth and sustainable economic development critical in ensuring the continued success of the zones.
According to him, the recent efforts geared towards stabilising the exchange rate will assist in attracting the much-needed foreign direct investments (FDIs) necessary to enhance the development of the country’s special economic zones.
He pledged to tackle the challenges to enable them to attract more funds and job opportunities for Nigerians.
On his part, Mr Bamanga Jada, the Managing Director of the Oil and Gas Free Zones Authority (OGFZA), described the economic zones scheme as a globally recognised instrument used by policymakers to facilitate, attract, and scale up long-term domestic and cross-border investments.
Mr Jada added that it was used to promote and enhance industrialisation, export-oriented investment, diversification, and job creation in most fast-growing economies around the world.
“There is convincing evidence in Nigeria today that the scheme has recorded remarkable progress despite the relatively negative economic climate and the enormous challenges that confront the operators and licensees.
“In specific terms, the Oil and Gas Free Zones Authority, despite the challenges mentioned, has attracted over $24 billion in investment.
“The Authority has currently more than 100 efficient licensed companies in the oil and gas free zones under the Authority’s regulation,” he said.
He noted that the result was achieved through the combined efforts and collaboration of the Federal Ministry of Industry, Trade and Investment; Nigeria Custom Service (NCS); Federal Inland Revenue Service, and other stakeholders.
Also, Mr Nabil Saleh, Chairman of Nigeria Economic Zones Association (NEZA), said globally, economic free trade zones have helped many countries such as Morocco, China, and Singapore to boost their manufacturing firms and other sectors.
“In Nigeria, the Special Economic Zones have not done badly. It has generated many direct and indirect jobs in the country, despite the challenges we are going through.
“The Nigeria Free Trade Zones, despite their potential, are still not in the standards we expect yet,” Mr Saleh said.
On his part, Mr Olufemi Ogunyemi, the Chief Executive Officer (CEO) of Nigeria Export Processing Zones Authority (NEPZA), said the conference serves as an opportunity to gain an in-depth understanding of the challenges faced by operators in the various free zones.
He said the event would address the challenges and chart a way forward to ensure that the scheme continues to serve as a tool for sustainable economic growth.
“As the theme of the meeting suggests, it has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development, and the new wave of global value chains.”
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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