Economy
We’ve Attracted $30bn in Foreign Direct Investment in Nine Months—Tinubu
By Adedapo Adesanya
President Bola Tinubu says his nine-month-old administration has attracted $30 billion in Direct Foreign Investment (FDI) commitments to shore up the Nigerian economy.
Mr Tinubu said this at the 2023 Leadership Annual Conference and Award on Tuesday in Abuja themed An Economy in Distress: The Way Forward, organised by the Leadership Group, publishers of Leadership Newspapers.
Mr Tinubu, represented by Minister of Information and National Orientation, Mr Mohammed Idris, conveyed that the Nigerian economy is not in distress, but facing challenging times.
He explained that despite the challenging situation, the country has attracted unprecedented opportunities to reset the course and build a new and sustainable economy away from the rent-seeking and the waste that was once the order of the day.
“Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sectors of the economy, including manufacturing, telecoms, healthcare, oil and gas, and others.
“Those investments have already started coming into the country. Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan.
“I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.
“The Nigerian economy saw a better than anticipated performance in the last quarter of 2023, growing by 3.46 per cent, compared with 2.54 per cent in the preceding quarter.
“Capital Importation into Nigeria was up by 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter.
“In January 2024, the Nigerian Exchange All Share Index (ASI) crossed the 100,000 points mark, its highest ever.
“There is no one who looks at this data who will conclude that ‘distressed’ is the accurate way to describe the Nigerian economy,” Mr Tinubu said.
He emphasised that these were the outcomes of ongoing reforms.
Mr Tinubu, however, said the government was aware of the hardships due to the reform, but assured that a lot of efforts and energy were being made towards alleviating the pains and setting the economy on firm footing.
“There are incredible opportunities for investment in every sector of the economy, as the Federal Government stabilise our foreign exchange market and macroeconomic indices.
“I ask for the continuing patience and support of all Nigerians, including the elite that is very well represented in this room today.”
The President also sought for understanding of the media as the government continues the reform of the economy.
“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.
“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.
“Since the removal of petrol subsidies, our imports of petrol have dropped by about 50 per cent, which translates to roughly one billion liters of petrol every month, according to the National Bureau of Statistics,” Mr Tinubu said.
The president added that the revenues accruing to the three tiers of government – federal, state and local – had grown by between 50 per cent and 100 per cent since the removal of the petrol subsidy.
“This means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas.
“For example, the additional funding we are receiving is going into a new minimum wage for which negotiations have started, between the federal and state governments and organized labour.
“I have approved the disbursement of N200 billion, through three new special intervention funds established to support Nigerian businesses.
“The first is a N50 billion Presidential Conditional Grant Scheme that will provide business grants and loans to traders, food vendors, transport workers, ICT businesses, creatives, and artisans. Verification of all submitted applications is ongoing, and disbursements will commence through the Bank of Industry as soon as this verification is completed.
“The second is a N75 billion MSME Intervention Fund which will provide single-digit-interest loans to our MSMEs.
“The third is another N75 billion Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to N1 billion each,” Mr Tinubu said.
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.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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