Economy
Nigeria to Begin $617.7m i-DICE Implementation Across States, FCT
By Adedapo Adesanya
Nigeria is set to begin the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme across the 36 states and the Federal Capital Territory (FCT) following resolutions reached at the 140th meeting of the council held virtually on Thursday and chaired by Vice President Kashim Shettima.
Speaking during the meeting, the Vice President declared the firm resolve of President Bola Tinubu’s administration to leave a legacy of prosperity and opportunity for all Nigerians.
He told state governors to nominate persons to represent each geo-political zone at the zonal level and focal persons to lead the implementation of the programme in their respective states.
He assured that, as the scheme becomes operational in the coming weeks, implementation across the country would be diligent and forthright.
Mr Shettima assured that the administration would not rest on its oars until the citizens begin to bask in the opportunities they were promised, noting that it is the reason why the government is prioritising skill acquisition and job creation.
He specifically noted that prioritising whatever offers Nigerians a means to earn a living with dignity was part of President Tinubu’s eight-point agenda.
“But two things are clear: we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets.
“Secondly, our actions today will shape the economic landscape of tomorrow, and so it’s incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians.
“When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth.
“By providing access to financing, training, and mentorship programs, we unleash the entrepreneurial spirit that lies within every Nigerian, catalysing a wave of economic prosperity that benefits us all.
“We cannot achieve these without inclusivity and equitable access to opportunities. This is the ladder we must offer to every disadvantaged citizen,” he said.
Mr Shettima also noted that the government had moved beyond mere deliberations to the implementation phase.
“My confidence in our ability to fix our nation stems from the unity of purpose this Council has demonstrated. We have rejected binary thinking, resisted divisions, and relegated self-interest in favour of a shared vision for progress,” he said.
He implored the governors and other council members to remain constant in executing initiatives that will help to take the citizens out of their present condition.
“This is a delicate period to occupy offices like ours. We cannot remind ourselves enough that we have come at a time that tests the depth of our leadership and demands our most rational wisdom to make a difference.
“Your Excellencies, distinguished ladies and gentlemen, we must remain consistent in implementing the initiatives that alleviate the suffering of our citizens and be accountable in doing so. We must also ensure that interventions we deploy are non-discriminatory and favour all stakeholders, with no part of our communities or nation left lagging,” he stated.
In his presentation on the i-DICE programme, the Executive Director in charge of SMEs at the Bank of Industry (BoI), Mr Shekarau Omar said the i-DICE programme aims to deliver on the promise by the Tinubu administration to create millions of jobs in the technology space.
He explained that the programme is in support of the government’s agenda to create more sustainable jobs, diversify the economy and equip digital and creative incubation hubs/innovation centres across the country.
He listed the African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank (IsDB) among organisations that would fund the programme with the AfDB providing $170 million; IsDB, $70 million; AFD, $116 million; as well as Bank of Industry (BoI) on behalf of Federal Government of Nigeria.
Other sources are $45.50 million; Fund Manager (For Equity Fund only), $8.70 million, and private investors, $205 million.
On the impact of the programme, Mr Omar said 1,269,757 youths would be trained and certified in ICT skills, with at least 25,000 youths trained in each state and the FCT.
He noted that, at least, 100,000 jobs will be created per state while about 5,581,231 indirect jobs will be created through i-DICE interventions nationwide.
By Dipo Olowookere
Investors at the Nigerian Exchange (NGX) Limited have continued to show excitement for the full-year earnings of companies on the exchange so far.
On Friday, Customs Street further appreciated by 1.01 per cent as more organization released their financial statements for the 2025 fiscal year.
During the session, traders continued their selective trading strategy, with the energy sector going up by 2.47 per cent at the close of business despite profit-taking in the banking counter, which saw its index down by 0.11 per cent.
Yesterday, the insurance space grew by 2.16 per cent, the industrial goods segment expanded by 1.70 per cent, and the consumer goods industry jumped by 0.42 per cent.
Consequently, the All-Share Index (ASI) increased by 1,722.13 points to 171,727.49 points from 170,005.36 points, and the market capitalisation soared by N1.106 trillion to N110.235 trillion from the N109.129 trillion it ended on Thursday.
Business Post reports that there were 59 appreciating stocks and 19 depreciating stocks on Friday, representing a positive market breadth index and strong investor sentiment.
The trio of Omatek, Deap Capital, and NAHCO gained 10.00 per cent each to sell for N2.64, N6.82, and N136.40 apiece, as Zichis and Austin Laz appreciated by 9.98 per cent each to close at N6.72 and N5.40, respectively.
Conversely, The Initiates depreciated by 9.74 per cent to N19.45, DAAR Communications slumped by 7.32 per cent to N1.90, United Capital crashed by 6.55 per cent to N18.55, Coronation Insurance lost 5.71 per cent to quote at N3.30, and First Holdco shrank by 5.53 per cent to N47.00.
The activity chart showed an improvement in the activity level, with the trading volume, value, and number of deals up by 33.77 per cent, 93.27 per cent, and 10.63 per cent, respectively.
This was because traders transacted 953.8 million shares worth N43.1 billion in 51,005 deals compared with the 713.0 million shares valued at N22.3 billion traded in 46,104 deals a day earlier.
Fidelity Bank was the most active with 92.4 million units sold for N1.8 billion, Chams transacted 69.2 million units valued at N310.9 million, Deap Capital exchanged 59.1 million units worth N382.7 million, Access Holdings traded 57.2 million units valued at N1.3 billion, and Tantalizers transacted 48.6 million units worth N228.2 million.
By Adedapo Adesanya
The value of the Naira contracted against the United States Dollar on Friday by 13 Kobo or 0.01 per cent to N1,366.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) from the previous day’s value of N1,366.06/$1.
According to data from the Central Bank of Nigeria (CBN), the Nigerian currency also depreciated against the Pound Sterling in the same market window yesterday by N2.37 to N1,857.75/£1 from the N1,855.38/£1 it was traded on Thursday, and further depleted against the Euro by 57 Kobo to close at N1,612.52/€1 versus the preceding session’s N1,611.95/€1.
In the same vein, the exchange rate for international transactions on the GTBank Naira card showed that the Naira lost N8 on the greenback yesterday to N1,383/$1 from the previous day’s N1,375/$1 and at the black market, the Nigerian currency maintained stability against the Dollar at N1,450/$1.
FX analysts anticipate this trend to persist, primarily influenced by increasing external reserves, renewed inflows of foreign portfolio investments, and a reduction in speculative demand.
In the short term, stability in the FX market is expected to continue, supported by policy interventions and improving market confidence.
Nigeria’s foreign reserves experienced an upward trajectory, increasing by $632.38 million within the week to $46.91 billion from $46.27 billion in the previous week.
The Dollar appreciation this week appears to be largely technical, serving as a correction to the substantial losses experienced from mid- to late January.
Meanwhile, the cryptocurrency market slightly appreciated, with Bitcoin (BTC) climbing near $68,000, up nearly 5 per cent since hitting $60,000 late on Thursday after investor confidence in crypto’s utility as a store of value, inflation hedge, and digital currency faltered.
The sell-off extended beyond crypto, with silver plunging 15 per cent and gold sliding more than 2 per cent. US stocks also fell.
The latest recoup saw the price of BTC up by 4.7 per cent to $67,978.96, as Ethereum (ETH) appreciated by 6.3 per cent to $2,021.10, and Ripple (XRP) surged by 9.5 per cent to $1.42.
In addition, Solana (SOL) grew by 7.3 per cent to $85.22, Cardano (ADA) added 6.1 per cent to trade at $0.2683, Dogecoin (DOGE) expanded by 5.4 per cent to $0.0958, Litecoin (LTC) rose by 5.2 per cent to $53.50, and Binance Coin (BNB) jumped by 2.3 per cent to $637.79, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher on Friday as traders worried that this week’s talks between the US and Iran had failed to reduce the risk of a military conflict between the two countries.
Brent crude futures traded at $68.05 a barrel after going up by 50 cents or 0.74 per cent, and the US West Texas Intermediate (WTI) crude futures finished at $63.55 a barrel due to the addition of 26 cents or 0.41 per cent.
Iran and the US held negotiations in Muscat, the capital of Oman, on Friday to overcome sharp differences over Iran’s nuclear programme.
It was reported that the talks had ended with Iran’s foreign minister saying negotiators will return to their capitals for consultations and the talks will continue.
Regardless, the meeting kept investors anxious about geopolitical risk, as Iran wanted to stick to nuclear issues while the US wanted to discuss Iran’s ballistic missiles and support for armed groups in the region.
Any escalation of tension between the two nations could disrupt oil flows, since about a fifth of the world’s total consumption passes through the Strait of Hormuz between Oman and Iran.
Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does Iran, which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
According to Reuters, Iran objected to the presence of any US Central Command (CENTCOM) or other regional military officials, saying that would jeopardise the process.
The current confrontation was sparked by more than two weeks of unrest in Iran that saw authorities launch a deadly crackdown that killed thousands of civilians and shocked the world. As reports of the deaths trickled out of Iran, US President Donald Trump threatened to strike Iran if any of the tens of thousands of protesters arrested were executed.
Meanwhile, Kazakhstan’s planned oil exports could fall by as much as 35 per cent this month via its main route through Russia, as the country’s top oil company, Tengiz oilfield, slowly recovers from fires at power facilities in January.
ING analysts have pointed out Iran’s neighbour, Iraq, and a disagreement with the US as another bullish factor for oil prices. It seems Iraqi politicians favour Mr Nouri al-Maliki as the country’s next Prime Minister, but the US thinks Mr al-Maliki is too close to Iran. President Trump has already threatened the oil producer with consequences if he emerges as PM.
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