Economy
Experts Back Intra-African Trade at Afreximbank AGM
By Dipo Olowookere
Speakers at the 24th Annual General Meeting (AGM) of the African Export-Import Bank (Afreximbank) have stressed the importance of regional integration to develop the continent’s economy.
The 24th AGM of the lender opened on Wednesday in Kigali, Rwanda, and over 100 speakers, including academics, African and global trade development experts are scheduled to speak during the four days of the event with a focus on unlocking Africa’s trade potential.
Rwanda’s Minister of Finance and Economic Planning, Mr Claver Gatete, emphasised the need to create regional value chains which have the potential to generate enormous benefits for African economies.
In his opening address during the seminars of the Afreximbank Advisory Group on Trade Finance and Export Development in Africa, the Minister said, “The creation of regional value chains in Africa along several product lines could ease the integration of African economies into global value chains.”
“In this context, ongoing efforts to deepen regional economic blocks within Africa offers tremendous opportunities to draw on economies of scale to transcend the natural and environmental constraints imposed by geography,” he continued.
Mr Gatete remarked that although African trade had witnessed remarkable growth, especially over the last two decades, rising from $210 billion in 1996 to $1.2 trillion in 2015, its share of global trade had barely changed, remaining at about 15 percent, compared to 67 percent in Europe, 53 percent in Developing Asia and about 37 percent in America.
He commended Afreximbank’s support to Rwanda’s economic transformation, noting that the Bank had provided direct financing amounting to $155 million in support of development projects in Rwanda.
Also speaking, Mr Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, said that the resounding success achieved by some countries in Asia, in particular China and Korea, and the critical role played by intra-regional trade in their development, presented Africa with valuable lessons for positioning intra-African trade as a key pillar for economic growth, and sustainable development.
Noting the challenge posed to Africa by small size of economies and market fragmentation; to Mr Denya argued that connecting the host of small and disconnected markets through deepening of intra-African trade and economic integration would create an environment where firms gained access to hitherto non-existent larger markets.
He said that Africa’s progress toward economic development and structural transformation had been hindered by over-reliance on export of natural resources and primary commodities and a deficit of export diversification which limited the ability of countries to effectively develop regional value chains to enhance their integration into global value chains.
In a presentation, Dr Hippolyte Fofack, Afreximbank’s Chief Economist, said that the Bank’s, Fifth Strategic Plan, known as “Impact 2021: Africa Transformed”, had been designed to address the challenges facing African countries on their path to development.
Its first two pillars, Promoting Intra-African Trade, and Industrialisation and Export Development, would support the economic diversification and trade openness, which had been identified as the key to attaining and sustaining growth, he said.
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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