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Economy

Lagos, Kano Seal Economic, Investment Deals

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By Dipo Olowookere

On Thursday, March 1, 2018, Kano and Lagos States signed a Memorandum of Understanding (MoU) for economic partnership and to jointly explore investment opportunities aimed at creating jobs and facilitating growth and development.

The deal was sealed by Governors Akinwunmi Ambode and Abdullahi Umar Ganduje of Lagos and Kano States respectively, at the closing ceremony of the inaugural Lagos-Kano Economic and Investment Summit held at the Jubilee Chalets, Epe.

The agreement seeks to create a common platform for exploring, expanding and developing areas of economic development and Investment.

According to the MoU, the two States agreed to expand the current level of economic and investment cooperation between them especially in key areas of Governance, Security, Internally Generated Revenue (IGR), Agricultural Value Chain, Tourism, Education, Information and Communication Technology (ICT) and Skills Development.

Other areas include Commerce with specific focus on ease of doing business and Infrastructure in Power, Transportation and Urban Waste Management.

The objectives of the MoU, among others, are to establish a formal and flexible framework between the two States to expand trade and investment cooperation, foster scientific and technological collaboration for business development in emerging key sectors, strengthen communication, enhance trust, boost economic development and create jobs.

Under the agreement, the two States have also set up a Technical Working Group to oversee the implementation of the objectives of the MoU.

In her closing remarks, Lagos State Deputy Governor, Dr Idiat Adebule, said the signing of the MoU by Governor Ambode and Governor Ganduje was a clear testament of the commitment of both States to collaborate in the overall best interest of the people.

She said the two Governors, by the development, “are telling the entire world that collaboration, cooperation, partnership can always work to bring about economic sufficiency in our States and off course the entire nation.”

While describing the summit as historic and successful, Adebule said the programme witnessed presentations from experts, erudite minds, scholars from both public and organised private sector with numerous positions expressed and outlined.

She said, “In this process, our minds have been availed with torrents of ideas, information, statistics, interpretation and above all vision and collaboration leading to economic sufficiency.

“I am convinced that the most valuable outcome of this engagement is the fact that we have Governors who have vision and have the opportunity of sharing this vision. Today, we are not just sharing the vision but providing an enabling environment for this vision to be actualized.

“Today, we have the political will; today, the political will has been demonstrated and it signifies the fact that we are ready for business. Lagos and Kano mean business and we are ready for business,” the Deputy Governor said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Economy

Mobile-First Platforms Like DeFi Hash Reflect Growing Investor Interest in AI-Driven Cloud Infrastructure and Automated Digital Asset Engagement

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DeFi Hash

As the cryptocurrency market enters a new phase of global growth, investor behavior is moving beyond the “buy and hold” strategy common in previous cryptocurrency cycles. Across the digital asset industry, a growing number of users are exploring AI-driven cloud infrastructure, automated computing systems, and mobile-based digital engagement models.

Industry analysts say the convergence of AI and blockchain infrastructure is becoming one of the defining trends of 2026.

With the accelerating global demand for AI computing resources, technology companies around the world are investing heavily in cloud infrastructure, data centers, and intelligent automation systems. Meanwhile, blockchain-based infrastructure platforms are increasingly positioning themselves at the intersection of decentralized finance, cloud computing, and AI-driven resource management.

Among the many emerging platforms, DeFi Hash is attracting significant attention. DeFi Hash is a mobile-centric digital infrastructure platform focused on intelligent cloud computing services and automated infrastructure engagement.

The Transition to AI-Driven Digital Infrastructure

For years, many cryptocurrency investors have relied primarily on market appreciation and speculative trading opportunities. However, the evolving market environment and the rapid development of artificial intelligence are prompting a shift towards infrastructure-centric platforms that offer alternative participation models.

Users no longer need to purchase expensive mining hardware or manage physical systems; instead, they are increasingly seeking simplified, mobile-accessible solutions for remote participation in digital infrastructure.

DeFi Hash states that its platform aims to lower traditional barriers to entry by combining cloud architecture, automation, and distributed infrastructure systems to create a seamless user experience. These platforms are accessible via mobile devices and web platforms.

According to company information, the platform has attracted over 3.5 million registered users globally.

Flexible Participation Options

To encourage new user onboarding and streamline the access process, DeFi Hash offers various infrastructure participation models and cloud-based automated contracts.

The company states that new registered users receive promotional rewards upon registration and can participate in an entry-level program designed for short-term participation.

The platform also offers various infrastructure contract categories designed to meet the needs of different participation levels.

Stable Return Contracts

Contract Range: $500 – $2,600

Estimated Daily Return: $6.25 – $36.40

Contract Duration: 7 – 15 days

Estimated Total Return: $43 – $546

Professional Profit Contracts

Contract Range: $5,000 – $15,000

Estimated Daily Return: $77.50 – $270

Contract Duration: 20 – 25 days

Estimated Total Return: $1,550 – $6,750

Advanced Long-Term Profit Contracts

Contract Range: $30,000 – $150,000

Estimated Daily Return: $570 – $3,750

Contract Duration: 30 – 45 days

Estimated Total Return: $17,100 – $168,750

The company states that users can choose one or more participation options based on their own strategies and goals.

The convergence of artificial intelligence and blockchain is expected to accelerate.

Industry insiders believe that the integration of artificial intelligence infrastructure and blockchain-based computing networks may become one of the most influential technological developments in the coming years.

With the global proliferation of artificial intelligence, the demand for scalable computing resources and automated digital infrastructure services is expected to continue to grow. Platforms integrating blockchain, cloud computing, and intelligent automation technologies will play an increasingly important role in shaping the future digital economy.

DeFi Hash states that its goal is to make cloud projects more accessible to ordinary users worldwide while continuously expanding its AI-driven infrastructure ecosystem.

For more information, please visit the company website or mobile app download page.

Official Website: https://defihash.com/

Mobile App Download: https://defihash.com/download/

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Economy

Official FX Market Sees Minor Naira Decline Against Dollar

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reject old Naira notes

By Adedapo Adesanya

The Naira lost 33 Kobo or 0.02 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, May 14, to trade at N1,370.89/$1 compared to the preceding day’s N1,370.56/$1.

However, the local currency further appreciated against the Pound Sterling in the official FX market during the session by N1.61 to close at N1,851.38/£1 versus N1,852.99/£1, and improved its value against the Euro by N2.21 to trade at N1,602.98/€1 versus Wednesday’s closing price of N1,605.19/€1.

Also, at the GTBank forex counter, the Nigerian currency gained N1 against the Dollar yesterday to sell for N1,381/$1 compared with midweek’s rate of N1,383/$1, and at the black market, it closed flat at N1,385/$1.

Data from the Central Bank of Nigeria (CBN) indicated that interbank FX turnover fell to $78.783 million across 103 deals from $130.549 million the previous day.

The Naira is forecast to be broadly stable, supported by dollar sales by the central bank and steady, higher oil receipts, with the ‌market settling ⁠into a balance.

As of May 12, 2026, the country’s external reserves increased by $150 million or 0.2 per cent to $48.48 billion from $48.33 billion on May 5, 2026, providing support for the domestic currency.

In the cryptocurrency market, major digital coins closed mixed amid broader macroeconomic selling pressure.

Also, the US Senate Banking Committee approved the bipartisan Clarity Act, a key step toward comprehensive crypto market structure legislation that now heads toward a merger with a similar Agriculture Committee bill.

Investors bet that clearer US rules, including the Clarity Act’s separation of payment stablecoins from investment assets, will ease regulatory overhangs on its use case.

On the geopolitical scene, President Trump said the US does not need to reopen the Strait of Hormuz, changing an earlier stance and deepening concerns about elevated energy costs feeding into inflation.

Ripple (XRP) grew by 1.8 per cent to $1.46, Binance Coin (BNB) jumped 1.0 per cent to $676.37, Bitcoin (BTC) improved by 0.7 per cent to $80,371.72, and TRON (TRX) gained 0.6 per cent to sell at $0.3529.

But Dogecoin (DOGE) slid by 1.3 per cent to $0.1134, Ethereum (ETH) depreciated by 0.9 per cent to $2,247.38, Solana (SOL) went down by 0.7 per cent to $90.65, and Cardano (ADA) weakened by 0.1 per cent to $0.2656, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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Economy

Stock Investors Loses N170bn to Selling Pressure

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fresh selling pressure

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited gave up 0.10 per cent on Thursday on the back of profit-taking in most of the main sectors of the market.

Data from Customs Street showed that the insurance counter closed in green after it chalked up 0.46 per cent. This was not enough to offset the losses recorded by the others.

Business Post reports that the selling pressure witnessed yesterday contracted the banking space by 0.92 per cent, crashed the consumer goods segment by 0.13 per cent, battered the industrial goods index by 0.03 per cent, and depleted the energy counter by 0.02 per cent.

As a result, the market capitalisation retreated by N170 billion to N161.669 trillion from N161.839 trillion, and the All-Share Index (ASI) moderated by 265.08 points to 252,243.11 points from 252,508.19 points.

Despite the poor outcome, investor sentiment remained strong. The market breadth index was positive during the session after the bourse finished with 37 price gainers and 29 price losers.

Zichis eased by 9.99 per cent to N32.69, FTN Cocoa lost 9.87 per cent to trade at N9.95, Meyer depreciated by 9.83 per cent to N21.55, RT Briscoe shrank by 9.41 per cent to N15.40, and Neimeth contracted by 7.44 per cent to N9.95.

On the flip side, Learn Africa gained 10.00 per cent to sell for N9.90, Fidson appreciated by 9.97 per cent to N124.60, Austin Laz grew by 9.95 per cent to N4.09, Berger Paints rose by 9.92 per cent to N154.00, and Deap Capital increased by 9.90 per cent to N5.77.

Yesterday, market participants transacted 1.0 billion equities valued at N41.6 billion in 74,822 deals versus the 1.9 billion equities worth N118.1 billion traded in 76,557 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 47.37 per cent, 6.48 per cent, and 2.27 per cent, respectively.

Chams exchanged 127.9 million shares for N501.2 million, VFD Group sld 10.7.1 million stocks worth N1.2 billion, First Holdco posted a turnover of 75.6 million equities valued at N5.4 billion, Access Holdings traded 50.3 million stocks worth N1.3 billion, and UBA transacted 44.9 million shares for N2.0 billion.

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