Economy
Lagos Targets 4% GDP Growth in 2019
**Dedicates 2019 Budget to Capital Projects
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has said his administration hopes to achieve a 4 percent growth in its Gross Domestic Product (GDP) in 2019.
Speaking separately on Monday evening at the Christmas Eve Dance of Yoruba Tennis Club and Island Club, two foremost social clubs in the country, Mr Ambode said next year’s budget would be dedicated towards the completion of ongoing infrastructural projects, creation of more jobs, supporting businesses to thrive, as well as strengthening the security architecture of the state.
The Governor said while it was gratifying that a lot of provisions had been made for capital projects in the 2019 federal budget, the state government would also concentrate on scaling up infrastructure, among other programmes to enhance growth and development.
“The economic outlook for 2019 is quite positive. A lot of provision has been made for capital projects in the 2019 federal budget, some of which will directly impact the economy of our state and will support our growth plans. On our part, we will concentrate on completing existing infrastructural projects, creating more jobs, supporting our businesses to thrive and strengthening our security infrastructure.
“According to IMF, the Nigeria GDP will grow from 1.9% in 2018 to 2.8% in 2019. Lagos on a stand-alone basis will achieve over 4% growth in GDP and this could be more if the congestion at the port and the negative effect this has on the economy is addressed. We expect that the high rate of unemployment will reduce with various social intervention programmes of the state and federal governments geared towards financial inclusion and liquidity support to micro, small and medium enterprises,” the Governor said.
While recalling the activities of his administration in the last three and half years, Governor Ambode said it was particularly fulfilling that the state had made tremendous progress in all sectors of the economy and had become more globally competitive and strategically positioned among the major city-states worldwide.
“Three and a half years down the line, our state has progressed in all sectors of the economy. We have charted a clear path to the destination we have all dreamt about and desired. Today, our Lagos has become more globally competitive and strategically positioned among the major city-states of the world. Our state has become a top destination for business and tourism and it can only get better.
“One of the key promises I made at my inauguration on May 29th, 2015 was to make our state work for all; to spread development from the already congested city centre to other parts of the state with massive infrastructural development. The thinking has been to make every part of the state economically liveable.
“We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiatives were made possible by the personal taxes of high net worth residents of our state represented at this gathering which account for a significant percentage of our IGR and I want to use this opportunity to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our state,” he said.
Besides, Governor Ambode said it was obvious that the State could not afford a break in trajectory of progressive governance at this point in time, and urged the people to continue to support the ruling party in the state.
He cited the recently launched Lagos Health Insurance Scheme designed to guarantee access to quality healthcare delivery for all Lagosians, saying it was instructive that the bill for the scheme was signed into law by his predecessor, Mr Babatunde Fashola, while the process for its implementation was kick-started by his administration.
“This is the beauty in continuity and we have the assurances of Mr Babajide Sanwo-Olu, governorship candidate of All Progressives Congress (APC) in the state that the initiative will be sustained.
“Lagos State cannot afford the risk of a break in the trajectory of progressive governance at this crucial stage of development. The future is bright and assured. We must maintain continuity of progress in the state,” he said.
Governor Ambode also commended the clubs for their immense contributions to the development of the atate, and charged them to continue to play key part in taking Lagos into a brighter and more prosperous future.
In their respective addresses, Chairman of Island Club, Mr Olabanji Oladapo and his counterpart in Yoruba Tennis Club, Professor Adetokunbo Fabamwo commended Governor Ambode for the various infrastructural projects executed in the clubs, saying it was laudable that the Governor kept his promise.
By Modupe Gbadeyanka
The United Nations has expressed its readiness to assist in attracting investors to Zamfara State, especially in the mining and agricultural sectors.
The Deputy Secretary General of the global body, Mrs Amina Mohammed, during a visit on Thursday, said the northern Nigerian state is now ready for business and that the UN was willing to be a genuine partner to the state.
“Investors want an enabling environment. Peace is what you need today for people to come. The Zamfara narrative focuses on conflict related to solid minerals, and this needs to change,” she was quoted as saying in a statement issued on Friday by the spokesperson for the Zamfara Governor, Mr Sulaiman Bala Idris.
The former Nigerian Minister further said, “What you show us today is first and foremost your passion for what you want us to do, and that is what investors want. They want to know what you want.
“I am happy today to be here in Zamfara, because I really want to show the world that we should pay attention to what is happening at the local level. Because this is where people are weakest, where governance is weakest, and where there are the fewest resources.
“When we visit, we give visibility to the effort that has been made and to the impact of what is happening elsewhere in the world on people who have nothing to do with what caused it in the first place.
“Zamfara State is accessible today. And it would be even more accessible because the road we travelled on is still under construction. When it is finished, it will revive the businesses and markets around it, and hopefully, by then, we will witness more peace.
“I see the mining, I see the potentials, I see the market and the demand, but I also see the leadership here who is willing to look at the institution, framework and partner to get the job done.
“There is a lot of hope and potential here. Everyone must play their role; this is not something the governor will do alone. The United Nations is willing to be a genuine partner to Zamfara State.”
On his part, Governor Dauda Lawal said Zamfara is at a turning point, with a population of 5.3 million, and the state’s economy is agriculture-driven, with 82 per cent of the population depending on agriculture.
“Zamfara’s Six-Point Rescue Agenda is a deliberate strategy to stabilise, rebuild, and transition the state toward inclusive and sustainable development,” he told his guest.
By Adedapo Adesanya
The federal government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.
The Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, who inaugurated the board on Thursday in Abuja, said it was part of efforts to modernise commodity markets and boost export competitiveness.
According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.
The minister described the development as a major step toward repositioning Nigeria in regional and global markets.
She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area (AfCFTA) present significant export opportunities.
She emphasised the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.
Mrs Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.
She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.
On his part, the Permanent Secretary of the ministry, Mr Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.
Mr Isokpunwu, represented by the Director of the Commodity Exchange Department of the ministry, Mr Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.
He assured the board of the ministry’s support toward achieving measurable economic outcomes.
Mr Abubakar, Chairman of the governing board, pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.
He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.
He also emphasised the need to deepen partnerships with financial institutions and international commodity markets.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
**Revokes Trading Licences of LMB, Platinum Stockbrokers
By Aduragbemi Omiyale
A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”
A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.
In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.
Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.
The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.
The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.
Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.
Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.
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