Economy

Onyema Lauds Fayemi’s Strategies to Revive Ekiti Economy

Published

7 years ago

19/08/2019

By Modupe Gbadeyanka

Governor Kayode Fayemi of Ekiti State has been commended for his efforts at revitalising economy of the small civil servant state, which has huge tourism potentials.

Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, who made this commendation, said he was impressed with the improvement in the Gross Domestic Product (GDP) of the state; with a 63 percent economic growth which were necessitated by the projects executed by Mr Fayemi between 2011 and 2014.

Last week, the Governor was at the NSE in Lagos to present his Investing in Ekiti: Facts Behind the State Economy and was given the honour to beat the closing gong to signal end of the trading session on the exchange.

Mr Onyema, during his speech, described Mr Fayemi as a reform-minded leader, hailing him for his commitment to providing durable infrastructure and employment opportunities for the state.

He said the governor had created a roadmap for other political leaders to follow in their quest to deliver the goods to the people.

“We acknowledge your Excellency’s progressive leadership and reform-minded approach in managing the economy of Ekiti.

“Your strategies towards revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75 percent of the state’s GDP, are also commendable.

“For instance, you have increased the proportion of capital spending in the 2019 budget to 44 percent from 31 per cent in 2018; and channelled budgetary resources toward pro-growth projects.

“We recognise that to build a sustainable economy for the estimated 3.5 million citizens of Ekiti, supported by vibrant sectors, both state-owned and private sector enterprises will require access to right-sized capital,” Mr Onyema added.

In his address, the Ekiti Governor called on investors to take advantage of the improved infrastructure, business-friendly policies and adequate security provided by his government to exploit the state’s economic prospects.

The Governor said his administration has put in place policies and legislations that will ensure that the state becomes one of the top three states in ease of doing business, adding that Ekiti State was rated number four in ease of doing business in 2014 when he left office, before sliding to the 32nd position thereafter, assuring the business community that the state would soon return to the number three spot.

Mr Fayemi said the efforts of his government had started yielding positive results with the return of development partners as well as the resuscitation of some moribund businesses like the Gossy Water, noting that three banks that left the state owing to unfriendly business policies of the immediate past administration have return.

“We are starting to regain the confidence of investors by reactivating those laws which we put in place in my first administration to create an enabling environment for investment to thrive.

“We have also passed the law establishing the Ekiti State Development and Investment Promotion Agency (EKDIPA) that will drive our Ease of Doing Business reforms and provide investors with a one-stop shop to deal with investment related matters,” he said.

On the state’s partnership with the NSE, the Governor expressed optimism that the continued partnership would help the state in unlocking investment in its focus sectors and also optimising state-owned enterprises.

Mr Fayemi explained that his efforts as governor is aimed at making Ekiti an attractive destination for investors, delivering sustainable economic growth, putting people to work and lifting the citizens out of poverty.

He highlighted the core areas where the state seeks partnership as including agriculture, tourism and the knowledge zone, a project which is designed to ensure infrastructure, power, transport, housing, recreation, medical and other services are available round the clock.

“We have renewed our focus on peace and security, which is the foundation of any economic development; and started investing in developing the infrastructure required to make Ekiti a competitive destination for business.

“We are quite concerned about the increasing spate of violence against ordinary citizens and it is the duty of the government to provide security and welfare of the citizens.

“The steps we have taken since we assumed office is to work in collaboration with neighbouring states because those things just cut across, particularly as it affects kidnapping and banditry to make the highways safe,” he said.

Economy

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

1 hour ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

2 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

4 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.