Economy

Onyema Lauds Fayemi’s Strategies to Revive Ekiti Economy

Published

6 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

Tinubu Seeks World Bank Support to Boost Agriculture, Economic Reforms

Published

1 hour ago

04/02/2026

Adedapo Adesanya

By Adedapo Adesanya

President Bola Tinubu has called on the World Bank to support Nigeria’s ongoing economic reforms, with a focus on agriculture, youth employment, and private sector growth.

The president sought this assistance when he received a delegation from the World Bank led by Anna Bjerde, Managing Director of Operations, at the State House, Abuja on Tuesday, noting that the bank’s support will boost his administration’s strategy to strengthen the economy and expand opportunities for Nigerians.

“Since we went into this tunnel of reform, we have our hands on the power and we’re never going to look back. Initially, it was painful and difficult, but those who win are not the ones who give up in difficult times,” Mr Tinubu said.

The president highlighted the importance of mechanization and modernization of agriculture to increase productivity and create opportunities for Nigeria’s large young population.

“We have mechanization centers to help farmers with improved seedings and fertilizers to enhance their programs. The goal is to move farmers from small-scale holders to large cooperatives that can create opportunities for Nigerians,” he explained.

Mr Tinubu also pointed to the petrochemical sector and other domestic industries as areas where the government is working to improve outputs and strengthen local markets. He stressed that reforms are continuous and must be grounded in transparency, accountability, and stability.

“The first reaction to reforms was high inflation, but it has come down dramatically, and the Naira is now stable. We want to help investors operate with ease, reduce bureaucracy, and develop the skills of our people,” he said.

On her part, Ms Anna Bjerde commended the administration for its consistent and steady approach to reforms over the past two years. She highlighted that Nigeria has become a global example of reform implementation, giving confidence to investors and policymakers worldwide.

“The results achieved in the last two years are commendable. Your steady communication of the importance of reforms has given confidence and clarity, and there is no turning back,” Ms Bjerde said.

She emphasized the importance of job creation, particularly for Nigeria’s youth, noting that Africa’s young population is growing rapidly and that SMEs are central to employment generation.

“Agriculture is a huge part of the economy and a major employer. Innovations in mechanization, cooperatives, value-chain development, and infrastructure can be scaled to create more opportunities,” Ms Bjerde said.

She also highlighted the World Bank’s financial support for Nigeria, including public sector financing of $17 billion, private sector support of $5 billion through the International Finance Corporation (IFC), and investment guarantees exceeding $500 million. These instruments are aligned with Nigeria’s reforms, including trade, digital initiatives, and inflation management, to stimulate private sector growth and human development.

“We want to work with Nigeria to accelerate growth, improve access to finance for SMEs, and support early childhood development as part of a comprehensive human development strategy,” she added.

Economy

OTC Securities Exchange Rises 0.96% to 3,641.30 Points

Published

2 hours ago

04/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.96 per cent on Tuesday, February 3, boosting the Unlisted Security Index (NSI) by 34.54 points to 3,641.30 points from the 3,606.76 points it ended a day earlier.

Equally, the market capitalisation of the trading platform was up during the session by N20.67 billion to end N2.178 trillion from the N2.158 trillion it ended on Monday.

The expansion witnessed by the OTC securities exchange yesterday was buoyed by the gains printed by four stocks on the bourse, with Central Securities Clearing System (CSCS) Plc up by N4.00 to sell at N44.00 per unit versus the previous day’s N40.00 per unit.

Further, Air Liquide Plc increased by N1.86 to end at N20.49 per share compared with Monday’s closing price of N18.63 per share, Afriland Properties Plc appreciated by 35 Kobo to N14.00 per unit from N3.65 per unit, and UBN Property Plc added 1 Kobo to settle at N2.20 per share, in contrast to the preceding day’s N2.21 per share.

On the flip side, there were two price losers led by FrieslandCampinaWamco Nigeria Plc, which shed 4 Kobo to close at N63.50 per unit compared with the previous day’s N63.54 per unit, and Geo-Fluids Plc lost 3 Kobo to finish at N6.81 per share compared with the N6.84 per share it traded in the preceding session.

Data showed that the volume of securities bought and sold by investors grew by 82.5 per cent to 7.0 million units from 3.9 million units, and the value of securities jumped by 5.2 per cent to N37.9 million from N36.0 million, while the number of deals decreased by 15 per cent to 34 deals from 40 deals.

CSCS Plc remained the most active stock by value (year-to-date) with 15.9 million units sold for N649.0 million, the second spot was taken by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.9 million, while the third position was occupied by Geo-Fluids Plc with the sale of 11.1 million units for N73.1 million.

The most traded stock by volume (year-to-date) was still CSCS Plc with 15.9 million units exchanged for N649.0 million, followed by Mass Telecom Innovation Plc with 12.7 million units sold for N5.1 million, and Geo-Fluids Plc with 11.1 million units traded for N73.1 million.

Economy

Naira Firms to N1,372/$1 at Official Market, N1,455/$1 at Black Market

Published

2 hours ago

04/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira firmed up against the US Dollar in the various segments of the foreign exchange (FX) market on Tuesday, February 3, 2026, on the back of improved forex liquidity.

In the black market window, the local currency improved its value against the Dollar during the session by N10 to sell for N1,455/$1 compared with the previous day’s rate of N1,465/$1, and at the GTBank FX counter, it gained N33 gain to close at N1,386/$1 versus Monday’s closing value of N1,419/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency appreciated against the greenback by N17.45 to trade at N1,372.91/$1, in contrast to the preceding session’s N1,390.36/$1.

In the same vein, the Nigerian currency chalked up N21.92 against the Pound Sterling yesterday in the official market to quote at N1,877.59/£1 compared with the N1,899.51/£1 it was exchanged a day earlier, and gained N24.76 against the Euro to settle at N1,619.76/€1 versus N1,644.52/€1.

The appreciation seen indicates that available supply is mopping up demand even without any intervention from the Central Bank of Nigeria (CBN) in recent weeks, showing that market-driven currency framework is driving a stronger Naira.

Enhanced price discovery following plans by the apex bank to undertake a comprehensive revamp of the FX manual is acting as a pillar of support.

At a recent forum, the Deputy Governor, Economic Policy, CBN, Mr Muhammad Sani Abdullahi, disclosed that the bank was revamping the manual, a key regulatory document used by banks for export proceeds and other foreign trade-related transactions.

According to him, the document was already undergoing significant reforms aimed at aligning market operations with current economic realities.

Mr Abdullahi explained that the revised manual would introduce clearer rules, stronger oversight and improved processes to support transparency and efficiency in the FX market.

He said the reforms are expected to close loopholes, reduce uncertainty for market participants, and support a more orderly functioning of the foreign exchange system.

Also, Nigeria’s external reserves, which provide the CBN with the capacity to support the Naira, have continued to rise, reaching $46.59 billion as of 2 February 2026, according to CBN data.

In the cryptocurrency market, most prices still remained down as sentiment among short-term traders remaining cautious after thin liquidity and heavy liquidations pushed prices sharply lower.

Global crypto investment products saw $1.7 billion in outflows last week, marking the second consecutive week of heavy redemptions, with Solana (SOL) down by 5.2 per cent to $98.41.

Further, Bitcoin (BTC) depreciated by 2.4 per cent to $76,638.44, Binance Coin (BNB) slumped by 2.0 per cent to $761.78, Ethereum (ETH) dropped by 1.9 per cent to $2,277.16, Ripple (XRP) declined by 0.6 per cent to $1.60, and the US Dollar Tether (USDT) lost 0.1 per cent to sell at $0.9985.

However, Dogecoin (DOGE) improved by 1.7 per cent to $0.1084, Cardano (ADA) expanded by 1.2 per cent to $0.2868, and Litecoin (LTC) increased by 0.9 per cent to $60.63, while the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.