Economy
I Borrow to Attract Investors to Nigeria—Buhari
By Dipo Olowookere
President Muhammadu Buhari has explained why his administration has been borrowing from various sources since assuming office on May 29, 2015.
According to the former military head of state, the sourcing for loans to finance infrastructure by his government is mainly to attract investors to Nigeria.
A statement on Tuesday by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, stated that if Mr Buhari had not taken these loans, Nigeria may have been in dire shortfall of infrastructure.
“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,” the President was quoted as saying at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja.
He stressed that the funds must be taken to fix roads in the country so as to save lives from soaring road accidents.
The President, who spoke after listening to a presentation by PEAC chaired by Professor Ayo Salami, regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods.
On the issue of the economy, President Buhari noted the challenges posed by the “collapse of the oil market” and the decision of government to abide by the reduced oil production quota allocated by the Organisation of the Petroleum Exporting Countries (OPEC).
“We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable.
“So, we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn,” he said.
Mr Buhari also stressed the position of agriculture in the government’s scheme to reduce joblessness and poverty, noting that, “For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.”
“If we hadn’t gone back to the lands, we would have been in trouble by now. That is why we virtually stopped the importation of food, thereby saving jobs and foreign exchange,” he said.
The President also broached the issue of COVID-19 pandemic and how it necessitated the recent government policies as they relate to energy (electricity) and fuel, saying the federal government took such decisions because it places the country above politics.
“COVID has reduced us to the same level as developed countries.
“We are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country,” he said.
Commending the Chairman and the members of the council for their patriotism and service to the nation, President Buhari pledged to continue to draw from their wisdom, knowledge and experiences as the nation deals with challenging economic times.
Earlier, Prof Salami had in his presentation highlighted the council’s recommendations on poverty reduction and stimulation of non-debt investment inflows, as promised at their last meeting.
The council recommended steps for the effective implementation of government’s plan to lift 100 million Nigerians out of poverty, as well as measures to curb poverty disparity in Nigeria.
The council promised to set out a full policy paper that would, in the first instance, stop more Nigerians from falling into poverty and thereafter, further plans on reducing the poverty headcount in the country.
The PEAC also outlined a number of measures aimed at aggressively increasing the country’s non-debt investment inflow, including measures to improve investor perception of the country and the proposed establishment of a $5 billion – $10 billion investment and growth fund to invest in.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn