Economy
Lagos Attracts $8.3bn Investments, to Unveil Investment Deal Book
By Modupe Gbadeyanka
Investments worth $8.3 billion were attracted by the Lagos State Government in the last two years, the Special Adviser to the Governor on Sustainable Development Goals and Investment, Mrs Solape Hammond, has revealed.
The aide to Governor Babajide Sanwo-Olu explained that these investments were made possible through the economic policy of the state government designed to improve the business climate of Lagos and promote socio-economic prosperity.
Addressing journalists at the Y2021 ministerial press briefing, she disclosed that the administration of Mr Sanwo-Olu will continue to bring in, retain and leverage inclusive and sustainable economic growth.
Mrs Hammond informed newsmen that while the government is currently engaging several local and international organisations for various investment possibilities in the state, efforts have been made to support more than 12 private sector investors interested in Lagos.
According to her, the state government, through the Office of Sustainable Development Goals and Investment, has in the last two years participated in several global campaigns to attract investments and partnerships for the execution of the SDGs-related projects.
Accordingly, the office has established a good relationship with embassies, high commissions and development agencies of several nations including the UK, Netherlands, France, China, Canada and Japan.
She disclosed that plans are underway to launch an investment deal book that details investment prospects across major sectors in the state.
“Other strategies and efforts undertaken to promote sustainable investment in Lagos include the strategic partnerships with development agencies comprising the International Finance Corporation (IFC), Africa Development Bank (AfDB), World Bank and the French Development Agency (AFD),” the Special Adviser said.
Speaking on the engagement model designed to amplify the delivery of sustainable development goals, Mrs Hammond said the office launched the maiden SDGs Week, in conjunction with some organised private sector players, where free food items were distributed to vulnerable citizens, instructional materials to primary school pupils and medical equipment to nursing mothers across the state.
On the effort to establish and strengthen resilience, livelihood opportunities and short term employment for Lagos residents, she revealed that the Conditional Cash Transfer Project in vulnerable communities was implemented in collaboration with the United Nations Development Programme (UNDP).
According to her, over 2,103 MSME owners received unconditional cash transfer while 951 beneficiaries of Cash for Work were paid to carry out environmental sanitation and hygiene for three months.
“The office coordinated the launch of the Lagos Care Initiative, a socio-economic intervention programme for vulnerable residents designed to impact about 20,000 people, 69 markets and 2,512 MSMEs.
“Also, at the inauguration of the Lagos State Human Capital Development (HCD) Core Working Group, the office was made the secretariat of the group, which aims to develop a strategy and action plan to increase state-wide HCD investment,” Mrs Hammond declared.
Also, the Special Adviser noted that the birth of the Lagos State Volunteer Corps (LSVC) is significant in encouraging citizen participation and inclusion in governance as individuals, corporations, civil society, the diaspora and international partners have been actively involved in carrying out both government and private initiatives.
With above 9,000 Lagosians signing up for the scheme, the Special Adviser stated that over 50,000 man-hours have been volunteered to execute several projects across the 57 LGs and LCDAs of the State, including the distribution of palliatives to Lagos residents during the lockdown occasioned by the COVID-19 pandemic as well as the distribution of the Mother, Infant and Child Health (MICH) Food Pack.
By Bon Peter
The Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Rivers State surpassed its 2024 annual revenue target by N16 billion.
This information was revealed to newsmen by the Customs Area Controller of the Command, Mr Mohammed Babandede, at a news conference last week.
He also disclosed that the command recently intercepted 12 containers of illicit drugs worth over N20.30 billion concealed in various items.
According to him, the content of the seized container included 1,721,100 bottles of 100ml cough syrup codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of sanitary ware fittings used for concealment, 840 pieces of Chilly cutter used for concealment, and 153 cartons of TVS rubber.
“Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine.
“This is a testament to our unwavering commitment to safeguarding public health, ensuring security of our nation and compliance with Nigeria’s import regulations. This also justifies our commitment to trade facilitation, transparency, effective and efficient service,” he said.
He said last year, the command received the support of different stakeholders, thanking them for working with the agency to achieve success.
“We appreciate the continued support and collaboration of all stakeholders, including the media, in amplifying our message and efforts to combat smuggling,” he said.
Mr Babandede stated that, “It is worth noting that the morale and dedication of our officers have been significantly bolstered by the Comptroller-General of Customs’ award, recognizing Area 2 Command as the Best Command in Anti-Smuggling Operations.
“This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians.”
The customs chief said earlier last year, the command was given a revenue target of N618 billion but as of December 31, 2024, it generated N634 billion, higher than the N321 billion recorded in 2023, promising to do more in 2025.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited appreciated by 0.39 per cent on Friday as the demand for local equities continued to increase.
During the final trading session of the week, the insurance maintained its upward trend with a growth of 7.81 per cent as the banking index appreciated by 1.08 per cent, the consumer goods sector rose by 0.52 per cent, and the industrial goods counter expanded by 0.33 per cent, while the energy space went down by 0.49 per cent.
At the close of business, the All-Share Index (ASI) jumped by 406.19 points to 103,586.33 points from 103,180.14 points, and the market capitalisation increased by N248 billion to N63.166 trillion from N62.918 trillion.
The bourse recorded 67 appreciating shares and 11 depreciating shares, implying a positive market breadth index and strong investor sentiment.
Chams, Omatek, NCR Nigeria, Learn Africa, and Regency Alliance topped the gainers’ table after they gained 10.00 per cent each to finish at N2.31, 88 Kobo, N6.05, N4.95, and 88 Kobo, respectively.
On the flip side, TotalEnergies lost 9.74 per cent to trade at N630.00, CWG depreciated by 6.04 per cent to close at N7.00, Thomas Wyatt went down by 5.26 per cent to N1.80, ABC Transport crumbled by 4.07 per cent to N1.18, and UAC Nigeria shed 3.19 per cent to N31.90.
Yesterday, investors traded 709.3 million stocks valued at N8.2 billion in 13,593 deals compared with the 829.8 million stocks worth N5.7 billion transacted in 11,752 deals on Thursday, representing a slowdown in the trading volume by 14.52 per cent and a rise in the trading value and number of deals by 43.86 per cent and 15.67 per cent, respectively.
At the close of business, Chams topped the activity log with 58.1 million equities sold for N133.8 million, Veritas Kapital traded 55.1 million shares valued at N89.2 million, Abbey Mortgage Bank exchanged 50.1 million stocks for N165.5 million, AIICO Insurance transacted 39.7 million equities worth N68.3 million, and NPF Microfinance Bank sold 34.3 million stocks valued at N64.0 million.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its positive start to the year with a 0.08 per cent rise on Friday, January 3.
The market saw a gain of N840 million, with the value of the alternative bourse growing to N1.046 trillion from the N1.045 trillion it closed a day earlier as the NASD Unlisted Security Index (NSI) made an addition of 2.43 points to wrap the session at 3,052.34 points compared with 3,049.91 points recorded at the previous session.
The appreciation posted yesterday at the NASD OTC exchange was caused by two price gainers led by Industrial and General Insurance (IGI) Plc which jumped by 2 Kobo to end at 20 Kobo per share compared with the preceding session’s 18 Kobo per share and UBN Property Plc, which improved its value by 16 Kobo to close at N1.98 per unit, in contrast to Thursday’s closing price f N1.82 per unit.
The market posted a price loser, which was FrieslandCampina Wamco Nigeria Plc as it dropped 18 Kobo to finish at N39.76 share versus the previous day’s N39.94 per share.
There was an 856.6 per cent surge in the volume of securities traded in the session to 11.3 million units from the 1.2 million units traded in the preceding session.
Equally, there was a jump in the value of shares traded yesterday by 1,078.4 per cent to N56.8 million from the N4.8 million made previously, and the number of deals increased by 22.7 per cent to 27 deals from 22 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value (year-to-date) with 1.4 units worth N55.8 million, IGI Plc came next with 10.6 million units valued at N2.1 million, and 11 Plc was in third with 6,45 units sold for N1.4 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, FrieslandCampina Wamco Nigeria Plc came next with 1.4 million units valued at N55.8 million, and UBN Property Plc followed with 275,740 units worth N545,965.
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