Economy
Ogun State Now Investors’ Destination of Choice—Buhari
By Modupe Gbadeyanka
Governor Dapo Abiodun of Ogun State has been described as the “performing Governor of Nigeria’s Gateway State” who is a worthy example of “promises made, promises kept.”
Mr Abiodun got these accolades on Thursday when President Muhammadu Buhari visited the state to commission some projects completed by the Governor.
“You (Prince Abiodun) have justified the mandate of the people of Ogun State. You have represented our party very well,” the President said to his host, who was full of joy.
According to Mr Buhari, the projects put in place by the Governor have made “Ogun State one of the safest and most peaceful states in the country and investors’ destination of choice.”
He said the lofty projects: the Gateway City Gate; the 42-kilometre Sagamu Interchange-Abeokuta Road; the 14km Ijebu-Ode-Epe Expressway and two Housing Estates for low, medium and high-income earners at Kobape and Oke-Mosan in Abeokuta, respectively, could not have materialised without the state government’s huge investment and commitment to the security of lives and property.
The President used the occasion to assure Nigerians that two major federal roads under construction, the Sagamu-Benin Expressway and the Lagos-Ibadan Expressway, would be commissioned before the end of 2022.
He expressed delight that the 14km Ijebu Ode-Mojoda-Epe Road commissioned by him has been reconstructed into a modern expressway by the state government, noting that the impressive road would complement the Sagamu-Benin Expressway that the federal government is currently reconstructing; also due for commissioning this year.
“Just across the road is the 42-kilometre Sagamu-Interchange-Abeokuta Road which the state government has reconstructed and equipped with street lights.
“That road enjoys a direct linkage with the Lagos-Ibadan Expressway that the federal government is rebuilding and due for completion later this year.
“I am particularly impressed by the quality and standard of your road projects, and the creative way you have deployed resources to reconstruct and rehabilitate them.
“It is significant to note that the two road projects being commissioned today are federal roads. This is an example of constructive engagement, cooperation and collaboration between the states and federal government.
“These roads also fit well into our rail transportation masterplan that connects Lagos, Nigeria’s economic capital to Kano, with Ogun State having more rail stations, along the Lagos-Ibadan rail corridor,” he said.
On the housing programme of the Ogun Governor, the President commended its inclusiveness, saying it is equally heart-warming that it cuts across different social strata, capturing the low, medium and high-income earners.
Admiring the Gateway City Gate Project, the Nigerian leader said “it is not just a park beautification project. It depicts that something new is happening in Ogun State, a welcoming entrance into the state capital at the centre point of the state.”
He added that the project is also an ICON depicting the joining of hands for building the future of Ogun State in togetherness.
“Your Excellency, well done! I am proud of what you have done for your State and your people.
“You have made our great Party, the APC, proud too. You are a worthy example of promises made, promises kept.
“These lofty projects could not have materialised without your huge investment and commitment to the security of lives and property,” he further stated.
Responding to requests by the state governor to give priority to the Lagos-Ota-Abeokuta and the Sango Otta-Idiroko Roads respectively, the President assured the people of Ogun State that these roads will receive federal government attention.
The President announced that the federal government would consider extending tax credit as a funding option for the reconstruction of these roads, as done for the 100km Sagamu Interchange-Papalanto-Ilaro Road.
Similarly, the President promised to consider the approval of the reconstruction of Sagamu-Ogijo Road by the Nigerian National Petroleum Company (NNPC) Limited under the tax credit scheme.
The President thanked the residents of the State for the warm reception accorded him and his entourage in the Gateway State, which is his first visit to any state in the New Year.
“This welcome by the large crowd brings back the nostalgia of my first arrival on this soil as a young infantry officer in the Nigerian Army at the then Lafenwa Barracks in Abeokuta, not long after independence.
“The traditional hospitality of the people of this State has not waned a bit. Today, I am Omowale and very happy at this homecoming to meet my brothers and sisters whose goodwill I have always enjoyed. Thank you,” he said.
The President also congratulated the people of Ogun State for having such a focused, deliberate and inclusive administration under the watch of Mr Abiodun, urging them to continue to support the governor for the successful implementation of the Building our Future Together agenda of his administration.
“The reward for success is more hard work to meet the increasing expectations of the people.
“When state governments deliver impactful projects, in consultations with stakeholders, as we have witnessed in Ogun State, the trajectory of our national development will be enhanced,” Mr Buhari said.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
By Adedapo Adesanya
Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.
The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.
Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.
The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.
Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.
During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.
InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Adedapo Adesanya
The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.
The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.
Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.
Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.
As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.
However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.
As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.
With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.
Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.
Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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