Economy
2017 Ota Trade Exhibition Begins November 30
By Modupe Gbadeyanka
All is now set for the maiden edition of the Ota Trade Exhibition (OTE), which is slated for Thursday, November 30, to Sunday, December 3, at the Ijamido Town Hall in Ota, Ogun State.
Already, many entrepreneurs, especially those in the small and medium-scaled sector, have started jostling for space at the event so as to showcase their products to the array of people ready to storm the exhibition.
Organisers of the event, Perfect Brands, explained that the 2017 OTE is aimed at supporting Nigeria’s quest to achieve a virile industrialised economy by providing a platform for the nation’s small and medium scale enterprises.
According to Chief Executive Officer of Perfect Brands, Mr Fisayo Ajibola, the theme of the fair ‘Providing Veritable Platform for Commerce and Industry Growth’ is apt and timely in the face of the current economic realities which underscore the need for diversification and inter-sectoral synergy.
Mr Ajibola, during the unveiling and public presentation of the OTE 2017 prospectus, called on all industry players to support the efforts of the local government in making Ota, the business hub of Ogun State a force to reckon with.
Also speaking at the event, the Executive Chairman of Ado-Odo/Ota Local Government, Prince Bashir Oladele Adeniji, said the he was delighted to be host the exhibition at this crucial time when the country’s economy is undergoing a recovery from recession it slumped into last year.
He expressed optimism that this exhibition will impact positively on the socio-economy of Ota and its neighbours as it will further open up Ota to world and positions it towards maximizing its full potentials as the industrial and commercial nerve centre of Ogun State.
“The exhibition will bring people from all walks of life to Ota from manufacturers to vendors and shoppers and this is good for us all. Everyone will benefit when the biggest and quality brands come to display in Ota.
“Our government is looking forward to this and we enjoin everyone to embrace the unique opportunity and make the best out of it. We as a government will continue in our effort to ensure the ease of doing business,” Mr Adeniji added.
The exhibition project coordinator, Mr Abiodun Ogundele, also disclosed that 50,000 visitors and over 500 exhibitors across the country were expected at the general consumer fair billed to last four days.
“The fair will close with a gala night and an interactive session that will afford experts, business owners and other stakeholders the opportunity to discuss ways to position Ota as the mainstream of commercial activity in Ogun State and as well network in a relax atmosphere” Mr Ogundele assured.
Ota Trade Exhibition is an annual fair that will have multinationals, local manufacturers and SMEs among others showcase their services and products to the whole world at large.
It will also be an avenue for companies within and outside Ogun State to have a first-hand feel of their consumers and intimate them with their product and services.
By Adedapo Adesanya
The Naira almost traded flat against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 20. It gained 7 Kobo during the session to sell at N1,380.11/$1, in contrast to last Friday’s value of N1,380.18/$1.
It also appreciated against the Euro in the same market window during the session by N1.64 to close at N1,575.95/€1 versus the preceding session’s N1,576.99/€1, but depreciated against the Pound Sterling by N2.93 to trade at N1,857.35/£1 compared with the previous trading day’s N1,854.42/£1.
At the GTBank forex desk, the Nigerian Naira lost N1 against the US Dollar to quote at N1,389/$1 versus N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover settled at $266.2 million, 7.5 per cent lower than the previous close of $287.8 million. Also, the number of deals at the interbank FX market declined to 68 from 106.
Despite this, there are signals that the Naira has pillars that can prop up its stability. Updated data from the apex bank showed Nigeria’s gross foreign exchange reserves increased to $51.92 billion as of July 16, 2026, reflecting continued improvements in the country’s external position.
A slew of analysts predict further increases will lift the gross balance above $52 billion this week, the highest seen since 2009.
Also, there are expectations that the country will be able to boost remittances into the country to $1 billion on a monthly basis by the end of the year; this will help ease pressure on the FX markets.
Meanwhile, in the crypto market, Bitcoin (BTC) climbed to about $65,500, reaching a two-week high, as the semiconductor selloff that dragged crypto lower last week reversed and Asian chip stocks led a broad risk rally. It rose by 2.4 per cent to $65,676.01.
There was also support from five straight days of inflows into US spot Bitcoin ETFs totalling more than $600 million, marking the strongest stretch of institutional buying since mid-July.
Cardano (ADA) jumped by 8.3 per cent to $0.1756, Ethereum (ETH) grew by 4.0 per cent to $1,930.33, Ripple (XRP) improved by 3.9 per cent to $1.13, Solana (SOL) appreciated by 3.2 per cent to $78.34, Binance Coin (BNB) added 1.9 per cent to sell for $575.34, and Dogecoin (DOGE) expanded by 1.7 per cent rise to $0.0729.
However, TRON (TRX) declined by 0.1 per cent to $0.3261, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each
By Dipo Olowookere
Sustained bargain-hunting in local stocks further lifted the Nigerian Exchange (NGX) Limited by 1.12 per cent on Monday.
The buying pressure was across the major sectors of Customs Street, though the consumer goods space came under profit-taking, closing flat.
But the banking counter expanded by 3.14 per cent, the industrial goods index gained 2.82 per cent, the insurance sector increased by 0.25 per cent, and the energy segment soared by 0.08 per cent.
Consequently, the All-Share Index (ASI) surged by 2,721.83 points to 246,183.96 points from 243,462.13 points, and the market capitalisation went up by N1.755 trillion to N158.812 trillion from N157.057 trillion.
Custodian Investment and NEM Insurance chalked up 10.00 per cent each to sell for N75.90 and N30.80, respectively, BUA Cement rose by 9.98 per cent to N303.10, First Holdco improved by 9.95 per cent to N105.50, and FTN Cocoa advanced by 9.94 per cent to N9.29.
On the flip side, SUNU Assurances shrank by 10.00 per cent to N3.60, Tripple Gee slipped by 9.77 per cent to N3.51, ABC Transport tumbled by 9.62 per cent to N7.05 per cent, Abbey Bank crashed by 9.00 per cent to N9.10, and Coronation Insurance dipped by 7.69 per cent to N2.40.
The market breadth index was flat yesterday, as there were 31 price gainers and 31 price losers.
First Holdco led the activity chart during the session, with a turnover of 203.9 million shares valued at N21.5 billion. Access Holdings sold 190.7 million equities worth N4.8 billion, UBA traded 29.2 million stocks for N1.4 billion, Zenith Bank transacted 24.7 million shares valued at N2.9 billion, and Sterling Holdings exchanged 23.6 million equities worth N187.4 million.
When trading activities ended at 4 pm, investors traded 851.6 million stocks for N49.6 billion in 56,873 deals compared with the 685.9 million stocks valued at N42.7 billion transacted in 44,134 deals last Friday, representing a rise in the trading volume, value, and number of deals by 24.16 per cent, 16.16 per cent, and 28.86 per cent, respectively.
By Adedapo Adesanya
Oil prices settled over 1 per cent higher on Monday as the market weighed the prospect of renewed US-Iran negotiations against escalating supply risks following escalations in the Middle East.
Brent crude futures gained $1.12 or 1.3 per cent to trade at $89.22 per barrel, while the US West Texas Intermediate (WTI) crude soared by 74 cents or 0.9 per cent to $83.23 a barrel.
The Middle East conflict escalated over the weekend, with the US conducting a ninth straight night of attacks against Iran, while American allies Kuwait and Bahrain reported more Iranian strikes.
Traders weighed hopes of renewed US-Iran negotiations against Yemen’s Houthis’ imposition of a naval blockade against Saudi Arabia. The group said the “maritime embargo” was retaliation for what it described as a Saudi siege of Yemen.
This development brings the US-Iran war officially to the southern entrance of the Red Sea and threatens an export route used by Saudi Arabia to bypass disruptions in the Strait of Hormuz. About 20 per cent of global oil supplies flowed through the waterway.
Iran had previously instructed the Houthis to prepare to close the Bab el-Mandeb Strait if the US continued attacking Iranian power infrastructure. A full closure could disrupt oil shipments equivalent to about 7 per cent of global supply.
Meanwhile, Iran has received a proposal for a 10-day ceasefire, and both Iran and the US have left open the possibility of renewed negotiations.
Market analysts noted that if a ceasefire does not materialise and the Strait of Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial.
Kpler analysts said in a note that there is also the possibility that a record amount of crude oil on water, estimated at around 1.35 billion barrels, could limit the next leg of oil price increases.
A drone struck a tanker loading crude oil at the Caspian Pipeline Consortium’s (CPC) Black Sea export terminal on Monday, forcing the suspension of exports for the second time in less than 24 hours.
The CPC system accounts for roughly 1 per cent of global oil supply, carrying crude primarily from Kazakhstan’s giant Tengiz, Kashagan and Karachaganak fields, with additional volumes from Russian producers in the Caspian region.
