Economy
5,527 MSMEs in Lagos Share N4.5b Funding Support
By Modupe Gbadeyanka
Not less than N4.5 billion has been disbursed to 5,527 Medium Small Manufacturing Enterprises (MSMEs) by the Lagos Employment Trust Fund in the last one year.
Speaking on Monday at the 2nd Micro, Small and Medium Enterprises (MSMEs) exclusive fair themed ‘Unleashing the Potentials of MSMEs for Economic Diversification,’ Governor Akinwunmi Ambode of Lagos State his administration will continue to do more for the sector.
The Governor, who spoke through the Secretary to the State Government, Mr Tunji Bello, noted that despite the contributions of the MSME sector to the Lagos economy, the sector’s competitiveness was weakened by limited access to credible, customized-business support and inability to penetrate local and expanded markets, emphasizing that there is a need to build strong public-private support systems that would enhance the capacity of the MSME sector for economic diversification.
“I charge you to take advantage of the structures our administration has put in place to support your businesses and together, let us build world class businesses which would positively impact on Lagos, Nigeria and the World,” the Governor disclosed.
Mr Ambode urged all exhibitors to take full advantage of the platform of the fair and e-commerce to launch their products to a global but competitive market.
At the inception of his administration in 2015, Governor Ambode set aside N25 billion to support the small scale sector.
Yesterday, the Governor revealed that the fund, in partnership with the UNDP and private sector employers, will also train 16,000 unemployed Lagosians in order to take up technical and vocational jobs, adding that, “The state government would launch innovation driven enterprise framework to support business start-ups in the fourth quarter of this year.”
He reiterated the commitment of the present administration to continually implement enterprise-friendly policies and develop the critical infrastructure that would enhance the productivity and competitiveness of all businesses in the state.
“We will continue to support the growth of MSMEs and make concerted efforts to develop enterprise cluster parks especially the Imota Light Industrial Park”, he said.
The Governor informed that the theme of this year, ‘Unleashing the Potentials of MSMEs for Economic Diversification,’ throws a challenge to all players, both public and private, to look inwards and develop the internal and external capacities of the local non-oil MSME for steady growth and global competitiveness.
He stated that the 4-Day fair would match-up the local small-scale industrial giants with business development support providers, investors from the private sector, public regulatory support agencies at the state and Federal government levels as well as foreign economic development institutions.
Speaking earlier, Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Oguleye, described Lagos as the largest hub of MSMEs and the economic nerve-centre of Nigeria, accounting for more than 3 million micro and 11,663 small and medium enterprises that are significantly boosting the nation’s Gross Domestic Product (GDP), generating employment, creating sustainable enterprises, and accelerating value-added industrialization.
Also speaking, Chairman, House Committee on Commerce, Industry and Cooperatives, Mr Oladele Adekanye, expressed appreciation to Governor Ambode-led administration for introducing the numerous innovative interventions aimed at enhancing the capacity of the small-business sector so that its members could actively contribute to national development and economic recovery.
The event also attracted the President of the Lagos Chamber of Commerce and Industries, Mrs Nike Akande; representative of the National President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson; and members of the Organised Private Sector.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
-
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
