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Economy

Agriculture, Electricity will Create Jobs in Africa—Elumelu

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Agriculture, Electricity will Create Jobs in Africa—Elumelu

By Dipo Olowookere

The need for African leaders to address the deepening job and employment crisis bedevilling the continent has been emphasised by Chairman of Heirs Holdings and Founder of Tony Elumelu Foundation (TEF), Mr Tony Elumelu.

Mr Elumelu submitted that paying more attention towards the agricultural sector, creating access to electricity and developing entrepreneurship would help solve this problem.

Speaking on the theme ‘How do we create 10 million jobs by 2020?’ at the Youth Connekt Africa Summit in Rwanda yesterday, the business mogul opined that access to electricity and increased focus in the agricultural sector would enhance entrepreneurship and tackle the challenge of unemployment through the creation of more jobs in the continent.

A passionate advocate of entrepreneurship and Africapitalism, Mr Elumelu, also upheld the notion that the private sector has the responsibility to play the lead role in contributing to job creation in Africa, and cited the example of the Tony Elumelu Foundation (TEF) and its various investments in these key areas, adding that this is visible from the $100million commitment towards supporting African entrepreneurs over the years.

“Today, we have businesses in 20 African countries and employ 30,000 people directly and 50,000 people indirectly. Agriculture, access to electricity and entrepreneurship have the potential to create more jobs in Africa,” he said.

The TEF boss stated that Africa can be self-reliant and self-dependent if the right infrastructure and government support are put in place to boost these sectors. In this regard, he commended the effort of President Paul Kagame for his brilliant initiatives in the areas of entrepreneurship and attracting key investments to the African continent.

President of African Development Bank (AfDB), Mr Akinwumi Adesina, who echoed Mr Elumelu’s stance, acknowledged that agriculture can create jobs for the teeming African population if youths approached the sector, not just as a way of life, but as a business.

He seized the opportunity to commend Mr Elumelu for his work in entrepreneurship and pledged to support the work of the TEF in the creation of jobs.

“I applaud Tony Elumelu’s work in entrepreneurship, because entrepreneurship is key. We will help to scale up what Tony Elumelu is doing. If others are doing same, we will succeed in Africa,” the AfDB boss said.

The Rwandan Development Board also hosted Mr Elumelu at a roundtable breakfast meeting with the Founder and Executive Chairman of Alibaba Group, Jack Ma, to discuss investment opportunities in Africa.

The Youth Connekt Summit hosted by the President of Rwanda, Mr Paul Kagame, gathered 2,500 invited guests from the private and public sectors.

The opening plenary session was moderated by Mr Adeyemi Babington Ashaye, Head, Global Shapers Community, World Economic Forum; other panellists include; Mr Akinwumi Adesina, President, African Development Bank; Vera Songwe, Executive Secretary, Economic Commission for Africa; and Diane Karusisi, CEO, Bank of Kigali.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

NIMASA, NCC Collaborate to Create Submarine Cable Regulation in Nigeria

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NIMASA, NCC Collaborate to Create Submarine Cable Regulation in Nigeria

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Communications Commission (NCC) are collaborating to develop a regulatory framework to provide operational guidelines for Submarine Cables and Pipeline Operators in Nigeria.

Submarine and cable operators in Nigeria have been notified of the soon-to-be-implemented regulatory guideline for submarine cables and pipelines in Nigeria, in line with the provisions of the United Nations Convention on the Law of the Sea (UNCLOS).

Speaking at a pre-audit meeting of both organs of government in Lagos on submarine cable regulation, the Director General of NIMASA, Mr Bashir Jamoh, noted that the agency was committed to the Ease of Doing Business while implementing International Conventions which Nigeria has ratified and domesticated.

He noted that with Nigeria now a destination for global communication players, the time has come to prevent unregulated underwater cable laying, which might become hazardous to shipping.

According to him, “It is worthy to note that marine cable laying has been ongoing for over two decades in Nigerian waters. Our focus is to ensure the safety of navigation of shipping in Nigerian waters with all these underwater cables being laid.”

“NIMASA is developing the guidelines to regulate submarine cable operators in line with the provisions of UNCLOS; which we have ratified and NIMASA will be the agency responsible for its implementation.

“We do not just implement laws; we consult. Where the responsibility of an Agency stops, that is where the responsibilities of another agency start. Collaboration is a key component of ease of doing business in the best interest of the country and we will work closely with the NCC to achieve this,” he said.

On his part, the Executive Vice Chairman of the NCC, Mr Umar Garba Danbatta, who was represented by the Director, Compliance Monitoring and Enforcement, Mr Efosa Idehen, noted that the stakeholders’ dialogue strategy adopted by NIMASA in developing the guidelines would ensure a win-win situation urging NIMASA management to include the Ministry of Justice, a request NIMASA DG immediately granted.

Also speaking at the meeting was the Director General of the Bureau of Public Service Reforms, Mr Dasuki Arabi, who commended NIMASA and NCC for adopting effective Inter-Agency collaboration to avert a potential challenge for the country in the future.

NIMASA and the NCC also agreed to identify and resolve areas of likely regulatory overlaps, ensuring a regulatory framework based on consultation to engender the attainment of Nigeria’s digital economy transformation.

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Economy

BUA Cement, Nigerian Breweries, Others Drive Stock Market’s 0.06% Loss

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BUA Cement NSE

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded a 0.06 per cent loss on Friday as a result of the selling pressure on some blue-chip stocks at the bourse.

It was observed that the decline was mainly driven by the poor performances of financial and industrial goods shares during the trading session.

Data obtained by Business Post showed that the insurance space lost 1.01 per cent, the industrial goods counter depreciated by 0.66 per cent, the banking sector declined by 0.25 per cent, and the consumer goods category shed 0.21 per cent, while the energy index remained flat.

Consequently, the All-Share Index (ASI) moderated by 31.55 points to 54,892.53 points from 54,924.08 points, and the market capitalisation went down by N18 billion to N29.903 trillion from N29.921 trillion.

A total of 137.6 million shares valued at N3.9 billion exchanged hands in 2,912 deals on the last trading session of the week compared with the 117.9 million shares worth N1.4 billion traded in the preceding session in 2,575 deals, representing an improvement in the trading volume, value and the number of deals by 16.71 per cent, 178.57 per cent, and 13.09 per cent, respectively.

Fidelity Bank closed the session as the most traded equity after it sold 21.5 million units and was trailed by GTCO, which sold 14.9 million units. Neimeth traded 14.0 million shares, UBA exchanged 12.8 million equities, and Transcorp traded 8.9 million stocks.

Investor sentiment was slightly strong yesterday as the market breadth was positive with 13 price gainers and 11 price losers led by AIICO Insurance, which fell by 5.00 per cent to 57 Kobo.

Linkage Assurance depleted by 4.76 per cent to 40 Kobo, Coronation Insurance went down by 4.76 per cent to 40 Kobo, International Breweries depreciated by 2.25 per cent to N4.35, and Transcorp lost 2.19 per cent to trade at N1.34.

On the flip side, NPF Microfinance gained 6.94 per cent to finish at N1.85, Geregu Power appreciated by 6.25 per cent to N323.00, Lasaco Assurance rose by 5.00 per cent to N1.05, Chams grew by 4.17 per cent to 25 Kobo, and Japaul improved by 3.57 per cent to 29 Kobo.

Analysis of the market data indicated losses reported by BUA Cement (1.60 per cent), Nigerian Breweries (0.55 per cent), GTCO (0.25 per cent), and Zenith Bank (0.15 per cent) caused the downfall of the exchange on Friday.

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Economy

Again, NASD OTC Exchange Valuation Crosses N1 trillion

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NASD securities exchange

By Adedapo Adesanya

The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange recorded a 5.3 per cent appreciation at the final session for the week, Friday, March 24, to close at N1.01 trillion from N959.06 billion on Thursday.

Business Post reports that this is the second time the value of the NASD OTC exchange would cross the N1 trillion mark.

The first was when Access Bank Plc was admitted to the alternative stock exchange in March 2022 and about a year later, it again crossed the same mark after Purple Real Estate Income Plc joined the platform on Thursday and began trading the next day.

Meanwhile, the NASD Unlisted Securities Index (NSI) grew by 0.5 points or 0.07 per cent yesterday to wrap the session at 730.37 points compared with 729.87 points recorded in the previous session.

The day’s single price gainer was Geo-Fluids Plc, which improved its value by 16 Kobo to close at N1.80 per share versus Thursday’s closing price of N1.64 per share.

The volume of securities traded by investors depreciated on Friday by 67.3 per cent to 1.7 million units from 5.2 million units, the value of transactions slumped by 87.2 per cent to N3.1 million from N24.3 million, while the number of deals decreased by 78.6 per cent to three deals from the 14 deals carried out in the previous trading day.

Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with 462.1 million units valued at N505.0 million, UBN Property Plc stood in second place with 365.8 units valued at N309.5 million, while IGI Plc was in third place with 71.1 million units valued at N5.1 million.

In terms of the most traded stock by value on a year-to-date basis, VFD Group Plc was on top of the chart for exchanging 7.3 million units worth N1.7 billion, followed by Geo-Fluids Plc with 462.1 million units valued at N505.0 million, and UBN Property Plc with 365.8 million units valued at N309.5 million.

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