Economy
Akeredolu Proposes Port Ondo to Solve Apapa Gridlock
By Aduragbemi Omiyale
To solve the perennial Apapa gridlock in Lagos, the federal government can consider establishing a deep seaport in Ondo State, the governor of the state, Mr Rotimi Akeredolu, has suggested.
Speaking on Tuesday at the South-West Export Enlightenment and Engagement Forum held at the International Culture and Event Centre, Igbatoro Road, Akure, the state capital, he said the state was strategically positioned to allow the easy movement of goods to the Southeast, South-south, North-west and North-central regions of the country.
According to him, investors have already shown interest in developing the port, saying the state has the deepest draught in West Africa.
“Everything going to southeast or South-South and the North pass through Ondo State; all these activities will make us advise the federal government on the importance of Port Ondo,” Mr Akeredolu said at the event themed Maximizing Export Potentials In The South-West Region For Economic Growth.
“Apapa will be decongested. We can boast of the deepest draught in West Africa. We are ready and we have done our work and people have shown interest. It is a pity we have to go through a lot of protocols including the port declaration,” the Governor said.
Mr Akeredolu, who also highlighted his administration’s efforts on agriculture development, disclosed that Governors in the Southwest are steadily working together on the sector through the Southwest Agric Company (SWAgCo).
According to him, SWAgCo is a registered company under the Oodua conglomerate which was created for effective exploration of agricultural resources in the region.
He said the Akure airport, which was originally designed as a cargo airport, should be given due attention so that it can serve its purpose.
“The airport in Akure is very busy now but it is not serving the purpose for which it was established. The Akure airport was established as a cargo airport. We have said it should have a refrigerated area where people can refrigerate their goods before exporting them,” he said.
While speaking on the efforts of his administration in improving cocoa production, the Governor said, “In Ondo State, we have had some transformation since we got in. Ondo is the leading exporter of cocoa in Nigeria. It is an unfortunate development that we are not the leading producer in West Africa.
“When we came in, we knew there must be a transition. I see agriculture as a business. When we came in, I met experts who spoke to us. They made a case for Agricpreneurs. That led us to Youth on the Ridges. We have trained about 5000 youth. That was our approach to it.
“Today, we try to unlock the agricultural sector by creating a conducive environment. In creating it, we are a One-Stop-Shop. We have the Ondo State Development and Investment Promotion Agency (ONDIPA) here, when you need land they must look for it.
“Today, we are not seriously exporting cassava but we need to do that. Many countries are in dire need of cassava. We have the cassava to the ethanol plant. We have gone into partnership with the Nigerian National Petroleum Corporation (NNPC). Another cassava-to-ethanol company is coming up in Ose. Cassava for us becomes very important.
“And poultry. We have set up an industry that will be producing powder eggs. The company is almost afoot to produce powder eggs. And on cocoa added value, we have tried to do that. Today, Ondo State can be proud of a chocolate factory.
“We have put a lot of intervention in place to double our cocoa export. We have a single estate approach in Jugbere. We have 10,000 hectares in Jugbere. We should be able to improve to 150,000 metric tons per year from the 80,000 that we currently produce.
“We have started a major revolution in Nigeria here in Ondo State called red gold. It has to do with palm. We must support the zero oil economy,” Governor Akeredolu stated.
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.
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