Economy
Ambode Tasks Entrepreneurs on N25b ETF

By Dipo Olowookere
Governor Akinwunmi Ambode of Lagos State at the weekend urged the youths and entrepreneurs in the state to take full advantage of the N25 billion Employment Trust Fund (ETF) initiative of his administration to grow their businesses and become self-reliant.
He stated this in Agege while flagging off the One Lagos Fiesta, an annual end of the year revue put together by the state government.
The Governor explained that the ETF was specifically designed to create greater opportunities for the youths to be gainfully engaged and contribute meaningfully to the growth of the state.
He said over N6 billion has already been earmarked to be disbursed annually through the ETF initiative, and that about N1 billion of the fund will be pushed to the Agege division.
“I want to encourage all our youths because we are creating greater opportunities for all of you. I want you to take opportunity of applying for the Employment Trust Fund. We have monies already established to take care of your expertise.
“Those of you who are very creative; those of you who are artistic; those of you who are entrepreneurial in outlook; we have money that we will be ready to give to you to start your own business.
“We have earmarked over N6 billion and we intend to push N1 billion to this particular division. So, it is left for all of you to bring out your best. Whatever it is that you are doing, if you can’t get a white collar job, the ETF is there for you to help promote your business,” the Governor said.
While expressing the resolve of the state government to use entertainment, arts and sports to promote tourism in the State, the Governor assured that his administration will continue to open up the tourism potentials of the state with the view to getting the best from the youths.
To this end, Mr Ambode said by 2017, government would construct an Art Theatre and a Cinema in Igando and also build five new Theatre Arts in Ikorodu, Ikeja, Lagos Mainland, Badagry and Epe to give greater opportunities to the youths.
He, however, urged the people to remain peaceful and shun any criminal activity.
Explaining the rationale behind One Lagos Fiesta, Governor Ambode said it was a way of creatively engaging the youths to bring out the best in them, saying that the 2016 edition was arranged to be better, bigger and bolder than that of 2015, adding that a total of 40 shows would hold simultaneously for eight days in Badagry, Epe, Ikorodu, Agege and Victoria Island.
Earlier, Speaker of Lagos State House of Assembly, Mr Mudashiru Obasa, commended Mr Ambode for the initiative, especially for flagging it off in Agege, saying it was a thing of joy that people could have the best of fun in the area without having to travel to a far place.
He urged the people to maintain peace and say no to all forms of criminality.
“We are not just here to dance, we must take advantage of this fiesta to promote and advance the economy of Agege. We have to use this opportunity to showcase the good side of Agege to the world and as such, start thinking of what you can sell to the world. Let’s make this a world event that people will be looking forward to attend,” the Speaker said.
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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