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Ambrose-Medebem, Alake Beg US Investors to Invest in Lagos

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Lagos State government
By Adedapo AdesanyaThe Lagos State Government has called on foreign investors, particularly those interested in investing in Nigeria, to consider Lagos as the best destination for their investments.

The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, and her Innovation, Science and Technology counterpart, Mr Tunbosun Alake, made this plea at the ongoing 2024 US-Africa Business Summit in Dallas, Texas, United States.

The duo expressed the state’s readiness to partner with any investors with a strong assurance that the government will provide a conducive and friendly business environment for predictable returns on their investments.

The representatives made the commitment to international investors on Tuesday during the panel session on African Infrastructure Investment: Impacts and Returns.

The high-profile summit is hosted by Corporate Council Africa and brings together political and business leaders from across Africa, the US, and other regions for high-level dialogue and networking in Dallas Texas, US.

Both Mrs Ambrose-Medebem and Mr Alake expressed Lagos’s readiness for business and its openness for new investments by showcasing the state’s potential.

Mrs Ambrose-Medebem assured the business community that Governor Babajide Sanwo-Olu’s administration in Lagos State has created an enabling environment for investments and businesses to grow in the state in the past five years.

She noted that the commercial capital of Nigeria was focused on infrastructure as an investable asset, globally and how African countries can benefit from over $30 billion Fund being set aside by the US and some partner nations through identified financial instruments.

She said Lagos has a huge population of over 25 million people, stressing that more than 60 per cent of the population is youth, adding that Governor Sanwo-Olu and his administration have invested in critical infrastructure projects such as rail, water, health and housing.

“There is Blue line rail in Lagos State that takes approximately 500,000 people per day. There is another red rail line that was just commissioned and will start commercial operations very soon. The new Red Line rail service will move close to 1 million Lagosians daily when it commences operation. The Lagos State Government has provided a lot of infrastructure for businesses to thrive in the state.

“We have done a lot in the areas of health, education, technology, and many other sectors. For agriculture, over 200 hectares of land has been allocated to build the largest food hub infrastructure in the eastern part of the State. In addition, we also have the Lekki Deep Sea Port, which is about a $1.53 million investment. Lagos is open for business and investments,” she said.

Also speaking, Mr Alake said: “Over the past three and a half years, about $3 billion worth of investment has come into Lagos with high numbers of start-ups and scale-ups in the continent. So, Lagos has a sheer number of start-ups, the largest startup network in the continent.

“Investments that have come to Lagos over the past three years have created networks of unicorns and high scale up to the combined value of $5 billion and this has created thousands of jobs for young people.

“Lagos State Government has also done projects from a Public-Private partnership (PPP) perspective, and one of them is the 3,000 kilometres of fibre cables that we have done on a PPP basis,” he noted.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

NASD Exchange Drops 0.53% in Week 17 of 2025 Amid High Trading Volume

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NASD securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange decreased by 0.53 per cent on a week-on-week basis in Week 17 of the 2025 trading year.

This depleted the market capitalisation of the bourse by N10.14 billion in the four-day trading week to N1.914 trillion from the N1.924 trillion recorded in the previous week and the NASD Unlisted Securities Index (NSI) slid by 17.32 points to 3,269.06 points from the 3,286.38 points posted in Week 16.

There were only four trading days last week due to the Easter break stretching into the new week, though the market witnessed a higher turnover.

The volume of securities bought and sold by the market participants soared by 293,055.9 per cent to 3.9 billion units from the 1.33 million units recorded a week earlier, and the value of shares skyrocketed by 33,661.6 per cent to N9.9 billion from the N29.35 million achieved in the preceding week.

The most traded security by value for the week was Infrastructure Credit Guarantee (InfraCredit) Plc with N9.5 billion, Geo-Fluids Plc recorded N355.4 million, FrieslandCampina Wamco Nigeria Plc traded N7.2 million, Central Securities Clearing System (CSCS) Plc transacted N3.8 million, and Afriland Properties Plc posted N2.5 million.

Also, InfraCredit Plc was the most traded instrument by volume with 3.7 billion units, Geo-Fluids Plc transacted 207.7 million units, UBN Property Plc recorded 1.04 million units, FrieslandCampina Wamco Nigeria Plc traded 0.201 million units, and CSCS Plc exchanged 0.178 million units.

Five securities ended on the losers’ table, with FrieslandCampina Wamco Nigeria Plc leading after shedding 6.0 per cent to end at N35.37 per share compared with the previous week’s N37.64 per share.

Further, 11 Plc fell by 3.8 per cent to close at N236.25 per unit versus N245.50 per unit, UBN Property Plc lost 3.2 per cent to trade at N2.10 per share versus N2.17 per share, CSCS Plc declined by 1.8 per cent to N21.71 per unit from N22.10 per unit, and Afriland Properties Plc slumped by 0.1 per cent to N17.78 per share from N17.80 per share.

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Economy

Nigerian Stocks Attract N56.025bn Investment in Four Days

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Nigerian shares

By Dipo Olowookere

A total of 1.854 billion shares worth N56.025 billion were transacted in 51,386 deals at the Nigerian Exchange (NGX) Limited last week compared with the 1.525 billion shares valued at N43.006 billion traded a week earlier in 51,156 deals.

The market was opened for business in the week for four days because of the public holiday observed last Monday for Easter.

In the week, the financial services sector led the activity chart with 1.266 billion stocks valued at N29.400 billion exchanged in 24,351 deals, contributing 68.28 per cent and 52.48 per cent to the total trading volume and value, respectively.

The ICT industry followed with 136.707 million stocks worth N12.472 billion in 2,974 deals, and the consumer goods space traded 118.617 million equities for N4.415 billion in 5,869 deals.

The trio of Fidelity Bank, Access Holdings, and GTCO accounted for 797.873 million shares worth N22.043 billion in 8,618 deals, contributing 43.03 per cent and 39.34 per cent to the total trading volume and value, respectively.

Business Post reports that 64 equities appreciated in the four-day trading week versus 31 equities in the previous week, 27 equities depreciated versus 44 equities in the previous week, and 57 equities remained unchanged versus 72 equities recorded in the previous week.

International Breweries topped the gainers’ log with a 40 per cent rise to settle at N7.70, NASCON appreciated by 26.22 per cent to N52.95, Africa Prudential expanded by 25.64 per cent to N17.15, Vitafoam Nigeria rose by 21.22 per cent to N44.85, and Ikeja Hotel jumped by 21.00 per cent to N12.10.

On the flip side, VFD Group topped the losers’ chart with a decline of 82.19 per cent to trade at N17.10, John Holt lost 18.60 per cent to finish at N6.30, Dangote Cement shed 10.00 per cent to close at N432.00, Tripple Gee crashed by 10.00 per cent to N1.98, and Haldane McCall depreciated by 9.96 per cent to N4.70.

The All-Share Index (ASI) and the market capitalisation appreciated by 1.46 per cent and 1.47 per cent each to close at 105,752.61 points and N66.465 trillion, respectively.

Similarly, all other indices finished higher apart from the premium, energy, industrial goods, growth and sovereign bond indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.

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Economy

NECA Commits to Strengthening MSMEs Ecosystem as Fair Holds May 6

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Nigerian MSMEs

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.

The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.

Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive. 

This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.

A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.

Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.

The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.

The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.

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