Economy
BoI, First Bank Begin N500m Youth Ignite Scheme
By Modupe Gbadeyanka
A N500 million Youth Ignite programme, which aims to create about 5 million jobs in the next five years, has been launched by the Bank of Industry (BoI), First Bank and Afterschool Graduate Development Centre (AGDC).
Speaking at the launch of the scheme in Lagos on Wednesday, the Acting Managing Director of BoI, Mr Waheed Olagunju, noted that the initiative will provide support for Micro, Small, Medium Enterprises (MSMEs) to build viable and sustainable businesses in the various sectors of the economy.
According to him, many youths are frustrated with the unemployment rate of the country and will want to make an impact in the society if the opportunity comes.
He said the scheme will give them the needed platform to take advantage of their surroundings to spur them to greatness.
Mr Olagunju noted that during this time, there would be adequate mentoring and support to assist them unleash their potentials and turn them into competitive advantage.
Also speaking at the event, the Group Managing Director of First Bank, Mr Gbenga Shobo, said the collaboration would translate to reduction in the country’s unemployment rate.
According to him, “It is important that we support the government and the economy so that we can get out of recession quickly.”
Mr Shobo’s view was echoed by the Chairperson of First Bank and AGDC, Mrs Ibukun Awosika, who said the tripartite scheme would change the future of Nigeria through the emergence of young entrepreneurs.
“There are many opportunities in the portfolio of most organisations but the challenge is that the people who need to benefit from them are not structured.
“What we are trying to do is to close the gaps and the mismatch between the provider and the benefactors by bringing them together so that value can be created for the society.
“At First Bank, creating the next generation of entrepreneurs is critical to our growth and that of the nation’s economy,” she said.
On her part, the Executive Director of AGDC, Mrs Funmi Adeyemi, said human resources were the biggest assets of Nigeria, while youth development was the stimulus required to drive its economic growth.
She said that the scheme was anchored on supporting one million entrepreneurs to create five million jobs, over the next five years, adding that the Youth Ignite programme seeks to create new jobs, facilitate finance, capacity development and advisory services for micro entrepreneurs.
According to her, new businesses are eligible to N200,000, while existing businesses get N500,000 with three months moratorium and nine months repayment period.
She said that the loans had a single digit interest rate and youths within 18 to 35 years were eligible to apply for the programme.
By Adedapo Adesanya
The Naira, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 3, further appreciated against the United States Dollar by N4.52 or 0.33 per cent to N1,374.94/$1 from N1,379.46/$1.
Equally, the domestic currency gained against the Pound Sterling in the official market by N3.34 during the session to close at N1,858.24/£1 compared to the previous rate of N1,861.58/£1, and against the Euro, it improved by N5.29 to sell at N1,607.58/€1 versus N1,612.87/€1.
At the GTBank FX counter, the Nigerian Naira gained N4 against the Dollar to settle at N1,384/$1 versus Wednesday’s closing price of N1,389/$1, and at the parallel market, it improved by N5 to trade at N1,385/$1 compared with the N1,390/$1 it was transacted a day earlier.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with a buffer to support the Naira, continued their downward trend, declining to $48.36 billion as of April 29, 2026, according to data.
Market activity weakened sharply, with the NAFEM recording zero deals on Thursday, down from 393 deals on Wednesday. Total turnover in the official window also dropped from $802.44 million to zero, underscoring a severe liquidity squeeze.
Thursday’s price formation was driven entirely by the interbank segment, where turnover also fell significantly to $58.03 million from $249.91 million, suggesting that liquidity pressures extended across the broader FX market.
As for the cryptocurrency market, prices were up amid looming US inflation data, while high oil prices and rising bond yields weigh on risk assets.
The appreciation faces headwinds in the form of US March PCE inflation, which lands as oil prices keep pressure on risk assets, as well as reduced traffic through the Strait of Hormuz, which has kept energy markets fragile.
Dogecoin (DOGE) rose by 1.8 per cent to trade at $0.1082, Bitcoin (BTC) appreciated to $76,987.59, Ethereum (ETH) grew by 1.2 per cent to $2,276.11, Cardano (ADA) added 1.1 per cent to close at $0.2484, and Solana (SOL) soared by 1.1 per cent to $83.89.
Further, TRON (TRX) increased by 0.7 per cent to $0.3224, Ripple (XRP) jumped 0.4 per cent to $1.37, and Binance Coin (BNB) expanded by 0.2 per cent to $616.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
A further 2.14 per cent leap was recorded by the Nigerian Exchange (NGX) Limited on Thursday, the last trading session of April 2026.
This was supported by strong buying pressure despite selling pressure in the consumer goods and insurance sectors, which lost 0.14 per cent and 0.07 per cent, respectively.
It was observed that the energy index went up by 4.78 per cent, the industrial goods space appreciated by 4.13 per cent, and the banking segment rose by 0.52 per cent.
As a result, the All-Share Index (ASI) gained 5,072.22 points to settle at 242,277.81 points versus the 237,205.59 points on Wednesday, and the market capitalisation jumped N3.266 trillion to N155.994 trillion from N152.728 trillion.
FTN Cocoa, BUA Cement, CAP, UAC Nigeria, and Zichis soared by 10.00 per cent each to quote at N5.50, N418.00, N145.20, N181.50, and N21.78, respectively.
On the flip side, Aluminium Extrusion lost 9.95 per cent to trade at N9.50, Royal Exchange declined by 9.93 per cent to N1.36, Legend Internet slipped by 9.32 per cent to N5.35, Austin Laz dropped 9.12 per cent to N3.39, and Neimeth went down by 7.26 per cent to N8.30.
Business Post reports that there were 46 price gainers and 41 price losers on Customs Street during the session, implying a positive market breadth index and strong investor sentiment.
A total of 1.9 billion shares valued at N104.3 billion were traded in 92,353 deals yesterday compared with the 1.3 billion shares worth N69.1 billion transacted in 83,445 deals at midweek, indicating a surge in the trading volume, value, and number of deals by 46.15 per cent, 50.94 per cent, and 10.68 per cent, respectively.
At the close of business, Access Holdings led the activity chart with 935.0 million units sold for N24.3 billion, Lasaco Assurance traded 90.2 million units valued at N175.2 million, UBA exchanged 89.0 million units worth N3.9 billion, Wema Bank transacted 68.4 million units worth N2.4 billion, and GTCO sold 54.7 million units valued at N7.4 billion.
By Adedapo Adesanya
Crude oil fell below $115 after hitting a four-year high of more than $126 a barrel earlier on Thursday on concerns the US-Iran war could disrupt the wider global economy.
Data showed that Brent crude futures lost $4.02 or 3.41 per cent to trade at $114.01 per barrel, and the US West Texas Intermediate (WTI) crude futures gave up $1.81 or 1.69 per cent to trade at $105.07 per barrel.
According to market analysts, the drop in prices from intraday highs did not have an obvious catalyst and did not look related to a specific development, but reflected the heightened volatility in the market since the Iran war started.
Others noted the retreat in US Dollar strength on Thursday also put downward pressure on oil.
Japan’s Yen surged 3 per cent, the most in a day in over three years, on Thursday, following stark warnings from Japanese officials that intervention to prop up the currency, as well as action in other markets, including energy, could be imminent.
The jump in the Japanese currency puts the US currency down, on track for its biggest one-day drop against the Yen since last August.
US President Donald Trump is slated to receive a briefing on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict.
Iran said it would respond with “long and painful strikes” on US positions if the US renewed attacks, and also reasserted its control over the Strait of Hormuz.
This complicates US plans for a coalition to reopen the waterway, which accounts for about 20 per cent of crude and Liquified Natural Gas (LNG) flows.
Since the US-Israeli attack on Iran began on February 28, the price of Brent and WTI has risen by around 90 per cent due to the effective closure of the strait.
The oil price gains risk a renewed spike in global inflation and higher pump prices across the world. Oil, gas, and their refined byproducts are critical for fuelling cars, trucks and planes, powering homes and industry and producing plastics and fertilisers.
President Trump called a ceasefire in the war earlier this month, but also imposed a US blockade on Iranian ports.
Talks to resolve the conflict, which has killed thousands and caused what the International Energy Agency (EIA) says is the world’s biggest oil disruption ever, have deadlocked.
Traders worry as the US insists on discussing Iran’s alleged nuclear weapons programme and Iran demands some control over the strait and reparations for damage from the war.
The United Arab Emirates (UAE) said on Tuesday it would exit the Organisation of Petroleum Exporting Countries (OPEC) after nearly 60 years as a member.
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