Economy
Buhari Assures Foreign Investors Favourable Fiscal Policies
By Adedapo Adesanya
President Muhammadu Buhari has appealed to foreign investors to explore vast opportunities for human and natural resources in Nigeria, assuring them that his administration was working towards creating fiscal policies that would be more favourable to their businesses.
According to a statement from the Senior Special Assistant (SSA) to the President on Media and Publicity, Mr Garba Shehu, President Buhari gave the assurance at meetings he held with a group of investors in France on Wednesday led by the Chairman/Chief Executive Officer of Total, Mr Patrick Pouyanne, Executive Vice President, AirBus, Mr Silvere Delaunay, Chairman of the Board of a software company, Daussault Systems, Mrs Florence Verzelen, Chairman/CEO of General Engineering and Marketing of Telecommunications Operator, Mr Francois-Regis Teze and Chairman/CEO, Donaflex Automotive, Mr Donatus Nwokoye.
While speaking at a meeting, the President said that the outlook and potentials for growth in the country have remained steadily positive, affirming the government’s commitment to scale up operating standards and policies that encourage mutual benefits.
“We are very pleased with the evolving trends in technology, which is currently driving development across the world and Nigeria. Nigeria is more a gas country than a crude oil-producing country. In the 80’s we generated more from gas, than crude oil.
“In the ’80s, we were earning more from gas for some years and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria,” the statement quoted Mr Buhari as saying.
President Buhari also urged investors to take advantage of the natural and human resources in the country, noting that the demographics favour development, with more young people who are eager to be gainfully engaged and trained.
“We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed a rapid transformation in exploration, processing and distribution,” he added.
He thanked the Chief Executive Officer of Total, Mr Pouyanne for the company’s consistency and expansion in Nigeria since 1956, and gave the assurance that the government will enhance fiscal stability to encourage investors.
On his part, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, said Total had confirmed long term investments in Nigeria and had consistently exceeded targets in gas production.
Mr Kyari disclosed that the NNPC had already designed solutions for some of the challenges in the oil and gas sector, particularly on tax.
Responding, Mr Pouyanne told the Nigerian delegation that Total was prepared to stay in Nigeria and further expand interest in oil, gas, solar and other energy endeavours that will directly impact the lives of citizens.
The Total Chief said investors had been eagerly waiting for the passing of the Petroleum Industry Bill (PIB) as it will send a strong signal of more predictability.
“Total is very committed to Nigeria. We have no intention of leaving Nigeria,’’ he 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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