Economy
Buhari Okays Investment Window for Foreign Direct Investors
By Adedapo Adesanya
President Muhammadu Buhari has approved the establishment of the Nigerian Diaspora Investment Trust Fund (NDITF), a private sector investment window with Nigerians in the diaspora aimed to attract foreign direct investors into the country.
The President gave the approval at the presentation of a compendium entitled +600 Diaspora Icons @ 60, published by the Nigerians in Diaspora Commission (NiDCOM) at the State House, Abuja, on Tuesday.
According to him, Nigeria is open to welcoming the diaspora direct investment by compatriots abroad, pledging that the establishment of the platform will support NiDCOM to fulfil its mandate.
Mr Buhari noted that the foreign exchange remittances by Nigerians in the diaspora have not only helped families but enhanced the development index of Nigeria.
He described the 327-page compendium as “a historical record of the worth of our compatriots globally’’.
According to the President, the distinguished list in the publication is a reminder of what Nigerians are capable of doing to the delight of the global community.
“Irrespective of the few bad eggs among us, and every nation has such bad eggs, Nigeria remains a great country, populated by great people, living at home or abroad, making us proud.
“This compendium attests to that fact and the names of people and the fields they have excelled in speak about their resilience and how exceptional Nigerians, both at home and abroad, have become,” he added.
Mr Buhari reminded Nigerians that it is their duty to extol and celebrate compatriots that excel in their chosen careers and professions.
“No one else will do so for us. Rather, other people will tend to capitalise on the few bad eggs and characterise us in their own narratives, narratives that seek to characterise us in a bad light.
“We must not allow that to happen.
‘‘As we launch the compendium of excellent Nigerians today, we are also celebrating some of our best, nationally and globally.
‘‘I call on every Nigerian, irrespective of where they may be, to continue to be of exemplary behaviour and with determination to offer quality services that contribute to the progress of humanity,” he said.
He congratulated those whose names made it to this first edition and encouraged others to work more conscientiously to make the list in the subsequent editions.
While recounting his engagements with Nigerians in the Diaspora during his official travels abroad, President Buhari said his diaspora threefold agenda remains unchanged.
He said: “Nigerians in the diaspora are our ambassadors-at-large by their character, comportment and daily actions.
“They should be the best and excel in all their endeavours and they should ‘give back’ by contributing to the development of Nigeria.”
Mr Buhari commended the commission led by Mrs Abike Dabiri-Erewa for the energy and innovative steps they put together to ensure better engagements with the diaspora community.
“Rebuilding Nigeria is not the responsibility of Nigerians who live at home alone but of every Nigerian irrespective of the place of domicile,” he said.
In her remarks, Mrs Dabiri-Erewa said the idea of the compendium was inspired by the regular Diaspora Presidential Town Hall meetings.
“The compendium is birthed out of the necessity to recognise, celebrate and showcase Nigerians in the diaspora who are doing great things in their host countries and also contributing to the socio-economic development of Nigeria,” she said.
According to her, the agency plans to publish the compendium at regular intervals, towards changing the negative stereotypes typified by the activities of a few Nigerians who do not represent the country well.
By Adedapo Adesanya
Afriland Properties Plc helped the NASD Over-the-Counter (OTC) Securities Exchange record a 0.04 per cent gain on Tuesday, December 10 as the share price of the property investment rose by 34 Kobo to N16.94 per unit from the preceding day’s N16.60 per unit.
As a result of this, the market capitalisation of the bourse went up by N380 million to remain relatively unchanged at N1.056 trillion like the previous trading day.
But the NASD Unlisted Security Index (NSI) closed higher at 3,014.36 points after it recorded an addition of 1.09 points to Monday’s closing value of 3,013.27 points.
The NASD OTC securities exchange recorded a price loser and it was Geo-Fluids Plc, which went down by 2 Kobo to close at N3.93 per share, in contrast to the preceding day’s N3.95 per share.
During the trading session, the volume of securities bought and sold by investors increased by 95.8 per cent to 2.4 million units from the 1.2 million securities traded in the preceding session.
However, the value of shares traded yesterday slumped by 3.7 per cent to N4.9 million from the N5.07 million recorded a day earlier, as the number of deals surged by 27.3 per cent to 14 deals from 11 deals.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units sold for N5.3 billion.
By Adedapo Adesanya
The Naira continued to appreciate on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), gaining 0.7 per cent or N10.23 on Tuesday, December 10 to trade at N1,542.27/$1 compared with the preceding day’s N1,552.50/$1.
The Central Bank of Nigeria (CBN)-backed Electronic Foreign Exchange Matching System (EFEMS) platform introduced to tackle speculation and improve transparency in Nigeria’s FX market has been attributed as the source of the Naira’s appreciation.
Speculators holding foreign currencies, particularly the US Dollar, have seen the value of their money drastically drop due to the appreciation of the local currency. This is forcing them to dump greenback into the system and take the domestic currency alternative- a move that has seen available FX increase.
Equally, the domestic currency improved its value against the Pound Sterling in the official market during the trading day by N6.81 to sell for N1,955.12/£1 compared with Monday’s closing price of N1,961.93/£1 and against the Euro, it gained N10.84 to close at N1,613.00/€1, in contrast to the previous day’s rate of N1,623.84/€1.
Data from the FMDQ Securities Exchange showed that the value of forex transactions significantly increased yesterday by $228.85 million or 257.2 per cent to $401.17 million from the preceding session’s $112.32 million.
However, in the parallel market, the Nigerian currency weakened against the US Dollar on Tuesday by N5 to settle at N1,625/$1 compared with the previous day’s value of N1,620/$1.
In the cryptocurrency market, Dogecoin (DOGE) lost 4.8 per cent to sell at $0.39116, Litecoin (LTC) depreciated by 3.3 per cent to trade at $110.25, Binance Coin (BNB) went south by 2.3 per cent to $681.44, Ethereum (ETH) dropped 1.6 per cent to finish at $3,671.08, and Cardano (ADA) slid by 0.5 per cent to $0.8837
Conversely, Ripple (XRP) jumped by 5.4 per cent to $2.23 amid a continued shift for the coin with its parent company seeing the benefits of a crypto-friendly regulatory environment for US-based companies.
XRP is closely related to Ripple Labs, a high-profile payments company targeted by the SEC in 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024.
Further, Solana (SOL) expanded by 0.8 per cent to $219.75, Bitcoin (BTC) grew by 0.4 per cent to $97,446.95, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices rose on Tuesday, influenced by increasing demand in China, the world’s largest buyer, as well as developments in Europe and Syria, with Brent crude futures closing at $72.19 per barrel after chalking up 5 cents or 0.07 per cent while the US West Texas Intermediate finished at $68.59 a barrel after it gained 22 cents or 0.32 per cent.
China will adopt an “appropriately loose” monetary policy in 2025 as the world’s largest oil importer tries to spur economic growth. This would be the first easing of its stance in 14 years.
Chinese crude imports also grew annually for the first time in seven months, jumping in November on a year-on-year basis.
Speculation about winter demand in Europe also contributed to the rise in prices as the period has been known for high demand.
In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country’s banks and oil sector set to resume work on Tuesday.
Although Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran – two of the world’s largest oil producers.
Market analysts noted that the tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption.
The market is also looking forward to the US Federal Reserve, which is expected to make a 25 basis point cut to interest rates at the end of its December 17-18 meeting.
This move could improve oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derails the cut.
Crude oil inventories in the US rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
For the week prior, the API reported a 1.232-million barrel build in crude inventories.
So far this year, crude oil inventories have fallen by roughly 3.4 million barrels since the beginning of the year, according to API data.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
Also, the market is getting relief from the recent decision of selected members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to delay the rollback of 2.2 million barrels per day of oil production cuts to April from January. Another 3.6 million barrels per day in output reductions across the OPEC+ group has been extended to the end of 2026 from the end of 2025.
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