Economy

Buhari Pledges Sustainable Platform for Businesses to Succeed

Published

7 years ago

18/07/2019

By Adedapo Adesanya

Nigeria’s President, Mr Muhammadu Buhari, has reiterated the determination of his administration to make business environment very conducive for the private sector. He also said efforts would be made to stop importation of basic items and create job opportunities for unemployed citizens across the country.

The President stated this when he received members of the Nigeria Employers’ Consultative Association (NECA) led by its acting President, Mr Taiwo Adeniyi, at the Presidential Villa, Abuja on Wednesday, July 17.

“Nigeria is a blessed country with abundant resources. We have all it takes locally to meet our most basic needs,” said Mr Buhari, noting that with the appropriate policies in place, his administration will bring the jobs earlier lost to foreign countries to Nigeria.

According to him, government has implemented various policies and programs to support job creation in Agriculture, Mining and other key sectors, with investments in infrastructure projects especially, Transportation and Power sectors.

“There is no doubt, the implementation of such policies will not be hitch free. As you have pointed out, there are challenges in some areas that need to be addressed. I want to assure you that we are looking into these and other matters to ensure we have a sustainable platform for businesses to succeed,” he said.

The President, however, observed that the journey toward achieving this feat was a long one that requires patience, understanding and perseverance and called on the support of the association.

“I would therefore encourage you to continue to engage Government by providing honest and constructive feedback. Together, we can build a Nigeria that we will all be proud of.”, he added.

Mr Buhari also praised the Private Sector for its contribution to inclusive growth by creating an enabling environment for businesses to thrive over the past four years of his administration.

In his remarks, Adeniyi revealed that, for over 60 years, NECA had been the voice of business on diverse issues aimed at improving the business environment for enterprises to survive and flourish in the country.

He commended the President for signing Executive Orders 001, 003 and 007, which he said had improved the performance of the manufacturing sector and patronage of made-in-Nigeria products.

Mr Adeniyi also lauded Buhari for his support to the Real Sector through the Central Bank of Nigeria and for his refusal to sign the African Continental Free Trade Agreement until the concerns of stakeholders were addressed as well as for assenting to the new National Minimum Wage Bill.

Economy

Investors Lose N3.1bn as NASD Exchange Remains Red

Published

1 hour ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange entered a third straight day of losses after it fell by 0.12 per cent on Wednesday, June 10.

The depletion trimmed the market capitalisation further by N3.1 billion to N2.590 trillion from N2.593 trillion, and cut the NASD Unlisted Security Index (NSI) by 5.19 points to 4330.12 points from 4,335.31 points.

11 Plc lost N22.21 during the session to finish at N221.00 per share versus the previous day’s N243.21 per share, MRS Oil Plc depreciated by N6.90 to N158.10 per unit from N165.00 per unit, and Central Securities Clearing System (CSCS) Plc decreased by N2.81 to N78.32 per share from N81.13 per share.

On the flip side, FrieslandCampina Wamco Nigeria Plc went up by N9.27 to N183.08 per unit from N173.81 per unit, Nitrox Industrial Gases Plc added N1.92 to its value to close at N23.80 per share compared with the preceding day’s N21.88 per share, and Food Concepts Plc gained 10 Kobo to exchange at N2.58 per unit, in contrast to Tuesday’s closing price of N2.48 per unit.

At the close of business, the volume of securities traded by investors contracted by 92.6 per cent to 117,374 units from 1.6 million units, and the value of securities moderated by 80.5 per cent to N12.2 million from N62.3 million, while the number of deals increased by 4.9 per cent to 43 deals from 41 deals.

Great Nigeria Insurance (GNI) Plc finished the day as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units traded for N6.5 billion, and CSCS Plc with 65.2 million units exchanged for N4.4 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million

Economy

Naira Crashes to N1,362.05/$1 at Official Window After N1.50 Loss

Published

2 hours ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira fell against the United States Dollar by N1.50 or 0.11 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell at N1,362.05/$1 on Wednesday, June 10, compared with the N1,360.55/$1 it traded on Tuesday.

Also, the local currency lost N4.33 against the Pound Sterling in the official window yesterday to trade at N1,827.33/£1 versus the preceding day’s N1,823.00/£1, and depreciated against the Euro by N1.74 to quote at N1,575.35/€1, in contrast to N1,573.61/€1 of the previous session.

However, at the GTBank forex desk, the Naira gained N3 against the US Dollar to sell at N1,370/$1 versus N1,373/$1, and at the parallel market, it remained unchanged at N1,380/$1.

Updated data from the Central Bank of Nigeria (CBN) showed that foreign reserves surged further due to additional inflows from various sources. Nigeria’s gross external reserves increased to $50.439 billion, its highest level since March 2026, reflecting sustained inflows from oil revenue and other FX sources.

Also, the International Monetary Fund (IMF) has said increased confidence in the Naira, supported by lower and more stable inflation, would encourage households, businesses and investors to hold more local currency assets and reduce reliance on foreign currencies.

The global lender, in a recent assessment, stressed the importance of strengthening the CBN’s operational framework and aligning liquidity management operations more closely with monetary policy objectives.

In the cryptocurrency market, there were recoveries from recent losses as US headline inflation rose an expected 0.5 per cent in May, but the beat on the core rate — which cuts out food and energy costs — pleased markets. The core rate, though, rose just 0.2 per cent in May against forecasts for 0.3 per cent.

The print reinforces the view that the US Federal Reserve will keep interest rates at 350-375 basis points at its June 17 meeting, but is likely to increase rates by 25 basis points by the end of the year.

Cardano (ADA) went up by 2.4 per cent to $0.1647, Bitcoin (BTC) rose by 2.3 per cent to $62,794.09, Binance Coin (BNB) jumped 1.8 per cent to $596.23, Ethereum (ETH) grew by 1.7 per cent to $1,658.12, and Solana (SOL) also soared by 1.7 per cent to $65.23.

Further, Dogecoin (DOGE) appreciated by 1.5 per cent to $0.0849, Ripple (XRP) expanded by 0.4 per cent to $1.11, and TRON (TRX) increased by 0.05 per cent to $0.3218, while the US Dollar Tether (USDT) lost 0.10 per cent to close at $0.9989, and the US Dollar Coin (USDC) declined by 0.01 per cent to $0.9997.

Economy

Oil Prices Jump as Iran Shuts Down Strait of Hormuz

Published

3 hours ago

11/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil prices jumped early on Thursday as Iran declared the critical energy chokepoint, the Strait of Hormuz, closed ‌after the US launched additional strikes against the Middle East oil producer.

Brent futures rose $1.48 or 1.59 per cent to $94.58 per barrel, and the US West Texas Intermediate (WTI) crude climbed $1.71 or 1.90 per cent to $91.74 a barrel.

Iran’s top joint military command announced the closure of the Strait of Hormuz on Thursday, including oil tankers and commercial ships, saying any vessel attempting ⁠passage will be shot at.

Market analysts noted that the renewed escalation in fighting prompted oil prices to rally in early morning trading.

On Wednesday, the US military said on X that commercial ships continue to transit in and out of the strait. It also said no US warships have been struck in the strait, after Iran’s state media reported US ships near the waterway were targeted by missiles and drones.

US forces began launching additional strikes against multiple targets in Iran on Wednesday, the latest in an escalating exchange of attacks that threaten ‌to ⁠reignite a full-scale war, which was paused in early April when the two sides agreed to a fragile ceasefire.

Defence Secretary Pete Hegseth held a press briefing announcing further attacks on Iran, saying, “If we need to negotiate with bombs, we’ll negotiate with bombs.” US Central Command later described those attacks as targeting “Iranian military surveillance capabilities, communication systems, and air defence sites across Iran.”

In response to the attacks, Iran’s top joint military command then announced that the Strait was closed to all shipping.

President Donald Trump said the strikes would stop shortly, but that they would continue if Iran’s leaders did not sign an agreement with the US immediately.

Iran’s months-long blockade of the strait, which normally carries a fifth ⁠of global oil and gas shipments, has kept oil prices elevated.

The latest exchange of strikes between the US and Iran marks the most significant escalation in the conflict since both countries agreed to a fragile ceasefire in April. Since then, oil inventories have drained dramatically, and no tangible breakthroughs have been announced.

Crude oil inventories in the US decreased by 7.2 million barrels during the week ending June 5, according to new data from the Energy Information Administration (EIA). The EIA’s data release follows figures that were released by the American Petroleum Institute (API) a day earlier, which reported that crude oil inventories saw a draw of 9.119 million barrels in the period.