Economy
Buhari to Grace International Commodities Conference in Abuja
By Dipo Olowookere
On March 16 and 17, 2020, stakeholders in the commodities market from within and outside Nigeria will gather at Transcorp Hilton Hotel, Abuja to brainstorm in issues in the space.
The event is being hosted by the Securities and Exchange Commission (SEC) and it is to further deepen the capital market and have a vibrant commodities exchange.
The international conference on the Nigeria Commodities Market is themed Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy and would be graced by President Muhammadu Buhari.
According to acting Director General of SEC, Ms Mary Uduk, will bring together relevant stakeholders in the commodities ecosystem as well as relevant stakeholders from the international community to discuss issues pertaining to the commodities ecosystem in Nigeria including creating an enabling environment for players at all levels to interact, as well as push for high level developmental and legal supporting structures.
Ms Uduk said the commission is collaborating with relevant stakeholders to implement the 10-year capital market master plan and make Nigeria one of the world’s most liquid and Africa’s largest economy by 2025.
“One of the crucial initiatives of the plan was to develop a thriving commodities trading ecosystem and fully utilise the nation’s potentials.
“We believe that if we can develop a vibrant commodities trading ecosystem in Nigeria, we can substantially address lack of storage, poor pricing, non-standardisation and low contribution of foreign exchange affecting our commodities sub-sector,” she said.
“A vibrant commodities ecosystem would aid diversification from oil to non-oil sector and it would also boost the nation’s revenues and foreign exchange (forex) earnings,” she added.
The acting DG stated that the role of commodity exchanges was critical to economic growth, especially in the areas of price transparency and value addition to farmers, ensuring quality products for buyers and providing investment opportunities across the value chain.
Ms Uduk said Nigeria was still challenged in the area of transiting from an informal commodity trading system to one consummated on the platforms of commodity exchanges.
She said if the country pays adequate attention to agriculture, it would boost food security, enhance job creation and facilitate production of raw materials for agro-processing pointing out that the capital market must operate at optimum level, even as the implementation of its 10-year master plan remains a priority.
Special guests expected at the event include Minister of Finance, Mrs Zainab Ahmed; Minister of Trade and Investment, Mr Niyi Adebayo; Minister of Agriculture and Rural Development, Mr Sabo Nanono; and Chairman Senate Committee on Capital Market, Mr Ibikunle Amosun.
Others are Chairman House Committee on Capital Market and other Institutions, Mr Ibrahim Babangida; Governor Central Bank of Nigeria, Mr Godwin Emefiele; President Africa Development Bank, Mr Akinwumi Adesina; President Alliance for a Green Revolution in Africa, Dr. Agnes Kalibata; Chairman Economic Advisory Council, Mr Doyin Salami; and Minister of the Federal Capital Territory, Mr Bello Mohammed.
Recall that as part of its mandate to promote and enhance the development of Nigerian capital market, set up a Technical Committee on Commodities Trading Ecosystem in Nigeria to develop a roadmap towards achieving a thriving commodities trading ecosystem in Nigeria.
The Committee came up with a report which is currently in its implementation phase. As part of its recommendations, the committee proposed the hosting of an International conference.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after it rallied by 0.31 per cent on the back of sustained bargain-hunting activities by investors.
Business Post reports that all the key sectors of the market closed higher at midweek as a result of the renewed interest in local equities.
Data showed that the energy index appreciated by 2.59 per cent, the insurance space grew by 2.34 per cent, the industrial goods sector improved by 0.15 per cent, the banking counter expanded by 0.06 per cent, and the consumer goods industry rose by 0.04 per cent.
At the close of business, the All-Share Index (ASI) gained 302.71 points to settle at 98,509.68 points compared with Tuesday’s closing value of 98,206.97 points and the market capitalisation added N183 billion to close at N59.715 trillion versus the preceding day’s N59.532 trillion.
It was observed that the level of activity yesterday waned as the trading volume, value and number of deals decreased by 65.93 per cent, 49.22 per cent, and 12.70 per cent, respectively.
On Wednesday, a total of 320.1 million stocks valued at N6.5 billion were transacted in 7,943 deals, in contrast to the 939.4 million stocks worth N12.8 billion traded in 9,098 deals.
The busiest equity at midweek was eTranzact, which transacted 70.3 million units for N474.2 million, Universal Insurance traded 23.8 million units worth 8.1 million, Zenith Bank exchanged 21.2 million units valued at N933.5 million, FBN Holdings sold 18.6 million units worth N491.2 million, and UBA traded 14.0 million units valued at N465.8 million.
At the close of transactions, 34 shares ended on the gainers’ log and 17 shares finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Africa Prudential gained 10.00 per cent to quote at N14.30, Conoil also improved by 10.00 per cent to N352.00, and RT Briscoe expanded by 10.00 per cent to N2.42, as Golden Guinea Breweries jumped by 9.95 per cent to N7.18, while NEM Insurance grew by 9.74 per cent to N10.70.
However, Julius Berger lost 10.00 per cent to close at N155.25, Secure Electronic Technology shed 9.52 per cent to trade at 57 Kobo, Multiverse declined by 7.63 per cent to N5.45, Haldane McCall tumbled by 6.07 per cent to N4.95, and Honeywell Flour crashed by 5.62 per cent to N4.70.
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