Economy
Business Facilitation Act Will Create Vibrant SMEs—Buhari
By Adedapo Adesanya
President Muhammadu Buhari has disclosed that the Business Facilitation Act would help the Nigerian economy as it will grow and create jobs, and make the country’s small and medium enterprise sector vibrant.
President Buhari spoke at State House, Abuja, as he received the Governing Council and members of the Institute of Directors led by its President and Chairman, Mrs Ije Jidenma, on Thursday.
In his words, “I was particularly interested to learn that you not only cater to large corporates but are aware that for any economy to grow and create jobs, we need an equally vibrant and successful small and medium enterprise sector.
“This administration has, despite the difficult times brought upon us by a variety of external shocks, done much to ensure the survival and development of SMEs.
“It is also my pleasure to share with you that your visit comes just a month after I signed into law the Business Facilitation Bill, which eases various constraints for micro, small, and medium-sized enterprises. I am confident that this act will go some way in improving our business environment, especially for the MSMEs.”
President Buhari, while congratulating the Institute on attaining the milestone of 40 years, noted its commitment to nation-building, stressing the values of transparency and good business ethics. He urged all stakeholders to recognize the noble roles that the Institute can play in the provision of the support base for the development of the economy.
“Let me congratulate the Institute on attaining this very important milestone of 40 years in existence. This is certainly a proud moment not just for the Institute but for the nation as it signifies your commitment towards the objective of improved corporate governance, ethical business practices, improved corporate governance, and transparency.
“These values are not just important pillars in the private sphere. They are also the keys to success in governance in the public sector, where the people have handed to us in trust, the responsibility to lead, guide, and protect them.
“As our economy and conversely our private sector continues to grow and evolve, it behoves all stakeholders to recognize that such a resourceful institution not only exists but is equipped and capable of providing the necessary support and development for the country.”
In her remarks, Mrs Jidenma noted that the reforms executed in various sectors of the Nigerian economy in the past eight years had increased expectations on the performance of business leaders and boards of public sector organisations.
This, the President of the Council noted, has made the Institute poised to sustain its leadership role in the orientation and capacity development of these Directors so that they can deliver on the mandates given to them.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited suffered a 0.25 per cent hair cut on Friday after investors offloaded some stocks, including Tantalizers, which topped the losers’ chart.
The company was the worst-performing equity during the session after it shed 9.85 per cent to settle at N2.93, Jaiz Bank lost 9.72 per cent to trade at N3.25, Neimeth declined by 9.45 per cent to N2.49, Dangote Sugar tumbled by 7.76 per cent to N35.05, and Lasaco Assurance shrank by 5.96 per cent to N2.68.
On the flip side, Royal Exchange gained 10.00 per cent to finish at 88 Kobo, Linkage Assurance soared by 9.57 per cent to N1.26, Guinea Insurance appreciated by 9.52 per cent to 69 Kobo, Enamelware inflated by 9.05 per cent to N25.30, and Red Star Express rose by 8.41 per cent to N5.80.
Business Post reports that the market breadth was negative on the last trading session of the week, with 24 depreciating shares and 22 appreciating share, showing a weak investor sentiment.
Apart from the insurance index, which closed higher by 0.12 per cent, and the commodity space, which closed flat, every other sector crumbled.
The consumer goods counter deflated by 1.08 per cent, the banking industry went down by 0.22 per cent, the energy sector fell by 0.18 per cent, and the industrial goods counter retreated by 0.03 per cent.
At the close of trades, the All-Share Index (ASI) decreased by 265.81 points to 105,955.13 points from 106,220.94 points and the market capitalisation dropped N166 billion to end at N66.352 trillion compared with Thursday’s value of N66.518 trillion.
A total of 750.6 million stocks worth N11.1 billion exchange hands in 10,584 deals during the session versus the 341.7 million stocks valued at N16.7 billion transacted in 11,233 deals a day earlier, implying a rise in the trading volume by 119.67 per cent, and a decline in the trading value and number of deals by 33.54 per cent and 5.78 per cent apiece.
Champion Breweries topped the activity chart with 350.4 million units worth N1.4 billion, Tantalizers sold 53.1 million units for N157.1 million, Custodian Investment traded 51.1 million units valued at N1.0 billion, Lasaco Assurance transacted 36.5 million units worth N97.7 million, and Access Holdings exchanged 30.7 million units valued at N723.0 million.
By Adedapo Adesanya
There was a 0.6 per cent decline at NASD Over-the-Counter (OTC) Securities Exchange on Friday, March 14, with the Unlisted Security Index (NSI) dropping 20.44 points to close at 3,363.74 points, in contrast to the previous trading day’s 3,384.18 points and the market capitalisation of the bourse losing N11.81 billion at session to settle at N1.942 trillion compared with the preceding day’s N1.954 trillion.
Yesterday, Okitipupa Plc went down by N30.00 to close at N300.00 per share compared with Thursday’s value of N330.00 per share, Central Securities Clearing System (CSCS) Plc shrank by 31 Kobo to trade at N21.69 per unit versus the previous day’s N22.00 per unit, and Geo Fluids slid by 31 Kobo to trade at N2.84 per share, in contrast the N3.15 per share it was traded a day earlier.
However, FrieslandCampina Wamco Nigeria Plc rose by N2.66 to N38.23 per unit from N35.57 per unit, Afriland Properties Plc expanded by 30 Kobo to N23.20 per share from its previous rate of N22.90 per share, and AG Mortgage Bank Plc increased by 5 Kobo to close at 53 Kobo per unit versus 48 Kobo per unit.
During the session, the volume of securities traded at the bourse fell by 72.6 per cent to 652,237 units from the 3.9 million units recorded on Thursday.
But the value of securities traded went up by 40.5 per cent to N33.1 million from the N23.6 million quoted at the preceding session and the number number of deals increased by 11.7 per cent to 37 deals from 17 deals.
Impresit Bakolori Plc was the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, the second position was occupied by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N502.4 million, and the third spot was taken by Afriland Properties Plc with 17.4 million units worth N356.2 million.
The most active stock by volume (year-to-date) was also Impresit Bakolori Plc with 533.9 million units valued at N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N356.2 million.
By Adedapo Adesanya
The Naira recorded its first gain against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) this week on Friday, March 14, firming up by 1.19 per cent or N18.31 to close at N1,522.37/$1 compared with the preceding day’s N1.540.68/$1.
This was supported by the injection of FX into the market by the Central Bank of Nigeria (CBN).
Over the last few sessions, the local currency had depreciate following recent pressures in the market as interventions have failed to ease pressure welling in the market with the country’s foreign reserves losing over $2 billion in the last month.
However, there were fresh injections at the session, which boosted the value of the local currency in the official market.
Equally, the domestic currency appreciated against the British Pound Sterling at NAFEM yesterday by N25.93 to sell at N1,640.20/£1 versus the previous day’s N1,990.13/£1 and improved its value against the Euro by N22.30 to quote at N1,653.78/€1, in contrast to the preceding session’s value of N1,676.08/€1.
In the parallel market, the value of the Nigerian Naira remained unchanged against the US Dollar during the trading day at N1,590/$1.
As for the cryptocurrency market, sellers of risk assets took a breather yesterday, with crypto markets posting sizable gains after risk appetite returned to markets.
Solana (SOL) jumped by 6.7 per cent to trade at $133.10, Ripple (XRP) gained 4.1 per cent to finish at $2.39, Cardano (ADA) went up by 3.8 per cent to settle at $0.7356, Dogecoin (DOGE) rose by 2.5 per cent to sell at $0.1723, Bitcoin (BTC) grew by 2.3 per cent to end at $83,987.28, Litecoin (LTC) added 3.0 per cent to quote at $91.48, Binance Coin (BNB) appreciated by 1.8 per cent to $590.92, and Ethereum (ETH) improved its value by 1.4 per cent to sell at $1,919.80, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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