Economy
CBN Grants Waiver to 4 Maize Importers to Avert Crisis
By Adedapo Adesanya
Four companies have been granted emergency approval by the Central Bank of Nigeria (CBN) to import a total of 262,000 tons of maize into the country over a period of three months from August through October.
The companies that were given the waiver to get Dollars at discounted rates are Wacot Limited, Chi farms Limited, Crown Flour Mills Limited and Premier Feeds Company Limited.
This was disclosed in a memo with reference number: NCS/T&T/I&E/021/S.93/VOL on Thursday evening signed by the Deputy Comptroller General of the Nigerian Customs Service for Tariff and Trade, Mr T.M. Isa.
This means that despite the ban placed on the importation of maize, the apex bank will allow these companies to bring in the commodities into the country.
“In line with government policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet the anticipated shortfall, the Central Bank of Nigeria has granted approval for the underlisted companies to import maize in the quantities stated below.
“Wacot and Chi Farms Limited are to import maize of 60,000 tons each, while Crown Flour Mills and Premier Feed Mills Company Limited will be importing maize of 22,000 and 120,000 tons respectively, within the three months period,” a part of the memo said.
It stated further that, “Note, approval is strictly for the four companies listed above and stemmed to the months of August, September and October only.”
“Given the clarification, all CACs are directed to note the companies, approved quantity, duration and jerque accordingly.
“Please be guided,” it concluded.
In July, the CBN announced the ban of maize importation in an effort to boost local production, but analysis shows that there is a shortfall of local production to meet demand. Nigeria produces about 10.5 million tons annually with an estimated need of 15 million tons and as a result, a shortfall in supply has led to an increase in the price of the commodity.
Earlier yesterday, President Muhammadu Buhari made it known that he has approved the release of 30,000 tons of maize from the national reserves to animal feed producers to deal with the high cost of poultry production after the ban on maize imports.
“We are very mindful of the challenge of high food prices, at a time when the economy is already in a slowdown caused by the global coronavirus situation, and are doing everything in our power to bring down the prices of food items across the country,” Mr Buhari said.
By Adedapo Adesanya
The Nigeria Export Processing Zones Authority (NEPZA) has appealed to the federal government to grant operators within Nigeria’s Special Economic Zones (SEZs) a 10-year exemption from the newly introduced tax laws, which is due to commence in January 2026.
According to Mr Olufemi Ogunyemi, Managing Director of NEPZA, represented by Mrs Haleema Kamba, Director, Corporate Service, during a virtual stakeholder dialogue organised by the Federal Ministry of Industry, Trade and Investment, said that it would enable them to adjust their operations to the evolving regulatory environment.
He said that the request had become necessary in view of the persistent concerns raised by operators across local and international platforms, adding that the uncertainty was negatively affecting efforts to attract Foreign Direct Investment (FDI) into the country.
According to him, tax incentives remain central to the Special Economic Zone scheme
“A 10-year (sunset period) will offer stability, predictability and stronger linkages with the domestic economy. I am making this special appeal to the chairman of the Federal Inland Revenue Service for a sunset period of approximately 10 years for all our investors.
“We hope the Chairman will consider this for the benefit of the scheme,” he said.
Mr Ogunyemi said that aligning the incentives with global best practice would help Nigeria strike a balance between revenue collection and the commitments made to investors.
He said that the country’s 63 Free Trade Zones and more than 700 enterprises operating within them remained crucial to Nigeria’s industrialisation and export strategy.
He said that the Zones’ revenue potential would only be fully realised if the scheme continued to operate under a competitive incentive structure capable of attracting and retaining investors for sustainable operations.
“Nigeria is open for business, and NEPZA will continue to stand with FIRS and other relevant stakeholders through this transition, ensuring stability, competitiveness and sustained investor confidence,” he said.
The managing director also emphasised the need for clarity and certainty in the tax environment, as investors prepare their 2026 business plans.
The NEPZA boss described the dialogue as a demonstration of the government’s commitment to transparency and collaboration.
In her remarks, the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole, reiterated the importance of ongoing reforms.
Mrs Oduwole said that the national revenue framework, Special Economic Zone incentives and updated Financial Reporting Council compliance requirements would create a competitive environment for trade, investment and economic growth.
By Dipo Olowookere
Last week, investors bought and sold 6.617 billion shares worth N113.224 billion in 109,590 deals compared with the preceding week’s 4.140 billion shares valued at N115.889 billion traded in 102,351 deals.
It was observed that ICT stocks led the activity chart with 3.500 billion units worth N17.759 billion traded in 11,184 deals, contributing 52.89 per cent and 15.68 per cent to the total trading volume and value, respectively.
Financial equities transacted 2.625 billion units for N50.188 billion in 42,574 deals, and services shares recorded 104.524 million units valued at N1.166 billion in 7,255 deals.
eTranzact, Cornerstone Insurance, and Access Holdings accounted for 4.871 billion shares worth N27.422 billion in 6,438 deals, contributing 73.60 per cent and 24.22 per cent to the total trading volume and value, respectively.
In the week, 55 equities appreciated versus 38 equities in the previous week, 29 equities depreciated versus 36 equities a week earlier, and 63 equities closed flat versus 73 equities in the preceding week.
NCR Nigeria was the best-performing stock after it gained 33.03 per cent to sell for N72.70, UAC Nigeria appreciated by 22.69 per cent to N96.80, Guinness Nigeria expanded by 18.56 per cent to N198.00, Dangote Cement rose by 15.02 per cent to N614.90, and Nigerian Breweries grew by 12.36 per cent to N75.00.
On the flip side, RT Briscoe was the worst-performing stock after it lost 12.79 per cent to N3.00, Legend Internet slipped by 10.71 per cent to N5.00, Union Dicon shed 10.00 per cent to N6.30, ABC Transport declined by 9.88 per cent to N3.10, and Cornerstone Insurance went down by 9.33 per cent to N5.50.
According to data from the bourse, the All-Share Index (ASI) increased by 2.45 per cent to 147,040.08 points and the market capitalisation added 2.67 per cent to settle at N93.722 trillion.
In the same vein, all other indices finished higher apart from the energy and commodity indices, which depreciated by 0.57 per cent and 0.30 per cent, respectively.
By Dipo Olowookere
A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.
Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.
However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.
At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.
UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.
On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.
A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.
The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.
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