Economy
CBN Pledges Support for Investment Flows into Nigeria’s Special Economic Zones
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) says it will continue to support the federal government to implement a promotion strategy to facilitate investment flows into the economy via Special Economic Zones (SEZs)
According to Mr Kalu Oji, the Deputy Director of Trade and Exchange Department at the CBN, while speaking at a two-day annual meeting of SEZs stakeholders which commenced on Wednesday in Lagos, the central bank is aware of the challenges faced by the SEZs.
He said the special economic zones were significant to the actualisation of President Bola Tinubu’s economic vision of a $1 trillion economy by 2026.
Mr Oji said CBN’s mission of ensuring monetary policy and financial system stability was a catalyst for inclusive growth and sustainable economic development critical in ensuring the continued success of the zones.
According to him, the recent efforts geared towards stabilising the exchange rate will assist in attracting the much-needed foreign direct investments (FDIs) necessary to enhance the development of the country’s special economic zones.
He pledged to tackle the challenges to enable them to attract more funds and job opportunities for Nigerians.
On his part, Mr Bamanga Jada, the Managing Director of the Oil and Gas Free Zones Authority (OGFZA), described the economic zones scheme as a globally recognised instrument used by policymakers to facilitate, attract, and scale up long-term domestic and cross-border investments.
Mr Jada added that it was used to promote and enhance industrialisation, export-oriented investment, diversification, and job creation in most fast-growing economies around the world.
“There is convincing evidence in Nigeria today that the scheme has recorded remarkable progress despite the relatively negative economic climate and the enormous challenges that confront the operators and licensees.
“In specific terms, the Oil and Gas Free Zones Authority, despite the challenges mentioned, has attracted over $24 billion in investment.
“The Authority has currently more than 100 efficient licensed companies in the oil and gas free zones under the Authority’s regulation,” he said.
He noted that the result was achieved through the combined efforts and collaboration of the Federal Ministry of Industry, Trade and Investment; Nigeria Custom Service (NCS); Federal Inland Revenue Service, and other stakeholders.
Also, Mr Nabil Saleh, Chairman of Nigeria Economic Zones Association (NEZA), said globally, economic free trade zones have helped many countries such as Morocco, China, and Singapore to boost their manufacturing firms and other sectors.
“In Nigeria, the Special Economic Zones have not done badly. It has generated many direct and indirect jobs in the country, despite the challenges we are going through.
“The Nigeria Free Trade Zones, despite their potential, are still not in the standards we expect yet,” Mr Saleh said.
On his part, Mr Olufemi Ogunyemi, the Chief Executive Officer (CEO) of Nigeria Export Processing Zones Authority (NEPZA), said the conference serves as an opportunity to gain an in-depth understanding of the challenges faced by operators in the various free zones.
He said the event would address the challenges and chart a way forward to ensure that the scheme continues to serve as a tool for sustainable economic growth.
“As the theme of the meeting suggests, it has become imperative that our SEZs be re-engineered, bearing in mind the unfolding of the fourth industrial revolution, the heightened focus on sustainable development, and the new wave of global value chains.”
By Aduragbemi Omiyale
More petroleum marketers are looking to take advantage being offered by the Dangote Refinery in Lagos through its bulk-purchase incentives, allowing petrol stations to sell premium motor spirit (PMS), otherwise known as petrol, cheaper to motorists.
Recall that recently, Dangote Refinery entered into a deal with MRS Oil Nigeria, Ardova Plc, Heyden for the purchase of petrol at least two million litres at N909 per litre.
With this agreement, MRS Oil has been able to dispense to customers at a pump price of N935 per litre across its stations in Nigeria.
For those not under this arrangement, they have been battling with price instability, especially after depot owners recently increased their price to N950 per litre from N909 per litre because of the rise in crude oil prices in the international market.
Worried by this and attracted by the bulk-purchase agreement incentives of Dangote Petroleum Refinery, the Independent Petroleum Marketers Association (IPMAN) is already having talks to buy directly from the Lagos-based oil facility.
The national president of the group, Mr Abubakar Maigandi Garima, said members are eager to sign on with Dangote Refinery for the bulk-purchase agreement.
He argued that members could not continue to depend on depot owners for products when they can buy directly from the refinery bearing in mind that the minimum quantity to buy from Dangote Refinery is two million litres at N909 per litre.
The desire to be part of the bulk-purchase agreement, it was also gathered, was also apparently being fuelled by the testimonies from motorists who have been praising the impressive burn rate of fuel sourced from Dangote Refinery and sold in MRS filing stations which they said lasts longer compared to other products imported into the country and sold by others.
The management of the Dangote Refinery, citing economic relief provided by President Bola Ahmed Tinubu’s crude-for-naira swap initiative, had announced a bulk-purchase offer incentives to the three leading downstream sector operators, so that Nigerians could heave a sigh of relief on the reduced pump price.
By Adedapo Adesanya
The World Bank has projected a 3.6 per cent economic growth for Nigerian in 2025 and 2026 on the back of ongoing reforms by the federal government.
The Bretton Wood institution in its report titled Global Economic Prospects, January 2025 published on Thursday, said recent reforms, including subsidy removal, Naira liberalisation and the introduction of tax reform bills would help to boost business confidence.
“In Nigeria, Gross Domestic Product (GDP) growth increased to an estimated 3.3 per cent in 2024, mainly driven by services sector activity, particularly in financial and telecommunication services.
“Macroeconomic and fiscal reforms helped improve business confidence. In response to rising inflation and a weak naira, the central bank tightened monetary policy.
“Meanwhile, the fiscal deficit narrowed due to a surge in revenues driven by the elimination of the implicit foreign exchange subsidy, following the unification of the exchange rate and improved revenue administration,” a part of the report stated.
The World Bank noted that the wider Sub-Saharan Africa, to which Nigeria belongs would see a 4.1 per cent growth in the current year, before seeing a 4.3 per cent rise in 2026.
“Growth in Sub-Saharan Africa, SSA is expected to firm to 4.1 per cent in 2025 and 4.3 per cent in 2026, as financial conditions ease alongside further declines in inflation. Following weaker-than-expected regional growth last year, growth projections for 2025 have been revised upward by 0.2 percentage points, and for 2026 by 0.3 percentage points, with improvements seen across various subgroups. At the country level, projected growth has been upgraded for nearly half of SSA economies in both 2025 and 2026.
“Growth in Nigeria is forecast to strengthen to an average of 3.6 per cent a year in 2025-26. Following monetary policy tightening in 2024, inflation is projected to gradually decline, boosting consumption and supporting growth in the services sector, which continues to be the main driver of growth,” it added.
The global lender disclosed that oil production is expected to increase over the forecast period but remain below the 1.5 million barrels per day quota of the Organisation of the Petroleum Exporting Countries (OPEC).
By Adedapo Adesanya
Four price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange close higher by 0.35 per cent on Thursday, January 16.
The value of the trading platform jumped by N3.69 billion during the session to N1.072 trillion from the N1.068 trillion it closed in the preceding session, and the NASD Unlisted Security Index (NSI) made an addition of 10.67 points to wrap the session at 3,103.83 points compared with 3,093.16 points recorded at the previous session.
Industrial and General Insurance (IGI) Plc added 3 Kobo to its price yesterday to trade at 33 Kobo per unit compared with Wednesday’s closing price of 30 Kobo per unit, Newrest Asl Plc appreciated by N2.85 to N31.18 per share from N28.53 per share, 11 Plc gained N2.90 to close at N256.00 per unit versus the N253.10 per unit it finished a day earlier, and FrieslandCampina Wamco Nigeria Plc grew by 21 Kobo to N39.16 per share, in contrast to midweek’s N38.95 per share.
On Thursday. there was an 85.3 per cent increase in the volume of securities traded by investors to 1.2 million units from the 666,494 units recorded in the preceding session, the value of shares traded surged by 8.9 per cent to N18.0 million from N16.5 million, and the number of deals leapt by 65 per cent to 33 deals from 20 deals.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units sold for N43.0 million, and Afriland Properties Plc valued at 690,825 sold for N11.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc followed with 3.4 million units worth N134.9 million.
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