Economy
CBN Woos Foreign Investors to Stimulate Economic Growth
By Dipo Olowookere
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has outlined the monetary policy thrust for 2019, saying that the bank was of the view that the short-term outlook of the Nigerian economy remains good, adding that current tight stance of the apex bank is expected to continue in the near-term, due to the rising inflation expectations and exchange market pressures.
He also said that the central bank, working with the federal government, was open to foreign investors who were keen to support efforts at unlocking the immense opportunities in Nigeria’s economy.
Mr Emefiele stated these while delivering the keynote address entitled Strengthening the Economic Recovery Process in Nigeria at the 53rd Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) on Friday, November 30, 2018.
“Your Central Bank today is more committed to creating wealth and putting in place strong policies for creating jobs for our growing youth population; your Central Bank today is ever more committed to promoting a more stable and resilient financial system,” he said.
While advising against hasty criticism of monetary policies, which he said were taken based on macroeconomic and geopolitical contexts, he assured that the CBN would always act in good faith, with the best available information and in cognizance of current economic conditions, to pursue price and financial system stability, support job creation on a massive scale and ensure a more inclusive growth in the economy.
On the restriction of access to foreign exchange from the Nigerian market for 41 items that can be produced in Nigeria, he reeled out statistics to show that the policy had helped to boost local production of the items.
He said that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities helped to promote the recovery that got Nigeria out of recession.
He warned that any attempt to reverse the policy could negatively affect economic growth in the country, particularly as it relates to the push to diversify the Nigerian economy. He also disclosed that the CBN’s Economic Intelligence and Banking Supervision Departments would work closely with the Economic and Financial Crimes Commission (EFCC) to expose and sanction any bank, company or Foreign Exchange operator that colludes with individuals or companies to undermine the policy on 41 items.
Speaking on the success of the Anchor Borrowers’ Programme, he said the development finance intervention scheme had ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice, supplying key markets in neighbouring countries.
According to him, as at October 2018, a total number of 862,069 farmers cultivating about 835,239 hectares, across 16 different commodities, had so far benefited from the programme, which had generated 2,502,675 jobs across the country.
He said the Nigerian economy had performed creditably compared to the performance of other emerging markets such as Brazil, South Africa, Turkey, and Argentina, adding that the country’s dominance over the review period was due to the stability of the Investors & Exporters (I&E) Foreign Exchange window rate and the yields being high by emerging-market standards.
In spite of the impact of the recession that Nigeria experienced, he said the country’s economy remained the largest in Africa by the size of its GDP, with a very well diversified mix of opportunities across different sectors, such as ICT, Manufacturing, Solid Minerals, Trade and Agriculture. He assured investors that their investments in the country would be protected by the monetary and fiscal authorities.
Other issues the Governor spoke on were the efforts of the bank at ensuring financial inclusion, credit allocation, Risk Based Supervision, Gross Domestic Product, inflation, exchange rate, balance of payment and domestic credit. Present at the dinner were the Deputy Governors of the CBN, Dr. Okwu Joseph Nnanna (Economic Policy) and Mrs Aishah Ahmad (Financial System Stability); the President/Chairman, of Council, CIBN, Dr. Uche Olowu; representatives of the Governors of Lagos and Kano States; the former CBN Governor, Chief Joseph Sanusi; Chief Executives Officers of Deposit Money Banks; Departmental Directors from the CBN; bankers and investors.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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