Economy
Despite Challenges, Nigeria Remains Profitable Investment Haven—FG
By Ashemiriogwa Emmanuel
The federal government has said despite the various challenges bedevilling Nigeria, it has remained a good and profitable investment haven attracting foreign workers.
The Minister of Interior, Mr Rauf Aregbesola, while delivering his goodwill address titled That business may thrive in Kaduna on the second day of the 6th edition of the Annual Kaduna Economic Investment (KADINVEST 6.0) held in Kaduna State, said within a period of 24 months, the central government has registered more than 2,000 foreign companies while over 12,000 expatriates have been given permits to work in Nigeria.
Speaking at the event on Friday, he said that the ministry, from inception to date, has handled 14,690 companies and granted 126,893 quota licenses to expatriates, indicating something special about the nation.
He said, “The Ministry from inception till date has handled 14,690 companies and granted 126,893 quota licenses to expatriates. However, from August 2019 till date we have registered more than 2,000 companies while over 12,000 expatriates have been given permits to work in Nigeria.
“We now handle applications with dispatch and will encourage any firm or organization with a genuine need for expatriates to bring their applications. We shall accord it with the required courtesy. The Minister also reiterated the fact that Nigeria is still a good and profitable investment haven, even in the face of security challenges.”
He pointed out the abundant raw materials, highly skilled and affordable workforce, as well as the largest market for goods and services in Africa which has made Nigeria remained investors’ dream in spite of the challenges faced.
“Looking at the history of economic development, we can see that there was a quantum leap in economic production at the onset of Industrial Revolution circa 1760 in England, compared to what obtained in the feudal era.
“The introduction of machines and factory system that enabled mass production of goods unleashed economic prosperity on the industrialized nations such that in a period of 50 years, it had created a yawning gap between them and the societies still trapped in feudal productions.
“Two and a half centuries down the line, the paradigm of production will be further altered spectacularly with advancement in knowledge altogether. Economic production in the immediate Industrial Revolution era had been built on the factors of nearness to raw materials and markets, among others.
“Therefore, the concept of comparative advantage is said to favour locales where these factors count higher than others. A petroleum refinery under this outlook is said to be best sited near oil deposits, just as automobile factories are recommended to be sited near iron ore deposits.
“But all that has changed. The new idea now is competitiveness. This is the concept of where, how, and which firms can best produce the same product qualitatively and at the best price, discounting the old notion of comparative advantage,” he explained.
The Minister then applauded the Kaduna State Government, the Nigerian Investment Promotion Commission (NIPC), and the Nigerian Economic Summit Group (NESG) for their effort in organizing the program with is themed Towards a sustainable knowledge-based economy.
Among the dignitaries present at the event were the Deputy Governor of Kaduna State, Mr Hadiza Sabuwa Balarabe; the Minister of State for Mines and Steel, Mr Uche Ogah, and the Emir of Zazzau, Emir Ahmad Nuhu Bamalli.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
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.”
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