By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to prioritise reforms that address constraints in the manufacturing sector as it tackles broader macroeconomic and fiscal challenges facing the Nigerian economy.

President of LCCI, Mr Leye Kupoluyi, gave the advice on Thursday in Lagos, at the chamber’s quarterly state of the nation’s economy news conference.

He stated that the manufacturing sector remained a critical driver of revenue and industrial growth, citing a strong performance in 2025.

Mr Kupoluyi noted that the sector contributed N1.17 trillion in Value Added Tax (VAT), representing a 45.61 per cent increase from N803.53 billion recorded in 2024, adding that the Company Income Tax (CIT) from the sector rose to N881.29 billion, up by 32.83 per cent from N663.46 billion in the previous year.

“This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development.

“Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions,” he said.

On the global terrain, the LCCI president noted that the global economy remained unsettled, shaped by geopolitical tensions, supply chain disruptions and monetary tightening in advanced economies.

He said these trends had sustained inflationary pressures globally, while exposing emerging markets, including Nigeria, to capital outflows and currency volatility.

Mr Kupoluyi noted that Nigeria had benefited from high crude oil prices, warned against mismanaging the resulting windfall, urging the government to channel oil revenues into the Sovereign Wealth Fund, critical infrastructure and diversification initiatives to reduce import dependence and support long-term growth.

On monetary policy, the chamber’s president commended the Central Bank of Nigeria’s Monetary Policy Committee for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent at its February meeting.

He described the move as a cautious but important shift, reflecting growing confidence amid improvements in inflation and external sector performance.

Mr Kupoluyi also highlighted improvements in the foreign exchange market, noting that the naira had shown relative stability and appreciated to about N1,350.79 to the Dollar in the official market.

He said the performance reflects improved liquidity, investor confidence and the impact of ongoing reforms, but called for stronger policy coordination, increased FX inflows and fiscal discipline to sustain stability.

On fiscal operations, the LCCI president raised concerns over weak capital budget implementation, citing the rollover of N7.71 trillion in unexecuted 2025 capital projects.

He said delays in fund releases, bureaucratic bottlenecks and inefficiencies had continued to undermine project delivery and strain contractors.

He urged the government to develop a more effective framework for capital budget releases to ensure timely funding and execution of projects.

Addressing the oil and gas sector, Mr Kupoluyi welcomed the ongoing reform efforts aimed at boosting crude oil production and improving regulatory processes.

He called for a fully digital regulatory ecosystem to enhance transparency, accelerate approvals and restore investor confidence.

The official added that high global oil prices presented an opportunity for Nigeria to strengthen its position as a major supplier, provided local production and refining capacities are improved.

The LCCI president, however, expressed concern over high import duties on paper, printing materials and related inputs, noting that the policy had increased production costs across several value chains.

“The situation is worsened by port delays, multiple regulatory checks and inconsistent tariff classifications.

The chamber also called for a review of import duties, integration of regulatory agencies into the National Single Window and measures to reduce cargo clearance timelines.

“A balanced policy mix of moderate tariffs, support for local production and stable macroeconomic conditions would enhance industrial growth and reduce business costs,” he said.

He also reiterated its commitment to continued engagement with government and stakeholders to promote policies that support a thriving business environment.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Thursday, April 29, with the Unlisted Security Index (NSI) returning above the 4,000-point mark after chalking up 6.55 points to settle at 4,005.78 points compared with the previous day’s 3,999.23 points.

During the trading session, the market capitalisation of the platform went up by N3.92 billion to close at N2.396 trillion, in contrast to the N2.392 trillion it ended on Wednesday.

The upliftment of the alternative stock market was influenced by the gains posted by four securities, which offset the losses printed by two securities.

According to data, Central Securities Clearing System (CSCS) Plc chalked up N4.03 to close at N76.02 per share versus the preceding session’s N71.99 per share, Food Concepts Plc appreciated by 24 Kobo to N2.67 per unit from N2.43 per unit, UBN Property Plc climbed 20 Kobo to trade at N2.23 per share versus N2.03 per share, and Geo-Fluids Plc improved by 9 Kobo to N3.00 per unit from N2.91 per unit.

On the flip side, MRS Oil Plc lost N17.65 to end at N178.10 per share compared with the previous price of N195.75 per share, and FrieslandCampina Wamco Nigeria Plc dipped by N9.76 to N90.24 per unit from N100.00 per unit.

The volume of securities traded during the trading day went up by 184.3 per cent to 877,682 units from 308,698 units, the value of securities jumped 5.7 per cent to N26.7 million from N25.2 million, and the number of deals soared by 100 per cent to 56 deals from 28 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value (year-to-date) with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 60.1 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also closed as the most active stock by volume (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

The market will be closed on Friday, May 1, for Workers’ Day celebration.

By Adedapo Adesanya

The Naira, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 3, further appreciated against the United States Dollar by N4.52 or 0.33 per cent to N1,374.94/$1 from N1,379.46/$1.

Equally, the domestic currency gained against the Pound Sterling in the official market by N3.34 during the session to close at N1,858.24/£1 compared to the previous rate of N1,861.58/£1, and against the Euro, it improved by N5.29 to sell at N1,607.58/€1 versus N1,612.87/€1.

At the GTBank FX counter, the Nigerian Naira gained N4 against the Dollar to settle at N1,384/$1 versus Wednesday’s closing price of N1,389/$1, and at the parallel market, it improved by N5 to trade at N1,385/$1 compared with the N1,390/$1 it was transacted a day earlier.

Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with a buffer to support the Naira, continued their downward trend, declining to $48.36 billion as of April 29, 2026, according to data.

Market activity weakened sharply, with the NAFEM recording zero deals on Thursday, down from 393 deals on Wednesday. Total turnover in the official window also dropped from $802.44 million to zero, underscoring a severe liquidity squeeze.

Thursday’s price formation was driven entirely by the interbank segment, where turnover also fell significantly to $58.03 million from $249.91 million, suggesting that liquidity pressures extended across the broader FX market.

As for the cryptocurrency market, prices were up amid looming US inflation data, while high oil prices and rising bond yields weigh on risk assets.

The appreciation faces headwinds in the form of US March PCE inflation, which lands as oil prices keep pressure on risk assets, as well as reduced traffic through the Strait of Hormuz, which has kept energy markets fragile.

Dogecoin (DOGE) rose by 1.8 per cent to trade at $0.1082, Bitcoin (BTC) appreciated to $76,987.59, Ethereum (ETH) grew by 1.2 per cent to $2,276.11, Cardano (ADA) added 1.1 per cent to close at $0.2484, and Solana (SOL) soared by 1.1 per cent to $83.89.

Further, TRON (TRX) increased by 0.7 per cent to $0.3224, Ripple (XRP) jumped 0.4 per cent to $1.37, and Binance Coin (BNB) expanded by 0.2 per cent to $616.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.