Economy
Elumelu Tasks Policy Makers On Poverty Reduction
Policy makers in the country have been urged to do more in coming up with a veritable solution to achieving poverty reduction in Nigeria.
Chairman of Heirs Holdings and UBA Plc, Mr Tony Elumelu, gave this advice while delivering a paper themed “Entrepreneurship, Corporate Social Responsibility and Africapitalism: The Role of The Private Sector In Fighting Poverty in Nigeria”, at the National Institute of Policy and Strategic Studies in Kuru, Plateau State.
Mr Elumelu, at the occasion, addressed a distinguished guest list of 67 participants from top government constituencies including the police, the military, national planning, works, and the presidency, debating ways to move the country forward in light of the present economic challenges.
According to founder of The Tony Elumelu Foundation, “Governments alone do not have the capacity to provide the basic daily needs or employment for the millions of young Nigerians entering the job market every year.”
He noted that, “The private sector must be an integral part of our national poverty eradication and development strategy.”
In his lecture, the chairman of Heirs Holdings acknowledged the efforts of the Institute in constituting the gathering of think tanks, hailing it as a timely event in paving the way for engineering the country’s socio-economic development. He expressed optimism that with the right policy reforms, Nigeria could be well on its way to rising above its present challenges.
The former UBA GMD reiterated his long-term conviction on entrepreneurship as a solution to arresting the economic challenges facing the country. He stated that past governments had not been successful in eradicating poverty in Nigeria in spite of the various entrepreneurship schemes that have been introduced over the past 30 years.
An advocate of Africapitalism, Mr Elumelu expressed that entrepreneurship and not philanthropy, is key to achieving poverty reduction and empowering Nigerians as we strive to solve our challenges without dependence on aid from outside the country.
“No one but us will save ourselves,” he said. “The development of Africa is up to Africans. Donors and partners can help, but the work of developing our nations is ours. Nigeria’s poverty and development challenges are great. But they do not exceed the capacity of our people to solve them. We welcome every initiative that helps in reducing poverty. More effort is required’ said Mr Elumelu.
Expounding on the benefits of Africapitalism, he cited the achievements of the Tony Elumelu Foundation Entrepreneurship Programme as a case study of how Africans, and by extension Nigerians, can solve their own problems via entrepreneurship.
The goal of the yearly programme is to invest $100 million over the next 10 years to identify, train, mentor and seed 10,000 African businesses with a view of creating 1 million new jobs and $10 billion in additional revenue for the continent by democratizing and institutionalizing the ‘luck.
The second set of 1,000 entrepreneurs was announced a few months ago and boasted of representation from all thirty-six states of Nigeria and other African countries.
“The programme and the forum will serve to empower, inspire and, most importantly, teach these young African Men and Women how to become fishermen. I am proud to tell you that in the Class of 2015, Nigerian entrepreneurs numbered 480, and all 36 states were represented.
“This year, Nigerians make up 601 (or 60%) of the top 1,000, bringing the total number of Nigerian entrepreneurs in our programme to 1,081,” he said as he tasked the participants to act in their various capacities to reduce poverty in Nigeria.
The Acting Director General of the Institute, Ibrahim Lamorde, in full support of this in his vote of thanks, urged the participants in their respective workplaces to commit to creating a conducive environment for entrepreneurs to thrive.
“All 67 participants and those of us who are also in other areas of responsibility will go out and ensure that between now and the end of the year, we promote just one policy that will drive change. I think this will go a long way in addressing the issue of poverty in this country.”
He concluded by urging Mr Elumelu to encourage and advise other wealthy entrepreneurs to emulate and support the good work he is doing in Nigeria and across the African continent.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed lower by 0.14 per cent on the first trading day of the new week, Monday, May 19.
The bourse was under a selling pressure, which took out 4.37 points from the NASD Unlisted Security Index (NSI), leaving it at 3,150.49 points compared with the previous session’s 3,154.86 points.
In the same vein, the market capitalisation of the alternative stock exchange lost N2.56 billion to close at N1.844 trillion, in contrast to the N1.847 trillion it ended last Friday.
Business Post reports that FrieslandCampina Wamco Nigeria Plc depreciated by N1.00 to sell for N40.00 per unit versus the preceding session’s price of N41.00 per unit, and Geo-Fluids Plc went down by 23 Kobo to settle at N2.31 per share compared with last Friday’s rate of N2.54 per share.
On the flip side, AG Mortgage Bank Plc increased during the session by 5 Kobo to sell for 63 Kobo per unit versus the previous trading day’s 58 Kobo per unit.
The volume of securities transacted in the session jumped by 16,446.2 per cent to 42.0 million units from the 253,960 units traded in the previous trading day, the value of transactions rose by 1,264.5 per cent to N210.6 million from N15.4 million, and the number of deals fell by 75 per cent to nine deals from 36 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.7 million, followed by Geo-Fluids Plc with 266.7 million units valued at N471.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
Also, Okitipupa Plc was the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 21.8 million units sold for N837.9 million, and Impresit Bakolori Plc with 536.9 million units worth N524.7 million.
By Aduragbemi Omiyale
Consumers of Premium Motor Spirit (PMS), otherwise known as petrol, in Nigeria have been assured price stability amid the unstable prices of crude oil in the global market.
This assurance was given by the Dangote Petroleum Refinery and Petrochemicals, which sells the crude oil derivative in the country.
In recent times, the private oil refiner has reduced the PMS pump price to make the product accessible to motorists and other users.
The company, in a release signed its Group Chief Branding and Communications Officer, Mr Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.
The decision, the firm stated, underscores its dedication to providing affordable, reliable, and high-quality petroleum products without compromising operational efficiency and sustainability.
“Our approach aligns with the objectives of the Federal Government’s Nigeria First policy, which promotes the prioritisation of locally-produced goods and services.
“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which is focused on addressing the nation’s economic challenges and improving the well-being of Nigerians.
“We are immensely grateful to President Tinubu for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” the organisation said.
The company assured all stakeholders—consumers, partners, and the government—of its continuous dedication to operational excellence and national service.
“Dangote Petroleum Refinery remains committed to ensuring that the benefits of our local refining capacity are fully realised and enjoyed by the Nigerian populace. We will continue to prioritise affordability, quality, and national interest in every facet of our work,” it noted.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar in the parallel and official markets on Monday as the financial markets anticipate the decision of the Monetary Policy Committee (MPC) on Tuesday.
The MPC of the Central Bank of Nigeria (CBN) is expected to keep the key interest rate of 27.50 per cent for a second straight meeting as inflation continues to cool.
In the black market yesterday, the Nigerian currency improved its value against the Dollar by N5 to settle at N1,620/$1 compared with the preceding session’s rate of N1,625/$1.
In the same vein, the local currency gained 63 Kobo or 0.04 per cent on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEX) during the session to trade at N1,598.94/$1, in contrast to last Friday’s value of N1,599.57/$1.
However, the Naira depreciated against the Pound Sterling in the spot market by N13.87 to close at N2,137.29/£1 versus the previous trading day’s N2,123.42/£1 and lost N10.99 against the Euro to finish at N1,799.00/€1 versus N1,788.01/€1.
Meanwhile, the cryptocurrency market was bullish on Monday as investors looked past Moody’s downgrade of the US’ credit rating last Friday, extending the markets’ rally from last week on the US-China’s temporary trade truce.
The 90-day tariff pause has given market participants a clear, short-term positive signal that’s supportive for risk assets including crypto.
Moody’s lowered the US credit rating down one notch to Aa1 from Aaa, bringing the agency in line with peers.
The firm cited financing challenges tied to the federal government’s growing budget deficit and the ramifications of rolling over existing U.S. debts in a period of high borrowing costs.
The debt downgrade pressured bond prices and sent yields higher at a time when the economy is already awaiting the full impact of President Donald Trump’s unfolding tariff policy, but it didn’t stop the direction of crypto prices.
Ethereum (ETH) jumped by 6.8 per cent to $2,550.21, Solana (SOL) grew by 3.8 per cent to $168.81, Dogecoin (DOGE) increased by 3.6 per cent to $0.2253, Bitcoin (BTC) grew by 2.9 per cent to $106,006.35, Cardano (ADA) rose by 2.6 per cent to $0.7413, Litecoin (LTC) improved by 2.2 per cent to $97.53, Binance Coin (BNB) gained 1.9 per cent to sell for $650.85, and Ripple (XRP) appreciated by 1.2 per cent to $2.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00, respectively.
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