FG Begins Ease of Doing Business Action Plan 2
By Modupe Gbadeyanka
On Tuesday, the Federal Government kicked off the implementation of its ease of doing business action plan tagged National Action Plan (NAP) 2.0.
This is part of President Muhammadu Buhari administration’s medium term Economic Growth & Recovery Plan (EGRP) to build a globally competitive economy.
The new action plan, which will run from October 3, to December 1, 2017, is expected to further reduce the challenges faced by SMEs when getting credit, paying taxes, or moving goods across the country, amongst others, by removing critical bottlenecks and bureaucratic constraints to doing business in Nigeria.
It will be recalled that the Presidential Enabling Business Environment Council (PEBEC), which is chaired by Vice President, Prof Yemi Osinbajo, had, on September 26, 2017, approved a second 60-day National Action Plan (NAP 2.0) to drive reforms aimed at making Nigeria a progressively easier place to do business.
The NAP 2.0 marks the beginning of another reform cycle 2017/2018 which aims to deepen the ease of doing business reforms implemented across the various Ministries, Departments, and Agencies (MDAs) in the last 12 months and will in turn increase productivity through industrialization, enhanced exports and foreign exchange earnings, while creating jobs and reducing poverty.
A previous 60-day National Action Plan on Ease of Doing Business was approved on February 21, 2017. The National Action Plan contained initiatives and actions implemented by responsible Ministries, Departments and Agencies (MDAs), the National Assembly, the Governments of Lagos and Kano states, as well as some private sector stakeholders.
Some of the reforms to be implemented to ease the process of starting a business include eliminating the manual registration process at Corporate Affairs Commission in 10 additional states, increase access to credit for SMEs by registering at least 300 micro-finance banks on the collateral registry, and enforce the elimination of illegal roadblocks on major trading routes across the country.
MDAs have been charged by the council to treat the Ease of Doing Business initiatives with a sense of urgency and deliver impactful results by implementing the Executive Order 001 on transparency and efficiency. The Executive Order E01, which was signed Prof. Osinbajo on 18th May, 2017, ensures that citizens have complete clarity on all government requirements and processes, better cooperation and improved information sharing among MDAs, as well as requiring proper communication of approval or rejection of applications to Nigerians within the stipulated timeframe.
The reforms will also improve the country’s ranking in the World Bank’s Ease of Doing Business Index 2019. Recently, Nigeria rose two ranks up from its previous 127th to 125th position in the World Economic Forum’s Global Competitiveness Index (GCI) for 2017-2018. The country moved up marginally by one step from 170 to 169 in the 2017 World Bank Doing Business Report.
PEBEC, which was inaugurated in July 2016 by President Muhammadu Buhari, to remove critical bottlenecks and bureaucratic constraints to doing business in Nigeria, comprises 10 Honourable Ministers, with the Honourable Minister of Industry, Trade and Investment, Dr. Okey Enelamah, as Vice Chair, along with the Head of Service, the Central Bank Governor, representatives of the National Assembly, Lagos and Kano state governments, and the private sector.
The Ease of Doing Business reforms will be implemented over the next 60 days by the Enabling Business Environment Secretariat (EBES), which became fully operational in October 2016. It would be recalled that the EBES implemented PEBEC’s inaugural National Action Plan (NAP 60) from February to April 2017. The EBES is coordinated by Dr Jumoke Oduwole, the Senior Special Assistant to the President on Industry, Trade and Investment (OVP).
Nigerian Exchange Attracts N11.841bn in Pre-Guber Poll Trades
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded the sale of 853.745 million shares worth N11.841 billion in 18,543 deals last week compared with the 1.023 billion shares worth N20.221 billion transacted in 18,650 deals a week earlier.
It was observed that Nigerian stock investors trimmed down their investments in local equities ahead of the governorship and state parliamentary elections over the weekend.
Analysis of the trades showed that financial shares led the activity chart in the week, with a turnover of 547.566 million units valued at N7.100 billion in 9,419 deals, contributing 64.14 per cent and 59.97 per cent to the total trading volume and value, respectively.
Equities in the conglomerates industry recorded the sale of 85.145 million shares worth N134.734 million in 717 deals, while stocks in the consumer goods sectors posted a turnover of 52.981 million shares worth N1.584 billion in 2,865 deals.
Business Post reports that Transcorp, Zenith Bank and Sterling Bank were the most active stocks as they sold 226.004 million units worth N2.041 billion in 2,613 deals, accounting for 26.47 per cent and 17.24 per cent of the total trading volume and value, respectively.
In the week, the All-Share Index (ASI) and the market capitalisation depreciated by 1.58 per cent to close at 54,915.39 points and N29.916 trillion apiece.
Similarly, all other indices finished lower except the consumer goods and the Growth indices, which appreciated by 1.11 per cent and 2.90 per cent each, while the ASeM, energy, and the sovereign bond index closed flat.
A total of 19 stocks appreciated in price during the week compared with the 22 stocks in the previous week, while 47 equities depreciated in price, higher than 41 equities in the previous week, with 91 shares closing flat, in contrast to the 94 shares in the previous week.
United Capital was the worst-performing stock last week after it shed 16.72 per cent to finish at N12.20, Linkage Assurance lost 10.87 per cent to close at 41 Kobo, Ecobank depreciated by 10.00 per cent to N10.80, Industrial and Medical Gases fell by 9.32 per cent to N7.30, NPF Microfinance Bank depleted by 8.47 per cent to N1.73.
On the flip side, Prestige Assurance gained 9.76 per cent to trade at 45 Kobo, Nigerian Enamelware grew by 9.57 per cent to N17.75, University Press expanded by 9.34 per cent to N1.99, CWG chalked up 8.79 per cent to close at 99 Kobo, and FTN Cocoa increased by 7.69 per cent to 28 Kobo.
NASD OTC Exchange Closes 0.36% Higher as Trading Volume Surges
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the Friday session on March 17 in the positive territory as three stocks pushed the market up by 0.36 per cent.
The three price gainers were led by Niger Delta Exploration and Production (NDEP) Plc, which added N15.00 to move up to N205.00 per unit from N190.00 per unit.
FrieslandCampina Wamco Nigeria Plc appreciated during the trading day by N1.11 to close at N75.11 per share compared with the previous day’s value of N74.00 per share, while Afriland Properties Plc went up by 2 Kobo to settle at N2.09 per unit versus Thursday’s value of N2.07 per unit.
The trio pushed down the N4.00 lost by 11 Plc yesterday, as the stock price of the energy firm ended at N150.00 per share, in contrast to the preceding day’s N154.00 per share.
At the close of business, the market capitalisation of the NASD OTC exchange rose by N3.48 billion to close the day at N961.12 billion compared with the preceding day’s N957.64 billion.
In the same vein, the NASD Unlisted Securities Index (NSI) appreciated by 2.65 points to wrap the session at 731.44 points compared with 728.79 points of the previous session.
Yesterday, there was a jump in the volume of securities traded by 2,115.1 per cent to 739,755 units from 33,396 million units, the value of transactions increased by 15,683.7 per cent to N30.6 million from N193,846, and the number of deals jumped by 150 per cent to 10 deals from the four deals carried out a day earlier.
Geo-Fluids Plc remained the most traded stock by volume (year-to-date) by trading 425.2 million units valued at N448.5 million, UBN Property Plc was in second place for selling 365.8 units worth N309.5 million, and NRMC Plc was in third place for exchanging 25.0 million units valued at N137.5 million.
On a year-to-date basis by value, VFD Group Plc was on top of the chart after trading 7.3 million units worth N1.7 billion, trailed by Geo-Fluids Plc with 425.2 million units worth N448.5 million, and UBN Property Plc with 365.8 million units valued at N309.5 million.
Naira Appreciates at Black Market, Peer-to-Peer, I&E
By Adedapo Adesanya
The Naira appreciated against the United States currency in the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) windows of the foreign exchange (FX) window on Friday, March 17.
The Naira gained N2 against the US Dollar during the session as it closed at N754/$1, in contrast to the previous session’s value of N756/$1.
In the parallel market, the domestic currency improved its value by N1 against the American Dollar on Friday to quote at N747/$1 compared with Thursday’s exchange rate of N748/$1.
It was a similar outcome for the Nigerian currency at the I&E segment of the market as it closed stronger against the greenback by 17 Kobo or 0.04 per cent to sell at N461.83/$1 versus the N462.00/$1 it was quoted at the previous session.
This happened as there was a 10.2 per cent or $9.97 million in the value of forex transactions recorded during the session to $87.81 million from the $97.78 million reported a day earlier.
In the interbank segment of the market, the Naira witnessed no movement against the Pound Sterling and the Euro, closing at N556.45/£1 and N487.99/€1, respectively.
In the cryptocurrency market, Bitcoin (BTC) moved to a fresh nine-month high on Friday at above the $27,000 level. The surge followed the US Federal Reserve’s decision to backstop embattled banks to a record of $152.9 billion.
BTC recorded a 6.0 per cent rise to trade at $27,546.42, Ethereum (ETH) improved by 5.8 per cent to sell at $1,813.37, Solana (SOL) chalked up 11.9 per cent to quote at $22.48, Litecoin (LTC) went up by 6.4 per cent to trade at $86.62, and Cardano (ADA) rose by 6.2 per cent to trade at $0.3523.
Further, Dogecoin (DOGE) made a 4.8 per cent appreciation to quote at $0.0776, Ripple (XRP) recorded a 3.9 per cent gain to settle at $0.3843, and Binance Coin (BNB) added 3.8 per cent to sell for $344.22, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.
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