Economy
FG Begins Local Production of Barite to Ease FX Crisis
By Adedapo Adesanya
The federal government is seeking ways to ease the pressure on the Naira caused by the foreign exchange (FX) crisis with the local production of barite, which would reduce the importation of the product.
Barite is a weighting material in drilling muds used in oil and gas drilling, primarily to prevent the explosive release of gas and oil during drilling. It is also used in the plastic, rubber, cosmetic, pharmaceutical, papermaking and paint industries.
Speaking at the launching in Port Harcourt on Thursday, the Minister of Mines and Steel, Mr Olamilekan Adegbite, said barite was among the seven strategic minerals designated for top-priority development by the ministry, adding that the initiative is poised to save the country millions of dollars spent importing barite.
Mr Adegbite said the ministry would commission an open marketplace portal that will connect all stakeholders along the Barite value chain to a hub that allows for easy coordination, stocking, effective costing and seamless sale of Barite.
The Minister said the President Muhammadu Buhari-led administration has been unwavering in the support to the development of the solid minerals sector.
“We have facilitated the development of an industrial mineral roadmap to optimize Nigeria’s industrial minerals to meet the standards of the manufacturing, industrial and construction industry so as to reduce import dependency.
“The desire to facilitate local production of these minerals was geared towards conserving foreign exchange and creating jobs and wealth for the citizenry. Some of these minerals include calcium carbonate, kaolin, barite, gypsum, mica etc.
“With improved funding, spurred by the visionary leadership of Mr President, we have recorded remarkable results and progress with the roadmap objectives, which is evident in the launch of the Nigerian barite today.
“A major component of this initiative is the promotion of local content in the production, quality assurance and sale of Barite. I am aware that the bags of barite we are presenting today meets the American Petroleum Institute standard, which is the global benchmark accepted by the oil industry.”
Also speaking, the Governor, Central Bank of Nigeria, Godwin Emefiele, commended the Ministry for putting the country among barite producing nations.
Mr Emefiele, represented by his Special Adviser, Mr Anthony Ifechukwu, affirmed that the era of sourcing for foreign exchange for importation of barite was over while pledging the support of CBN to the development of the solid mineral sector.
“I am particularly excited by the fact that the product we are launching today is called the “Nigerian Barite”, a brand I am optimistic will soon develop to be a dominant force in the barite space in Africa and even beyond.
“The benefits of this exercise cannot be overemphasized as Nigeria will now be a barite-producing country thereby bolstering our capacity to meet the needs of oil and gas firms in the supply chain.
“This activity will not only create jobs but will alleviate poverty, create new specialized skills and ultimately grow our economy’s gross domestic product (GDP). The multiplier effect on incomes and indirect jobs also makes this programme a game-changer for the economy especially as we enter the post-COVID-19 era.
“My presence here today is an affirmation of our support for the development of the solid strategic mineral sector.
“This historic launch is not only important to us at the CBN but quite timely because we have on our part been engagıng with stakeholders in the mining industry,” he said.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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