Economy

FG Lists ‘Resetting the Economy’ as Achievement of Buhari

Published

8 years ago

29/05/2018

By Dipo Olowookere

As President Muhammadu Buhari marks his third year in office on Tuesday, May 29, 2018, the Nigerian government has listed ‘resetting the economy’ as one of his achievements in three years.

In a post on its Twitter handle on Monday, the Nigerian government (@Aso Rock), it was said that since Mr Buhari took over from the past administration, he has also grown what people eat, made business work, plugged leakages, invested in people, secured the country, brought about reforms in the judiciary and come up with new vision for the Niger Delta.

According to the Federal Government, President Buhari reset the nation’s economy by coming up with the Economic Recovery and Growth Plan (ERGP), which was launched in April 2017.

The economic plan charts a course for the Nigerian economy over the next four years (2017–2020) with the vision to restore economic growth, invest in Nigerians, and to build a globally competitive economy.

Government aims to achieve these by focusing on five execution priorities: stabilizing the macroeconomic environment; achieving agriculture and food security; ensuring energy efficiency (especially in power and petroleum products); improving transportation infrastructure; and driving industrialization, primarily through SMEs.

To fast-track the implementation of the ERGP, the Federal Government launched the ERGP Focus Labs, as a targeted 6-week intervention (March to April 2018) bringing together all stakeholders to identify bureaucratic bottlenecks impacting medium-scale and large-scale investment projects in Nigeria, and then generate ideas and resources to resolve them.

Government said the just-concluded Phase 1 of the ERGP Focus Labs identified private-sector projects worth about $22.5billion and with a potential for 500,000 jobs (in Agriculture, transportation, manufacturing and processing, power and gas) for unlocking by 2020.

According to the Nigerian authorities, Mr Buhari returned the economy to the path of growth, after the recession of 2016-17 with the GDP recording 1.95 percent growth in the first quarter of 2018.

It was stated that the Buhari administration’s priority sectors of Agriculture and Solid Minerals maintained consistent growth throughout the recession.

“Inflation has fallen for the fifteenth (15th) consecutive month, from 18.7 percent in January 2017 to 12.5 percent as of April 2018.

“External Reserves of $47.5 billion are the highest in 5 years, and double the size as of October 2016.

“Total exports in 2017 were 59.47% higher than for 2016. In 2017, agriculture exports grew 180.7% above the value in 2016.

“In 2017, raw material exports grew 154.2% above the value in 2016. In 2017, solid minerals exports grew 565% above the value in 2016. In 2017, exports of manufactured goods grew 26.8% above the value in 2016. The first quarter of 2018 saw the fourth consecutive quarterly increase in capital importation since Q2 2017.

“The total value of capital imported in the quarter stood at $6.32 billion, which is a year-on-year increase of 594.03%, and a 17.11% growth over the figure reported in the previous quarter. The new FX Window introduced by the CBN in April 2017 now sees an average of $1 billion in weekly turnover, and has attracted about $25 billion in inflows in its first year (and a total turnover of $47.14 billion), signalling rising investor confidence in Nigeria.

“Nigeria’s stock market ended 2017 as one of the best-performing in the world, with returns in excess of 40 percent. Five (5) million new taxpayers added to the Tax Base since 2016, as part of efforts to diversify government revenues. Tax Revenue increased to N1.17 trillion in Q1 2018, a 51% increase on the Q1 2017 figure.

“N2.7 trillion spent on infrastructure in 2016 and 2017 fiscal years, an unprecedented allocation in Nigeria’s recent history. Fourteen (14) moribund Blending Plants revitalized so far under the Presidential Fertilizer Initiative (PFI); with a total capacity of 2.3 million MT of NPK fertilizer.

“The contribution of Solid Minerals’ to the Federation Account rose five-fold from N700 million in 2015 to N3.5 billion in 2017,” the Nigerian authorities said.

Economy

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

2 hours ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

2 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

5 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.