Economy
FG Lists ‘Resetting the Economy’ as Achievement of Buhari
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
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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