Economy
FG Reassures Small Businesses Conducive Regulatory Environment
By Adedapo Adesanya
Nigeria has promised to provide a conducive business and regulatory environment for Micro, Small and Medium Enterprises (MSMEs) to thrive in the country.
The Vice-President, Mr Kashim Shettima, represented by Mr Ibrahim Hadejia, Deputy Chief of Staff to the President, gave the assurance at the inauguration of the Ultra-Modern MSME Fashion Clinic and ICT Hub in Makurdi, Benue.
He expressed confidence that the hub would match global standards, with the potential to create 48,000 jobs annually.
Mr Shettima said the speed with which the hub was built after the MSMEs Clinic was launched in the state earlier this year indicated that promises made by President Bola Tinubu to entrepreneurs were not mere rhetorics.
“Today, as we commission this dual-purpose MSME Clinic, we bear witness to two critical truths. First, it proves that our promises to entrepreneurs are not mere rhetoric.
“Secondly, it affirms that the most durable interventions we can achieve as a government are born out of strong intergovernmental partnerships.
“We are delighted to witness the coming to fruition of these projects, and I am honoured to be part of this milestone,” he said.
He noted that the Benue MSME Hub was one of the largest ever inaugurated by the federal government.
“With over 200 pieces of cutting-edge equipment to support fashion manufacturing and more than 100 ICT devices in the cluster, this hub can ramp up production, provide ICT training and achieve economies of scale.
“It is equipped to produce a wide range of fashion items, including military uniforms, school uniforms and corporate wear, both for Benue State and beyond.
“Beyond providing this cluster, it will also house a one-stop shop where MSMEs can engage directly with Federal Government agencies to resolve their regulatory issues,” he said.
The VP said the one-stop shop would ensure that businesses requiring support or services from some agencies could be attended to under one roof.
He expressed the Federal Government’s readiness to partner with state governments and continue to create opportunities to meet the country’s demands.
He noted that MSMEs were the lifeline of communities across the nation, adding that they were the bedrock of stability at a critical phase of the nation’s economic transition.
“It will be impossible to grow the Nigerian economy if the growth and success of MSMEs do not remain a top priority,” he said on behalf of Mr Shettima.
On his part, Governor Hyacinth Alia of Benue State thanked the federal government and the Vice-President for fulfilling the promise to establish a fashion and MSME hub in the state.
“The project represents more than just an infrastructure; it is an embodiment of our collective vision for a prosperous, creative and empowered Benue State.
“Your visit to Benue State, for the second time in less than six months, is a testament to the partnership between Benue State and the federal government, and we deeply appreciate it.
“The Benue State fashion hub, which is your initiative and a gift to the state, is a cornerstone of our administration’s agenda to promote creativity, foster innovation, create employment and provide opportunity for our people,” said Mr Alia.
Mr Joseph Utsev, the Minister of Water Resources and Sanitation, also expressed appreciation to President Tinubu and Shettima for their love for Nigerians.
He applauded them for fulfilling their campaign promises, which would make life meaningful for Nigerians.
Mr Adekunle-Johnson, Senior Special Assistant to the President on MSMEs, said under the Tinubu administration, five projects had so far been inaugurated.
He said eight ongoing projects would be inaugurated before the end of 2024.
The SSA also stressed that the Benue Fashion and ICT Hub was the biggest and could expand.
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.
By Adedapo Adesanya
The Naira rallied against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 23 by N6.57 or 0.45 per cent to N1,449.99/$1 from the previous day’s N1,456.56/$1.
The domestic currency also improved its value against the Pound Sterling in the official market during the session by N1.30 to sell for N1,956.03/£1 compared with the preceding session’s N1,957.33/£1 and gained N2.94 on the Euro to close at N1,707.65/€1, in contrast to the previous session’s closing price of N1,710.59/€1.
In the same vein, the Nigerian Naira appreciated against the US Dollar by N5 at the GTBank FX counter to sell for N1,465/$1 versus the previous day’s N1,470/$1 but remained unchanged at N1,485/$1 in the black market window.
Sentiment in the FX market continued to improve with market operators attributing the appreciation to increased supply in the official market, supported by sustained interventions from the Central Bank of Nigeria (CBN) and the impact of recent reforms.
Improved liquidity from exporters and foreign portfolio investors has also contributed to easing pressure on the local currency, helping to stabilise trading conditions during the festivities.
Analysts noted that the Naira’s performance has helped narrow the spread between the official and parallel market rates, a development seen as supportive of investor confidence and business planning. This relative stability has reduced short-term volatility risks and encouraged more orderly price discovery in the FX market.
Meanwhile, the cryptocurrency market was down yesterday as analysts suggest tax-loss harvesting and low liquidity are contributing to the action in crypto as the year ends. That means investors selling their underwater positions to realize losses, lowering their tax liabilities.
Some analysts remain cautiously optimistic about a potential rally, though significant recovery is not expected until liquidity returns in January.
Dogecoin (DOGE) crumbled by 3.1 per cent to $0.1281, Solana (SOL) slumped by 2.9 per cent to $121.92, Cardano (ADA) fell by 2.7 per cent to $0.3582, Ethereum (ETH) slid by 2.2 per cent to $2,926.25, and Ripple (XRP) depreciated by 2.1 per cent to $1.85.
Further, Binance Coin (BNB) lost 2.0 per cent to sell for $838.21, Bitcoin (BTC) declined by 1.4 per cent to $86,933.97, and Litecoin (LTC) went down by 0.2 per cent to $76.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 apiece.
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