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.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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