Economy
FG Seeks Foreign Investments to Boost Minerals Sector
By Adedapo Adesanya
The federal government is seeking foreign investments for the development of the minerals sector in the country.
This is part of its determined effort to improve the economy of the country, create jobs for teeming Nigerian youths, provide infrastructural development and deliver on its mandate to diversify the economy from crude oil.
The Minister of State Mines and Steel Development, Mr Uchechukwu Sampson Ogah, made this known when he delivered the Special Address at the Dubai World Expo 2021, with the theme Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain in Abu Dhabi recently.
Mr Ogah, who was honoured with the Excellence In Public Service Award by FIN-Africa-UAE Trade and Investment Forum Dubai, expressed gratitude to His Royal Highness, Sheikh Hamdan bin Khalifa, for the $2 billion pledged to Nigeria for the country’s sustainable development drive.
He assured of federal government’s commitment to ensure appropriate deployment of the funds, when the agreement is signed.
Speaking further, the Minister noted that the the Expo, with participants from over 200 countries, provided the opportunity to showcase the potentials of Nigerian minerals sector on Dubai soil with special emphasis on gold and other precious minerals abundant in Nigeria.
His words, “I must confess that there cannot be a better platform to showcase the Nigerian gold sub-sector than on this platform with notable global organisations and investors, minerals beneficiation companies, global financial institutions, commodity trading companies etc all in one event.”
The Minister disclosed that the need for the diversification of the economy has become more compelling now in the post COVID-19 era.
He added that the federal government has established policies that will support sustainable development of Nigeria’s gold resources and development, as well as consideration of general matters on gold mining administration and incentives.
He disclosed that the President Muhammadu Buhari led administration is determined to consolidate on the gains of diversification as it forms the critical backbone of industrialisation.
In his remarks, Mr Zulfiquar Ghadiyali, Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, disclosed that the pledge of $2 billion from its Sustainability Fund is to further cement the very close trade and bilateral relationship that exist between the two countries.
He noted that peace in Africa can only be attained through sustainability development.
Adding that, “if there is substantial development, you will automatically have peace”.
In a related development, Mr Ogah, at the Intra-African Trade Fair 2021 held at the Durban International Convention Centre, South Africa, recently, with the theme Building Bridges for a Successful AfCFTA, noted that the promotion of Intra-African Trade Fair is a unique platform for facilitating trade and investment as well as information exchange in support of African Continental Free Trade Area (AfCFTA) is a great medium for accelerating Africa’s integrated development as a pivotal continent.
Mr Ogah revealed that Nigeria has unlimited trade opportunities that the African economy can leverage on, expressing appreciation to the organizers, African Export-Import Bank (Afreximbank) and the African Union Commission (AUC), the Republic of South African and the AfCFTA Secretariat for the laudable event.
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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