Economy
FG to Accelerate Nigeria’s Emergence as Top 20 Global Economy by 2025
By Aduragbemi Omiyale
The federal government has promised to continue to support and implement policies aimed at accelerating the emergence of Nigeria as a top 20 global economy by 2025.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this known in Abuja on Monday when she received the Revised Nigerian Capital Market Master Plan (2021-2025) from the Securities and Exchange Commission (SEC).
She explained that the review of the plan underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the country’s financial markets as a key anchor to achieving a private sector-led development of the economy as encapsulated in the National Development Plan objectives.
According to her, under her watch, the Ministry has supported the Capital Market Master Plan implementation efforts since inception, adding that the scheme represents the collective aspirations of the capital market community which is focused on driving initiatives geared towards growing and deepening the market, noting that that the initiatives are being implemented with the ultimate goal of accelerating the emergence of Nigeria as a top 20 global economy by the year 2025.
Mrs Ahmed commended the agency and other stakeholders for the laudable accomplishments so far recorded in the implementation journey, especially in the areas of dematerialization of share certificates, e- dividend mandate, facilitation of access to alternative investments like Sukuk and specialized funds, review of CAMA and ongoing review of the ISA, demutualization of the Nigerian Stock Exchange, enhancing the commodities eco-system, design of a National Savings Strategy among others.
“Our capital market is growing and evolving. To sustain this growth and eventually transform it into a world-class capital market, transparency and investor confidence are key.
“Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation. To this end, we will continue to support and strengthen the regulator to effectively do its job of regulating and developing the capital market.
“I see the capital market as an important driver of our economic growth objectives and we will continue to support efforts to position our market where it deserves to be – a capital market that will broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerate wealth creation and wealth distribution, provide capital to small and medium scale enterprises, and catalyse housing finance.
“As you chart the course for the next phase of the Capital Market Master Plan’s implementation, I assure you of this Administration’s support and look forward to working with you and other stakeholders in the financial market to realize the plan’s outcomes,” she said.
The Director-General of SEC, Mr Lamido Yuguda, said through the implementation of the 10-year Nigeria Capital Market Master Plan (2015 – 2025), the commission and other stakeholders have recorded significant milestones over the years.
He listed some of them to include full dematerialization of certificates, direct cash settlement, recapitalization of CMOs, E-Dividend Mandate Management System, National Savings Strategy to grow domestic risk capital formation, the Roadmap on Enhancing Commodities Trading Ecosystem, Establishment of the West African Securities Regulators Association (WASRA) to encourage the integration of capital markets in West Africa, among others.
The DG stated that the Master Plan document recommends a periodic review of the assumptions, goals and objectives of the Plan to better align it with current realities and innovations in the global financial system.
As part of the review, he said the agency embarked on a comprehensive review of the Plan, driven by PriceWaterHouseCoopers with funding support from Financial Sector Deepening Africa (FSDA).
The main objective of reviewing the Master Plan, he noted, is to produce an updated version of the document primarily to engage stakeholders on the current level of market development and opportunities for further capital growth; review and update the assumptions and vision of the CMMP and develop targets for the various thematic areas of the CMMP.
Other objectives of the review are to introduce a Strategy Map and Key Performance Indicators for the CMMP and use the Balanced Scorecard Approach for performance measurement; align existing and derive new initiatives based on targets and strategic objectives; develop an implementation plan for initiatives with clear milestones, deliverables, timelines, resource requirements, dependencies, and identify challenges, opportunities and risks associated with the CMMP implementation and recommend ways of effective and more efficient implementation.
He said, “The comprehensive review of the Master Plan is now complete and a Revised Capital Market Master Plan has been produced.
“The revised Plan has incorporated the views and aspirations of stakeholders in our market as well as best practices globally to produce a well-articulated strategic plan for the next four years.
“The revised Capital Market Master Plan is designed to chart the strategic position and future direction of the capital markets while providing both the SEC and market participants clarity on the vision of the capital market and the road map required to facilitate a conducive business environment to encourage innovation, investment, growth and expansion of economic and employment opportunities in our country.
“Our vision is to be Africa’s most modern, efficient, and internationally competitive market that catalyses Nigeria’s economic growth and development. We believe the Plan provides a solid roadmap for achieving this vision as we collaborate with all our stakeholders under your continued support and proven leadership.”
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited again failed to get out the danger zone on Friday after it further shed 0.33 per cent at the close of transactions.
The woes of the domestic stock exchange was compounded by the sustained weak investor sentiment after finishing with 19 price gainers and 40 price gainers, indicating a negative market breadth index.
Berger Paints lost 10.00 per cent to close at N35.10, C&I Leasing declined by 9.86 per cent to N5.03, MeCure Industries slipped by 9.77 per cent to N27.70, Champion Breweries depleted by 9.72 per cent to N13.00, and The Initiates crashed by 9.66 per cent to N10.75.
Conversely, NCR Nigeria gained 9.94 per cent to finish at N19.35, McNichols grew by 9.82 per cent to N3.02, Eunisell rose by 9.24 per cent to N70.90, Deap Capital jumped by 8.81 per cent to N1.73, and Ellah Lakes surged by 8.29 per cent to N11.75.
Data showed that Wema Bank was the most active stock yesterday, selling 90.9 million units worth N1.7 billion, Consolidated Hallmark traded 78.3 million units valued at N317.3 million, AXA Mansard exchanged 32.4 million units for N430.6 million, Access Holdings sold 23.4 million units worth N511.8 million, and Zenith Bank transacted 22.5 million units valued at N1.4 billion.
At the close of trades, investors bought and sold 527.2 million shares worth N15.4 billion in 24,637 deals compared with 619.6 million shares valued at N16.5 billion in 24,865 deals recorded a day earlier.
This indicated that the trading volume, value, and the number of deals contracted by 14.91 per cent, 6.67 per cent and 0.92 per cent, respectively.
Business Post reports that the insurance space slipped by 2.15 per cent, the banking counter shrank by 0.88 per cent, the consumer goods index fell by 0.47 per cent, the energy industry slumped by 0.25 per cent, and the industrial goods sector depleted by 0.11 per cent, while the commodity segment closed flat.
On the last trading day of the week, the All-Share Index (ASI) decreased by 501.74 points to 149,524.81 points from 150,026.55 points and the market capitalisation contracted by N319 billion to N94.998 trillion from N95.317 trillion.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Air Liquide Plc extended the positive run of the NASD Over-the-Counter (OTC) Securities Exchange by a 0.07 per cent on Friday, November 7.
Afriland Properties Plc appreciated by N1.52 during the session to end at N20.73 per unit compared with the previous day’s N19.21 per unit, and Air Liquide Plc rose by 90 Kobo to close at N10.00 per share versus the preceding session’s N9.10 per share.
This raised the market capitalisation of the trading platform by N1.50 billion to N2.190 trillion from the N2.189 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) increased by 2.51 to 3,661.07 points from the 3,658.56 points it ended on Thursday.
The bourse recorded a price loser yesterday and it was Central Securities Clearing System (CSCS) Plc, which fell by 15 Kobo to close at N40.00 per unit, in contrast to the previous day’s N40.15 per unit.
During the trading session, the volume of securities traded by the market participants went down by 57.9 per cent to 197,833 units from the previous day’s 221,284 units, the value of securities decreased by 66.3 per cent to N4.0 million from N11.9 million, while the number of deals went up by 9.1 per cent to 24 deals from 22 deals.
When the market ended for the day, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 170.3 million units transacted for N8.0 billion, and Air Liquide Plc with 507.4 million units traded for N4.2 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units sold for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units worth N419.7 million, and Impresit Bakolori Plc with 536.9 million units transacted for N524.9 million.
By Adedapo Adesanya
The Naira appreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 7, by 16 Kobo or 0.12 per cent to close at N1,436.58/$1, in contrast to the N1,436.74/$1 it ended a day earlier.
Equally, the Nigerian Naira gained against the Pound Sterling in the official market yesterday by 21 Kobo to finish at N1,882.35/£1 compared with Thursday’s closing price of N1,882.56/£1 and improved against the Euro by 19 Kobo to trade at N1,657.52/€1 compared with the previous day’s N1,657.71/€1.
Once again, the domestic currency retained its previous day’s value of N1,446/$1 at GTBank forex counter, and at the parallel market, it closed flat at N1,450/$1 during the trading day.
The Naira stability is hinged on continued FX interventions from the Central Bank of Nigeria (CBN) and overall investor sentiment which continues to get backing from strong external reserves and expectations of sustained high crude oil prices.
Nigeria’s gross external reserves increased to $43.324 billion as of November 6, up from $43.197 billion at the end of October.
This week, the country saw a 477 per cent oversubscribed Eurobond raise which provided additional support for the local currency outlook as it signifies good foreign investment sentiments on the Nigerian economy.
In the crypto market, there were some gains as investors clawed back after recent losses as economic data suggests a December Federal Reserve rate cut could be very much back on the table.
Amid the government shutdown and lack of official statistics, the University of Michigan Consumer Sentiment Survey released on Friday showed that suggest the central bank might have to re-consider plans not to cut rates again at its final meeting of the year in December.
Litecoin (LTC) added 10.7 per cent to sell at $99.97, Dogecoin (DOGE) expanded by 8.2 per cent to $0.1795, Cardano (ADA) appreciated by 6.6 per cent to $0.5791, Ripple (XRP) gained 4.2 per cent to close at $2.31, Binance Coin (BNB) oared by 2.8 per cent to $993.06, Ethereum (ETH) jumped by 2.8 per cent to $3,445.19, Solana (SOL) increased by 2.3 per cent to $160.36, and Bitcoin (BTC) advanced by 0.5 per cent to $102,371.77, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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