Economy
FG to Boost Trade in Africa via Shipping Cost Reduction
By Adedapo Adesanya
The Nigerian Government has reiterated its commitment to boosting trade on the African continent through the collaborative effort of reducing the cost of shipping.
This was disclosed at the Sub-Regional Summit on Unfair Shipping Surcharges and High Local Shipping Charges at the Ports of West and Central Africa in Abuja on Monday,
According to the Minister of Transportation, Mr Rotimi Amaechi, who represented the Vice President, Mr Yemi Osibanjo, Federal Government was aware of the disturbing cost of transportation of goods through the ports in the sub-region due to freight rates and arbitrarily imposed surcharges.
He said that government through the Nigerian Shippers’ Council (NSC) had put in place machinery to address some of these challenges posed by the high cost of doing business in the country.
He also added that the government was equally mindful that member-states of the Union of African Shippers Council (UASC) were concerned about the lack of consultation, timing and structure of these surcharges.
It was disclosed that the aim of the summit was to adopt a common position on how to reduce the incidences of unfair surcharges and related issues.
“There is a need for West and Central African countries to come together and adopt common political-diplomatic and operational strategies that will positively impact on the economy of the sub-region.
“This can be done through the constitution of a standing group of experts to represent the sub-region and engage ship owners on surcharges and related issues.
“Nigeria will not hesitate to take appropriate measures including legislation to check these unfair trade practices.
“And I affirm the commitment of the government to adopt the resolutions reached this meeting and our determination to implement them to reduce the cost of doing business, boost trade and develop the sub-region,” he said.
The minister then reiterated the need for the UASC member states to collaborate to check activities of shipping lines servicing the ports in the sub-region.
Amaechi also stressed the need for a direct consultation with the shipowners rather than the use of third parties to reduce cost.
“The Federal Government through the NSC has been using its influence in the Global Shippers’ Forum (GSF) to resolve cases affecting Nigeria’s trading interest,” Amaechi said.
Also speaking at the event, Mr Hassan Bello, the Executive Secretary of NSC, while reiterating the importance of collaboration between UASC member states, said NSC had been engaging Nigeria’s shipping lines on the reduction of shipping charges.
According to him, the reduction in cost is the responsibility of all stakeholders including the government in ensuring the provision of modern, efficient, integrated and connected transport infrastructure.
“It is also important that the government encourages transparent processes and procedures and generally ensure that an efficient, a competitive and friendly environment is created.
“It is important to state that in the long run, arbitrary and unilateral increase in charges will not benefit operations or general procedures in our countries.
“Transport should be appropriately priced with the aim of providing balance and equilibrium,’’ Mr Bello added.
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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