Economy
FG to Domicile Local Funding, Gets $500m for Digital Economy
By Adedapo Adesanya
The Minister of Communications, Innovation, and Digital Economy, Mr Bosun Tijani, has disclosed that the federal government has secured a $500 million loan for a local funding programme.
According to the tech maven, the credit facility would be used to boost innovation and entrepreneurship within the country’s digital sector.
“So, we’ve got access to about half a billion dollars to start local funding,” the Minister said last Friday at a dinner organised in his honour by the ministry in partnership with the World Bank.
The occasion was also used to unveil an ambitious target to provide at least 148 million people of working age with a digital national ID by the middle of next year, marking a significant step towards inclusion and accessibility.
Mr Tijani outlined federal government’s plan to domicile local funding in Nigeria and ensure that it benefits true Nigerian businesses, adding that it will be collaborating with the Bank of Industry (BoI).
He also highlighted the importance of supporting and promoting Nigerian businesses.
“We want to ensure that those businesses that will benefit are true, real Nigerian businesses,” adding that by domiciling the funding locally, the government aims to foster the growth and development of homegrown enterprises, ultimately contributing to the country’s economic progress.
The minister assured the public that the initial $500 million announced for local funding is just the beginning. He stressed that more investors would be brought on board, to increase the funds available to support Nigerian innovators.
Mr Tijani also emphasised that the government’s goal is to leverage the fund to attract additional investment and expand resources for local entrepreneurs.
“Part of my responsibilities is working with BoI to ensure that we domicile that funding locally in Nigeria, work with firms who manage and invest in businesses to ensure that those businesses that will benefit are true, real Nigerian businesses.
“And what we are going to see is that the funding is available locally and in the coming months it is going to become larger and as these funds become larger, we want to leverage that money as well.
“So, the government is not just going to put half a billion and that’s it, it can actually bring more investors to heart as we have more money and more of our innovators can have access to resources.”
On his part, World Bank Country Director for Nigeria, Mr Shubham Chaudhuri, reaffirmed the organisation’s commitment to eradicating poverty, improving lives, and creating job opportunities for the country’s youth.
Mr Chaudhuri emphasised the potential of leveraging digital technologies to drive transformation and outlined two key areas of partnership with Nigeria to achieve these goals.
He said the World Bank is collaborating with the National Identity Management Commission to ensure the successful rollout and registration of digital national IDs for all Nigerians.
According to him, “Our main mission here in Nigeria is to eliminate poverty, make lives better, and create jobs, for all Nigerian youth. One of the areas that we think have the greatest potential is the area of using digital technologies to transform. Now to do that it begins with having this digital national ID.
“So, one of the main partnerships we have is working with NIMC to ensure the rollout of the registration so that all [estimated] 220 million Nigerians have a digital national ID, beginning of course with all people of working age and I think the target for that is at least 148 million people by the middle of next year.
“The second is helping Nigeria lead the broadband infrastructure for broadband connectivity because without broadband connectivity digital technologies will lead to a digital divide. So, their support has been for good kinds of policies and regulations that will help invite private investment into this space and then fibre optic cables.
“One thing, for example, working with states is to persuade states to reduce the right of way fees and fibre. Cable operators have to pay more when they’re getting the land to lay the cable. All that is like the foundations and real potential comes from once you have the national ID, all the technologies that apps that can be built on the weather to bring services to people, to people where they get people access to finance that all of that needs skills.”
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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