By Ashemiriogwa Emmanuel
The federal government has advised investors to take advantage of iGuide Nigeria, an online platform designed to enable capitalists to make informed decisions concerning the country.
The initiative was launched in 2018 and as it houses information about every aspect of starting and running a business in Nigeria.
The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, while speaking at a workshop organised by the Chartered Institute of Stockbrokers (CIS) tagged Leveraging the Financial Markets to Achieve Double-Digit Economic Growth for Nigeria held in Abuja on Thursday, stated that the platform serves as one of its key trades and investment initiatives to drive investment interest and contribute to a sustainable economy.
According to him, “To help investors make better decisions in Nigeria, iGuide Nigeria is an easy to use online platform which provides investors with up-to-date and pertinent information of the processes, procedures and basic cost of setting up any business in Nigeria.”
The online investment guide was developed by the Nigerian Investment Promotion Commission (NIPC) with the support of the United Nations Economic Commission for Africa (UNECA) and the United Nations Conference on Trade and Development (UNCTAD).
The marketing tool provides easy access to information on starting business, labour, production factors, land, taxes, investor rights, growth sectors, and opportunities.
In addition, Mr Adebayo also boasted about the size of the Nigerian, market stating that the country contributes 76 per cent of trade in Economic Communities Of West African States (ECOWAS) and also has the largest economy of over $500 billion in Africa.
He said, “To put this in context, Nigeria contributes an estimated 76 per cent of total trading volume in the ECOWAS region. This is made possible because of the ECOWAS treaty which provides for the free movement of people and goods throughout 15 West African countries.
“The African Continental Free Trade Area Agreement (AfCFTA) grants access to 54 countries with a population of around 1.3 billion and a market value of about $3.4 trillion.”
He noted that the execution of the AfCFTA will enhance Africa’s capacity to unlock growth, especially in job creation by building the nation’s industrial capacity, enlarging its productivity, and becoming competitive globally.
Commenting on the financial situation of the country, the Minister explained that, “The Federal Government of Nigeria, through the Ministry of Industry, Trade, and Investment, recognises the importance of attracting and retaining patient investment in our economy. The Ministry has continually engaged relevant Ministries, Departments and Agencies (MDAs) to implement policies that will help to achieve this goal.”
“As the economy grows, the financial services sector needs to keep pace with changing industry demands, especially in terms of assessing the prospects for risk and return.
“Sustainable growth of the economy needs to be underpinned by a broadening and deepening of the financial system, capable of serving the needs of all parts of the economy,” Mr Adebayo added.
NNPC’ll Earn More Revenue—Kyari
By Adedapo Adesanya
The Nigerian National Petroleum Company Limited (NNPC) is set to earn more revenue for the country as the federal government has positioned it to become the most capitalised company in Africa, says the Chief Executive Officer (CEO) of the company, Mr Mele Kyari.
This will happen as the central government has commenced full implementation of the Petroleum Industry Act (PIA) in earnest.
Mr Kyari made this assertion while addressing staff in a town hall meeting at the weekend said the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.
Highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, Mr Kyari said the new legislation has raised shareholders’ expectations on the company, even as it has given it wide room to make progress.
He said as a result of the new legislation, NNPC Limited would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.
The CEO charged employees of the organisation to ensure that the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over two hundred million Nigerians.
Business Post had reported that President Muhammadu Buhari recently instituted the board of NNPC Limited led by Mrs Margery Chuba Okadigbo, Chairman, Mr Mele Kolo Kyari, Chief Executive Officer, Mr Umar I. Ajiya, Chief Financial Officer, Mr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Mr Henry Obih (South East), Barrister Constance Harry Marshal (South-South), and Mr Pius Akinyelure (South West).
Others included Mr Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources and Mr Aliyu Ahmed, Permanent Secretary, Minister, Finance, Budget and National Planning.
The President charged the board members to enforce the reforms put forward by the Petroleum Industry Act (PIA) 2021, which seeks to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.
“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.
“NNPC Limited is expected to operate at par with its industry peers across the world while acting as Enabler Company that will foster the development of other sectors of our economy,” he said.
Gains in NDEP, Nipco Push NASD Exchange 0.25% Higher
By Adedapo Adesanya
The week ended in the positive territory on the floor of the NASD Over-the-Counter (OTC) Securities Exchange following a 0.25 per cent rise on Friday, January 14.
The favourable outcome came on the back of gains recorded by the duo of Niger Delta Exploration and Production (NDEP) Plc and Nipco Plc.
NDEP Plc appreciated by N2.5 or 1.1 per cent during the session to close at N238.00 per unit as against N235.50 per unit it finished at the preceding session, while Nipco Plc improved by N6 or 8.7 per cent to close at N69.00 per unit compared with N63.00 per unit it closed at the previous session.
As a result of the good performances put up by the two stocks, the NASD unlisted security index (NSI) moved up by 1.86 points to 750.02 points from 748.16 points, while market capitalisation gained N1.58 billion to wrap the day at N635.10 billion in contrast to N633.52 billion it closed on Thursday.
There was no price loser during the trading day, through the trading volume slid by 36.9 per cent as a total of 207,618 units of shares exchanged hands compared with 329,347 units transacted on Thursday.
But the trading value rose by 15.6 per cent to N10.7 million from the previous day’s value of N9.3 million, while the number of deals depreciated by 36.4 per cent as only seven deals were carried out compared to the 11 deals executed at the previous session.
Central Securities Clearing Systems (CSCS) Plc remained as the most active stock by volume (year-to-date) as it has traded 1.02 million units of its shares for N19.9 million. Friesland Campina WAMCO Nigeria Plc was in second place for transacting 40,804 units of its stocks valued at N4.8 million, while NDEP Plc was in third place with 28,289 units valued at N6.7 million.
Also, CSCS Plc ended the session as the most traded stock by value with a turnover of 1.0 million units exchanged at N19.9 million, NDEP Plc trailed with 28,289 units worth N6.7 million, while Friesland Campina WAMCO Nigeria Plc has exchanged 40,804 units worth for N4.8 million.
28.7% Drop in I&E Turnover Strengthens Naira to N416.00/$1
By Adedapo Adesanya
The Naira closed the week stronger against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday, January 14.
At the I&E window, the local currency appreciated by 0.06 per cent or 50 kobo to trade at N416.00/$1 as against N416.50/$1 it closed on Thursday.
The strengthening of the local currency happened on the back of a 28.7 per cent or $49.59 million fall in turnover at the market segment as data obtained by Business Post from the FMDQ Securities Exchange showed that transactions worth $123.4 million were carried out compared with the $172.99 million recorded at the previous session.
However, at the interbank window of the market, the Naira recorded a flat outcome against the United States Dollar, closing at N414.79/$1, the same rate of the preceding day.
In the same vein, the domestic currency closed flat against the Pound Sterling on Friday at N565.57/£1 and against the Euro, the exchange rate of the indigenous currency remained intact at N475.22/€1.
Meanwhile, at the cryptocurrency market, six of the 10 digital currencies tracked by the newspaper across several trading platforms appreciated in value.
The highest gainer was Cardano (ADA) as it moved higher by 7.4 per cent to trade at N783.58, Tron (TRX) made a 3.8 per cent gain to sell at N40.46, Litecoin (LTC) improved by 3.5 per cent to trade at N82,485.74, Ripple (XRP) appreciated by 1.8 per cent to sell at N450, Binance Coin (BNB) rose by 0.7 per cent to trade at N205,719.75, while Dogecoin (DOGE) grew by 0.2 per cent to trade at N105.12.
However, Dash (DASH) went down by 1.6 per cent to sell for N80,050.10, Ethereum (ETH) depreciated by 0.5 per cent to sell at N1,896,100.03, the United States Dollar Tether moved down by 0.3 per cent to trade at N783.58, while Bitcoin (BTC) declined by 0.2 per cent to quote at N24,576,842.26.
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