Economy
Financial Literacy can Lift Africa out of Poverty—Onyema, Ezekwesili
By Dipo Olowookere
Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, and former Minister of Education, Dr Oby Ezekwesili, have reiterated the importance of financial literacy in lifting Nigeria and indeed Africa out of poverty.
Their positions were articulated at the awards ceremony of the 2017 NSE Essay Competition for Senior Secondary Schools Students in Nigeria, held on Wednesday, November 29, 2017, at the Civic Center in Lagos.
At the awards ceremony, Miss Gbenjo Olasubomi of Good Shepherd Comprehensive High School, Lagos State, emerged winner of the 2017 edition of the NSE Essay Competition after coming third in the 2016 edition.
She clinched the first position ahead of over 10,100 participants across the country, winning N500,000 scholarship fund for university education, N250,000 equity investment and a laptop. Her school was also rewarded with a trophy, three desktop computers and a printer.
Olanipekun Opeyeoluwa of Oritamefa Baptist Model School, Ibadan, Oyo State and Chukwuemeka Oluchi of Notre Dame Girls College, Ilorin, Kwara State, emerged first and second runners up respectively.
Each of them also got a laptop, equity investment and cash rewards. Their schools got varying number of computers and trophy. Seven laptops were given as consolation prizes to seven other winners.
In his welcome remarks, Mr Onyema noted that financial literacy is very important because of the positive direct impact it can have on promoting livelihoods, economic growth, sound financial systems, and poverty reduction.
“Contemporary society requires everyone to understand the principles of money management and to develop personal financial management skills that will enable them manage their finances effectively to achieve financial freedom,” he said.
“Realizing this, we have implemented and continue to support a number of programmes to promote financial literacy among young Nigerians, by encouraging them to learn how good financial decisions can better their lives now and in the future and ultimately grow the economy,” Mr Onyema added.
He further stated, through the NSE Essay Competition, the NSE has, since inception, inspired over 60,000 young people in more than 7,000 schools across Nigeria to showcase what they have learnt about the financial market.
In her keynote address, Mrs Ezekwesili observed that we must eradicate the dynasty of poverty in our country through education.
“Every country that has climbed out of poverty has done it on the back of improvement in the quality of education and the human capital”. She called on teachers, parents and other stakeholders to be inclusive in inculcating financial literacy to the younger children, so as to raise a generation that will participate more in private sector and trades that will create wealth,” she said.
According to Mrs Ezekwesili, private sector must be more interested in the state of the schools in our nation. “The private sector does not need anybody begging it to be interested in education. You need the top talent hence the need to get involved. So get involved”.
She also charged the students to think differently as they are the generation that will participate in the disruptive revolution.
The NSE Essay Competition initiative, sponsored by Access Bank Plc, Zenith Bank, Prime Atlantic Ltd and Cordros Capital Ltd, is aimed at bridging the gap between classroom learning and practical knowledge required for long-term personal financial planning.
It serves as an essential platform to get the perspectives of our young ones on key challenges relating to financial literacy and inclusion in Nigeria. The competition’s overall goal is to develop a culture of wealth creation amongst our youth towards “Building a Financially Savvy Generation”.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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