Economy
Fuel Scarcity Will Soon Become History in Nigeria—NNPC
By Dipo Olowookere
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has assured citizens that the perennial fuel scarcity in the country would soon become “a thing of the past.”
Mr Baru gave this assurance while delivering a goodwill message during the ‘NNPC Day’ held at the 39th Kaduna International Trade Fair, in Kaduna on Wednesday.
He said the state-owned oil firm was committed to providing the necessary assistance for Nigeria to attain competitive edge in non-oil sectors of the economy.
“NNPC is suited to providing the enabling environment for the nation to optimise its commercial, industrial and agricultural potentials to attain competitive edge in these sectors. This is a commitment which we shall continue to abide by,” Mr Baru stated.
To further demonstrate NNPC’s commitment on this goal, Mr Baru explained that the corporation had set up the Renewable Energy Division which is focused on not only developing solar and other renewable energy sources but also on developing Biofuels that are heavily dependent on agricultural produce as feedstock.
According to him, the multiplayer effects of such ventures are enormous. These include reviving the nation’s agricultural sector, generating millions of jobs, contributing significantly to power generation, producing high volume of animal feed, starch and other by-products, in addition to the biofuels that will be blended to our Refineries’ petroleum products that will significantly reduce imports of petroleum products into the country.
Mr Baru, who spoke on the theme ‘NNPC and Promotion of Industry, Commerce and Agriculture for International Competitiveness,’ noted that to aid the course of focusing on industry, commerce and agriculture, Nigeria needed to begin with the end in mind by first undertaking a holistic policy actions towards rebuilding the nation’s infrastructure.
In this regard, the GMD observed that that key infrastructure sectors that were expected to be upgraded include electric power, transport, information and communication, roads, water and sanitation as well as rehabilitation of existing oil and gas pipeline facilities.
“It is my sincere belief that revitalising these critical infrastructures will emplace efficiency in the new focus areas of Commerce, Industry and Agriculture to buoy the national economy and enable the country’s entrepreneurs compete favourably with their peers across the globe,” he added.
The GMD also lauded President Muhammadu Buhari’s economic agenda which he said had saved the country from the vagaries of monoculture.
“Every Nigerian, individual or corporate, has the onerous responsibility to ensure this vision becomes a reality,” he maintained.
On the recent fuel supply issues witnessed in some cities across the country, Mr Baru said NNPC had, over the last few months, been engaging with relevant stakeholders to ensure the challenge remains “a thing of the past.”
Mr Baru, who insisted that fuel scarcity was caused by greedy marketers, explained that the corporation had been collaborating with sister agencies towards addressing products profiteering, diversion, hoarding and smuggling.
Above all, he said, the corporation was working hard to get the nation’s refineries back to their optimal levels.
He listed some of the key stakeholders engaged by the corporation to include the Department of Petroleum Resources (DPR), Federal Ministry of Power, Works and Housing, the Nigerian Security & Civil Defence Corps, the Nigerian Customs Service as well as Nigerian Ports Authority (NPA).
Earlier in his speech, President of the Kaduna State Chamber of Commerce, Mines & Agriculture (KADCCIMA), Dr Farida Dankaka, said this year’s theme was chosen to complement the efforts of the Federal Government in promoting economic growth through commerce and industry.
Dankaka, who was represented by Mr Tijjani Musa, also commended the Federal Government on its economic diversification which has led to sufficiency in rice production, stressing that such effort should also be extended to other cash crops like cotton, groundnut, wheat, rubber, palm oil etc.
The Kaduna International Trade Fair is one of the most important events in the business calendar of KADCCIMA.
Alongside Lagos and Enugu, it is one of the three local trade fairs attended by the corporation not only to enlighten the public on its various services, but also to educate them on the safest way of handling its products.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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