Economy

Group Lauds NCDMB’s Transparent Disbursement of NCI Fund

Published

7 years ago

22/11/2018

By Modupe Gbadeyanka

The transparent way the leadership of Nigerian Content Development and Monitoring (NCDMB) has administered the Nigerian Content Intervention Fund (NCI) Fund has been commended by Governing Council of Nigerian Chamber of Shipping (NCS).

During a visit to the board’s head office in Yenagoa, Bayelsa State last Thursday, President of NCS Governing Council, Mr Andy Isichei, said he was impressed with the phenomenal achievements of Mr Simbi Wabote led NCDMB.

According to him, Mr Wabote has administered the NCI Fund transparently, making the perennial funding challenge that had impeded the efficiency and competitiveness of local supply chain in the Nigerian oil and gas industry a thing of the past.

“We have observed the uncommon achievements of your board, hence we decided to come and voice our commendation to you and to encourage you to continue the good job you are doing.

“We are proud of your agency and want to collaborate with you to advocate and propagate the achievements of your board,” Mr Isichei said during the courtesy visit.

NCS is a trade association for the Nigerian maritime industry, comprising ship owners, tanker vessel operators, port/terminal operators, shipyard/dry dock owners, and upstream and downstream service operators in oil and gas sector, international maritime/shipping operators, maritime lawyers, and financial institutions. It is the umbrella body in Nigeria for stakeholders in the shipping/maritime sector.

Mr Isichei explained that the aims and objectives of NCS include to act as an advocate for the industry on issues of shipping policy (formulation, implementation and monitoring), maritime affairs, technical matters, to promote best practice among members to meet international standards, support the growth and development of international trade in Nigeria and to cooperate with other agencies, statutory and non-statutory, to ensure implementation of a regulated environment for effective maritime administration, safe shipping operations, and fair and competitive shipping cost regimes.

He stated that the courtesy visit to the board was motivated by the desire to advance the main objectives of the Chamber, which includes to promote the interest of its members and deepen international maritime commercial activities in Nigeria.

Thus, he added, “we want to collaborate with the Board in the area of training of Marine Cadets and other aspects of capacity building to optimize the gains of local content in the maritime industry.”

In his response, Mr Wabote thanked members of the NCS Governing Council for their kind remarks and interest in the activities of the Board. He explained that the Board is very disposed to partner with critical stakeholders like NCS ensure fulfilment of the Board’s mandate.

On the training of cadets, Mr Wabote explained that the board was willing to support any organisation that offers maritime cadet trainings, provided it’s able to demonstrate that they can grant the trainees requisite international certifications and sea time experience.

He also encouraged the NCS Governing Council members to explore the opportunity of partnering with the Maritime University, Okerenkoko Delta State, instead of foreign partnerships, to ensure that the various trainings they offer are domiciled in-country.

He urged NCS to come up a proposed Memorandum of Understanding (MoU) to underpin its partnership aspirations with the Board for consideration and harmonization.

Economy

World Bank Upwardly Reviews Nigeria’s 2026 Growth Forecast to 4.4%

Published

14 minutes ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.

In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.

As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.

It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.

In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.

As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.

“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.

“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.

World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.

“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”

Economy

Seven Equities Buoy NASD OTC Securities Exchange by 0.73%

Published

3 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

Seven price gainers triggered a 0.73 per cent appreciation in the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, January 13.

The advancers were led by FrieslandCampina Wamco Nigeria Plc, which added N5.06 to its value to close at N75.00 per unit versus the preceding day’s N68.70 per unit, followed by MRS Oil Plc, with a price appreciation of N5.06 to sell at N200.00 per share compared with the previous session’s N194.94 per share, and Air Liquide expanded by N1.00 to settle at N14.00 per unit versus N13.00 per unit.

Further, Food Concepts Plc climbed by 31 Kobo to N3.37 per share from N3.06 per share, IPWA Plc appreciated by 11 Kobo to N1.23 per unit from N1.12 per unit, Geo-Fluids Plc grew by 6 Kobo to N6.90 per share from N6.84 per share, and Acorn Petroleum Plc grew by 1 Kobo to end at N1.29 per unit versus Monday’s closing price of N1.28 per unit.

The gains recorded by these seven securities raised the market capitalisation by N15.95 billion to N2.2 trillion from the preceding session’s N2.184 trillion, and the NASD Unlisted Security Index (NSI) added 26.65 points to close at 3,678.13 points compared to 3,651.48 points.

Business Post reports that three stocks she weight yesterday, with Afriland Properties Plc down by N1.49 to N14.73 per share from N16.22 per share. Central Securities Clearing System (CSCS) Plc went down by 64 Kobo to N40.13 per unit from N40.77 per unit, and UBN Property Plc lost 1 Kobo to close at N2.05 per share versus N2.06 per share.

Yesterday, the number of deals executed soared by 39.6 per cent to 67 deals from 48 deals, the total value of transaction surged by 84.1 per cent to N86.1 million from N46.8 million, while the volume of trades shrank by 59.6 million to 1.6 million units from 4.03 million units.

CSCS Plc was the most active stock by value on a year-to-date basis with 2.0 million units sold for N81.4 million, trailed by MRS Oil Plc with 265,697 units worth N53.1 million, and Geo-Fluids Plc with 6.4 million units traded for N43.4 million.

By volume, Geo-Fluids Plc topped the chart with 6.4 million units valued at N43.4 million, followed by Industrial and General Insurance (IGI) Plc with 3.1 million units transacted for N1.9 million, and CSCS Plc with 2.0 million units valued at N81.4 million.

Economy

Naira Now N1,419/$1 at Official Forex Market

Published

3 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira further appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, January 13 by N1.80 or 0.13 per cent to N1,419.66/$1 from Monday’s N1,421.46/$1.

This was boosted by an inject of $50 million into the official forex market by the Central Bank of Nigeria (CBN) in an effort to defend the local currency.

At the same spot market, the Nigerian currency improved its rate against the Pound Sterling during the session by N1.86 to close at N1,913.98/£1 versus the previous day’s N1,915.84/£1 and gained N5.09 on the Euro to settle at N1,656.59/€1, in contrast to the N1,661.68/€1 it was transacted a day earlier.

At the parallel market and the GTBank FX counter, the Naira maintained stability against the DOllar yesterday at N1,490/$1 and N1,431/$1, respectively.

Market analysts have noted that proper CBN support, stronger external inflows from foreign portfolio investors (FPIs), improving current account dynamics, and more disciplined FX management will give the Naira stronger footing in the near term, with threats coming from externalities.

Meanwhile, the cryptocurrency market was elevated on Tuesday as US inflation eased and political uncertainty around the Federal Reserve increased demand for non-sovereign assets.

Ease in US inflation data reinforced expectations that the Federal Reserve will continue cutting rates this year. Lower inflation eased pressure on bond yields and improved liquidity conditions, a setup that has historically favored crypto and other risk assets.

Also, reports that the US Justice Department had served grand jury subpoenas on the Federal Reserve earlier this week unsettled markets and weakened the Dollar, boosting the appeal of assets viewed as insulated from central bank risk.

Cardano (ADA) surged by 7.5 per cent to $0.4206, Ethereum (ETH) appreciated by 6.2 per cent to $3,321.77, Dogecoin (DOGE) grew by 5.8 per cent to $0.1472, Ripple (XRP) rose by 3.9 per cent to $2.14, Binance Coin (BNB) expanded by 3.1 per cent to $936.96, Litecoin (LTC) jumped by 3.1 per cent to $78.58, Bitcoin (BTC) increased by 2.9 per cent to $94,662.42, and Solana (SOL) soared by 1.6 per cent to $144.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.