Economy
Ibom Deep Seaport Construction to Commence 2022
By Adedapo Adesanya
The Akwa Ibom Government has hinted that construction of the Ibom Deep Seaport will commence in 2022.
This followed the approval for the development and the subsequent presentation of the state’s 2022 budgetary outlay of N582.1 billion, christened budget of redefining standards.
The Governor of Akwa Ibom, Mr Udom Emmanuel, said that the facility would consolidate on the gains of his administration achievements for sustainable expansion and growth.
Mr Emmanuel announced that the specific objectives of the 2022 budget include the increment of the Internally Generated Revenue (IGR) of the state by expanding and diversifying the state’s resource base.
He said infrastructural renaissance will continue to receive critical attention, saying that for development anchored on Industrialisation to take roots, the state must invest heavily in land, air and sea infrastructure.
“To aggressively pursue the development of other internal revenue-generating sources in the state, in maritime, coastal and inland waterways, harnessing revenue on landed properties and others.
“To commence the construction of Ibom Deep Seaport and development of the Ibom Industrial City to complement government’s efforts in the creation of enduring structures for employment generation, wealth creation and increased internally generated revenue.
“We will continue to encourage the development of our rural and riverine areas so as to stem the rural-urban migration through the provision of electricity, feeder roads and the promotion of mechanized agriculture.
“[We will] strengthen the industrial base of the state through the acceleration of industrialisation and investment activities by providing enabling environment for the private sector to thrive. This will lead to the production of enough goods and services for domestic use as well as for export.
“[We will also] strengthen performance monitoring mechanism with a central coordinating unit at the Ministry of Economic Development and Ibom Deep Seaport,” he said.
The 2022 Akwa Ibom State budget is predicated on an oil benchmark of $57 per barrel, at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15/$1, in line with the national budget benchmark projections.
“Government has proposed a total budgetary outlay of N582.115 billion for the 2022 financial year as against the approved revised provision of N598.975 of 2021 representing a decrease from the 2021 revised budget.
“This is made up of recurrent expenditure of N260.151 billion and capital expenditure of N321.964 billion.
“There is no going back on our 8-Point Completion Agenda of this administration. It is incumbent on us that, we strive with every available resource to deliver on these mandates and bequeath to the people enduring legacies that will transcend time and history,” he stated.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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