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Economy

I’m Working Hard To Change Things—Buhari

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buhari-economy

By Dipo Olowookere

President Muhammadu Buhari has assured Nigerians that he was making efforts to alleviate their sufferings.

In his Sallah message to the nation, Mr Buhari commended the steadfastness of Nigerians despite “the difficult economic times the country is going through.”

He said Nigerians have exhibited the lessons of the Eid, which are “piety and sacrifice.”

The President however blamed the present recession on “cumulative effects of worldwide economic downturn and failure in the past to plan and save for difficult times.”

He said it was “impossible to separate the present from the past to appreciate the extent to which mistakes of the past are affecting everyday life today.”

“I assure you that this administration is working round the clock to remove the hardships the country is going through,” Mr Buhari said.

“Rail and road constructions, projects in the housing sector, support for farmers and for small and medium scale industries, youth and women’s empowerment programmes, support for revival of industries are all designed to reinvigorate the economy and enhance living standards of ordinary people.

“We are getting security right. We are stopping corruption in its tracks and we will get the economy right by the Grace of God.

“I enjoin Muslims to live by the dictates of Islam, to keep good relationships with their Christian brothers and sisters and as patriots to maintain the spirit of the Nigerian nation.

“I wish everyone happy holidays,” he said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Economy

Dolidol Eyes African Market Dominance After Mouka $60m Deal

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Dolidol

By Adedapo Adesanya

Following its acquisition of top Nigerian mattress brand, Mouka Foam, Moroccan mattress maker, Dolidol, has set its sight on becoming a Pan-African beddings and mattress company by dominating the market.

According to a recent report, the transaction was backed by UK-based private equity firm Development Partners International and was priced at $60 million.

The deal is expected to present an immense growth opportunity, as Dolidol and Mouka Foam will bring together their highly complementary capabilities, banking on the large market share in Nigeria.

Dolidol will also bank on this and more by developing new products for Nigeria’s teeming youth population and growing middle class.

Speaking on this, Ms Sofiane Lahmar, a Partner at Development Partners International said, “As the most populous country in Africa, Nigeria shares many of the same trends as the continent, including positive demographics, a fast-growing middle class and rising consumer spending.”

“Dolidol’s acquisition of Mouka presents an exciting opportunity for growth, creating a greatly expanded addressable market, and enables the business to accelerate its growth in West Africa, while continuing to expand its footprint across the continent.

“We remain confident in the future of the business and look forward to working with both management teams to execute the company’s ambitious strategy and vision,” she further explained.

The Chairman of Dolidol, Mr Saad Berrada, also commented on the deal, describing it as an ‘important milestone’ for the company.

According to him, the deal would help Dolidol to position itself as a regional leader in both North and West Africa.

This will also further the company’s overall ambition to dominate Africa’s growing mattress and beddings market.

It should be noted that Dolidol was established in 1972 and is already present in five Francophone African countries, including Ivory Coast.

Mouka Foam, on the other hand, was established in 1974 and has three factories located across Nigeria.

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Economy

Investors Gain N1.09bn as NASD Share Price Rises 9.1%

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NASD Exchange

By Adedapo Adesanya

The unlisted securities market closed the last trading session of the week on a positive note after it appreciated by 0.18 per cent on the back of growth in the share price of NASD Plc.

Business Post reports that the NASD Over-the-Counter (OTC) Securities Exchange returned to the bulls’ territory on Friday after it closed flat on Thursday.

NASD Plc was the major driver of the return of the bourse to the green region as its value went up during the session by N2.45 or 9.1 per cent to close at N26.99 per unit in contrast to N24.54 per unit it closed at the previous session.

As a result of this, the NASD unlisted security index (NSI) moved up by 1.32 points to 745.44 points from 744.12 points, while the market capitalisation gained N1.09 billion to wrap the day at N615.86 billion in contrast to the previous day’s N614.77 billion.

On the activity chart, there was an improvement as the trading volume surged by 34,985.6 per cent because of the 2.3 million units of shares exchanged by market participants compared with the 6,688 units transacted at the previous session.

In the same vein, the trading value rose by 17,680.6 per cent to N63.4 million from the previous day’s N356,563.60, while the number of deals witnessed a 100 per cent rise as investors carried out 12 deals compared to the six deals executed at the previous session.

At the close of trades, Food Concepts Plc was the most traded stock by volume (year-to-date) with 11.4 billion units of its shares worth N14.4 billion, Lighthouse Financial Service Plc followed with 1.1 billion units valued at N546.2 million, while Geo Fluids Plc was in third place with 1.0 billion units worth N700.1 million.

Food Concepts Plc was also the most traded stock by value on a year-to-date basis with 11.4 billion units worth N14.4 billion, trailed by Nigerian Exchange (NGX) Group Plc with 456.4 million units valued at N9.2 billion, VFD Group Plc with 10.4 million units valued at N3.5 billion.

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Economy

Naira Trades N414.73/$1 as Cryptos Bleed Heavily

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Cryptos

By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.02 per cent or 7 kobo on Friday, December 4.

Data showed that the local currency was sold for N414.73/$1 at the investors’ window yesterday compared with the N414.80/$1 it traded on Thursday.

At the final trading session of the week, the turnover was $103.01 million as against $139.67 million achieved at the preceding session, indicating a $36.66 million or 26.62 per cent decline.

Also, the exchange rate of the Naira to the United States currency recorded a movement on Friday, though downward as the Nigerian currency depreciated by 4 kobo as it closed at N411.74/$1 versus the preceding day’s N411.70/$1.

The local currency, however, appreciated by N2.17 against the British Pound Sterling to settle at N546.26/£1 compared to N548.43/£1 it traded at the previous trading session and 57 kobo against the Euro to trade at N465.68/€1 compared to the preceding day’s N466.25/€1.

At the cryptocurrency market, investors counted a heavy loss as the new variant of the coronavirus called Omicron and hawkish comments by the US Federal Reserve that it could raise interest rates have raised serious concerns, causing cryptos to bleed heavily.

The heaviest loss was suffered by Dash (DASH), which plunged by 35.3 per cent to sell for N66,595.85. Ripple (XRP) depreciated 30.6 per cent to trade at N381.85, while Litecoin (LTC) sold for N66,595.85 after declining by 24.1 per cent.

Dogecoin (DOGE) went down by 22.7 per cent to sell at N90.29, Cardano (ADA) depreciated by 20.8 per cent to N652.82, Bitcoin (BTC) depleted by 16.9 per cent to quote at N26,800,504.20, Ethereum (ETH) equally saw a 16.9 per cent depreciation to trade at N2,100,100.39, Binance Coin (BNB) recorded a 12.9 per cent depreciation to trade at N218,577.24, Tron (TRX) went down by 12.7 per cent to trade at N48.00, while the US Dollar Tether (USDT) recorded a 0.1 per cent marginal loss to sell for N554.76.

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