Economy
Lagos Assures Business Owners Easy Access to Funds
By Dipo Olowookere
Those who intend to invest or set up businesses in Lagos State have been assured ease access to funds. This assurance was given by the state Governor, Mr Babajide Sanwo-Olu, at the closing ceremony of the 2019 edition of Lagos International Trade Fair on Sunday.
The Governor, who was at the Tafawa Balewa Square (TBS), venue of the fair last Sunday, said his administration will continue to work hard to make the metropolis the preferred destination of choice for investment and commercial activities.
According to him, Lagos remains the largest market in Africa for any discerning investor being the commercial, industrial and financial hub of Nigeria and the economic gateway of Sub-Saharan Africa boasting of a population of 22 million people.
“To underscore the State’s attraction as the preferred investment destination, financial closure worth $629million for the development of the Lekki Deep Seaport was secured about two weeks ago. This move which, no doubt, would catalyse the speedy delivery of the Port project is a manifestation of the confidence of investors in Lagos State,” he said.
Mr Sanwo-Olu expressed his determination to preserve the legacies of his predecessors by supporting the growth of the local economy, improving the Ease of Doing Business, providing easy access to finance, repositioning the Public Service to better support businesses and accelerating infrastructure interventions.
“My charter is to see that Lagos State continually maintains her pride of place as the numero uno Nigerian State and the land of golden opportunities for all and sundry within and outside Nigeria,” the Governor stated.
He empathised with the exhibitors at the fair for the inconveniences of erecting and dismantling their stalls every year, revealing that government is not unmindful of the urgent need for a permanent ultra-modern trade fair and exhibition complex.
“We are currently exploring all avenues towards providing this structure in the state for the use of our teeming businesses”, the Governor assured.
The Governor also promised to continue harnessing public-private machinery in developing new business opportunities in manufacturing, agriculture and agro-processing, renewable power, oil and gas, transportation, as well as affordable housing development to mention but a few.
Calling on discerning investors to partner with his government in creating value and enhancing business prosperity in Lagos, Mr Sanwo-Olu maintained that the Lekki Free Zone offers unique benefits and incentives to local and foreign investors.
He also applauded the President of LCCI, Mr Babatunde Ruwase, and council members for an impressive and successful trade fair which as well attended despite the socio-economic climate occasioned by the current border closure.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited reversed the gains of the previous trading session to plunge by 0.35 per cent on Wednesday.
This was triggered by profit-taking from investors who chew on the 0.25 per cent interest rate hike by the Central Bank of Nigeria (CBN) on Tuesday. The Monetary Policy Rate (MPR) is currently at 27.50 per cent and the inflation for October stands at 33.88 per cent.
Business Post reports that the selling pressure was visible seen in the consumer goods sector, which went down by 0.34 per cent yesterday, erasing the gains recorded by the others.
The insurance index appreciated by 1.24 per cent, the energy counter improved by 1.02 per cent, the banking space jumped by 0.14 per cent, and the industrial goods sector gained 0.02 per cent.
At the close of business, the All-Share Index (ASI) contracted by 348.31 points to 97,296.57 points from 97,639.88 points and the market capitalisation declined by N208 billion to N58.970 trillion from N59.178 trillion.
Investor sentiment was weak at midweek after Customs Street ended with 23 price gainers and 26 price losers, representing a negative market breadth index.
John Holt lost 10.00 per cent to finish at N9.90, Aradel Holdings declined by 9.98 per cent to N473.30, Eterna slumped by 9.88 per cent to N22.35, Haldane McCall shed 8.43 per cent to N5.65, and UPDC crumbled by 8.13 per cent to N1.47.
On the flip side, Sunu Assurances gained 9.97 per cent to trade at N4.19, Guinea Insurance grew by 8.16 per cent to 53 Kobo, Conoil rose by 6.56 per cent to N276.00, DAAR Communications expanded by 6.56 per cent to 65 Kobo, and NASCON improved by 6.23 per cent to N32.40.
A total of 822.5 million equities valued at N10.3 billion were traded in 9,385 deals on Wednesday compared with the 552.1 million equities worth N8.0 billion transacted in 9,305 deals on Tuesday, indicating an increase in the trading volume, value, and number of deals by 48.98 per cent, 28.75 per cent, and 0.86 per cent, respectively.
The most active stock for the session was Haldane McCall, which sold 373.7 million units for N2.2 billion, Japaul transacted 115.9 million units worth N285.5 million, Tantalizers traded 30.7 million units valued at N34.9 million, UBA exchanged 29.4 million units worth N930.1 million, and GTCO transacted 28.8 million units valued at N1.5 billion.
By Modupe Gbadeyanka
The Dangote Refinery located in the Lekki area of Lagos State has been described as a game-changer for Nigeria’s economy because of its significance to the country’s sustainable growth.
This was the view of the Ogun State Chamber of Commerce, Industry, Mines, and Agriculture (OGUNCCIMA) through its president, Mr Niyi Oshiyemi.
“The Dangote Refinery is a game-changer for Nigeria’s economy. With a capacity to refine 650,000 barrels of crude oil daily, it has reduced Nigeria’s reliance on imported petroleum products, conserved foreign exchange, and fortified our energy security.
“This milestone reinforces the critical role the private sector plays in national development,” Mr Oshinyemi said, noting that, “The refinery’s operations have created employment for Nigerians at all levels while fostering technology transfer and skills acquisition. This has strengthened local businesses and equipped them with the tools to compete in domestic and global markets.”
The emphasis on local content has been a cornerstone of Dangote Refinery’s strategy. By sourcing materials locally and partnering with indigenous companies, the refinery has supported the growth of Nigerian enterprises and encouraged investments in infrastructure, engineering, and technology.
The ripple effects of the Dangote Refinery extend beyond the energy sector. Its presence has catalyzed industrialization by attracting investments in related sectors such as petrochemicals, manufacturing, and transportation. This multiplier effect has significantly expanded Nigeria’s industrial base and enhanced the nation’s economic competitiveness.
“This refinery is a shining example of what can be achieved through visionary leadership and investment in strategic sectors. It demonstrates Africa’s potential to compete globally and foster regional integration,” Mr Oshiyemi remarked.
In addition to its economic contributions, Dangote Refinery has maintained a strong commitment to corporate social responsibility. The Dangote Group’s investments in education, healthcare, and infrastructure have improved the quality of life for many Nigerians and strengthened community resilience.
“Dangote Refinery exemplifies the role of private sector enterprises in driving social progress alongside economic development. Its initiatives in healthcare and education are building a brighter future for Nigerians,” the OGUNCCIMA chief noted.
He urged stakeholders across public and private sectors to emulate the Dangote Refinery’s innovative approach to development. By fostering partnerships and investing in transformative projects, Nigeria can achieve sustainable economic growth and reduce its reliance on external resources.
“This refinery stands as a model for what is possible when the private sector leads with vision and commitment. We call on all stakeholders to collaborate and replicate such success stories to build a resilient, self-reliant, and prosperous Nigeria,” Mr Oshiyemi concluded.
By Adedapo Adesanya
The House of Representatives on Wednesday passed the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the next three years (2025-2027).
In passing the MTEF, the lower chamber’s committees on Finance, Petroleum Upstream, and Petroleum Downstream were tasked to investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission (RMAFC) alleging that the Nigerian National Petroleum Company (NNPC) Limited’s withheld N8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the Nigeria Extractive Industries Transparency Initiative (NEITI) report that claimed the NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the federal government.
The committees were further directed to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
Some of the recommendations in the MTEF as adopted by the house are; that the projected oil benchmark prices are $75, $76.2 and $75.3 per barrel in 2025, 2026 and 2027, respectively.
Three-year projections for domestic crude oil production are 2.06 million barrels per day, 2.10 million barrels per day and 2.35 million barrels per day for the subsequent years of 2025, 2026 and 2027.
The country’s economic growth rate forecast, measured by the gross domestic product (GDP) was put at 4.6 per cent, 4.4 per cent and 5.5 per cent for the years 2025, 2026 and 2027, respectively.
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