Economy
Lagos Attracts $8.3bn Investments, to Unveil Investment Deal Book
By Modupe Gbadeyanka
Investments worth $8.3 billion were attracted by the Lagos State Government in the last two years, the Special Adviser to the Governor on Sustainable Development Goals and Investment, Mrs Solape Hammond, has revealed.
The aide to Governor Babajide Sanwo-Olu explained that these investments were made possible through the economic policy of the state government designed to improve the business climate of Lagos and promote socio-economic prosperity.
Addressing journalists at the Y2021 ministerial press briefing, she disclosed that the administration of Mr Sanwo-Olu will continue to bring in, retain and leverage inclusive and sustainable economic growth.
Mrs Hammond informed newsmen that while the government is currently engaging several local and international organisations for various investment possibilities in the state, efforts have been made to support more than 12 private sector investors interested in Lagos.
According to her, the state government, through the Office of Sustainable Development Goals and Investment, has in the last two years participated in several global campaigns to attract investments and partnerships for the execution of the SDGs-related projects.
Accordingly, the office has established a good relationship with embassies, high commissions and development agencies of several nations including the UK, Netherlands, France, China, Canada and Japan.
She disclosed that plans are underway to launch an investment deal book that details investment prospects across major sectors in the state.
“Other strategies and efforts undertaken to promote sustainable investment in Lagos include the strategic partnerships with development agencies comprising the International Finance Corporation (IFC), Africa Development Bank (AfDB), World Bank and the French Development Agency (AFD),” the Special Adviser said.
Speaking on the engagement model designed to amplify the delivery of sustainable development goals, Mrs Hammond said the office launched the maiden SDGs Week, in conjunction with some organised private sector players, where free food items were distributed to vulnerable citizens, instructional materials to primary school pupils and medical equipment to nursing mothers across the state.
On the effort to establish and strengthen resilience, livelihood opportunities and short term employment for Lagos residents, she revealed that the Conditional Cash Transfer Project in vulnerable communities was implemented in collaboration with the United Nations Development Programme (UNDP).
According to her, over 2,103 MSME owners received unconditional cash transfer while 951 beneficiaries of Cash for Work were paid to carry out environmental sanitation and hygiene for three months.
“The office coordinated the launch of the Lagos Care Initiative, a socio-economic intervention programme for vulnerable residents designed to impact about 20,000 people, 69 markets and 2,512 MSMEs.
“Also, at the inauguration of the Lagos State Human Capital Development (HCD) Core Working Group, the office was made the secretariat of the group, which aims to develop a strategy and action plan to increase state-wide HCD investment,” Mrs Hammond declared.
Also, the Special Adviser noted that the birth of the Lagos State Volunteer Corps (LSVC) is significant in encouraging citizen participation and inclusion in governance as individuals, corporations, civil society, the diaspora and international partners have been actively involved in carrying out both government and private initiatives.
With above 9,000 Lagosians signing up for the scheme, the Special Adviser stated that over 50,000 man-hours have been volunteered to execute several projects across the 57 LGs and LCDAs of the State, including the distribution of palliatives to Lagos residents during the lockdown occasioned by the COVID-19 pandemic as well as the distribution of the Mother, Infant and Child Health (MICH) Food Pack.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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