Economy

Lagos Economic Summit 2020 Set for November 10

Published

5 years ago

28/09/2020

Lagos Governor N100bn bond capital market

By Adedapo Adesanya

The Lagos State Government has unveiled plans for the 2020 Lagos Economic Summit popularly known as EHINGBETI, six years after it was last held in 2014 under the Babatunde Raji Fashola administration.

The summit has been themed For Greater Lagos: Setting the Tune for the Next Decade and will run virtually from Tuesday, November 10 through Thursday, November 12 2020.

Mr Sam Egube, Lagos State Commissioner for Economic Planning and Budget, said at a media interaction on Sunday in Lagos that the summit had been resuscitated by Governor Babajide Sanwo-Olu for enhanced economic growth and development.

Mr Egube said that the summit would address pertinent issues that affect Lagos as an evolving megacity and chart a course for the actualisation of the dream of the current administration.

He said that the government had implemented 109 out 119 resolutions reached during past editions of the summit.

“The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos State.

“It is our belief that you cannot lead a place like Lagos with one mind, you have to bring together all the minds.

“So far, about 119 resolutions were taken in the history of EHINGBETI and 109 of them implemented.

“What Lagos State Government is trying to do is to stimulate contributions from the private sector, get them interested in the governance of the state, and lead the way in terms of the outcomes.

“For example, the whole idea about the blue line, the red line, the rail master plan are things that came out of EHINGBETI,” he said.

Mr Egube, who also doubles as the Chairman EHINGBETI, said that major developments in the state and key decisions were reached at the past editions of the summit.

He said that the summit was introduced to stimulate contributions from the private sector and corporates for a better Lagos.

The Summit Chairman noted that the platform was primarily driven by the private sector and backed by the government to show the vibrancy of Lagos.

“We are proud that the private sector in Lagos is active and responsible and takes positive outcomes with the government in the development of ideas,” he said.

Mr Olayemi Cardoso, Co-Chairman EHINGBETI, commended Mr Sanwo-Olu for bringing back the summit in line with his campaign agenda.

The Co-Chair said that the summit introduced in 2000 had yielded a number of positive results and should be maintained.

In his words, “It is timely that this is happening. I say that because COVD-19 and its aftermath wreaked havoc in economies around the world and we are no exception to that, and when it going to end, nobody knows.

“All we know is that countries around the world, paid dearly from being on lockdown, and for any lockdown, you have a corresponding loss in gross domestic product.

“With the challenges ahead, and Lagos being the economic nerve centre of the country, there is a large responsibility to ensure that it protects the citizens of the state, and this is something that can’t happen unless it is planned for.

“It is a great opportunity for us in the private sector to come together with the government again to show what Lagos is truly made off and show what Lagos can truly do in the most difficult and challenging circumstances which we are in,” Mr Cardoso said.

He added that the virtual summit would make it easier for enhanced participation of the private sector, local and foreign investors.

Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry, said that EHINGBETI was about inclusiveness.

He noted that investment was very important for the development and growth of any economy.

“We know that making the economy to progress is about promoting investments, and that is what makes the difference between Lagos and many other states.

“The focus on investments is very key and is the top priority for Lagos State Government and we appreciate that a great deal.

“This has been the context of the very strong public/private partnership that we have witnessed in the state.

“We are part of this and we know it is going to create a lot of value. We are committed to partnering with Lagos State Government to ensure that we continue to push this forward,” Mr Yusuf said.

Economy

FrieslandCampina, Two Others Erase N26bn from NASD OTC Bourse

Published

48 minutes ago

20/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Three stocks stretched the bearish run of the NASD Over-the-Counter (OTC) Securities Exchange by 1.21 per cent on Friday, December 19, with the market capitalisation giving up N26.01 billion to close at N2.121 billion compared with the N2.147 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropping 43.47 points to 3,546.41 points from 3,589.88 points.

The trio of FrieslandCampina Wamco Nigeria Plc, Central Securities Clearing System (CSCS) Plc, and NASD Plc overpowered the gains printed by four other securities.

FrieslandCampina Wamco Nigeria Plc lost N6.00 to sell at N54.00 per unit versus N60.00 per unit, NASD Plc shrank by N3.50 to N58.50 per share from N55.00 per share, and CSCS Plc depleted by N2.91 to N33.87 per unit from N36.78 per unit.

On the flip side, Air Liquide Plc gained N1.01 to close at N13.00 per share versus N11.99 per share, Golden Capital Plc appreciated by 70 Kobo to N7.68 per unit from N6.98 per unit, Geo-Fluids Plc added 39 Kobo to sell at N5.50 per share versus N5.11 per share, and IPWA Plc rose by 8 Kobo to 85 Kobo per unit from 77 Kobo per unit.

During the trading day, market participants traded 1.9 million securities versus the previous day’s 30.5 million securities showing a decline of 49.3 per cent. The value of trades went down by 64.3 per cent to N80.3 million from N225.1 million, but the number of deals jumped by 32.1 per cent to 37 deals from 28 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc finished the session as the most active stock by value on a year-to-date basis with 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units traded for N4.9 billion.

The most active stock by volume on a year-to-date basis was still InfraCredit Plc with 5.8 billion units worth N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Naira Crashes to N1,464/$1 at Official Market, N1,485/$1 at Black Market

Published

3 hours ago

20/12/2025

Adedapo Adesanya

By Adedapo Adesanya

It was not a good day for the Nigerian Naira at the two major foreign exchange (FX) market on Friday as it suffered a heavy loss against the United States Dollar at the close of transactions.

In the black market segment, the Naira weakened against its American counterpart yesterday by N10 to quote at N1,485/$1, in contrast to the N1,475/$1 it was traded a day earlier, and at the GTBank forex counter, it depreciated by N2 to settle at N1,467/$1 versus Thursday’s closing price of N1,465/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, which is also the official market, the nation’s legal tender crashed against the greenback by N6.65 or 0.46 per cent to close at N1,464.49/$1 compared with the preceding session’s rate of N1,457.84/$1.

In the same vein, the local currency tumbled against the Euro in the spot market by N2.25 to sell for N1,714.63/€1 compared with the previous day’s N1,712.38/€1, but appreciated against the Pound Sterling by 73 Kobo to finish at N1,957.30/£1 compared with the N1,958.03/£1 it was traded in the preceding session.

The market continues to face seasonal pressure even as the Central Bank of Nigeria (CBN) is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the Naira. Also, there seems to be reduced supply from exporters, foreign portfolio investors and non-bank corporate inflows.

President Bola Tinubu on Friday presented the government’s N58.47 trillion budget plan aimed at consolidating economic reforms and boosting growth.

The budget is based on a projected crude oil price of $64.85 a barrel and includes a target oil output of 1.84 million barrels a day. It also projects an exchange rate of N1,400 to the Dollar.

President Tinubu said inflation had plunged to an annual rate of 14.45 per cent in November from 24.23 per cent in March, while foreign reserves had surged to a seven-year high of $47 billion.

Meanwhile, the cryptocurrency market was dominated by the bulls but it continues to face increased pressure after million in liquidations in previous session over accelerating declines, with Dogecoin (DOGE) recovering 4.2 per cent to trade at $0.1309.

Further, Ripple (XRP) appreciated by 3.9 per cent to $1.90, Cardano (ADA) rose by 3.5 per cent to $0.3728, Solana (SOL) jumped by 3.4 per cent to $126.23, Ethereum (ETH) climbed by 2.9 per cent to $2,982.42, Binance Coin (BNB) gained 2.0 per cent to sell for $853.06, Bitcoin (BTC) improved by 1.7 per cent to $88,281.21, and Litecoin (LTC) soared by 1.2 per cent to $76.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

Crude Oil Prices Climb as US Blocks Venezuelan Tankers

Published

4 hours ago

20/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Crude oil prices edged up on possible disruptions from a US blockade of Venezuelan tankers as the market waits for news about a possible Russia-Ukraine peace deal.

Brent futures rose 65 cents or 1.1 per cent to $60.47 per barrel while the US West Texas Intermediate (WTI) futures expanded by 51 cents or 0.9 per cent to $56.66 per barrel. Both Brent and WTI were down about 1 per cent this week after both crude benchmarks fell about 4 per cent last week.

US President Donald Trump said he was leaving the possibility of war with Venezuela on the table, noting that there would be additional seizures of oil tankers near Venezuelan waters after the US seized a sanctioned oil tanker off the coast of Venezuela last week.

The American President this week ordered a “blockade” of all sanctioned oil tankers entering and leaving Venezuela, in the US’ latest move to increase pressure on Nicolas Maduro’s government, targeting its main source of income. The pressure campaign on President Maduro has included a ramped-up military presence in the region and more than two dozen military strikes on vessels in the Pacific Ocean and Caribbean Sea near Venezuela, which have killed at least 90 people.

President Trump has also previously said that US land strikes on the South American country will soon start.

Meanwhile, US Secretary of State Marco Rubio on Friday said that the US is not concerned about an escalation with Russia when it comes to Venezuela, as the Trump administration builds up military forces in the Caribbean.

This development comes as President Trump seeks an end to the unending war between Ukraine and Russia that is heading towards its fourth year.

European Union leaders decided on Friday to borrow cash to loan 90 billion Euros to Ukraine to fund its defense against Russia for the next two years as Russian President Vladimir Putin offered no compromise on Friday on his terms for ending the war in Ukraine and accused the European Union of attempting “daylight robbery” of Russian assets.

Ukraine, meanwhile, struck a Russian “shadow fleet” oil tanker in the Mediterranean Sea with aerial drones for the first time.

Earlier this week, the US and Ukraine both signaled progress in negotiations about a peace agreement during talks in German capital city of Berlin. The US is now reportedly offering Ukraine security guarantees modeled on NATO’s Article 5 mutual defense pledge.