Economy
Lagos Economic Summit 2020 Set for November 10
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.
By Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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