Economy
Lagos Safe for Investments, Business Owners–Commissioner
By Dipo Olowookere
Commissioner for Special Duties and Inter-Governmental Relations in Lagos State, Mr Seye Oladejo, has assured business owners in the metropolis that their investments were in safe hands.
Mr Oladejo gave this assurance during the simulation exercise carried out by officials of Lagos State Emergency Management Agency (LASEMA) alongside other emergency stakeholders code named ‘Operation Oko Jasosa’ at the early hours of Sunday, April 29, 2018, as a way of reassuring investors and entire residents of Lagos of the preparedness of the State emergency responders to swiftly respond to emergency situations in a very coordinated manner.
The Commissioner, who spoke through the Permanent Secretary in the Ministry, Dr Jemilade Longe, disclosed that the exercise shows the capability of the various emergency responders in the state and should further convince Lagosians beyond mere promises that Lagos state government places high premium on protection of life and property.
He added that Governor Akinwunmi Ambode, since inception of his tenure three years ago, made a commitment to deploy a sizable chunk of the resource of the state towards protecting Lagosians as well as foreigners residing in the state.
“Disasters and accidents are thing that you cannot predict but for our investors, what the state government is saying is that if for whatever reason there is an accident, they should be rest assured that we have skilled officials, the needed synergy and equipment to combat surmount such situations. The implication of this is that our people can now go to sleep without any fear because there is a government that cares for them,” the Commissioner stated.
Giving an overview of the operation, General Manager of LASEMA, Mr Tiamiyu Adeshina, explained that the main rationale behinde the entire simulation process was the display of synergy that exists among all those involved in attending to emergency situations.
He added that exercise was intended to sharpen synergy, foster collaboration, improve the level of preparedness and increase the response capability of relevant stakeholders in the management of multiple casualty incident especially along the 3rd Mainland Bridge known do such multiple accident cases.
“There is nothing to panic about, this simulation exercise is delibrately planned to prepare our men, that is all emergency responders for a situation like this.
“After this exercise now, LASEMA and other stakeholders involved in this simulation process will go back to the drawing board to reappraise our performances, evaluate the entire rescue operation and design a better way to handle this type of scenario whenever it happens.
“It is part of the proactive measures we decided to carry out so that we won’t start learning how to combat real accident scenes when very precious lives would be involved,” the General Manager averred.
He described the entire synergy among the responders as perfect, saying that the equipment and professional skills of the rescuers have been put to test and can successfully handle real-life situations similar to the simulated accident scene.
He reassured Lagosians that wherever they are and at whatever time of the day, LASEMA with the support of other relevant stakeholders will do all within their power to make sure that they are safe.
Mr Tiamiyu disclosed that the simulation exercise that was concluded within an hour on the 3rd Mainland Bridge was a result of meticulous paper work, planning and several round table meetings that lasted for over 4 months.
The General Manager urged residents of the state to always remember the free-toll emergency line of 767 and 112.
He said, “Dont leave anything to chance, take advantage of this free lines and activate the call immediately an emergency is perceived so that swift assistance can come and the degree of injuries or casualities will be very minimal.”
He said that throughout the period of the rescue operation there was adequate traffic traffic control on the bridge, live update on television stations where motorists and Lagosians at large were advised not to panic.
The nickname given to the rescue operation ‘Oko Jasosa’ derived its name from the vehicle that plunged into the Lagos lagoon from the simulated accident that involved a luxurious bus and five other vehicles.
The exercise involves men of the LASEMA Response Unit (LRU), Lagos State Fire Service, Lagos State Ambulance Service (LASAMBUS) State Environmental Health and Monitoring Unit (SEHMU ), Lagos State Traffic Management Authority (LASTMA), Lagos State Neighborhood Safety Corps, Lagos State Waterway Authority (LASWA), Rapid Response Squard (RRS), Marine Police National Emergency Management Agency (NEMA) Nigerian Security & Civil Defence Corp and Federal Road Safety Corps (FRSC).
By Dipo Olowookere
The stock market marginally increased by 0.03 per cent on Tuesday after the Central Bank of Nigeria (CBN) decided to retain the benchmark interest rate at 27.50 per cent to monitor the effect of the recent drop in inflation.
The rebound at Customs Street yesterday occurred amid a pocket of profit-taking in key sectors of the market, especially in the banking space.
Data showed that the industrial goods sector shed 1.25 per cent, the consumer goods industry fell by 0.87 per cent, the commodity counter depreciated by 0.22 per cent, and the banking index went down by 0.14 per cent.
However, the gains recorded by the insurance and energy sectors lifted the Nigerian Exchange (NGX) Limited as they respectively closed higher by 1.41 per cent and 0.25 per cent.
Consequently, the All-Share Index (ASI) improved by 32.64 points to 109,730.47 points from 109,697.83 points, and the market capitalisation jumped by N21 billion to N68.966 trillion from N68.945 trillion.
During the session, the market participants bought and sold 487.1 million stocks worth N13.0 billion in 18,587 deals compared with the 486.1 million stocks valued at N11.4 billion traded in 24,883 deals a day earlier, indicating a shortfall in the number of deals by 25.30 per cent, and a leap in the trading volume and value by 0.21 per cent and 14.04 per cent, respectively.
Fidelity Bank witnessed increased activity yesterday, ostensibly because of the recent news report about a judgement debt from the Supreme Court.
Despite the clarification made by the lender concerning the issue, it came under selling pressure on Tuesday, with 60.2 million units sold for N1.1 billion to lead the activity chart.
UBA transacted 36.4 million units worth N1.3 billion, Custodian Investment traded 35.6 million units valued at N698.8 million, Tantalizers exchanged 27.6 million units for N76.4 million, and United Capital traded 26.7 million units worth N496.4 million.
Business Post reports that investor sentiment was weak during the trading day, with a negative market breadth after the bourse ended with 31 price gainers and 32 price losers.
The trio of Regency Alliance, Tripple G, and Nestle Nigeria gained 10.00 per cent each to sell for 66 Kobo, N2.20, and N1464.10 apiece, as Tantalizers appreciated by 9.88 per cent to N2.78 and Multiverse improved by 9.60 per cent to N9.70.
On the flip side, Berger Paints depreciated by 9.98 per cent to N21.20, Mutual Benefits shed 9.80 per cent to settle at 92 Kobo, ABC Transport tumbled by 9.77 per cent to N2.40, Aradel Holdings crashed by 8.55 per cent to N460.00, and Caverton lost 7.09 per cent to trade at N3.80.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says the Naira is stable and more competitive in the foreign exchange market, indicating stability for the Nigerian economy.
He made the disclosure at the end of the 300th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, May 20, where key interest rates were held steady for yet another period.
“Given the relative stability in the foreign exchange market, members urge the bank to sustain the implementation of the ongoing reforms to further boost the economy,” Mr Cardoso said.
Business Post reports that the Naira had closed at N1,598 per Dollar at the official FX market on Monday.
He said the MPC also lauded new policies introduced by the federal government to boost local production, reduce foreign exchange demand pressure, and lessen the pass-through of higher rates to domestic prices.
The CBN Governor also said the MPC believes that the Nigerian economy is now stable, urging private individuals interested in investing in the economy to take the initiative.
The apex bank retained the Monetary Policy Rate (MPR) at 27.50 per cent, same as the asymmetric corridor around the MPR at +500/-100 basis points, and helf the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent and Merchant Banks at 16 per cent, and retain the Liquidity Ratio at 30.00 per cent.
While relating the decision of the MPC on Tuesday, Mr Cardoso referenced the National Bureau of Statistics (NBS) inflation rate for April, pegged at 23.71 per cent.
According to NBS, the annual inflation rate fell to 23.71 per cent in April 2025, from 24.23 per cent in the prior month. Food inflation, the largest component of the inflation basket, remained elevated but moderated to 21.26 per cent from 21.79 per cent in March, mainly on account of prices of some items such as maize, wheat, yam and wheat.
“The inflation numbers speak for themselves. The overall trajectory is in the right direction. There is no one solution to solve the economic challenges. What will solve the problem is a multiplicity of overall efforts.
“The journey will begin to yield greater results as time goes on, given the relative stability in the foreign exchange market,” he said.
The CBN Governor added that the Naira is more competitive and “this should encourage more exports if we continue in the trajectory. I am very optimistic.”
By Adedapo Adesanya
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has left the interest rates unchanged as it awaits more data to determine the inflation outlook.
According to an announcement by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 300th MPC meeting on Tuesday, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent, the Cash Reserve Ratio (CRR) at 50 per cent, and the Liquidity Ratio (LR) at 30 per cent.
This was widely expected as inflation cooled to 23.71 per cent in April 2025, according to the latest report by the National Bureau of Statistics (NBS).
Although at 23.71 per cent, the inflation levels remain elevated and strains on the Naira have only recently abated after an initial selloff in April caused by a slump in the price of oil, the country’s main export.
Business Post reports that the World Bank had recently projected that Nigeria’s inflation may moderate to 22.1 per cent this year, higher than the 15 per cent targeted by the Bola Tinubu-led administration.
There are also indications that if inflation slows down in the next two months, Nigeria might start cutting rates in the next half of 2025.
Nigeria may see “some room for the CBN to cut rates” in the second half of the year as disinflation is expected, Mr Gbolahan Taiwo, an analyst at JPMorgan Chase & Co. said in a client note.
The MPC meeting is the first rate-setting meeting since the US imposed a 10 per cent universal tariff and slapped China, Africa’s largest trading partner — with a 145 per cent levy before reducing it to 30 per cent for 90 days.
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