Economy
Lagos Sets up Virtual Market to Boost Informal Sector
By Dipo Olowookere
In order to boost informal sector in Lagos State as well as its economy, the state government has created a new virtual market.
This market would be easily accessible to all competent and skilled artisans registered with the Ministry of Wealth Creation and Employment in the state.
They would be able to transact businesses with their prospective customers across the globe on the new platform.
Commissioner for Wealth Creation and Employment in the state, Mr Babatunde Durosimi-Etti, disclosed at a two-day sensitization programme on Artisans’ Virtual Market at Alausa, Ikeja, that the platform will make it easy for artisans to have access to capital, finance and also benefit from the State Employment Trust Fund (ETF).
Mr Durosimi-Etti added that the virtual market initiative which is one of the windows of opportunity explored by the present administration to encourage and promote indigenous services and goods was conceived over a year ago to complement the efforts of artisans and address the issue of inadequate patronage.
“One additional benefit of this training and initiative is that it will make it easy for you to network business ideas, increase your income and also share experiences and knowledge with artisans who have equally excelled in the same business or services with you,” Mr Durosimi-Etti stated.
He advised the artisans to continue to be abreast of happenings and development in their various vocations as their services and skills would henceforth be assessed with the world standard.
The Commissioner told them to prioritize the satisfaction of their customers, be truthful and open in their dealings so that those patronizing them can continue to repose confidence in them and also connect them to those that will equally need their services.
Mr Durosimi-Etti also disclosed that the Ministry is in the process of compiling a compendium of registered artisans in the State to further scale up the informal sector, increase job opportunities and also grow the Gross Domestic Product (GDP) of the State.
“The compendium will be launched before the end of the year and will contain relevant information about all registered artisans in Lagos with their registration numbers,” Mr Durosimi-Etti disclosed.
Head of Entrepreneurship in the Ministry, Mrs Taiwo Abiose said that the State Government considered it expedient to standardize the operations of artisans to meet up with what obtains in other developed climes.
According to her, the state government wants a situation whereby efforts being put into trade and vocation by artisans will tally with their earnings.
President of Lagos State Council of Tradesmen and Artisans (LASCOTA), Mr Nurudeen Buhari used the occasion to emphasise the need for all practising artisans in the state to register with the association, saying that registered members of the Association have benefitted from the ETF initiative while others are also beneficiaries of different training programmes organised by the state government for LASCOTA.
He said the State government is fulfilling its promises as the government is currently in talks with the association to engage some of its members and also connect and recommend the members to other private organisations that require their services.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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