Economy

Lagos Targets 4% GDP Growth in 2019

Published

7 years ago

25/12/2018

**Dedicates 2019 Budget to Capital Projects
By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State has said his administration hopes to achieve a 4 percent growth in its Gross Domestic Product (GDP) in 2019.

Speaking separately on Monday evening at the Christmas Eve Dance of Yoruba Tennis Club and Island Club, two foremost social clubs in the country, Mr Ambode said next year’s budget would be dedicated towards the completion of ongoing infrastructural projects, creation of more jobs, supporting businesses to thrive, as well as strengthening the security architecture of the state.

The Governor said while it was gratifying that a lot of provisions had been made for capital projects in the 2019 federal budget, the state government would also concentrate on scaling up infrastructure, among other programmes to enhance growth and development.

“The economic outlook for 2019 is quite positive. A lot of provision has been made for capital projects in the 2019 federal budget, some of which will directly impact the economy of our state and will support our growth plans. On our part, we will concentrate on completing existing infrastructural projects, creating more jobs, supporting our businesses to thrive and strengthening our security infrastructure.

“According to IMF, the Nigeria GDP will grow from 1.9% in 2018 to 2.8% in 2019. Lagos on a stand-alone basis will achieve over 4% growth in GDP and this could be more if the congestion at the port and the negative effect this has on the economy is addressed. We expect that the high rate of unemployment will reduce with various social intervention programmes of the state and federal governments geared towards financial inclusion and liquidity support to micro, small and medium enterprises,” the Governor said.

While recalling the activities of his administration in the last three and half years, Governor Ambode said it was particularly fulfilling that the state had made tremendous progress in all sectors of the economy and had become more globally competitive and strategically positioned among the major city-states worldwide.

“Three and a half years down the line, our state has progressed in all sectors of the economy. We have charted a clear path to the destination we have all dreamt about and desired. Today, our Lagos has become more globally competitive and strategically positioned among the major city-states of the world. Our state has become a top destination for business and tourism and it can only get better.

“One of the key promises I made at my inauguration on May 29th, 2015 was to make our state work for all; to spread development from the already congested city centre to other parts of the state with massive infrastructural development. The thinking has been to make every part of the state economically liveable.

“We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiatives were made possible by the personal taxes of high net worth residents of our state represented at this gathering which account for a significant percentage of our IGR and I want to use this opportunity to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our state,” he said.

Besides, Governor Ambode said it was obvious that the State could not afford a break in trajectory of progressive governance at this point in time, and urged the people to continue to support the ruling party in the state.

He cited the recently launched Lagos Health Insurance Scheme designed to guarantee access to quality healthcare delivery for all Lagosians, saying it was instructive that the bill for the scheme was signed into law by his predecessor, Mr Babatunde Fashola, while the process for its implementation was kick-started by his administration.

“This is the beauty in continuity and we have the assurances of Mr Babajide Sanwo-Olu, governorship candidate of All Progressives Congress (APC) in the state that the initiative will be sustained.

“Lagos State cannot afford the risk of a break in the trajectory of progressive governance at this crucial stage of development. The future is bright and assured. We must maintain continuity of progress in the state,” he said.

Governor Ambode also commended the clubs for their immense contributions to the development of the atate, and charged them to continue to play key part in taking Lagos into a brighter and more prosperous future.

In their respective addresses, Chairman of Island Club, Mr Olabanji Oladapo and his counterpart in Yoruba Tennis Club, Professor Adetokunbo Fabamwo commended Governor Ambode for the various infrastructural projects executed in the clubs, saying it was laudable that the Governor kept his promise.

Economy

MTN to Acquire Additional 75% Stake in IHS Holdings for Full Control

Published

1 hour ago

06/02/2026

Adedapo Adesanya

By Adedapo Adesanya

MTN Group, Africa’s largest mobile network operator, has entered advanced discussions to buy approximately 75 per cent of shares in IHS Holding Limited (IHS Towers) that it does not already own.

The move would give the South African telco full control of IHS, which is the leading independent tower operator in several of its key markets, providing colocation services and supporting the expansion of mobile networks in regions with growing demand for digital connectivity.

In a cautionary announcement to investors on Thursday, MTN confirmed it is considering a transaction to acquire the remaining stake in the New York Stock Exchange-listed IHS, following recent market speculation.

The potential offer price would be “at a level near the last trading price” of IHS shares on the NYSE as of February 4, 2025, a period when the stock has seen a sharp rise in recent months, reflecting renewed investor confidence in the sector.

No binding agreement has been reached, and MTN emphasised there is no certainty that the deal will proceed.

However, if completed, the transaction could materially impact MTN’s share price, prompting the company to advise shareholders to exercise caution in trading until further updates.

MTN already holds a significant stake in IHS and maintains a deep operational partnership across multiple African markets.

Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback deals, including a major transaction in South Africa in 2022 involving over 5,700 towers.

These arrangements allowed MTN to free up capital from infrastructure while securing long-term tower access via master lease agreements.

A full buyout would represent a dramatic strategic pivot for MTN, effectively bringing tower infrastructure back in-house after years of outsourcing to specialised operators like IHS.

MTN has previously voiced concerns about corporate governance at IHS, adding context to its cautious approach in the announcement.

If the deal falls through, MTN said it would continue exploring options to unlock value from its IHS investment, consistent with its disciplined capital allocation strategy.

The potential acquisition underscores the evolving dynamics in Africa’s telecom infrastructure sector, where operators weigh the benefits of owning versus leasing critical assets amid rising data demands and economic pressures.

Economy

NASD Exchange Moves Higher by 0.77%

Published

1 hour ago

06/02/2026

Adedapo Adesanya

By Adedapo Adesanya

For the third consecutive trading session, the NASD Over-the-Counter (OTC) Securities Exchange ended in the green territory, rising further by 0.77 per cent on Thursday, February 5.

Two price gainers helped the bourse to rally during the session, with the market capitalisation up by N16.87 billion to N2.197 trillion from N2.180 trillion and the NASD Unlisted Security Index (NSI) up by 3.18 points to 3,672 points from the 3,644.48 points in the midweek session.

The advancers’ group was led by Central Securities Clearing System (CSCS), which added N3.70 to sell at N48.67 per share versus the previous day’s N44.97 per share, and Afriland Properties Plc expanded by N1.01 to N15.01 per unit from N14.01 per unit.

It was observed that the alternative stock exchange recorded two price losers led by Geo-Fluids Plc, which further lost 51 Kobo to sell at N4.75 per share versus Wednesday’s closing price of N5.26 per share, and Industrial and General Insurance (IGI) declined by 6 Kobo to 59 Kobo per unit from 65 Kobo per unit.

During the session, the volume of securities transacted by investors slid by 51.9 per cent to 1.2 million units from 2.5 million units, the value of securities went down by 32.0 per cent to N12.0 million from N17.7 million, and the number of deals increased by 27.8 per cent to 23 deals from 18 deals.

At the close of trades, CSCS Plc was the most traded stock by value on a year-to-date basis with 16.2 million units exchanged for N659.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units traded for N117.8 million, and Geo-Fluids Plc with 12.3 million units valued at N79.1 million.

CSCS Plc remained the most active stock by volume on a year-to-date basis with 16.2 million units sold for N659.9 million, trailed by Mass Telecom Innovation Plc with 13.6 million units valued at N5.5 million, and Geo-Fluids Plc with 12.3 million units worth N79.1 million.

Economy

NGX Index Crosses 170,000 Points as Investors Sustains Buying Pressure

Published

2 hours ago

06/02/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded another milestone after it further closed higher by 1.18 per cent on Thursday amid renewed confidence in the market.

The All-Share Index (ASI) crossed the 170,000-point threshold during the session as it added 1,975.18 points to the preceding day’s 168,030.18 points to settle at 170,005.36 points.

Also yesterday, the market capitalisation of Customs Street was up by 1,268 trillion to N109.129 trillion from the N107.861 it ended a day earlier.

The growth recorded during the session was powered 55 equities, which outweighed the losses recorded by 19 other equities.

Guinea Insurance expanded by 10.00 per cent to N1.43, Seplat Energy grew by 10.00 per cent to N7,370.00, RT Briscoe increased by 9.95 per cent to N11.49, Neimeth chalked up 9.90 per cent to close at N11.10, and Zichis rose by 9.89 per cent to N6.11.

At the other side, Deap Capital lost 9.62 per cent to trade at N6.20, Universal Insurance slipped by 9.43 per cent to N1.44, Haldane McCall declined by 9.09 per cent to N4.00, Red Star Express went down by 9.04 per cent to N15.60, and UPDC depreciated by 7.02 per cent to N5.30.

Business Post reports that the energy index was up by 4.68 per cent, the industrial goods improved by 0.79 per cent, the banking space grew by 0.64 per cent, and the consumer goods sector soared by 0.11 per cent, while the insurance counter lost 0.31 per cent.

Yesterday, market participants traded 713.0 million stocks valued at N22.3 billion in 46,104 deals versus the 694.8 million stocks worth N20.6 billion transacted in 42,095 deals on Wednesday, showing a spike in the trading volume, value, and number of deals by 2.62 per cent, 8.25 per cent, and 9.52 per cent, respectively.

Access Holdings sold 106.6 million shares valued at N2.5 billion, Chams transacted 44.5 million equities worth N201.3 million, Champion Breweries traded 44.5 million stocks for N774.3 million, Universal Insurance exchanged 34.8 million shares worth N53.6 million, and Deap Capital sold 22.7 million equities valued at N141.9 million.