Economy
LCCI Welcomes FG’s VAT Exemption, Seeks More Energy Incentives
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has lauded the federal government’s decision to exempt cooking gas and diesel from Value Added Tax (VAT) and other incentives in the oil and gas sector.
The body said the steps would lower industries’ operational costs, reduce Nigerians’ overall cost of living, and increase access to clean energy.
Recently, the federal government announced the introduction of incentives, including VAT Modification Order 2024 and notice of tax incentives for deep offshore oil and gas production.
In its reaction, the LCCI said these measures will lower the operational costs for industries, reduce the overall cost of living for Nigerians, and increase access to clean energy.
In a statement signed by the Director General of LCCI, Mrs Chinyere Almona, it highlighted some quick impact fiscal interventions that could ease the harsh economic conditions.
The group also said the transition to Compressed Natural Gas (CNG) mobility would offer an opportunity to make energy more affordable, create jobs, and reduce emissions.
LCCI argued that businesses have been struggling to survive under the tight monetary stance of the government for the past 18 months.
“We acknowledge the significant step towards alleviating the burden on businesses and households by removing the Value-Added Tax (VAT) on diesel and cooking gas.
“This well-considered move will provide immediate relief, especially as these commodities are essential to daily life and economic activities.
“Implementing the VAT Modification Order 2024 and Notice of Tax Incentives for Deep Offshore Oil & Gas Production are significant fiscal incentives that can revitalise Nigeria’s oil and gas sector,” she said.
LCCI recalled that for too long, the high cost of diesel had weighed heavily on the manufacturing sector, logistics, and transportation while cooking gas, a cleaner and healthier alternative for households, had been made less affordable by VAT impositions.
“This policy shift will undoubtedly lower the operational costs for industries, reduce the overall cost of living for Nigerians, and increase home access to clean energy.”
The chamber argued that a successful transition to CNG mobility would require all the possible incentives that could speed up its deployment.
These interventions include tax reliefs for deep offshore oil and gas production that could boost oil and gas sector investments.
“The business community is upbeat about the government’s efforts towards transitioning to Compressed Natural Gas (CNG) as an alternative fuel for mobility.”
LCCI also offered some recommendations that would ensure that the shift to CNG mobility is smooth, efficient, and impactful in reducing costs for the Nigerian people.
The body said that it is critical to establish and expand the infrastructure for CNG refuelling stations across the country to achieve the desired widespread adoption of CNG.
“Currently, access to CNG refuelling points is limited, creating a barrier to adoption.
“The success of CNG mobility depends heavily on public acceptance and understanding of its benefits.
“A comprehensive awareness campaign should be launched to educate citizens and businesses on the cost advantages to individuals, cost savings for the government, and the positive environmental impact of CNG adoption.
“Transitioning to CNG requires vehicle modifications, which can be cost-prohibitive for individuals and small businesses. The government should consider creating incentives or subsidies for vehicle owners to convert their engines to run on CNG.
“The shift to CNG presents an opportunity for job creation in the energy and automotive sectors.
“We need programmes to equip existing mobility entrepreneurs like mechanics, road transport workers, and commercial bus drivers with the necessary skills for CNG-related jobs, from vehicle conversions to infrastructure maintenance and operation.”
LCCI also called for the full implementation of Naira payments for crude oil sales to the Dangote Refinery and other local refineries, which was scheduled to start on October 1, 2024.
“This move will herald a significant milestone in Nigeria’s economic transformation.
“We urge the government to sustain the political will to be consistent with the reforms in the oil and gas sector and implement the Petroleum Industry Act (PIA) fully.
“We see the long-term gains of these reforms if they are implemented under a conducive regulatory environment.
“Removing VAT on diesel and cooking gas is a bold step towards reducing the cost of living for Nigerians, but it is only the beginning.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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