By Dipo Olowookere

The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday with a 0.03 per cent growth amid a bearish market sentiment.

Data showed that the bourse finished with 24 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.

This was due to the persistent cautious trading by the market participants because of the global trade war between the United States and China.

Business Post reports that the banking space was down yesterday by 0.11 per cent as a result of profit-taking activities by investors, though this did not affect the general outcome of Customs Street because of the gains recorded by the others.

The consumer goods index appreciated by 0.72 per cent, and the insurance counter improved by 0.15 per cent, while the energy, industrial goods and commodity sectors closed flat.

At the close of business, the All-Share Index (ASI) chalked up 30.40 points to settle at 104,560.02 points compared with the previous day’s 104,529.62 points and the market capitalisation grew by N19 billion to N65.704 trillion from N65.685 trillion.

Abbey Mortgage Bank gained 9.94 per cent to sell for N7.41, Unilever Nigeria appreciated by 9.65 per cent to N38.05, Learn Africa jumped by 8.33 per cent to N3.25, Secure Electronic Technology surged by 7.41 per cent to 58 Kobo, and Consolidated Hallmark advanced by 7.27 per cent to N2.95.

On the flip side, Northern Nigeria Flour Mills declined by 9.97 per cent to N79.00, The Initiates fell by 9.57 per cent to N4.25, Caverton descended by 9.06 per cent to N2.31, Guinea Insurance depreciated by 8.70 per cent to 63 Kobo, and NGX Group lost 8.56 per cent to quote at N31.50.

The activity log was mixed yesterday as the trading value went up by 3.81 per cent, while the trading volume and the number of deals went down by 13.87 per cent and 9.29 per cent apiece.

A total of 368.8 million shares valued at N10.9 billion were traded in 13,228 deals during the session versus the 428.2 million shares worth N10.5 billion transacted in 14,583 deals on Monday.

Fidelity Bank was the most active stock of the day with a turnover of 47.4 million units worth N867.0 million, Access Holdings traded 28.1 million units for N592.2 million, Zenith Bank sold 23.1 million units valued at N1.2 billion, UBA exchanged 22.0 million units worth N690.5 million, and FCMB transacted 20.8 million units valued at N185.1 million.

By Adedapo Adesanya

By Adedapo Adesanya

The Nigerian government has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.

The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).

The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.

Nigeria became the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).

The Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole, while announcing the development on her official X handle, said the manufacturing and agriculture sectors in Nigeria are poised to see improvements because of this actions.

She said AfCFTA would trigger a 73 per cent growth in tarde volume in the agriculture and fishing sectors, adding that prices of items should begin to see a downtrend as a result because of competition.

“Stronger sectors, stronger Nigeria,” she noted in a statement issued by the Director for Press and Public Relations in her ministry, Mr Adebayo Thomas.

The Minister further said the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade, stressing that the gazetting and transmission of tariffs to the secretariat signified the country’s readiness for trade under the agreement.

Mrs Oduwole said the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.

The AfCFTA agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.

Essentially, Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.

President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.

Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.

The gazetting of the schedule of tariff concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.

Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.

The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.

The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.