Economy
NCDMB Pushes for Industrialisation Through AfCFTA
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has said that Africa’s industrialisation agenda is at the heart of the African Continental Free Trade Agreement (AfCFTA) and fossil fuels remains a very significant part of the energy mix required for industrialising the continent.
This was disclosed by Mr Simbi Wabote, the Executive Secretary of the board, during his keynote address at the 9th Anniversary Lecture and Investiture into the Realnews of Fame Hall of Fame in Lagos.
Mr Wabote said that revenues obtained from the sale of the hydrocarbon resources would remain “key drivers of the economies of the African oil and gas producing countries.”
He noted that the pull of investments on hydrocarbon development projects is indeed a challenge for oil-producing countries such as Nigeria.
Speaking on resolving the impending challenge of investments in the oil and gas industry, Mr Wabote said that the key areas of focus that could be used to address this challenge included the collaborative platform provided by AFCFTA to provide funding and the technology required to operate and develop hydrocarbon projects.
“The second is to have in place an investment-friendly law such as the Petroleum Industry Act (PIA) 2021. This will come in handy to attract much-needed funds for project developments when the effect of the premature halting of new hydrocarbon projects lead to supply shortages with attendant unbearable price hikes,” he said.
According to him, there is a need to increase in-country hydrocarbon resource utilisation.
“For crude oil, this can be realized through massive refining and production of petrochemicals.
“In realisation of the enormous prospects that gas holds as a cleaner, more efficient fuel in Nigeria, President Muhammadu Buhari declared the year 2021 to 2031 as the Decade of Gas.
“As variously espoused by Mr President and the Honorable Minister of State for Petroleum Resources at various fora, the future of Nigeria’s hydrocarbon industry is in GAS.
“Thus, I am extremely pleased that the Ministry of Petroleum Resources, under the sterling leadership of President Muhammadu Buhari and the Honorable Minister of State for Petroleum Resources, Timipre Sylva, have commenced implementation of several initiatives that seek to develop the gas sector in line with the ‘’Decade of Gas’’ declaration.
“Construction works on NLNG Train-7 has commenced which will increase the current capacity of the plant by 30 per cent. The 614km-long Ajaokuta-Kaduna-Kano (AKK) gas pipeline under construction by NNPC is expected to transport 3.5bscf/day of gas,” he said.
He disclosed that other initiatives that have been put in place in line with the ‘’Decade of Gas’’ declaration include the Nigeria Gas Flare Commercialisation Program, NGFCP, and the Nigeria Gas Expansion Program, NGEP, aimed at deepening domestic utilisation of LPG and Autogas.
On the developments at the NCDMB, Mr Wabote said: “We are also pursuing various aspects of gas development and utilization programs to enhance the delivery of government policy directives on gas. 59. 70 per cent of our partnership investment programs are targeted towards gas development projects.
He assured that AfCFTA holds a great promise for the economic growth and development of Nigeria and indeed other African countries and that “there is no doubt that the Nigerian oil and gas industry has a role to play in AfCFTA and urged all the key stakeholders in the oil and gas industry to align with the industry to better fit into the AfCFTA regime.
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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