Economy
NEXIM Bank, Indonesia Eximbank Fortify Bilateral Ties
By Modupe Gbadeyanka
In a bid to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between Indonesia and Nigeria, a Memorandum of Understanding (MoU) has been signed between the Indonesia Eximbank and the Nigerian Export-Import Bank (NEXIM Bank).
The MoU, according to a statement issued by the Head of Corporate Communication Department at NEXIM, Chinedu Moghalu, is strictly limited to the expressed desires of the parties to enhance cooperation in respect of the matters set out in the document. It is not intended to impose or create any legally binding rights or obligations on the parties.
It is also to foster trade, technical assistance, experience and information sharing, including other investment relations in a way that would promote financing, guarantees, insurance and counter trade instruments to increase transactions between Indonesia and Nigeria.
Managing Director of NEXIM, Mr Abba Bello, expressed his delight that both banks were able to quickly come to terms on the Articles of the MoU considering the brevity of time spent in the negotiations, showing commitment on both sides to work towards a more mutually beneficial relationship.
He further indicated that by virtue of both banks’ membership of the Global Network of Eximbanks and Development Finance Institutions (DFIs) G-NEXID, he hopes that the intentions expressed in the MoU would be much easier to pursue.
NEXIM Bank has been the honorary president of G-NEXID since May 2015.
Mr Abba informed the Indonesia Eximbank team that NEXIM Bank was established by Act 38 of 1991 as an Export Credit Agency with the broad mandate of promoting the diversification of the Nigerian economy and deepening the external sector, particularly the non-oil export sector.
The bank, he said, pursues this through the provision of credit facilities in both local and foreign currencies; risk-bearing facilities through export credit guarantee & export credit insurance as well as business development and financial advisory services etc.
Presently, its current strategic initiatives are geared towards boosting job creation and foreign exchange earnings in the Manufacturing, Agro-processing, Solid Minerals and Services (MASS) sectors in alignment with the efforts of the federal government to diversify the economy, create jobs and increase both the value and sources of foreign exchange earnings in the country.
Mr Bello assured his Indonesian counterpart that NEXIM would do all within its mandate in regard to the intentions expressed in the document. Concluding, he expressed his hope that the MoU will strengthen Nigeria’s existing bilateral relations with Indonesia through increased technical assistance, promotion of non-oil export trade and other economic activities and thereby provide more support to the Government’s efforts to diversify the economy.
In his response, the Managing Director of Indonesia Eximbank, Mr Dwi Wahyudi, expressed his satisfaction that the two institutions have established a viable intention to forge strong collaborative relationship as signalled by the MoU.
Mr Wahyudi expressed hopes that the MoU signed with NEXIM Bank would spur meaningful bilateral cooperation between the two countries for the promotion of the intentions expressed in the Articles.
This becomes more germane given the readiness of the Government of Indonesia to enhance more mutually beneficial economic relations with Nigeria as indicated during the official visit of the Minister for Foreign Affairs of the Republic of Indonesia, Mrs Retno Marsudi, in June this year.
Mr Wahydi disclosed that the Indonesia Eximbank was incorporated by virtue of Law Number 2/2009, as an export credit institution that provides export financing in the form of security, insurance and consultation services.
Like NEXIM, the Indonesian Eximbank supports its Government’s economic development aspirations by providing financing for (a) businesses that are into production of goods and services for export; (b) viable projects that are not attractive to commercial banks but have the prospects to increase the national export base; and (c) providing assistance to overcome the obstacles facing banks or other financial institutions in providing financing for exporters through various export credit instruments.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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