By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited would soon commence, but did not give a specific timeline.

He made this disclosure while speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World Bank spring meetings in Washington D.C, the US, also attended by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

He explained that the recent rejigging of the management of the NNPC was part of the cleansing the federal government has taken to audit the company

Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence.

Mr Edun told the foreign investors that the government, through its veracious reforms, have laid the foundation that would make the country the desired destination for private investors as he said the country is on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.

The Minister said the administration of President Bola Tinubu has implemented foundational reforms that are now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.

“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he stated.

The finance minister further emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington.

“We said we would do it, and now we have done it. This time, we’re staying the course,” Mr Edun added.

He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, adding that the government is now shifting its focus to targeted sectoral growth.

“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.

On infrastructure, the minister revealed the rollout of 90,000km of fiber optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs.

In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.

By Adedapo Adesanya

The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.

The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.

The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.

“The purpose of the visit was to promote regional integration in shipping activities and support exportation.

“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.

“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.

“The NSC is committed to improving ease of doing business,” he said.

On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.

By Adedapo Adesanya

UBN Property Plc further sank the NASD Over-the-Counter (OTC) Securities Exchange in the red territory by 0.48 per cent on Wednesday, April 23.

The property investment company lost 7 Kobo of its share value to settle at N2.10 per unit compared with the preceding day’s price of N2.17 per unit.

As a result, the market capitalisation of the bourse went down by N9.19 billion to N1.908 trillion from N1.917 trillion and the NASD Unlisted Security Index (NSI) slumped by 105.70 points to 3,259.08 points from the previous session’s 3,274.78 points.

There was a 500.5 per cent rise in the volume of securities transacted in the midweek session to 1.05 million units from the 174,634 units traded in the previous trading day.

However, the value of transactions decreased by 9.1 per cent to N2.6 million from N2.86 million and the number of deals dropped by 31.3 per cent to 11 deals from 16 deals.

At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.

Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.6 million valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.8 million units for N572.0 million, and Impresit Bakolori Plc with a turnover of 533.9 million units worth N520.9 million.