Economy
Nigeria-EU Trade Volume Rises 25% to €28.7bn in 2021—Envoy
By Adedapo Adesanya
The trade volume between Nigeria and the European Union (EU) increased to €28.7 billion in 2021, the Ambassador to the EU Delegation to Nigeria and other states in West Africa, Ms Samuela Isopi, has disclosed.
The envoy, while speaking at the Europe Day celebration, which was held at the EU Residence in Abuja to celebrate peace and unity among EU members, stated that the volume of trade last year was 25 per cent higher than 2020 figures.
The theme of the 2022 Europe Day celebration is Peace, Cooperation and Unity. The celebration holds every May 9 after Robert Schuman Declaration which launched the European projects and had a special focus on trade that has been disrupted since Russia declared war on Ukraine.
Ms Isopi said that the EU as a bloc remained Nigeria’s biggest trading partner, accounting for more than 20 per cent of Nigerian trade with the world.
”In 2021 the volume of EU-Nigeria trade stood at €28.7 billion, an increase of more than 25 per cent over 2020, with a trade balance of €6.4 billion in favour of Nigeria,” she said.
According to her, the bloc is Nigeria’s first partner in foreign direct investment, with EU companies contributing, together with their Nigerian business partner, to the country’s economic growth, job creation and wealth generation.
She said the bloc was looking further into strengthening these relations and to help create the necessary condition for the private sector to operate and contribute to developing the country.
Ms Isopi said the bloc would continue to work with the EU Member States, the European Investment Bank and other EU Development Financial Institutions, as ‘Team Europe’ to implement their joint vision.
The envoy also pledged the EU’s determination to continue working with Nigeria to enhance security, development and its vision for the future.
She added that the bloc in bringing back peace in the North-East and that it would support recovery, peacebuilding and the fight against terrorism and violent extremism, through the Multinational Joint Task Force
Ms Isopi said that the bloc would want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.
She added that the idea of Schuman worked and also the project to unite the nations was today more relevant than ever.
“To our citizens, but also to the world and to our partners, such as Nigeria, who share the same values that are at the heart of our union.
“And, who want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.
“The bloc has seen crises starting from Brexit, COVID-19 pandemic which has profoundly affected European countries and economies and deeply transformed our societies.
“Observers predict that the EU was doomed to fail but with challenges come opportunities.
“The bloc has responded with unparalleled unity and solidarity, taking bold and unprecedented common decisions that have deepened our union,” she said.
She added that the celebration has an important meaning because, since February 24, Europe has seen the return of war on a large scale on its soil.
The envoy said that a war whose impact was felt across the world, but that affects first and foremost Europe and the EU.
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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