Economy
Nigerian Equities Grow 31.87% in 9 Months
By Modupe Gbadeyanka
In the first nine months of 2017, the Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 31.87 percent.
According to the latest report released by FSDH Research, this was attributed to improvements in the country’s economy since the beginning of this year.
FSDH Research’s historical analysis shows that there is a strong correlation between the movement in crude oil price and the Nigerian equity market.
The consensus on the short-term outlook for crude oil (Bonny Light) price is that it will remain above $50 per barrel.
The sustained high crude oil price coupled with improved oil production has led to a sustained accretion to the external reserves, which stood at $32.74 billion as at October 3, 2017.
The firm said it expects a continued boost to the external reserves in the short-to-medium term as oil price and production continue to strengthen because it is positive for the equity market.
Additionally, the introduction of the Investors’ and Exporters’ Foreign Exchange (FX) Window (I&E Window) has increased the supply of foreign exchange into the Nigerian economy and led to relative stability in the FX market. The I&E Window has also attracted more foreign investments into Nigeria. FSDH Research’s analysis of the capital importation data from the Central Bank of Nigeria (CBN) between January and July 2017 shows that there was a growth in capital importation in 2017, compared with 2016.
The total capital importation between January and July 2017 stood at $3.76 billion, representing a growth of 85.32 percent over $2.03 billion recorded in the corresponding period of 2016.
Other Investments (OI) – Loans attracted the highest capital of $1.69 billion between January and July 2017, closely followed by Foreign Portfolio Investment (FPI) – Equity of $1.15 billion, and Foreign Direct Investment (FDI) – Equity of $513.23 million.
FSDH Research said it expects continued foreign inflow into the equity market as the FX market remains stable.
It pointed out that this improved liquidity will boost the expected rally in the equity market. The drop in the yields on the fixed income securities should lead to portfolio realignments in favour of the equity market to take advantage of higher returns.
At the last auction on October 4, 2017, the yield on the 364-Day NTB stood at 18.65 percent, lower than the average yield of 22.71 percent recorded between January and September 2017.
Similarly, the yield on the 16.39 percent FGN January 2022 Bond stood at 15.83 percent as at the close of trading on October 4, 2017, lower than the average yield of 16.08 percent recorded between January and September 2017.
FSDH Research notes increased economic activities in most of the sectors of the Nigerian economy in September 2017.
A review of the latest Purchasing Managers’ Index (PMI) report that the CBN published for the month of September 2017 shows that economic activities in the manufacturing and non-manufacturing sectors continue to strengthen.
The Composite Manufacturing Index (CMI) expanded for the sixth consecutive month in 2017 to stand at 55.3 points in September 2017, from 53.6 points in August 2017.
The Composite Non-Manufacturing Index (CNMI) also expanded for the fifth consecutive month to 54.9 points in September 2017 from 54.1 points in August 2017.
The report is an indication that the Q3 2017 earnings of quoted companies will be an improvement over previous quarters.
According to FSDH Research, its forecasts for the Gross Domestic Product (GDP) in Q3 and Q4 2017 show that the GDP should grow in excess of 2 percent.
The firm says it expects the equity market to respond positively to the strong Q3 2017 GDP figures that the National Bureau of Statistics (NBS) will release on 22 November 2017.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
In the competitive world of online trading, finding a trading brokerage partner that balances reliability, technological innovation, and accessible conditions is essential. Headway broker has emerged as a significant player, currently serving over 4 million users globally.
In this article, we take a detailed look at what makes this broker for trading a notable option for both novice and experienced traders.
Headway Regulatory Foundation and Safety
Safety is the cornerstone of any trading relationship. Headway broker operates under the regulation and licensing of the Financial Sector Conduct Authority (FSCA). This regulatory oversight ensures that the broker adheres to strictly defined standards for transparency and operational conduct, providing traders with an added layer of security and confidence when managing their portfolios.
Trading Platforms and Instruments
Efficiency in trading Forex and other markets is driven by the tools at your disposal. Headway provides a robust technological trading ecosystem:
Industry-Standard Platforms: The broker fully supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most widely used platforms for technical analysis and automated trading.
Proprietary Mobile App: For traders who prioritize mobility, Headway offers its own custom-built trading app. It is readily available for download on both Google Play and the App Store, allowing for seamless account management and trading on the go.
Diverse Market Access: Traders have a wide range of opportunities with access to over 300 trading instruments, ensuring plenty of choice for different strategies and asset classes.
Trading Account Types Offered by Headway
Headway broker understands that every trader enters the market with a different level of experience:
Three Account Tiers: To ensure inclusivity, the broker offers three distinct types of accounts (Cent, Standard and Pro), tailored to suit different levels of expertise and capital requirements.
Demo Account: For those looking to refine their skills without financial risk, Headway provides a comprehensive demo trading account. This is the perfect environment to practice strategies, understand how the platform works, and gain confidence before transitioning to live trading.
Customer Support and Incentives
Headway supports its user base with comprehensive resources and financial incentives:
24/7 Technical Support: Market fluctuations happen at any time. Headway provides round-the-clock technical support for the traders, ensuring that help is always available whenever a question or issue arises.
150$ No Deposit Bonus: To help new traders get started, Headway offers a $150 no deposit bonus. This is an excellent way to test the broker’s execution speed and trading environment with zero initial risk.
IB Partnership Program: Beyond individual trading, Headway fosters growth through its Introducing Broker (IB) partnership program. This allows partners to build their business and earn commissions by referring new traders to the platform.
Conclusion
With its combination of FSCA regulation, a vast range of instruments, and modern platforms like MT4, MT5, and its own proprietary app, Headway FX broker provides a comprehensive environment for modern traders. Whether you are using the demo account to hone your skills or taking advantage of the 150 no deposit welcome bonus, this broker offers the stability and tools needed for your trading journey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
