Economy
Nigerian Sovereign Investment Authority Grows Income by 343%
By Aduragbemi Omiyale
Despite the challenges posed by the COVID-19 pandemic in 2020, the Nigerian Sovereign Investment Authority (NSIA) grew its total comprehensive income by 343 per cent to N160.1 billion from N36.2 billion in 2019.
The agency, while presenting its report on Thursday at the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo, stated that it also improved its net assets by 33 per cent to N772.8 billion in 2020 from N579.5 billion a year earlier.
In his presentation, the Managing Director/CEO of NSIA, Mr Uche Orji, explained that his organisation achieved a core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.
Mr Orji attributed the strong performance in the year to the agency’s investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.
In response to COVID-19, he said the NSIA partnered with Global Citizen, a not-for-profit group, to form the Nigeria Solidarity Support Fund (NSSF), acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its Corporate Social Responsibility; in addition to staffing support to the Presidential Taskforce on COVID-19 towards combatting the pandemic.
Other major milestones reached by the NSIA were recorded across domestic infrastructure projects, specifically in roads, agriculture, healthcare, technology and gas industrialization, he informed the council, which comprises the 36 state governors, the Federal Capital Territory Minister and the Governor of the Central Bank of Nigeria (GBN), and other federal government agencies.
During the meeting, the Director-General of the Nigeria Centre for Disease Control (NCDC), Mr Chikwe Ihekweazu, updated the council on Nigeria’s response to the COVID-19 pandemic, stating that in the last two months, there has been a reduction in the number of cases globally, adding that even India has also experienced a contraction in its infection rates in the last five days.
He further said in Nigeria, the total number of cases as at May 19, 2021, stood at 165,809, while the number of cases tested was 2,002,653, with 7,323 active cases. It was also disclosed that discharged cases were now 156,419, while there had been 2,067 deaths.
According to the NCDC boss, the “transmission rate in the country is low,” adding that attention is now on tracking the new B1.617.2 variant from India. He said there are only three such cases identified in Nigeria so far.
He added that focus should remain on the protocols to stop the spread of the virus, while the health authorities and agencies will keep an eye on tracking the Indian variant. Governments and leaders in the society were also urged to discourage pandemic fatigue and stick to the COVID-19 safety protocols.
On his part, the Minister of Information and Culture, Mr Lai Mohammed, presented a report on the Digital Switch Over (DSO).
He informed the gathering that the International Telecommunications Union (ITU) directed member states to switch off analogue television transmission for digital.
According to him, the National Broadcasting Commission (NBC) and the DSO Ministerial Task Force are tasked with ensuring that Nigeria ‘digitizes’ and develop a public information and awareness campaign to inform citizens about DSO/FreeTV.
The Minister disclosed that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable NBC to support and upgrade the DSO initiative, as well as fund local producers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.
During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.
According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.
On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.
It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.
The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.
The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.
The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.
Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.
Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.
Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.
Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.
However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.
By Adedapo Adesanya
Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.
An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.
Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.
Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.
This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.
The UAE could quickly add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.
The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.
Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.
The war in Yemen broke whatever was left of diplomatic patience.
President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.
The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.
Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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