Economy

Nnewi Deserves to be Full Manufacturing Hub in Nigeria—Moghalu

Published

6 years ago

10/02/2020

Former Deputy Governor of the Central Bank of Nigeria (CBN) and presidential candidate of the Young Progressive Party (YPP), Prof Kingsley Moghalu, has called on the federal government to make Nnewi a full manufacturing hub in Nigeria to serve as a panacea for the chase for foreign investment.

Mr Moghalu, who made the call weekend during the Nnewi 2020 Investment Summit, contended that Nnewi would hardly become a successful manufacturing hub based on the efforts of the private sector alone hence, the need for the federal government to provide the necessary amenities to make businesses thrive in the area.

The former CBN executive, who was the lead speaker at the event, lamented that the federal and state governments in Nigeria were always on the move, looking for foreign investments, when it could support a huge manufacturing hub like Nnewi to reach its limit and in turn help in growing the nation’s economy.

“Nnewi is the only industrial town in the whole world that is growing without the support of government. A huge manufacturing hub that was started from the scratch by indigenes of the town and has continued to grow without the support of the government.

“It will not be out of place to say that the federal government has abandoned Nnewi. Do you know what people in Nnewi will do if what government did at the Lekki Free Trade Zone is done here?

“Let me tell you, manufacturing sector is the easiest way to grow the economy of a country. It doesn’t matter the number of mineral resources you have. How many mineral resources does China have? You can only survive by manufacturing and exporting your products, and that is why China is surviving today.

“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come.

“Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own,” he said.

Mr Muoghalu also tasked the Nnewi business community to show maximum interest in politics. He contended that politics influences public policy, and that when the right kind of people are in political offices with ideas that can drive business and manufacturing, then, businesses would not face as many problems as they were facing presently in Nigeria.

Mr Kelechi Nwosu, the CEO of TBWA, a leading marketing company and co-sponsors of the event in his welcome address said that the summit is an inaugural event put together to rub minds on ways to scale up growth in Nnewi.

Earlier, the member representing Nnewi North, Nnewi South and Ekwusigo Constituency at the national assembly, Mr Chris Emeka Azubogu, said the dream of the greater Nnewi industrial hub could be achieved when government provide needed infrastructure to drive manufacturing and also reshape policies that would help drive industries.

According to him, “Government has to work hard to ensure that the policy on energising the economy works in Nnewi. Again, Nnewi business community has to generate power locally; I mean independent power source.

“When we get reliable, affordable and sustainable energy and support it with what we are getting from the national grid, it will stimulate both economic and industrial growth.”

Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

Published

22 minutes ago

25/04/2026

Adedapo Adesanya

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

Published

32 minutes ago

25/04/2026

Adedapo Adesanya

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.

Economy

Oil Market Mixed Amid Supply Disruptions, US–Iran Peace Talk Prospects

Published

47 minutes ago

25/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The oil market was mixed on Friday as traders weighed supply disruptions against the potential restart of peace talks between the US and Iran that could help limit those shortfalls.

Brent crude futures settled at $105.33 a barrel after rising by 26 cents or 0.3 per cent, while the US West Texas Intermediate (WTI) crude futures traded at $94.40 a barrel after falling by $1.45 or 1.5 per cent. For the week, Brent gained about 16 per cent and WTI rose nearly 13 per cent.

Reuters reported that Iranian Foreign Minister Abbas Araqchi was expected to arrive ⁠in Islamabad late on Friday to discuss proposals for resuming peace talks with the U.S. after talks collapsed earlier this week.

Also, CNN reported that US President Donald Trump was sending special envoy Steve Witkoff and Jared Kushner to Pakistan for talks with Iran’s foreign minister.

The American President also told Reuters on Friday that Iran plans to make an offer aimed at satisfying US demands. On Thursday, he said Iran may have loaded up its weaponry “a little bit” during a two-week ceasefire, but added that the US military could eliminate it in a single day. On Wednesday, he said he would indefinitely extend the ceasefire to allow for further peace talks.

Meanwhile, navigation through the Strait of Hormuz, which before the war carried about a fifth of global oil output, remains effectively blocked.

Iran’s Islamic Revolutionary Guard Corps seized two container ships – MSC Francesca and Epaminondas – following the US’ seizure of the Iranian cargo ship Touska, putting a drastic halt to attempts to pass through the Strait of Hormuz by non-oil tankers.

The head of the International Energy Agency (IEA), Mr Fatih Birol, said that the Iran war has permanently changed the fossil fuel industry, adding that the damage to confidence in fossil fuel security is permanent, and that countries exposed to the Strait of Hormuz disruption will rethink how much geopolitical risk they are willing to embed in their energy systems.

Analysts from JPMorgan argued that prices may need to rise further to force additional demand destruction. Goldman Sachs estimates Gulf oil production is down 57 per cent from pre-war levels, which are shortage signals, not evidence of a fossil fuel system in retreat.