Economy
Ogun State Now Investors’ Destination of Choice—Buhari
By Modupe Gbadeyanka
Governor Dapo Abiodun of Ogun State has been described as the “performing Governor of Nigeria’s Gateway State” who is a worthy example of “promises made, promises kept.”
Mr Abiodun got these accolades on Thursday when President Muhammadu Buhari visited the state to commission some projects completed by the Governor.
“You (Prince Abiodun) have justified the mandate of the people of Ogun State. You have represented our party very well,” the President said to his host, who was full of joy.
According to Mr Buhari, the projects put in place by the Governor have made “Ogun State one of the safest and most peaceful states in the country and investors’ destination of choice.”
He said the lofty projects: the Gateway City Gate; the 42-kilometre Sagamu Interchange-Abeokuta Road; the 14km Ijebu-Ode-Epe Expressway and two Housing Estates for low, medium and high-income earners at Kobape and Oke-Mosan in Abeokuta, respectively, could not have materialised without the state government’s huge investment and commitment to the security of lives and property.
The President used the occasion to assure Nigerians that two major federal roads under construction, the Sagamu-Benin Expressway and the Lagos-Ibadan Expressway, would be commissioned before the end of 2022.
He expressed delight that the 14km Ijebu Ode-Mojoda-Epe Road commissioned by him has been reconstructed into a modern expressway by the state government, noting that the impressive road would complement the Sagamu-Benin Expressway that the federal government is currently reconstructing; also due for commissioning this year.
“Just across the road is the 42-kilometre Sagamu-Interchange-Abeokuta Road which the state government has reconstructed and equipped with street lights.
“That road enjoys a direct linkage with the Lagos-Ibadan Expressway that the federal government is rebuilding and due for completion later this year.
“I am particularly impressed by the quality and standard of your road projects, and the creative way you have deployed resources to reconstruct and rehabilitate them.
“It is significant to note that the two road projects being commissioned today are federal roads. This is an example of constructive engagement, cooperation and collaboration between the states and federal government.
“These roads also fit well into our rail transportation masterplan that connects Lagos, Nigeria’s economic capital to Kano, with Ogun State having more rail stations, along the Lagos-Ibadan rail corridor,” he said.
On the housing programme of the Ogun Governor, the President commended its inclusiveness, saying it is equally heart-warming that it cuts across different social strata, capturing the low, medium and high-income earners.
Admiring the Gateway City Gate Project, the Nigerian leader said “it is not just a park beautification project. It depicts that something new is happening in Ogun State, a welcoming entrance into the state capital at the centre point of the state.”
He added that the project is also an ICON depicting the joining of hands for building the future of Ogun State in togetherness.
“Your Excellency, well done! I am proud of what you have done for your State and your people.
“You have made our great Party, the APC, proud too. You are a worthy example of promises made, promises kept.
“These lofty projects could not have materialised without your huge investment and commitment to the security of lives and property,” he further stated.
Responding to requests by the state governor to give priority to the Lagos-Ota-Abeokuta and the Sango Otta-Idiroko Roads respectively, the President assured the people of Ogun State that these roads will receive federal government attention.
The President announced that the federal government would consider extending tax credit as a funding option for the reconstruction of these roads, as done for the 100km Sagamu Interchange-Papalanto-Ilaro Road.
Similarly, the President promised to consider the approval of the reconstruction of Sagamu-Ogijo Road by the Nigerian National Petroleum Company (NNPC) Limited under the tax credit scheme.
The President thanked the residents of the State for the warm reception accorded him and his entourage in the Gateway State, which is his first visit to any state in the New Year.
“This welcome by the large crowd brings back the nostalgia of my first arrival on this soil as a young infantry officer in the Nigerian Army at the then Lafenwa Barracks in Abeokuta, not long after independence.
“The traditional hospitality of the people of this State has not waned a bit. Today, I am Omowale and very happy at this homecoming to meet my brothers and sisters whose goodwill I have always enjoyed. Thank you,” he said.
The President also congratulated the people of Ogun State for having such a focused, deliberate and inclusive administration under the watch of Mr Abiodun, urging them to continue to support the governor for the successful implementation of the Building our Future Together agenda of his administration.
“The reward for success is more hard work to meet the increasing expectations of the people.
“When state governments deliver impactful projects, in consultations with stakeholders, as we have witnessed in Ogun State, the trajectory of our national development will be enhanced,” Mr Buhari said.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn