Economy
Olusi Restates BoI Commitment to Local Manufacturing, Job Creation
By Adedapo Adesanya
The Managing Director of the Bank of Industry (BoI), Mr Olasupo Olusi, has reaffirmed the bank’s commitment to supporting local manufacturing in Nigeria.
Speaking during a visit to the G U Ebeco facility and inspecting ongoing projects at the Nisa Medical and Zeberced Group at the Idu Industrial Layout, Abuja on Thursday, he expressed delight at the progress made so far at the various facilities.
The BoI boss emphasised the importance of job creation and the need for their products to bear the Proudly Made in Nigeria label.
Mr Olusi praised GU Ebeco’s progress over the past seven years, applauding its expansion into a national enterprise with over 1,500 employees and several facilities across the country.
“I am very happy with the fact that BOI has supported this enterprise for the last seven years. It is wonderful to see that it has grown.
“It employs 1,500 staff and operates a national distribution system. We are proud of the significant role GU Ebeco is playing in the Nigerian manufacturing landscape,” he said.
The BoI boss also commended the loan repayment performance of the company., Saying it had taken multiple facilities from the BoI.
He encouraged other young entrepreneurs to stay focused while assuring them of the bank’s commitment to supporting them and Nigeria’s industrialisation efforts.
Responding Mr Ebere Uzozie, Managing Director of GU Ebeco, expressed his appreciation for the continued support from the BoI.
“We are grateful for the Bank of Industry’s backing. Their loans have helped us expand and create lasting change. We now have 34 facilities, and we are debt-free.
“We are optimistic the visit will mark a new chapter for the company and will ensure further growth and partnerships that will contribute to Nigeria’s industrial future,” Mr Uzozie said.
Meanwhile, at the Zeberced Group, its Managing Director, Mr Aydin Kurt, said that Nigeria had lots of potential and could be the future of the world.
While acknowledging the country’s potential for industrialisation, he emphasised the importance of producing locally in Nigeria rather than relying on imports.
Mr Kurt also appealed for more collaboration with the BOI to promote industrialisation, create jobs and help grow the economy.
”I can not do it alone. we have to come together and create a synergy to attract different investors to come and also invest in this country.
“This is our vision we have a lot to share with you, and thank you once again for visiting our corporations,” he said.
Responding, the BOI managing director said that the bank was keen on infrastructure and committed to supporting industrious infrastructure.
“This project is very important to us and a critical objective for the county and, in that spirit, we have decided that we will continue to support the proliferation of industrial parts across the nation.
Why yours is so unique is because it has a plan for Micro Small and Medium Enterprises (MSMEs) which is very important.
“We have a mandate to support that particular segment of our economy because they are the ones that champion job creation and most of the growth of the economy is attributed to them,” Mr Olusi said.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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