Economy

Onyema Lauds Fayemi’s Strategies to Revive Ekiti Economy

Published

7 years ago

19/08/2019

By Modupe Gbadeyanka

Governor Kayode Fayemi of Ekiti State has been commended for his efforts at revitalising economy of the small civil servant state, which has huge tourism potentials.

Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, who made this commendation, said he was impressed with the improvement in the Gross Domestic Product (GDP) of the state; with a 63 percent economic growth which were necessitated by the projects executed by Mr Fayemi between 2011 and 2014.

Last week, the Governor was at the NSE in Lagos to present his Investing in Ekiti: Facts Behind the State Economy and was given the honour to beat the closing gong to signal end of the trading session on the exchange.

Mr Onyema, during his speech, described Mr Fayemi as a reform-minded leader, hailing him for his commitment to providing durable infrastructure and employment opportunities for the state.

He said the governor had created a roadmap for other political leaders to follow in their quest to deliver the goods to the people.

“We acknowledge your Excellency’s progressive leadership and reform-minded approach in managing the economy of Ekiti.

“Your strategies towards revitalising the agricultural, manufacturing, mining, trade and tourism sectors, which together account for 75 percent of the state’s GDP, are also commendable.

“For instance, you have increased the proportion of capital spending in the 2019 budget to 44 percent from 31 per cent in 2018; and channelled budgetary resources toward pro-growth projects.

“We recognise that to build a sustainable economy for the estimated 3.5 million citizens of Ekiti, supported by vibrant sectors, both state-owned and private sector enterprises will require access to right-sized capital,” Mr Onyema added.

In his address, the Ekiti Governor called on investors to take advantage of the improved infrastructure, business-friendly policies and adequate security provided by his government to exploit the state’s economic prospects.

The Governor said his administration has put in place policies and legislations that will ensure that the state becomes one of the top three states in ease of doing business, adding that Ekiti State was rated number four in ease of doing business in 2014 when he left office, before sliding to the 32nd position thereafter, assuring the business community that the state would soon return to the number three spot.

Mr Fayemi said the efforts of his government had started yielding positive results with the return of development partners as well as the resuscitation of some moribund businesses like the Gossy Water, noting that three banks that left the state owing to unfriendly business policies of the immediate past administration have return.

“We are starting to regain the confidence of investors by reactivating those laws which we put in place in my first administration to create an enabling environment for investment to thrive.

“We have also passed the law establishing the Ekiti State Development and Investment Promotion Agency (EKDIPA) that will drive our Ease of Doing Business reforms and provide investors with a one-stop shop to deal with investment related matters,” he said.

On the state’s partnership with the NSE, the Governor expressed optimism that the continued partnership would help the state in unlocking investment in its focus sectors and also optimising state-owned enterprises.

Mr Fayemi explained that his efforts as governor is aimed at making Ekiti an attractive destination for investors, delivering sustainable economic growth, putting people to work and lifting the citizens out of poverty.

He highlighted the core areas where the state seeks partnership as including agriculture, tourism and the knowledge zone, a project which is designed to ensure infrastructure, power, transport, housing, recreation, medical and other services are available round the clock.

“We have renewed our focus on peace and security, which is the foundation of any economic development; and started investing in developing the infrastructure required to make Ekiti a competitive destination for business.

“We are quite concerned about the increasing spate of violence against ordinary citizens and it is the duty of the government to provide security and welfare of the citizens.

“The steps we have taken since we assumed office is to work in collaboration with neighbouring states because those things just cut across, particularly as it affects kidnapping and banditry to make the highways safe,” he said.

Economy

FrieslandCampina Wamco, Three Others Raise NASD OTC Exchange by 1.41%

Published

20 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.

During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.

Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.

As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.

During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.

Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 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 worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

Economy

Profit-taking Sinks Nigeria’s Equity Market by 0.76% as Bears Take Control

Published

20 hours ago

16/05/2026

Dipo Olowookere

By Dipo Olowookere

The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.

The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.

The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.

Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.

Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.

The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.

Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.

Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.

Economy

Naira Weakens to N1,371/$1 at Official Market

Published

21 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.

However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.

At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.

The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the ‌market settling ⁠into a balance.

Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.

According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.

Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.

Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.

Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.