Economy
Our Economic Policies Already Yielding Positive Results—Tinubu
By Modupe Gbadeyanka
President Bola Tinubu has said the economic policies put in place by his administration since his assumption last year have started to yield positive results.
He made this disclosure on Thursday in Yenagoa, Bayelsa State at the opening ceremony of the All Nigerian Editors Conference.
Mr Tinubu, represented at the event by the Minister of Information and National Orientation, Mr Mohammed Idris, said, “I am pleased to let you know that through our sustained reforms, we are witnessing our economy gradually making a rebound on the most important foundational level. Today, our debt service to revenue ratio has come down drastically from almost 100 per cent to about 65 per cent.”
“The last 18 months have been spent laying the foundation for this compelling vision of a prosperous Nigeria; that is what the Renewed Hope Agenda is all about – rekindling the faith and hope of all Nigerians in the ability of their country to flourish and to in turn provide an environment that allows everyone in it to flourish just as much,” the President at the conference themed Economic Growth and Development Strategies in a Resource-Rich Country.
“But we realise that there are some major obstacles standing in the way of the full unleashing of Nigeria’s abundant potentials. And we have spent time and energy and focus boldly tackling these.
“Two of the most significant are very well known to you: a ruinous fuel subsidy regime that deprived us of billions of dollars annually that could be going into investments in critical physical and social infrastructure, and a foreign exchange regime that was prone to unimaginable levels of arbitrage and abuse.
“Like the fuel subsidy, another needless drain on our limited national resources, and a cap on our ability as a nation to reach full potential,” President Tinubu said further.
He stated that, as a result of the reforms, revenue for all three tiers of government – federal, state, and local – has grown significantly, which has enabled greater investment in social services, infrastructure development, and social security.
The President noted that the Supreme Court’s decision to grant local government autonomy, following a suit filed by the Federal Government, was aimed at strengthening governance at the local level and fostering grassroots development.
Addressing the theme of the seminar, Mr Tinubu stated that the longstanding question of how Nigeria can transform its vast resources into meaningful growth and development has driven his vision for a nation that fulfils its potential.
“A new minimum wage of N70,000 has taken off across all federal government establishments, with many of the state governments committing to implementing same. Over 46,000 students are benefiting from the Nigerian Education Loan Fund across 59 tertiary institutions with a disbursement of over N5 billion. The first batch of 500,000 civil servants is set to become beneficiaries of the Consumer Credit Scheme with the release of N100 billion.
“While oil remains a significant source of revenue for Nigeria, we are investing heavily in other sectors to diversify our economy for sustainable growth.
“The launch of the Presidential Initiative on CNG is a deliberate strategy to harness our abundant gas resources to bring down the high cost of transportation by about 60 per cent and also foster a clean and healthy environment for our citizens. This initiative has unlocked close to $200 million in private sector investments in the last one year,” he said.
While hailing the media for its dedication to nation-building, particularly in supporting Nigeria’s enduring democracy, President Tinubu emphasized that the roles of government and the media are closely linked, both vital to serving the public interest.
By Adedapo Adesanya
The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for lifting the suspension of sales of interbank foreign exchange to its members nationwide, saying the move will help the value of the local currency in the near term.
The president of the group, Mr Aminu Gwadabe, said this after the CBN allowed BDC operators to access the official forex market window from December 19 to January 30, 2025, with a weekly cap of $25,000.
The apex bank carried out the move to help meet expected seasonal demand for foreign exchange.
The CBN recently launched the Electronic Foreign Exchange Matching System (EFEMS) to build transparency in the system, but this excluded street forex hawkers. This initiative has fortified the value of the Naira against the US Dollar at the official market.
The platform, which became operational on December 2, 2024, has enhanced operational efficiency in Nigeria’s FX market, with banks mandated to be on the system to trade forex.
Mr Gwadabe expressed delight that CBN also considered its members’ accessibility to the new platform through the banks.
“This development is a testament to the CBN’s recognition of our third-level roles in the foreign exchange market architecture,” he said.
He listed benefits to be achieved in the implementation of the circular to include job creation, taming inflation, and boosting FX liquidity to the retail end, among others.
“To our members, it will revitalise our operations, making us functional and profitable.
“It will also improve our compliance obligations to security and monetary agencies.
“I therefore urge all our members to act within the directives in the circular and ensure the desired result of the appreciation of our local currency is sacrosanct,” he said.
According to him, BDCs should render their returns regularly, operate inside their offices and ensure seamless automation of their process.
“Finally, I plead with the banks to ensure transparency, level playing field in the discharge of their responsibilities to our members nationwide,” he said.
By Aduragbemi Omiyale
Many Nigerians have continued to applaud the partnership between the Dangote Refinery and MRS Oil Nigeria that led to the slashing of the price of premium motor spirit (PMS), otherwise known as petrol, to N935 per litre.
The two energy firms recently sealed a deal for the sale of petrol from Dangote Refinery in Lagos at the retail stations of MRS Oil across the nation.
“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” MRS Oil said in a statement.
“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians,” it added.
Business Post reports that MRS Oil struck this deal with Dangote Refinery after the crude oil refiner brought down its ex-depot price from N970 to N899.50 per litre.
Checks showed that the new price had been implemented at all MRS Oil retail outlets nationwide.
In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.
Mrs Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Expressway, could not hide her joy as her husband filled up their car.
“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate.
“My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy,” she stated.
A commercial bus driver, Mr Adio Ajibade, described the price reduction as a great relief, especially during the festive season, saying, “The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Aliko Dangote.”
A public affairs analyst and university lecturer, Dr Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.
According to Dr Akanni, “This move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.37 per cent in the 51st trading week of 2024, with the Unlisted Security Index (USI) growing in the five-day trading week by 11.11 points to settle at 3,043.27 points, in contrast to the preceding week’s 3,032.16 points.
However, the market capitalisation of the bourse went down by N19.45 million to N1.043 trillion from the N1.062 trillion recorded in the preceding week, which was Week 50.
Business Post reports that there were price four gainers and three price losers, indicating a positive market breadth index.
The gainers were led by Okitipupa Plc with a price appreciation of 10 per cent to close at N32.72 per unit versus the previous week’s N29.74 per unit, UBN Property jumped by 5.00 per cent to end at N1.89 per unit compared with the preceding trading value of N1.8 per unit, FrieslandCampina Wamco Nigeria Plc rose by 2.3 per cent to sell at N43.84 per share versus the preceding week’s N42.85 per share, and Nipco Plc gained 2.1 per cent to quote at N150.10 per share against the former value of N147.00 per share.
On the flip side, Industrial and General Insurance (IGI) Plc depreciated by 5.6 per cent to close at 17 Kobo per unit versus 18 Kobo per unit, Afriland Properties Plc recorded a 1.9 per cent slide to end at N15.99 per share versus N16.30 per share, and Geo-Fluids Plc lost 0.8 per cent to end at N3.88 per share against the N3.91 per share it was transacted a week earlier.
There was a 79.4 per cent slide in the volume of equities transacted in Week 51 to 2.29 million units from 11.12 million units in the previous week, the value of trades went up by 136.9 per cent to N89.8 million from N37.9 million, and the number of deals stood at 93 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value last week with N53.1 million, Nipco Plc recorded N30.1 million, Afriland Properties Plc posted N2.6 million, Geo-Fluids Plc traded N1.5 million, and 11 Plc achieved N0.96 million.
Also, FrieslandCampina Wamco Plc was also the most traded stock by volume in the week with 1.22 million units, UBN Property Plc transacted 0.2 million units, and Afriland Plc traded 0.16 million units.
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