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 Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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