Economy
Our Economic Reforms Have Stabilized Exchange Rate, Crashed Prices—Tinubu
By Dipo Olowookere
President Bola Tinubu has claimed that the economic reforms his administration undertook when he assumed office on May 29, 2025, have helped to keep the exchange rate of the Naira to Dollar stable at the foreign exchange (FX) market.
Speaking on Monday when he inaugurated the Planning Committee for the National Youth Conference at the State House in Abuja, the President expressed confidence that some professionals, who left Nigeria due to economic crisis, would begin to return as a result of improvement in the country’s economy.
He said the ongoing reforms are to the benefit of the youth, who he described as the future of Nigeria, charging them to be free to tell the truth to him.
“I want to reassure you that you are the hope of this country, and everything hangs on you. Every decision that I have taken is about you. It’s about the future.
“When we removed the fuel subsidy, it was because we wanted to protect your future. We have cleared the path for you to have a great future,” President Tinubu said.
“When you listen to most professionals leaving Nigeria, there’s a cause. If you grow prosperity back home and empower people, they will not bother leaving. They will stay home,” Mr Tinubu was quoted as saying in a statement issued by his spokesman, Mr Bayo Onanuga, on Monday.
“This is your opportunity to develop the nation and make it prosperous. The government of today is all about you. You can be critical of politicians and abuse them all the way you can, but politics is about development and the future of generations. You are the heartbeat of our nation, and I hope you take this responsibility seriously.
“I am glad you are here as a committee to inspire today, tomorrow and hereafter. I am with you,” President Tinubu told the 44-member planning committee.
He noted that the economic reforms had repositioned the economy for greater prosperity and empowerment. Most indicators showed a steady fall in the prices of goods, especially foodstuffs, and a stabilisation of the exchange rate.
“When we started, it looked so foggy, dicey and hopeless. We worked hard, and it was like drawing water out of a dry well.
“But today, the economy has turned the corner; prices are falling, confidence in our economy is improving, investors are looking this way, and technology is advancing.
“You have a great opportunity, and I am ready to listen to you. I have heard your spokesperson’s remarks. You have a great chance of advancing the development of this country. It is all in your hands.
“My position is to help navigate, push, and lift the heavy weight of problems so that I can clear the way for you. You have a great future before you, which is in your hands.
“Just look me in the face and tell me whatever you think is wrong and the way forward. Be frank. We will implement your suggestions so long as they are for the country’s prosperity,” he stated.
The Minister of Youth Development, Mr Ayodele Olawande, who was at the event, thanked the President for giving the youth a voice and assured that the committee represented various stakeholders fairly.
“We want to thank you for the futuristic ideas; more than 260,000 students have already benefited from the administration’s student loan schemes.
“We appreciate the renovation of the Third Mainland Bridge for us to use and clearing the passport backlog,” the Minister stated.
A member of the committee, Mr Samson Itodo, said the President’s convening of the conference will be a major milestone in involving youths in the country’s development, listing some of the areas of priority as political governance, economic transformation, skills for the future, such as Artificial Intelligence, climate change and energy transition, and social cohesion and security.
He said the framework will include virtual consultations, calls for memoranda, regional town hall meetings and the Abuja conference.
By Adedapo Adesanya
Proprietary Investment firm, VFD Group Plc, recorded a 1,202 per cent rise in its Profit Before Tax (PBT) in the 2024 financial year, closing December 31, 2024, at N11.2 billion.
This marked a turnaround after VFD Group reported a pre-tax loss of N1 billion in 2023 due to macroeconomic headwinds which affected a lot of businesses locally and globally.
Net investment income surged by 95 per cent to N59.0 billion despite a spike in investment expenses to N15.5 billion from N7.4 billion in 2023.
Other metrics showed that net revenue increased by 90 per cent to N71.0 billion, while operating profit grew by an impressive 104 per cent to N48.8 billion.
The firm, listed on the main board of the Nigerian Exchange (NGX) Limited, noted that the development showcased exceptional growth.
“The journey to this milestone was paved with strategic initiatives and a relentless pursuit of innovation,” it added in a statement on Friday.
The company holds investments in over 20 portfolio businesses spanning key sectors such as financial services, banking, market infrastructure, capital markets, technology, real estate, and hospitality.
As of April 22, 2025, VFD Group’s market capitalisation surged by 116 per cent to hit N121.6 billion from N56.2 billion year to date.
“These outstanding results reflect the success of our team’s efforts. As VFD Group looks to the future, it remains committed to delivering exceptional value to its customers and stakeholders,” the statement added.
By Modupe Gbadeyanka
About $90 billion is expected to be generated in economic value by 2035 from new strategies developed by the Nigerian government for agribusiness expansion and livestock transformation.
To achieve this, the National Economic Council (NEC) chaired by the Vice President, Mr Kashim Shettima, has approved the establishment of a Cotton, Textile and Garment Development Board.
At the NEC meeting on Thursday in Abuja, steps to reposition Nigeria’s economy and tackle insecurity at its roots were discussed by the participants, which included the governors of the 36 states of the federation.
The new regulatory body for the cotton, textile and garment sector of Nigeria will have governors representing the six geo-political zones, with Ministers of Agriculture and Food Security, Budget and Economic Planning, and Industry, Trade and Investment as members.
It would be domiciled in the presidency, with representation of the relevant public sector stakeholders, and funded from the Textile Import Levy being collected by the Nigeria Customs Service (NCS), though it would be private sector-driven.
“Nigeria is a nation where cotton can thrive in 34 states. Yet our production level remains a fraction of our potential.
“We currently produce only 13,000 metric tons, while we continue to import textiles worth hundreds of millions of dollars. This is not just an economic imbalance. It is an invitation to act,” he added.
“Our goal is not just regulation. It is a revival. This is our opportunity to re-industrialise, to empower communities, and to restore pride in local production,” the VP stated.
Also at the meeting yesterday, the council approved the establishment of the Green Imperative Project (GIP), with a national office in Abuja and regional offices across the six geopolitical zones.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 0.55 per cent on Thursday, April 24 after the prices of three stocks on the platform ended in green.
This added N10.48 billion to the market capitalisation of the bourse, closing at N1.918 trillion compared with the N1.908 trillion it ended in the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) went up during the session by 17.90 points to 3,276.98 points from the previous session’s 3,259.08 points.
The market was dominated by bargain-hunting activities due to renewed investor confidence. None of the securities on the NASD ended in red yesterday.
However, Central Securities Clearing System (CSCS) Plc gained N1.97 to close at N21.71 per unit compared with Wednesday’s price of N19.74 per unit, FrieslandCampina Wamco Nigeria Plc appreciated by 15 Kobo to end at N37.95 per share, in contrast to midweek’s value of N37.80 per share, and Geo-Fluids Plc grew by 8 Kobo to settle at N1.70 per unit versus the preceding day’s price of N1.62 per unit.
During the trading day, the volume of securities transacted by the market participants increased by 19,558.9 per cent to 206.2 million units from 1.05 million units, the value of transactions jumped by 13,509.2 per cent to N354.1 million from N2.6 million, and the number of deals rose by 245.5 per cent to 38 deals from 11 deals.
When trading activities finished for the day, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 250.9 million units worth N441.0 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value (year-to-date) with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 14.9 million units worth N573.2 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.
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