Economy
Why We Partnered NESG—Sterling Bank
By Dipo Olowookere
The 2016 edition of the Nigerian Economic Summit (NES#22) kicked off today in Abuja with the event declared open by President Muhammadu Buhari.
The summit themed ‘Made in Nigeria’, will hold from October 10 to 12, 2016 at the Transcorp Hilton Hotel, Abuja.
One of the partners of the programme is Sterling Bank Plc, which renewed its commitment to the promotion of Made-In-Nigeria goods and services.
In a statement to newsmen in Lagos at the weekend, Sterling Bank assured that it would continue to invest in and partner with like minds to promote the production and consumption of locally made goods and services, adding that its sponsorship is also hinged on the fact that the event would provide a platform for public-private dialogue (PPD) to fashion out the right economic agenda to take the nation out of the current economic downturn.
It would be recalled that the Bank has remained consistent in the promotion of Made-in-Nigeria products.
Recently, Sterling Bank sponsored the Made-In-Nigeria week held in Lagos.
The Bank is also in partnership with Innoson Motors Limited to finance the purchase of locally made vehicles produced by the company.
In addition, Sterling Bank financed Labana Rice, one of the largest rice mills in the country and also bought large quantity for staff and stakeholders in the Bank.
Driving this initiative down to her staff, the Bank has instituted a ‘Made-in-Nigeria Week’ when staff come to the office dressed in locally made attires.
Held annually, NES attracts over a thousand delegates including chief executives, opinion leaders and policy level managers from the public and private sectors to interact and share thoughts on issues of national importance.
The Bank in the statement explained that its strategic support for the promotion of was informed by the current economic headwinds and exchange rate volatility fuelled by the fall in oil price which brought to the fore, the need to diversify the nation’s revenue base and support the manufacturing sector through the patronage and use of locally made products and services.
Also, the Bank noted that the patronage of local manufacturers would boost the local economy adding that this partnership was one of the numerous projects the Bank is embarking on to enrich the lives of Nigerians.
The Bank said: “The country’s dependence on oil exports for foreign exchange and the global oil sector downturn driven by the falling oil price has led to much talked about economic recession in the country and has negatively impacted other sectors with prices of imported products rising significantly.
“For the country to get out of this situation, there is an urgent need to diversify the economy and empower the manufacturing sector. But the manufacturing sector will not thrive if they are not patronized by Nigerians”.
While acknowledging that the challenges facing the economy also provide a platform for proactive companies to seize the opportunity to promote indigenous products and local substitutes, the Bank called on the Federal Government to provide the necessary infrastructure to encourage the establishment of manufacturing companies in the country as well as put in place a tax regime that would encourage foreign direct investment.
By Adedapo Adesanya
The Naira ended its recent losing streak with a N5.06 or 0.37 per cent appreciation on Wednesday, May 13, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), trading at N1,370.56/$1 compared with the previous day’s N1,375.62/$1.
In the same vein, the Nigerian Naira appreciated against the Pound Sterling in the official market yesterday by N21.43 to N1,87/£1 from N1,874.42/£1, and gained N16.12 against the Euro to close at N1,605.19/€1 versus N1,621.31/€1.
However, at the GTBank FX desk, it lost N8 against the greenback at midweek to sell at N1,383/$1 compared with the preceding session’s N1,375/$1, and at the parallel market, it remained unchanged at N1,385/$1.
The improvement in the value of the Naira comes as Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with buffers to support the Naira and meet external obligations, also recorded a fresh accretion.
Data published on the apex bank’s website showed that reserves rose by about $150 million or 0.2 per cent to $48.48 billion as of May 12, 2026, from $48.33 billion recorded on May 5, 2026.
Interbank turnover also climbed significantly by 75.31 per cent to $130.55 million on Wednesday compared to $74.47 million recorded the previous day. At the same time, the volume of transactions rose by 25 per cent to 130 deals on Wednesday from 104 deals recorded on Tuesday.
A look at the cryptocurrency market indicated that inflation surprises and renewed geopolitical tension over Taiwan weakened risk sentiment.
The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting US president in nearly a decade. Mr Xi pressed Mr Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential “collision or even clashes” if the issue is mishandled.
China’s readout of Mr Xi’s remarks appeared to be released before the meeting had concluded, pushing the self-ruled island into the spotlight and rattling risk sentiment globally.
Solana (SOL) crashed by 4.3 per cent to $91.12, Cardano (ADA) depreciated by 2.6 per cent to $0.2656, Ripple (XRP) slumped by 1.6 per cent to $1.43, Bitcoin (BTC) declined by 1.5 per cent to $79,773.30, Ethereum (ETH) tumbled by 1.3 per cent to $2,266.06, and Binance Coin (BNB) slumped by 1.2 per cent to $669.40.
But Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1146, and TRON (TRX) improved by 0.4 per cent to $0.3505, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited cemented its position in the green territory on Wednesday with a marginal 0.04 per cent rise.
This was buoyed by sustained buying pressure on energy equities despite selling pressure on financial stocks, according to data from Customs Street.
The insurance counter was down by 0.73 per cent yesterday, and the banking index shed 0.70 per cent. These losses were offset by gains in the three other key sectors of the bourse, with the energy segment rising by 3.37 per cent. The consumer goods space appreciated by 1.94 per cent, and the industrial goods industry expanded by 0.43 per cent.
At the close of business, the All-Share Index (ASI) increased by 349.96 points to 252,508.19 points from 252,158.23 points, and the market capitalisation grew by N226 billion to N161.839 trillion from N161.613 trillion.
A total of 42 stocks appreciated during the session, while 29 stocks depreciated, implying a positive market breadth index and strong investor sentiment.
The quartet of CWG, DAAR Communications, Fidson, and Livestock Feeds gained 10.00 per cent each to sell for N23.10, N1.87, N113.00, and N10.45, respectively, while Berger Paints rose by 9.97 per cent to N140.10.
On the flip side, NCR Nigeria lost 10.00 per cent to close at N179.10, Zichis decreased by 9.99 per cent to N36.32, First Holdco shed 9.87 per cent to trade at N71.20, Neimeth dropped 9.66 per cent to N172.00, and Eterna eased by 9.59 per cent to N33.00.
At midweek, investors transacted 1.9 billion shares for N118.1 billion in 76,557 deals compared with the 2.0 billion shares worth N87.7 billion traded in 80,888 deals on Tuesday.
This showed that the value of transactions surged by 34.66 per cent, the volume of trades went down by 5.00 per cent, and the number of deals declined by 5.35 per cent.
By Adedapo Adesanya
Oil prices settled lower on Wednesday as investors worried about possible US interest rate hikes amid anticipation of the outcomes of a meeting between US President Donald Trump and China’s Xi Jinping.
Brent crude lost $2.14 or 2 per cent to trade at $105.63 a barrel, and the US West Texas Intermediate crude futures fell by $1.16 or 1.14 per cent to $101.02 per barrel.
Boston Federal Reserve President Susan Collins said on Wednesday the US central bank may need to raise interest rates if inflation pressures do not ease, a sign that the war has begun to weigh on the American economy.
Higher oil prices have pushed up fuel costs, and economists expect to see effects in the months ahead.
Producer prices in the US posted their biggest increase in four years in April, boosted by soaring costs for goods and services, the latest sign of accelerating inflation during the war with Iran. Also in the same month, US consumer prices rose sharply for a second straight month, producing the largest annual increase in inflation in nearly three years.
Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.
President Trump landed in Beijing on Wednesday, a day after saying he did not think he would need China’s help to end the war. The American President is scheduled to meet Mr Xi on Thursday and Friday.
This comes amid prospects for a lasting peace deal with Iran weakened, and the Middle East country tightened its grip over the Strait of Hormuz.
China is the biggest buyer of Iranian oil despite pressure from the Trump administration.
The Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday lowered its forecast for world oil demand growth in 2026. The International Energy Agency (IEA) said global oil supply would not meet total demand this year as the war wreaks havoc on Middle East production.
Crude oil inventories in the US decreased by 4.3 million barrels during the week ending May 8, according to data from the US Energy Information Administration (EIA) released on Wednesday.
Iran’s Foreign Minister, Mr Abbas Araqchi, said on Wednesday that Kuwait had attacked an Iranian boat and detained four Iranian citizens in the Gulf. He added that Iran demands their release and reserves the right to respond, raising fresh tensions in the region.
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