Economy
Reps to Probe Issuance of Licences to Fish Importers
By Modupe Gbadeyanka
The House of Representatives on Tuesday passed a motion to critically look into the issuance of licences for fish importation in Nigeria.
At the plenary yesterday, a lawmaker from kebbi State, Mr Gaza Jonathan Gbefwi, called the attention of his colleagues to this issue in a motion.
He warned that the present system has the ability to adversely affect the fishing industry in Nigeria in not quickly checked.
The legislator also argued that the present situation could put the health of consumers at risk as not all the imported fish can be certified as healthy.
Mr Gbefwi emphasised that the present process of issuing licences to fish importers in the country should be discontinued if the federal government is serious in diversifying the economy of the nation.
He called on the authorities to give indigenous fishermen incentives to enable them upgrade their craft.
During the debate on Tuesday, Mr Yusuf Lasun, while making his contribution, stated that the attitude of government shows that Nigerian policy makers were not ready to imbibe what it actually takes to make agriculture prosperous in the country.
According to the Deputy Speaker of the House of Reps, the way things are done currently cannot let agriculture make the farmers rich.
Also making his contribution to the motion, Mr Sunday Adepoju said there were lots of double standards going on in policies governing agriculture.
He stipulated that the necessary sacrifice required to allow a self-sufficient agricultural sector that can grow into an export/profit oriented sector is not being applied.
Mr Nicholas Ossai, on his part, sought to know whether the supply of fish can meet the demand, and if so, is import not the only answer? He urged the committee do a thorough job in its enquiry.
Responding, another lawmaker, Mr Mohammed Monguno, ascertained there is a big deficit between the supply and demand of fishery needs, saying this has brought about a rise in the importation of fish in the country.
According to him, this is due to the neglect of fish farming in favour of crop and animal farming. He, however, stated that he was aware of ongoing efforts to address the issue.
Mr Wale Raji, who also spoke on the matter, stated that he had moved a similar motion couple of years back, but nothing came out of it. He therefore, urged the relevant committee to ensure it takes appropriate and necessary actions this time around.
By Adedapo Adesanya
Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.
Speaking on the development, Mr Edun welcomed the development, calling it a timely response to Nigeria’s youthful demography.
He said this fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.
On his part, NSIA CEO, Mr Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.
“With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative,” Mr Umar-Sadiq said.
By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.
By Adedapo Adesanya
The Minister of Finance, Mr Wale Edun, has said the country’s Economic Management Team (EMT) would meet to assess the likely impact of the 14 per cent tariff on goods exported from Nigeria to the United States.
Mr Edun made the disclosure while speaking at an event organised by the Ministry of Finance Incorporated (MOFI) on Monday.
The Trump administration recently imposed various tariffs ranging between 10 per cent and 65 per cent on different countries across the world, including Nigeria which got a 14 per cent tariff on its exports to the United States.
He said the EMT will afterwards make recommendations to cushion its impact on the nation’s economy, noting that the federal government will boost non-revenue as a means of cushioning the adverse effects to trade tariffs imposed on countries by President Trump.
Mr Edun stated that while the adverse effect on Nigeria will result in an oil price plunge, the government is intensifying efforts to ramp up oil production and boost non-oil revenues.
The Finance Minister noted that the US, which is at the centre of the tariff war had on April 2, announced that it would exempt mineral exports, including oil.
“Therefore, it’s the price effect, the oil price effect that may affect Nigeria. And it is the job and responsibility of the economic management team of President Bola Ahmed Tinubu, amongst others, to look at the various scenarios that might play out.
“There’s global uncertainty at a huge level, so nobody knows exactly what will happen- the announcement that has been made. We’re not sure what will be delayed, what will be reversed, or what will be implemented.
“So, it is not an announcement that the budget is being reviewed. It’s an announcement that it is our responsibility to look at the various scenarios and options and advise government accordingly.”
Mr Edun also highlighted plans to look at budget adjustment, expenditure prioritisation as well as innovative non-debt financing strategies.
According to him, Nigeria had recorded a trade surplus in the last three years (2022-2024) with the US.
“Nigeria-US Trade has been in surplus in the last 3 years (2022-2024). Nigeria’s exports to the US were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022-2024, respectively.
“Fortunately, oil and mineral exports accounted for 92 per cent. Implying oil and minerals exports amounted to N5.08 trillion in value while non-oil was just N0.44 trillion.
“Consequently, the tariff effect on exports is negligible if we sustain our oil and minerals export volume.
“The adverse effect on Nigeria will be through oil price plunge. We are intensifying efforts to ramp up crude oil production to curtail any price effect
“We are also focusing on non-oil revenue mobilisation by FIRS and Customs, budget adjustment and prioritisation where possible, and also and innovative non-debt financing strategies,” the Minister said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.08 per cent on Monday, April 7, as the global market meltdown takes its toll on the local economy.
During the first trading session of the week, the market capitalisation of the bourse went down by N1.50 billion to N1.909 trillion from the N1.911 trillion quoted at the preceding session.
In the same vein, the NASD Unlisted Security Index (NSI) depreciated by 2.59 points at the close of business to 3,306.87 points from last Friday’s 3,309.46 points.
Business Post reports that there were two price losers at the session led by Nipco Plc, which crumbled by N20.20 to close at N199.80 per share compared with the previous closing value of N220.00 per share, and Geo-Fluids Plc retreated by 24 Kobo to settle at N2.46 per unit, in contrast to the N2.70 per unit it was traded at the last trading day.
However, the price of FrieslandCampina Wamco Nigeria Plc went up by N1.22 yesterday to N38.02 per unit from last Friday’s closing value of N36.80 per unit.
The volume of securities traded by the market participants decreased by 56.8 per cent during the session to 560,253 units from the 1.3 million units transacted in the previous trading day, but the value of trades rose by 232.3 per cent to N16.7 million from N5.02 million, and the number of deals contracted by 10 per cent to 18 deals from 20 deals.
Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, Industrial and General Insurance (IGI) Plc occupied the second spot with 71.2 million units sold for N24.2 million, and the third position was taken by Geo Fluids Plc with 44.4 million units valued at N89.8 million.
Also, FrieslandCampina Wamco Nigeria Plc maintained its position as the most traded stock by value (year-to-date) with 14.2 million units valued at N549.9 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N364.2 million.
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