By Adedapo Adesanya

The Centre for the Promotion of Private Enterprise (CPPE) and the Lagos Chamber of Commerce and Industry (LCCI) have called for trade expansion ahead of President Bola Tinubu’s state visit to the United Kingdom.

In separate communications, the organisations urged President Tinubu to deepen economic ties as he visits the UK on the invitation of the King of England, King Charles III. His state visit to the UK next week will mark Nigeria’s first such visit to the UK in 37 years, when Military President Ibrahim Babangida was head of state.

The chief executive of CPPE, Mr Muda Yusuf, said the planned visit by Mr Tinubu to the UK is significant on multiple fronts.

“At a time of shifting global alliances and economic realignments, the visit presents both opportunity and responsibility.

“It is expected that leading Nigerian business figures will accompany the President, creating a platform for expanding trade flows, deepening investment partnerships, promoting Nigeria as a destination for capital, and strengthening financial-sector linkages.

“The UK remains a major source of portfolio flows, development finance, and private-sector investment into Nigeria. Structured engagements during the visit could unlock opportunities in infrastructure, energy, financial services, technology, manufacturing, and agribusiness,” Mr Yusuf stated.

On her part, the Director General of the LCCI, Mrs Chinyere Almona, noted that the visit represents a historic opportunity to recalibrate Nigeria–UK relations from traditional diplomacy to focused economic diplomacy.

“At a time when Nigeria is implementing bold macroeconomic reforms, this visit should be leveraged to secure concrete commitments on trade expansion, long-term investment, and cooperation on the business environment.

“From the perspective of the Lagos Chamber of Commerce and Industry, the overriding objective should be to translate goodwill into measurable economic outcomes that strengthen Nigeria’s productive base and export capacity,” she said.

According to her, recent data underscore the strategic importance of the UK to Nigeria’s economy, noting that in Q3 2025, Nigeria recorded capital importation of approximately US$6.01 billion, representing a significant year-on-year surge.

“Notably, the United Kingdom emerged as Nigeria’s largest source of capital inflows, accounting for about US$2.94 billion, or nearly half of total inflows during the quarter. These inflows were driven predominantly by portfolio investment, particularly into the financial and banking sectors, reflecting renewed foreign investor confidence following Nigeria’s macroeconomic adjustments.

“On the trade front, total trade in goods and services between Nigeria and the UK stood at approximately £8 billion in the 12 months to mid-2025,” she said.

She said, however, that the relationship remains structurally imbalanced, with UK exports to Nigeria significantly exceeding Nigeria’s exports to the UK.

“Ultimately, the economic agenda of this state visit should be guided by Nigeria’s most pressing challenges: export diversification, inflation-induced cost pressures, infrastructure deficits, and the need for stable long-term capital,” Mrs Almona said in an interview with Nairametrics.

By Dipo Olowookere

The Economic and Financial Crimes Commission (EFCC) has frowned on the use of foreign currencies for financial transactions in Nigeria, saying this could disrupt the nation’s stability.

The acting Zonal Director of the agency in Ilorin, Mrs Victoria Ugo-Ali, informed the Central Bank of Nigeria (CBN) that the EFCC chairman, Mr Ola Olukoyede, is determined to curb the increasing preference for foreign currencies in domestic transactions, describing the practice “as a serious threat to the stability of the nation’s financial system.”

Speaking during a courtesy visit to the Branch Controller of the Ilorin Branch of the central bank, Mr Monga Muhammed, on Tuesday, Mrs Ugo-Ali noted that “many economic and financial crimes are perpetrated through financial institutions,” stressing the importance of timely intelligence and reports on suspicious transactions.

She called on the apex bank to continue providing the commission with relevant financial intelligence that would aid investigations and help curb money laundering and other financial crimes.

She also reiterated that the growing preference for foreign currencies in local transactions undermines the value of the naira and weakens public confidence in the national currency.

In his response, Mr Muhammed commended the Zonal Director and the management team of the EFCC for the visit, promising to sustain and deepen the already cordial relationship between the two organisations.

He described the engagement as the first of its kind and expressed optimism that it would further strengthen the cooperation between both institutions.

“At our end here, we will continue to partner with you because we carry out complementary functions. While your duty is to tackle economic and financial crimes, our responsibility, primarily as the apex bank, is to stabilise the economy and regulate financial institutions. We will not fail in that regard,” he said.

The CBN Branch Controller further disclosed that the apex bank had put several measures in place to address naira abuse and the dollarisation of the economy.

According to him, the CBN has the capacity to track currency in circulation and would not hesitate to apply appropriate sanctions against individuals or organisations found trading illegally in the nation’s currency.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further lost 0.28 per cent on Wednesday, March 11, cutting down the market capitalisation by N7.21 billion to N2.533 trillion from the preceding session’s N2.540 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) was down during the session by 12.06 points to finish at 4,233.91 points compared with the 4,245.97 points it ended on Tuesday.

The midweek session experienced a decline in the volume of securities by 91.3 per cent to 1.3 million units from 14.9 million units, as the value of securities decreased by 75.9 per cent to N31.9 million from the N132.7 million recorded on Tuesday, and the number of deals fell 37.9 per cent to 36 deals from the preceding session’s 58 deals.

The session ended with Central Securities Clearing System (CSCS) Plc as the most traded stock by value on a year-to-date basis with 38.1 million units valued at N2.4 billion. Okitipupa Plc followed with 6.3 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc recorded the sale of 5.8 million units worth N529.9 million.

Resourcery Plc remained as the most traded stock by volume on a year-to-date basis with 1.05 billion units sold for N408.7 million, trailed by Geo-Fluids Plc with 130.6 million units exchanged for N503.8 million, and CSCS Plc with 38.1 million units worth N2.4 billion.

The alternative stock market closed the day with three price decliners and three price gainers led by  IPWA Plc, which added 41 Kobo to sell at N4.56 per unit versus the previous day’s N4.15 per unit, MRS Oil Plc appreciated by 10 Kobo to N210.10 per share from N210.00 per share, and  Lighthouse Financial Services Plc increased its value by 5 Kobo to 55 Kobo per unit from 50 Kobo per unit.

Conversely, FrieslandCampina Wamco Nigeria Plc lost N3.92 to quote at N132.78 per share versus N136.70 per share, UBN Property Plc dropped 20 Kobo to settle at N2.38 per unit from N2.18 per unit, and First Trust Mortgage Bank Plc declined by 1 Kobo to N1.90 per share from N1.91 per share.