Economy
Tinubu Insists Nigerian Economy Not in Distress, Calls for Patience
By Dipo Olowookere
President Bola Tinubu has emphasised that the Nigerian economy is not in distress as claimed by the opposition and the International Monetary Fund (IMF).
On Monday, the IMF, which admitted that Mr Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years,” said the indices were showing a challenging outlook, especially when there is the possibility of subsidies on petrol and electricity could gulp up to 3 per cent of the country’s gross domestic product (GDP) in 2024.
But President Tinubu, at the Leadership Conference and Awards 2023, held at the Congress Hall of the Transcorp Hilton, Abuja, on Tuesday, March 5, 2024, disagreed that the Nigerian economy was in distress, explaining that, “Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.”
He stated that since he assumed office on May 29, 2023, his administration has made efforts to revamp the country’s economy.
“I have approved the disbursement of N200 billion through three new special intervention funds established to support Nigerian businesses.
“The first is a N50 billion Presidential Conditional Grant Scheme (PCGS) that will provide business grants and loans to traders, food vendors, transport workers, ICT businesses, creatives, and artisans; verification of all submitted applications is ongoing, and disbursements will commence through the Bank of Industry (BOI) as soon as this verification is completed.
“The second is a N75 billion FGN MSME Intervention Fund [that] will provide single-digit-interest loans to our MSMEs.
“The third is a N75 billion FGN Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to N1 billion each,” he said through the Minister of Information and National Orientation, Mr Mohammed Idris Malagi, who represented him at the event.
The award ceremony, which was attended by several personalities, including the presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, was themed An Economy in Distress: Which Way Forward?
Speaking further, President Tinubu noted his efforts made the “Nigerian economy to record a better-than-anticipated performance in the last quarter of 2023, growing by 3.46 per cent (year-on-year) compared with 2.54 per cent in the preceding quarter.”
“Capital importation into Nigeria was up 66 per cent in Q4 2023, reversing a 36 per cent decline in the previous quarter [and] in In January 2024, the Nigerian Exchange (NGX) Limited’s All-Share Index (ASI) crossed the 100,000 points mark, its highest ever,” he added.
He stated that his administration has been able to attract about $30 billion in Foreign Direct Investment (FDI) commitments.
According to him, these offshore investments cut across the real sectors of the economy, including manufacturing, telecoms, healthcare, oil & gas, and others, adding that the investments have already started coming into the country.
“Just a few days ago, I was in Qatar on an official visit, where the Emir assured [me] that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here.
“I have asked the Minister of Finance and Coordinating Minister of the Economy (Mr Wale Edun) to directly interface with the Qatari authorities to ensure that speedy progress is made,” the President said.
“I ask for the continuing patience and support of all Nigerians, including the elites that are very well represented in this room today.
“To the Nigerian media, I urge you to strive to report not only the challenges but also the solutions and the opportunities as well.
“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured,” he stated.
By Adedapo Adesanya
A price appreciation recorded by Central Securities Clearing System (CSCS) Plc lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Tuesday, April 21.
Data showed that the Nigerian depository company gained N4.13 during the trading day to close at N63.15 per share compared with the preceding session’s N59.02 per share.
As a result, the NASD Unlisted Security Index (NSI) added 21.81 points to close at 3,935.27 points compared with Monday’s closing value of 3,913.46 points, and the market capitalisation expanded by N12.99 billion to finish at N2.354 trillion, in contrast to the previous day’s N2.341 trillion.
Yesterday, the price of 11 Plc went down by N21.08 to settle at N191.00 per unit versus N212.08 per unit.
There was a 48.9 per cent decline in the value of transactions on Tuesday to N5.7 million from N11.1 million, as the volume of transactions dipped by 48.9 per cent to 185,420 units from 245,830 units, while the number of deals shrank by 4.2 per cent to 23 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 58.9 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded at N1.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira depreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX), on Tuesday, April 21, by N1.07 or 0.08 per cent to quote at N1,350.74/$1, in contrast to the N1,349.67/$1 it was traded on Monday.
The Nigerian currency also tumbled against the Euro in the same market segment during the trading session by 4 Kobo to settle at N1,589.42/€1 versus N1,589.38/€1, but appreciated against the Pound Sterling by 31 Kobo to close at N1,826.47/£1 compared to the previous rate of N1,826.78/£1.
At the GTBank FX desk, the local currency slumped against the greenback yesterday by N5 to sell at N1,359/$1 compared with Monday’s closing price of N1,354/$1, and at the black market, it traded flat at N1,375/$1.
The depreciation of the domestic currency came as FX outflows exceeded inflows amid a sustained decline in external reserves to debt service costs on Nigeria’s borrowings.
According to data published by the Central Bank of Nigeria (CBN), interbank liquidity at the market surged to N91.866 million across 106 deals.
Despite intervention in the market to keep the domestic currency stable, traders noted that the FX injections have slowed, reflecting the absence of a significant shock.
Analysts at Coronation Merchant Bank reiterated the expectation that the Naira will remain relatively stable in the near term, supported by sustained FX liquidity at the official window and ongoing foreign portfolio participation.
Meanwhile, the cryptocurrency market remained bullish as traders reacted to President Donald Trump’s decision to extend the Iran cease-fire while Strategy made a $2.54 billion purchase of 34,164 bitcoins, its largest buy since 2024.
The new acquisition lifts Strategy’s holdings to 815,061 bitcoins, putting the position modestly in profit and coinciding with $1.4 billion in weekly inflows to global crypto funds, led by bitcoin and ether.
Ethereum (ETH) gained 3.4 per cent to trade at $2,391.54, Bitcoin (BTC) jumped by 2.9 per cent to $77,953.29, Solana (SOL) appreciated by 2.7 per cent to $88.00, Cardano (ADA) rose by 2.6 per cent to $0.2555, and Binance Coin (BNB) improved by 1.8 per cent to $642.67.
Further, Dogecoin (DOGE) added 1.7 per cent to finish at $0.0971, Ripple (XRP) increased by 1.6 per cent to $1.45, and TRON (TRX) chalked up 1.3 per cent to sell at $0.3329, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Mr Femi Shobanjo, has made a strong case for corporate reporting, submitting that it remains critical to enhancing market integrity and boosting investor confidence.
He gave this view at the 3rd edition of the Corporate Reporting Awards organised by his organisation and the Institute of Chartered Accountants of Nigeria (ICAN).
The event recognised listed companies on the local stock exchange for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.
The awards, which cover companies on the NGX 30 Index, assessed performance across three pillars: Financial Reporting (35 per cent), Corporate Governance (30 per cent), and Sustainability Reporting (35 per cent).
Organisers said the 2024 assessment was conducted under strict confidentiality and objectivity, with outcomes based strictly on merit. The exercise builds on earlier editions covering the 2022 and 2023 financial years and continues to serve as a benchmark for corporate disclosure standards in the Nigerian capital market.
Mr Shobanjo highlighted NGX RegCo’s continued adoption of global reporting frameworks, including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
According to him, the growing emphasis on environmental, social, and governance (ESG) disclosures reflects an important shift in market expectations, as sustainability considerations are increasingly becoming central to corporate strategy and long-term value creation.
“Strong corporate reporting is fundamental to market integrity and investor confidence. Beyond financial performance, there is now a clear expectation for companies to disclose how environmental, social, and governance considerations are embedded in their strategy.
“Long-term corporate success is increasingly linked to the integration of sustainability into core business decisions,” he said.
He added that the “Most Improved Company” category was introduced to encourage continuous improvement in reporting quality among listed firms.”
On his part, the president of ICAN, Mr Haruna Nma Yahaya, said corporate reporting has evolved significantly beyond compliance, becoming a strategic instrument for communicating purpose, resilience, and direction.
He noted that organisations are now expected not only to report performance but also to demonstrate how they are responding to change and creating sustainable value.
“Corporate reporting has evolved beyond compliance to become a strategic tool that communicates purpose, resilience, and direction.
“In today’s environment, organisations are expected not only to report performance, but also to demonstrate how they are adapting to change and creating sustainable value. Transparency remains central to building trust, strengthening investor confidence, and supporting market stability,” he said.
International Breweries Plc was named Most Improved Company (Overall), while First HoldCo Plc won the Sustainability Reporting Award. Zenith Bank Plc received the Corporate Governance Award, and MTN Nigeria Communications Plc clinched the Financial Reporting Award.
In the top overall category, Access Holdings Plc won Silver, Airtel Africa Plc took Gold, while Seplat Energy Plc emerged Platinum winner.
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