Economy
Tinubu Seeks Brazil’s Collaboration on Solid Minerals, Agriculture, Others
By Adedapo Adesanya
President Bola Tinubu of Nigeria and his Brazilian counterpart, President Luiz da Silva, have met for a comprehensive strengthening of bilateral ties across different economic sectors including solid mineral exploration, agriculture, education, and healthcare.
According to a statement, the meeting took place in Addis Ababa, Ethiopia, on Sunday on the sidelines of the 37th session of the African Union Head of States and Government.
President Tinubu stressed the need for stronger ties with other nations in line with Nigeria’s economic potential and influence in the continent, adding that Nigeria was witnessing a leap forward despite some short-term reform pains.
He reassured that his administration was removing all encumbrances to ease the way of doing business.
The President explained that his administration was investing in critical sectors like healthcare, education, and agriculture to ensure the welfare of citizens and to create sustainable economic prosperity.
“We have a very vibrant population of young Nigerians who are trainable, dependable, and should be empowered. The economic potential of Nigeria is enormous.
“We are ready to fight corruption from top to bottom. We are ready to invest in critical sectors like healthcare, agriculture, education, infrastructure, and others. I have one of the most dedicated teams in agriculture,” he said.
He said Nigeria was ready to deepen ties with Brazil, noting that it is a “legacy of what can be done together to change the future for countless millions of our citizens”.
“We are stopping at nothing to remove all encumbrances to business. Red tape is being shredded around us. There is nothing we will not do to manifest the great potential of our nation.
“We are very aware of your progressive legacies of social security provision, infrastructure, and reforms in Petrobras. We are in the process of implementing similar reforms in the NNPC Limited.
“We are focusing on investment in new production and new energy sources. We are investing in research, and we are removing obstacles to further partnerships in all areas of operation,” the President said.
While identifying solid mineral exploration, agriculture, education, and healthcare as areas of immediate concern, Mr Tinubu emphasised that the will of the two leaders to collaborate was firmly established.
“I agree that our countries must now have direct air links. I will form a committee of cabinet members who will work directly with your cabinet ministers, and they will urgently form a joint plan of action for the benefit of our two great countries.
“Brazil and Nigeria share similarities. Let us forget old mistakes. The phenomenal growth achieved by Brazil in agriculture is exemplary.
“We will work with you to mechanise our food production systems to enhance the quality and quantity of output. I will work with you to re-energize Nigeria’s relations with Brazil across the board,” he said.
On his part, Mr da Silva said Africa’s largest economy and South America’s largest economy have a long and interesting history, saying Nigeria’s natural and human resource wealth is akin to Brazil’s.
The Brazilian leader said Nigeria and Brazil once had a trade volume of more than 10 billion dollars in the past, which has now plummeted to 1.6 billion dollars.
“I am back to try to restore; to reclaim our good relations with Nigeria. I cannot imagine that a country of 216 million people and another of 213 million people do not have strong relations.
“Mr. President, I am 78 years old. You are 71. What keeps me energetic is that I fight for a cause. The cause of my nation and people. A great cause is the elixir of sustained vitality for experienced leaders.
“Nigeria and Brazil need stronger relations from the academic viewpoint; from the cultural viewpoint; from the commercial viewpoint; from the agricultural viewpoint; from the industrial viewpoint, and the trade viewpoint.
“It is meaningless that there are no direct flights from Lagos to Sao Paulo and vice versa. I can not understand that. We have to sit at a table and find a solution for that.
“In aviation, there are many areas of potential collaboration with our manufacturers who seek to have a greater presence in Africa. I only have three more years left of my term to do everything I have not done yet.
“The time is very short. I am in a hurry to make my contributions to improve these relations with Nigeria. To make this happen, we have to put our ministers to work,” he said.
The two leaders agreed to work out the modalities for a state visit to Brazil by President Tinubu following an invitation by President da Silva.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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