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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
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