Economy
Tinubu Tasks Diaspora on More Remittances to Boost Economy
By Adedapo Adesanya
President Bola Ahmed Tinubu has encouraged Nigerians abroad to further boost the nation’s economy through remittances.
Speaking at the 17th annual National Diaspora Day (NDD) 2023 at the Conference Centre, Presidential Villa, Abuja, on Tuesday, the President, who was represented by Mr Femi Gbajabiamila, his Chief of Staff, said Nigerians were excelling globally and contributing immensely to the country’s development through their resources, talents, skills and global exposure.
“This, I must say, is commendable and in our enlightened self-interest as only Nigerians both at home and abroad can develop Nigeria,” he said.
He confirmed that in 2022, Diaspora home remittances through official channels stood at $ 21.9 billion, over four times the value of our Foreign Direct Investment (FDI).
“The Nigerians in the Diaspora are also actively investing in healthcare, agriculture, education, information and communication technology, housing and real estate, sports, transportation, oil and gas and other sectors,” he said.
The president also estimated Nigerians in the Diaspora at over 17 million and reiterated that the government held the Diaspora in high esteem and worked hard to uplift engagements with them.
He said parts of the engagement included the passage of the Nigerians in Diaspora Commission (NiDCOM) (Establishment) Act in 2017, its take off in 2019, and the approval and adoption of the National Diaspora Policy in 2021.
The president also commended the commission for its dynamic engagements with the diaspora community, especially with laudable programmes for Nigerians in the diaspora to invest at home.
“I believe in the years to come; these programmes will impact tremendously on our economy by catalysing our developmental efforts.
“May I, therefore, encourage you to key into these programmes for our mutual benefit.
“May I also let you know that this new democratically-elected government is a Diaspora friendly one, which will provide an enabling platform for effective policies for the Diaspora with the view to galvanising support for the new administration and concretising our democracy, setting a good example for other African countries to emulate?”
He assured that the government would address some of the challenges the commission faced to make it more effective with the diaspora for national development.
On her part, Mrs Abike Dabiri-Erewa, Chairman of NiDCOM, said the theme of the day was a summary of the entire mandate of NiDCOM.
Mrs Dabiri-Erewa said the mandate was to engage and harness the talents, skills, resources and global exposure of Nigerians in the diaspora for national development.
“Our interactions with the diaspora community during this year’s National Diaspora Day celebrations, therefore, are expected to mobilise the Diaspora to key into some of the programmes of the government and to chart improved and better ways on how to achieve the positive results for national development within the “Renewed Hope Agenda” of the government.”
The chairman urged the federal government to review the Act setting up NiDCOM to streamline its activities by setting up a sustaining funding mechanism for the commission’s activities.
She encouraged the government to support and conclude the setting up of the Nigeria Diaspora Investment Fund (NDIF) as an investment window for the Diaspora and a Diaspora Intervention Fund for emergencies involving the diaspora.
By Adedapo Adesanya
The third trading week of 2025 ended on a positive note at the NASD Over-the-Counter (OTC) Securities Exchange, with seven equities on the platform inspiring a 1.24 per cent growth.
Consequently, the market capitalisation of the bourse increased by N21.56 billion during the five-day trading week to N1.075 trillion from the N1.053 trillion quoted in the preceding week (Week 2) as the NASD Unlisted Security Index (NSI) expanded by 37.98 points to 3,111.91 points from the 3,073.93 points it ended in the preceding week.
In the period under review, the volume of transactions went down by 42.1 per cent to 9.45 million units from the 16.30 million units in the previous week, as the value of trades declined by 53.1 per cent to N48.4 million from the N104.11 million, with these transactions completed in 122 deals involving 15 different stocks.
Industrial and General Insurance (IGI) Plc gained 50 per cent in the week to close at 36 Kobo per share versus 34 Kobo per share, Mixta Real Estate Plc increased by 20 per cent to end at N2.58 per unit compared with the previous week’s N2.15 per unit, and Okitipupa Plc rose by 10 per cent to N39.59 per share from N35.99 per share.
Further, UBN Property Plc grew by 10 per cent to N2.20 per unit from N2.02 per unit, Newrest Asl Plc jumped by 9.9 per cent to N31.38 per share from N28.53 per share, FrieslandCampina Wamco Plc surged by 3.7 per cent to N39.65 per unit from N38.22 per unit, and 11 Plc advanced by 0.3 per cent to N256.00 per share from N255.31 per share.
FrieslandCampina Wamco Plc topped the activity chart last week by value with with N0.030 billion, 11 Plc recorded N0.009 billion, Central Security Clearing System (CSCS) Plc raked in N0.004 billion, IGI Plc followed with N0.002 billion, and Geo-Fluids Plc recorded N0.002 billion.
However, IGI Plc was the most traded instrument by volume with 7.5 million units, FrieslandCampina Wamco Plc transacted 0.77 million units, UBN Property Plc recorded 0.38 million, Geo-Fluids Plc traded 0.37 million units, and CSCS Plc posted 0.16 million units.
By Dipo Olowookere
To minimise their risks, investors trimmed their exposure to Nigerian stocks by about 52.07 per cent last week, data from Customs Street has revealed.
At the Nigerian Exchange (NGX) Limited in the period under review, the market participants transacted 2.252 billion shares worth N58.831 billion in 63,657 deals compared with the 4.698 billion shares valued at N85.043 billion traded in 72,562 deals a week earlier.
Business Post reports that Universal Insurance, GTCO, and AIICO Insurance dominated the activity chart in the week with 468.315 million equities sold for N9.007 billion in 3,568 deals, contributing 20.79 per cent and 15.31 per cent to the total trading volume and value, respectively
At the close of business, the financial services sector recorded a turnover of 1.371 billion stocks worth N22.274 billion in 26,114 deals, contributing 60.86 per cent and 37.86 per cent to the total trading volume and value, respectively.
The consumer goods space transacted 253.536 million shares worth N15.244 billion in 8,869 deals, and the services industry exchanged 193.424 million equities valued at N931.795 million in 4,716 deals.
In the five-day trading week, the bourse posted 33 price gainers versus 51 in the previous week, 57 price losers versus 39 a week earlier, and 62 equities remained unchanged, in contrast to 62 recorded in the preceding week.
Neimeth was the biggest price advancer in the period under consideration with a 31.42 per cent appreciation to close at N3.43, SCOA Nigeria expanded by 20.39 per cent to N2.48, Northern Nigeria Flour Mills grew by 19.54 per cent to N54.45, Livestock Feeds soared by 17.62 per cent to N5.94, and Dangote Sugar surged by 16.67 per cent to N38.50.
On the flip side, Universal Insurance slumped by 1923 per cent to 63 Kobo, Royal Exchange declined by 18.35 per cent to 89 Kobo, Regency Assurance shrank by 17.78 per cent to 74 Kobo, Sovereign Trust Insurance lost 16.67 per cent to close at N1.10, and Dangote Cement crumbled by 16.46 per cent to N400.00.
The market came under selling pressure in the week, resulting in the All-Share Index (ASI) and the market capitalisation tumbling by 2.94 per cent and 2.26 per cent each to 102,353.68 points and N62.851 trillion, respectively.
In the same vein, all other indices finished lower except the MERI Value, consumer goods, growth and sovereign bond indices, which appreciated by 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively while the ASeM index closed flat.
By Dipo Olowookere
The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.
This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.
The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.
The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.
However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.
In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.
“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”
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