Economy
Turkey Sees Bilateral Trade Volume with Nigeria Expanding to $5bn
By Adedapo Adesanya
The Government of Turkey has said its bilateral trade volume with Nigeria will jump to $5 billion as it seeks to further boost socio-economic ties between the two countries.
This was disclosed by the President of the country, Mr Recep Tayyip Erdogan, at the end of a closed-door bilateral meeting with President Muhammadu Buhari at the State House, Abuja, on Wednesday.
President Erdogan noted that there are expectations that relations between the two nations would be further developed on the basis of a win-win situation and on the basis of mutual respect.
The Turkish leader also expressed the readiness of his country to partner with Nigeria in tackling its security challenges.
“We hope and pray that we will be expanding our trade volume up to $5 billion immediately.
“We hope and pray that the relations between the two nations would be further developed on the basis of a win-win situation and on the basis of mutual respect.
“As Turkey, we have been closely monitoring the development in Nigeria in our brotherly and friendly nation.
“The terrorist organizations, the armed gangs and the marine vendors are continuously active in Nigeria and the Nigerian authorities are continuously fighting them.
“In other to cooperate further in the field of military operations, defence and security, we are doing everything that will be available.
“We are ready to share our capabilities, even extending capacities as Turkey with Nigeria especially in the field of the defence industry and security which are being praised by the globe.
“The sensitivity we show in fighting terrorism, I hope it will be reciprocated by our Nigerian brothers and sister and our counterparts.
“The perpetrators of the heinous failed coup of July 15, FETO, is still very active in Nigeria. And we are continuously sharing our intelligence with Nigerian interlocutor and authorities,” he said.
Mr Erdogan pledged that his country would further cooperate with Nigeria on counter-terrorism as well as in the fields of military, defence and security. This followed the attack in Goronyo Local Government Area of Sokoto State, which claimed several lives.
In his remarks, President Buhari heaped praises on his Turkish counterpart for opening his country’s borders to accommodate millions of refugees in dire need of humanitarian support.
According to Mr Buhari, the Turkish leader has set an example to the rest of the world on how to treat refugees.
“I commend Your Excellency for your leadership and generosity in receiving and accommodating 4 million refugees fleeing from conflict areas particularly in Iraq, Syria and Afghanistan.
“You have indeed set an example to the rest of the world,” he said.
President Buhari described the two-day visit of President Erdogan and his wife, Mrs Emine Erdogan, as a reflection of the ‘‘robust, warm and cordial bilateral relation” between Nigeria and Turkey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange improved by 0.89 per cent on Tuesday, June 30, spurring the market capitalisation to chalk up N22.72 billion to close at N2.580 trillion, in contrast to the preceding session’s N2.557 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) added 37.85 points during the session to settle at 4,2991.41 points from Monday’s 4,261.56 points.
The unlisted securities market gained weight yesterday after finishing with three price losers and gainers, led by Nipco Plc, which improved its share price by N34.24 to N384.00 per unit from N349.76 per unit. FrieslandCampina Wamco Nigeria Plc appreciated by N10.25 to close at N152.01 per share versus N141.76 per share, and Food Concepts Plc soared by 7 Kobo to settle at N2.50 per unit versus N2.43 per unit.
On the flip side, Afriland Properties Plc weakened by N1.57 to N15.17 per share from N16.74 per share, Central Securities Clearing System (CSCS) Plc lost 48 Kobo to trade at N88.00 per unit compared with Monday’s N88.48 per unit, and Geo-Fluids Plc eased by 24 Kobo to N2.37 per share from N2.61 per share.
During the session, the volume of securities traded by market participants moved up by 268.9 per cent to 846,063 units from 229,314 units, while the value of securities dropped 34.9 per cent to N15.99 million from N24.6 million, and the number of deals crashed by 26.5 per cent to 25 deals from 34 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, the second spot was occupied by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and the third spot was taken by CSCS Plc with 68.8 million units traded for N4.7 billion.
GNI Plc also ended the day as the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
The Naira appreciated against the US Dollar by N3.95 0r 0.29 per cent to exchange at N1,379.68/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 30, compared with the previous day’s N1,383.63/$1.
The positive movement was also seen against the Pound Sterling at the same official market window, where it gained N6.59 to trade at N1,825.05/£1 versus the preceding day’s N1,831.64/£1, and improved against the Euro by N5.05 to sell for N1,572.98/€1 compared with Monday’s price of N1,578.03/€1.
At the GTBank FX counter, the Nigerian Naira, however, lost N2 against the Dollar yesterday to quote at N1,389/$1, in contrast to the previous session’s N1,387/$1, and at the black market, it remained unchanged at N1,395/$1,
A look at the cryptocurrency market yesterday showed that Bitcoin (BTC) depleted for the fifth straight day, selling at $58,668.93. This sits below the levels that sparked rebounds in February and earlier in June, as well as the 50-day and 200-day moving averages.
Dogecoin (DOGE) crashed by 1.5 per cent to sell at $0.0713, Binance Coin (BNB) lost 1.4 per cent to close at $544.98, Ethereum (ETH) went down by 1.0 per cent to $1,574.60, TRON (TRX) depreciated by 0.8 per cent to $0.3164, and Ripple (XRP) dropped 0.8 per cent to finish at $1.03.
Conversely, Cardano (ADA) grew by 2.9 per cent to $0.1493, and Solana (SOL) increased by 0.3 per cent to $74.19, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
The oil market rose on Wednesday morning amid concerns that breakdowns in discussions between Iran and the United States for a final agreement to end their war may extend supply disruptions in the key Middle East producing region.
Brent futures gained 33 cents or 0.45 per cent to trade at $73.28 a barrel, while the US West Texas Intermediate (WTI) crude climbed 34 cents or 0.49 per cent to $69.84 a barrel.
US officials arrived in Qatar for talks on the Iran war, but will meet with mediators, not Iranian negotiators. The lack of direct talks further complicates efforts to find a lasting end to the conflict and fully reopen the Strait of Hormuz.
The representatives, which include US President Donald Trump’s son-in-law Jared Kushner and envoy Steve Witkoff, arrived in Doha for what the White House described as “high-level” talks on Tuesday, but Iran and host Qatar said they would meet with mediators, rather than the Iranians themselves.
The Wall Street Journal reported that while hardline military officials are pushing for full control of Hormuz, Iranian civilian leaders like President Masoud Pezeshkian are aiming to get access to billions in frozen assets, indicating different priorities.
Brent fell by around $45 a barrel between the first and second quarters of this year, its largest quarterly loss since 2008 during the financial crisis in the US. Crude futures meanwhile fell by around $31, their largest quarterly loss since 2020, when the COVID-19 pandemic crushed global oil demand.
The declines followed progress toward ending the Middle East conflict, pulling back from the sharp gains triggered earlier by the hostilities.
Analysts have cut their 2026 oil price forecasts after five straight monthly increases, as the reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions.
Tanker traffic through the critical waterway has started to recover, with US Vice President JD Vance claiming that oil flows through the strait had been restored to pre-war levels.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 6.072 million barrels in the week ending June 26. In the week prior, US crude oil inventories fell by 765,000 barrels.
Official oil stock data from the US Energy Information Administration (EIA)will be released later on Wednesday.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn