Economy

Vibrant Commodities Market Will End Poverty, Create Jobs—Osinbajo

Published

6 years ago

16/03/2020

By Modupe Gbadeyanka

Nigeria is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population. If these are harnessed and a vibrant commodities market is created, the end to poverty in the country is near, Professor Yemi Osinbajo has submitted.

Speaking at the beginning of a 2-day International Conference on the Nigerian Commodities Market (ICNCM 2020) in Abuja, Mr Osinbajo, who is the country’s Vice President, further stated that the commodities can help in the area of job creation.

Represented by the Minister of State, Industry, Trade and Investment, Ambassador Maryam Katagun, the Vice President said efficient use of these resources will benefit both the public and private sectors of the economy.

“Distinguished ladies and gentlemen, our country is endowed with favourable atmospheric conditions for farming as well as abundant natural resources and teaming youthful population,” Mr Osinbajo said at the event themed Commodities Trading Ecosystem: Key to Diversifying Nigeria’s Economy.

Speaking further at the programme organised by the Securities and Exchange Commission (SEC), the Vice President said, “The efficient use of these resources will benefit both the public and private sectors of our economy.”

“With a vibrant commodities markets jobs will be created. Poverty will be reduced micro economic situation of the country will improve.

“Definitely, every responsible government is interested in seeing these improvements and this is at the heart of our administration ‘s policies and projects implementation.

“In realisation of these objectives, the federal government has put many initiatives in place to develop the agriculture and solid mineral sectors,” he added.

In her address, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that the theme of the conference has always been relevant in Nigeria’s national discourse as several national plans, programmes and projects have targeted diversifying the production and revenue sectors of the economy.

According to the Minister, while achievements have been made in these areas, there are needs to do more ensure that the country’s production and export base more robust and less vulnerable to external shocks as well as provide more opportunities for the growing population.

She noted that the recent outbreak of Coronavirus has further strengthened the federal government’s resolve to diversifying the economy hence the theme of the conference was apt and timely.

“With the topics that have been scheduled in this two-day event, and the quality of the speakers, I am further assured that the outcomes of this conference will be beneficial to the capital market, but most importantly to the national economy.

“Through this conference, I can see the capital market community add its voice to the need to further diversify our economy, while also suggesting that one of the ways to this is to develop a vibrant commodities trading ecosystem.

“Our country is well endowed with various commodities comprising agriculture, energy and mineral resources. For instance, the agricultural sector employs about 40 percent of our labour force, and accounts for 22 percent of Nigeria’s Gross Domestic Products (GDP),” she said.

In her opening remarks, acting Director General of the SEC, Ms Mary Uduk, said one of the key initiatives of the 10-year Capital Market Master Plan is the development of a thriving commodities trading ecosystem as part of the capital market’s contribution to the national economy.

According to her, while it is clear that Nigeria is well endowed with agricultural, metals and energy commodities, our potentials in these areas are unrealised.

She said, “The good news however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.

“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization, as well as low foreign exchange earnings affecting our agriculture and other commodities sub-sectors”.

Chairman Senate Committee on Capital Market, Mr Ibikunle Amosun, while commending SEC for organising the programme noted that the conference will provide a platform for stakeholders to rub minds and cross fertilise ideas for the purpose of diversifying Nigeria’s economy.

Economy

Secure Electronic Technology Suspends Share Reconstruction as Investors Pull Out

Published

5 minutes ago

23/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.

The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.

Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.

Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.

However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.

Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.

“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.

“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.

“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.

“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.

Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.

Economy

Clea to Streamline Cross-Border Payments for African Importers

Published

1 hour ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.

During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.

Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.

Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.

The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.

Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”

Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”

According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.

Economy

NIN to Serve as Tax ID for Nigerians—FIRS

Published

2 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Federal Inland Revenue Service (FIRS) has declared that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) has now automatically become a Tax ID for Nigerians.

The service announced this in a public awareness campaign on the new tax laws posted on X, formerly known as Twitter, on Monday.

The new tax laws go into effect in two weeks and to ease administration and collection of taxes, NIN, which was introduced as a way of identity, will now serve as Tax ID. This declaration comes amidst concerns over a provision of the tax laws mandating Tax ID for bank account ownership.

With this development, all Nigerians with NIN now automatically have a Tax ID and can be easily brought into the tax net, provided they receive taxable income. The new tax law has set N800,000 per annum earning as the cut-off annual income threshold which the Nigerian state will charge no personal income tax.

For registered businesses, the FIRS said their RC number issued by the Corporate Affairs Commission (CAC) automatically becomes their tax ID under the new tax system.

According to the FIRS, the Nigeria Tax Administration Act (NTAA) billed to come into force from January 2026, mandates the use of Tax ID for certain transactions.

It, however, noted that this requirement is not new, adding that it has existed since the Finance Act 2019 and has been strengthened under the NTAA.

“The Tax ID unifies all TINS previously issued by FIRS and states IRS into a single identifier.

“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used.

“You do not need a physical card, the Tax ID is a unique number linked directly into your identity,” the FIRS stated.

The FIRS added that the new tax ID systems simplify identification, reduce duplication, closes loophole for tax evasion and ensure fairness so that everyone who earns taxable income contributes their share.