Economy

We’re Providing Environment for Investments to Thrive—Buhari

Published

8 years ago

28/02/2018

By Dipo Olowookere

The role of Dangote Group in the President Muhammadu Buhari administration’s plan for economic recovery and growth has been applauded.

Speaking while declaring the Kaduna International Trade Fair open at the weekend, the President urged the private sector operators to join hand in bolstering nation’s economy.

He described them as key to modern economic growth and development, pointing out that government was desirous of providing the enabling environment for investments to thrive.

Mr Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr Ekechukwu Enelama, commended the role of the Dangote Group and private sector operators in general in creating jobs for the youth, adding that the government was partnering the private sector in its industrialization drive.

The Dangote Group was also commended for the sponsorship of the 39th edition of the Trade Fair.

The Minister took time to visit the Dangote Pavilion where he was introduced to the company’s various innovative products.

Kaduna State Governor, Mr Nasiru El-Rufai, who was represented by his Deputy, Mr Barnabas Bala Bantex, said he was impressed by the various innovative products displayed at the pavilion of the Group.

The Governor also said his administration was looking into partnering with the company on the issue of concrete road.

Speaking, Group Executive Director Stakeholders Management and Corporate Communications Engr. Ahmed Mansur said the Group was investing heavily in the agricultural sector.

Mr Mansur said very soon Nigeria will witness an exponential opening in jobs for the country’s teeming youths, as hundreds of thousands of jobs will be created by the Group.

Meanwhile, the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) also described the Dangote Group as one of the major sponsors of the forthcoming Kaduna International Trade Fair.

The Trade Fair which opens for participants from Friday, February 26 to March 4, 2018 has as its theme as ‘Promoting Commerce, Industry and Agriculture for International Competitiveness.’

Speaking at the opening ceremony, President of KADCCIMA Mrs Muheeba Fareeda Dankaka, commended the Dangote Group for its yearly sponsorship of the event, adding that in Dangote the chamber has found a worthy partner in the development of the Nigerian economy.

She said this year’s Fair will address the issue of diversification of the Nigerian economy which has been on the front burner over the years.

According to her, on Tuesday; the Chamber will host a Business Round Table with the theme: Promoting Made In Nigeria Products for International Competitiveness.

Mr Femi Aboyede, an expert on Export is expected to deliver the lead paper. Other stakeholders that will participate in the Business Roundtable include private companies, Customs, Shippers Council and the Nigeria Export Promotion Council (NEPC), among others.

Mrs Dankaka said on Wednesday there will be a Seminar to be chaired by former President General Yakubu Gowon.

Director General of the Kaduna Chamber of Commerce Industry Mines and Agriculture (KADCCIMA) Usman Saulawa added that the relationship between the Dangote Group and KADCCIMA is helping businesses in Nigeria and beyond. He described the fair as Africa’s most famous fair and assured that it would help in deepening business relations in Africa.

A statement from the Dangote Group signed by the Chief Corporate Communications Officer, Mr Anthony Chiejina, had said the trade fair offers the Dangote Group an opportunity to display its numerous innovative products which include the recently introduced Dan-Q Seasoning, sachet sugar, salt, tomato paste and noodles, among others.

The statement urged participants to patronize the Dangote Pavilion at the Trade Fair.

Speaking at the opening ceremony also, United States Ambassador to Nigeria W. Stuart Symington said there was a need for an inclusive system to include women and youth, adding that this will help achieved the desired economic growth and development

Economy

NASD Exchange Falls 0.22% After Investors Lose N4.8bn

Published

4 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.

During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.

According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Crashes to N1,380/$ at Official Market, N1,390/$1 at Black Market

Published

4 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.

On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.

It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.

The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.

The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.

The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.

Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.

Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.

Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.

Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.

However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Oil up 3% as Hormuz Disruption Outweighs UAE OPEC Exit

Published

5 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.

An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.

Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.

This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.

The UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.

The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.

Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.

The war in Yemen broke whatever was left of diplomatic patience.

President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.

The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.