Economy
Wrong Economic Policy Cause Of Low FDI Inflow—LCCI
By Modupe Gbadeyanka
The Lagos Chamber of Commerce and Industry (LCCI) has blamed the low inflow of foreign direct investment (FDI) into Nigeria on wrong economic policies of the government despite the huge investment opportunities that abound.
In a communiqué issued at the end of the second edition of the Lagos International Investment Conference in Lagos, the LCCI advised government to come up with policies that would give businesses the environment to flourish.
The chamber said the Nigerian economy remains one of the most viable in Africa with diverse natural resources and a large market with a huge demographic advantage that can propel the diversification drive of the current administration.
The communiqué signed by Vice President and Chairman Trade Promotion Board of LCCI, Mr Sola Oyetayo, noted that there is need to reconfigure a more liberal economic policy framework that will unlock the opportunities inherent in agriculture, information and communications technology (ICT), green energy, transport, and tourism amongst others.
It was agreed that government should come up with a holistic economic blueprint that will provide the right set of incentives to both local and international investors towards making Nigeria a competitive destination for investment inflows and improving the ease of doing business.
The communiqué said, “The urgent need therefore to move away from the precarious dependence on one major source of foreign exchange earnings by diversifying the export base of the economy through an all-embracing economic development strategy has become imperative.”
“A significant improvement in investment in the sector would improve on the per-hectare use of fertilizers, irrigation and mechanization so as to significantly improve agricultural productivity, thereby curbing rural-urban migration.
“Investments in commercial agriculture offers a great window of opportunity which should be exploited to the fullest, alongside encouraging and empowering small and medium scale farmers.
“There is a need for Nigeria to develop a national tourism policy clearly focused on cultural tourism or ecotourism or perhaps a combination of both.
“In this regard, the various tourism locations and potential all over the country should be developed with the help of private sector operators and investors.
“The exit from Nigeria of some major airlines should be considered a serious course for concern and all effort should be made to bring them back. The Ministry of Aviation should convene a stakeholders meeting on the best way to retain and enhance Nigeria’s status as the aviation hub for West and Central Africa.
“Government should also consider the option of forming a new Ministry of Aviation and Tourism, as has been successfully done by some countries in Africa and the Middle East with remarkable success,” participants at the event submitted.
The conference with the theme ‘Positioning the Nigerian Economy for Diversification and Sustainable Growth’ was attended by the president of the Chamber, Mrs Nike Akande, who was the host; the Minister of State, Industry, Trade & Investment, Mrs Aisha Abubakar; Commissioner, Lagos State Ministry of Commerce, Prince Rotimi Ogunleye, who represented the Governor of Lagos State, Mr Akinwunmi Ambode; Ambassador of the EU to Nigeria and ECOWAS, Mr Michel Arrion; Dr Reuben Bamidele, who represented the Country Representative of United Nations Industrial Development Organization (UNIDO); among other dignitaries.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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