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.
How to Start and Grow Your Forex Business
Starting a forex business is just as difficult and time-consuming as starting any other type of business. You need to decide on what you will provide, how you will make money, register your business, and everything in between.
While it can be difficult and take anything from a couple of months to a few years to start, there are some key points you need to figure out as quickly as you can to ensure a smooth start and consistent growth.
The first thing you will need to do is become a master of trading and strategy building. The best way to do this is to start looking at trading as a job. You need to know everything you possibly can about currencies, your chosen trading platform, etc., if you are going to turn this into a business.
Using your own money to trade and test strategies is the best way to figure out your strengths, as well as a way to find out the best product you can provide.
Share Strategies & Knowledge Online
The next thing you need to do is to create an online presence. This can be done with social media, YouTube videos, and a website. The goal is to build a name for yourself as an authority in the forex space.
At this point, you most likely won’t be able to monetize what you are sharing, but the exposure you gain, especially if you are offering something successful and unique, will be invaluable later on.
This can also be a way to see if forex social media can be a business by itself. Considering how big social media is and how much money brands will pay to be featured, being a forex social media influencer can be right up your alley.
Depending on how big or small you want your business to be at the start will decide how much initial capital you need. At the very least, you will probably want a new computer, extra monitors, subscriptions, etc., in the beginning.
Once you have begun doing business and have some clients and work under your belt, that’s when you can begin planning to move into an office space or something similar.
What Will You Offer?
One of the most crucial steps in this process is deciding on what you will be offering. Are you a developer wanting to start a trading platform, do you code trading bots, or are you someone looking to share their knowledge through online courses?
This is a vital step as it will decide how you will market your product, where you will sell it, and who your target audience is.
How Will You Make Money?
Once you have your product, you need to decide how you are going to make money from it. There are a couple of ways to go about this; you can choose to sell your product as a once-purchase, or you can sell it as a subscription.
It is important to note that two things may seem very different, but the way you can sell them is the same. Both courses and a trading bot, for example, can be sold on a monthly subscription basis.
Once you have reached the stage where you are ready to go, you will need to go about registering your business. This will differ depending on where you are; therefore, it is imperative that you do the necessary research.
Even if you are still a small, one-person operation, the sooner you register your business, the sooner you can be entitled to business loans, hire employees, and everything else you will need to expand.
Speaking of employees, once you have grown your client base and the work is flowing in, there will come a time when you won’t be able to do everything yourself. While there is certainly no need to hire a full team, there are ways to receive the extra help you need.
Hiring people on a freelance basis will give you the extra hands you need when you need them, but when business is slower, you aren’t paying out money without that cash coming back into the business. While this isn’t a permanent solution, it is a great strategy for start-up businesses.
Unlisted Securities Market Shrinks by 0.34%
By Adedapo Adesanya
Despite a surge in trading value and volume, the NASD Over-the-Counter (OTC) Securities Exchange ended in the negative territory on Wednesday, February 8, as it depreciated by 0.34 per cent.
Three price losers were responsible for the decline recorded by the unlisted securities market yesterday, with the value shrinking by N3.17 billion to N929.62 billion from the preceding session’s N932.79 billion.
In the same vein, the NASD Unlisted Securities Index (NSI) depreciated during the trading day by 2.42 points to end at 707.46 points compared with Tuesday’s 709.88 points.
Data showed that market participants executed 23 deals at the bourse during the session, 187.5 per cent higher than the eight deals carried out a day earlier.
There was a rise in the value of transactions recorded at the alternative exchange in the week session by 327.2 per cent to N17.6 million from the previous session’s N4.1 million.
Likewise, the volume of stocks traded by investors increased by 9,005.4 per cent as 2.7 million units were transacted, in contrast to the 30,068 units achieved on Tuesday.
NASD Plc lost N1.35 yesterday to trade at N13.00 per share versus the previous day’s N14.35 per share, Central Securities Clearing System (CSCS) Plc lost 50 Kobo to close at N13.00 per unit versus N13.50 per unit, while UBN Property Plc went down by 1 Kobo to finish at 74 Kobo per share compared with the 75 Kobo per share it was sold the prior session.
However, the share price of Capital Bancorp Plc appreciated on Wednesday by 4 Kobo to trade at N2.25 per unit versus Tuesday’s closing price of N2.21 per unit.
At the close of transactions, Geo-Fluids Plc was the most traded stock by volume on a year-to-date basis, with 321.2 million units valued at N317.2 million, followed by UBN Property Plc with 36.3 million units worth N26.1 million, and NASD Plc with 3.0 million units valued at N36.6 million.
The most active stock by value on a year-to-date basis was also Geo-Fluids Plc for trading 321.2 million units worth N317.2 million, trailed by FrieslandCampina WAMCO Group Plc with 2.5 million units valued at N161.8 million, and VFD Group Plc with 561,810 units worth N137.0 million.
Nigerian Naira Appreciates to N461.17/$1 at I&E, N760/$1 at P2P
By Adedapo Adesanya
The Nigerian Naira appreciated against the United States Dollar in the Investors and Exporters (I&E) and the Peer-2-Peer (P2P) windows of the foreign exchange (FX) market on Wednesday, February 8.
Amid worrying issues in the country, including Nigeria’s cash crunch, the Naira was able to find succour at the currency market.
In the I&E market, which caters to the FX needs of business owners, the domestic currency gained 33 Kobo or 0.07 per cent to close at N461.17/$1 compared with the exchange rate of N461.50/$1 on Tuesday.
Low transactions in the spot market helped the local currency gain strength yesterday as the turnover stood at $55.52 million, 25.6 per cent or $19.06 million lower than the $74.58 million carried out in the preceding session.
Equally, in the P2P arm of the FX market, the domestic currency appreciated against its American pair by N1 yesterday to settle at N760/$1, in contrast to the N761/$1 it was traded a day earlier.
Also, in the black market, the Nigerian currency closed stronger than the US Dollar by N1 to trade at N749/$1 compared with Tuesday’s exchange rate of N750/$1.
However, in the interbank window, the domestic currency weakened against the Pound Sterling by N2.47 to close at N557.87/£1 versus N555.40/£1, and against the Euro, it gained 96 Kobo to end the day at N495.36/€1 versus Tuesday’s N496.32/€1.
Meanwhile, in the crypto market, the mood was weak as investors expect that US Federal Reserve chair Jerome Powell is set to give a speech on Thursday in which he may deliver a shock wake-up call to crypto and stock markets.
This is on the heels of last week’s red-hot US jobs report, which sparked fears of a return of aggressive Federal Reserve interest rate hikes.
Bitcoin (BTC) slid below $23,000 to around $22,938.57 after it went down by 1.5 per cent, while Ethereum (ETH) made a 1.4 per cent depreciation to trade at $1,650.63.
Solana (SOL) slumped by 2.9 per cent to quote at $23.19, Dogecoin lost 2.6 per cent to sell at $0.0902, Binance Coin (BNB) crashed by 1.7 per cent to $327.94, Ripple (XRP) slid by 1.4 per cent to $0.3987, Cardano (ADA) depleted by 1.3 per cent to finish at $0.3943, and Litecoin (LTC) depreciated by 1.1 per cent to quote at $99.17, while the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.
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