Cloned Nigerian Anchor

Author: Chike Ozohili

  • Yuguda Tasks Private Sector On Infrastructure Funding

    Yuguda Tasks Private Sector On Infrastructure Funding

    Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda has tasked the private sector to rise up to the challenge of sourcing long term financing from the capital market that would fund the provision of infrastructure in the West African Sub region.

    Yuguda stated this at a pre-event press briefing on the forthcoming West Africa Capital Market Conference scheduled to hold in Lagos October 25-26 with the theme ‘Infrastructural deficit and sustainable financing in an integrated West Africa Capital Market’.

    According to Yuguda, “Infrastructure deficit refers to a situation where there is insufficient infrastructure relative to the needs of the population. Availability of infrastructure, such as power, telecommunications, roads, rail, schools, hospitals, shopping malls, hotels etc. is crucial to raising the living standards of the people”.

    He disclosed that in many countries, the responsibility for the provision of infrastructure has been steadily moving away from government to the private sector owing to increasing demand and reduced ability of the government to fund infrastructure alone, adding that the need to tackle the infrastructure deficit in the sub-region as well as embrace principles of sustainable finance to promote economic development are some of the issues to be discussed as the conference.

    The conference is being jointly organised by the  West Africa Securities Regulators Association (WASRA) comprising  the Securities and Exchange Commission (SEC) Nigeria, the Securities and Exchange Commission (SEC) Ghana, and Autorite de Marche’s Financiers or AMF-UMOA, in collaboration with Economic Community of West African States (ECOWAS), the West Africa Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI) are jointly organizing the 3rd biennial West Africa Capital Market Conference (WACMaC) 2023.

    The SEC boss said, “This deficit also poses a significant challenge to the region’s sustainable development. To address this gap, there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilize the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals.

     “The Conference will bring together a distinguished array of experts, regulators, policymakers, and industry leaders who will share their insights, experiences, and strategies to proffer solutions to the region’s massive infrastructure deficit. The WACMaC 2023 provides a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of our capital markets.

    The DG added that this year’s conference is particularly significant, as over 300 stakeholders will converge at the Eko Hotels and Suites, Lagos from October 25-26, 2023 to hold discussions around the general theme with a view to contributing significantly to infrastructural development in Nigeria.

  • 9 Years After, CBN Removes Restriction To FX On 43 Items

    9 Years After, CBN Removes Restriction To FX On 43 Items

    The Central Bank of Nigeria says it has removes restriction to foreign exchange placed on forty-three in 2015.

    According to a statement signed by Director, Corporate Communications, Isa AbdulMumin, importers of those items are now free to access the FX market to purchase foreign exchange.

    Former CBN Governor, Godwin Emefiele had in 2015, placed a restriction on 43 items that cannot access forex at the FX market. According to Emefiele, at the time, it was part of effort to encourage local production.

    “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the Apex Bank said.

    The regulator added that it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

    “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

    “As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

    “The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

    “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above,” it further said.

  • Diminishing Naira Will Push Inflation To 18-Year High Of 27.67% – Rewane

    Diminishing Naira Will Push Inflation To 18-Year High Of 27.67% – Rewane

    Chief executive Officer of Financial Derivatives Company Limited, Bismarck Rewane has projected that inflation is set to rise to 27.57 per cent due to a weak naira.

    This is the ninth consecutive rise in inflation rates.
    Analysts say it would represent the highest figure ever reached since September 2005.
    “Nigeria’s headline inflation is expected to increase again in September, rising to 27.57 per cent from 25.80 per cent in August.

    “Price increases were most notable in the food basket, predominantly commodities with high import content such as flour, semovita, noodles, and sugar.

    “With prices rising, fingers are pointing towards the exchange rate as the major inflation culprit. The naira crossed the psychological threshold of N1,000/$ in the parallel market, pushing up imported inflation despite the relative stability in global food prices. The Food and Agricultural Organisation of the United Nations (FAO) food price index was relatively flat at 121.5 points (pts) in September.”, said Rewane.

    Apart from the weak naira, drivers of inflation includes higher logistics costs and money supply growth (36 per cent year-on-year (y-o-y), saying the price of diesel, the major fuel used by trucks for logistics and distribution purposes, surged to a record high of N1,030/litre during the period.


    “Notably, month-on-month inflation, which is a more current measure of price movement, is expected to decline marginally to 2.78 per cent from 3.18 per cent in August, largely due to the harvest season impact. This suggests that inflation is likely to reach an inflection point and could begin to taper in the first quarter of 2024.

  • 98% Children With Diphtheria Not Immunised – Minister

    98% Children With Diphtheria Not Immunised – Minister

    The Coordinating Ministry of Health and Social Welfare has said that 98 per cent of unvaccinated children were infected with diphtheria in 19 states.

    The Minister, Prof. Muhammad Ali Pate, made the disclosure at the Northern Traditional Leaders’ Committee on Primary Health Care Service Delivery (NTLC) Quarterly Review Meeting on Wednesday in Abuja.

    The meeting was organised by the National Primary Health Care Development Agency (NPHCDA).

    The NTLC meeting is a platform for the NPHCDA and its partners to engage traditional leaders on their roles and responsibilities toward improving primary healthcare delivery in their communities.

    The minister called for the implementation of a rapid vaccination campaign.

    He said that the 19 states must come together to save the lives of vulnerable children.

    Pate said that the ministry and other stakeholders had come together to aggressively tackle the diphtheria challenge that had persisted for months.

    He said that efforts were being made to ensure that the challenge would not linger.

    “The key focus of these collaborative efforts is to improve local governance and enhance delivery of essential services.

    “This involves including all relevant stakeholders in the conversation, not just the Federal Government.

    “Leaders at all levels, including your highnesses and representatives from the private sector, are actively working together to address the pressing diphtheria issue that affects our people,” he said.

    The minister said that a major milestone was the upcoming launch of the Human Papillomavirus (HPV) vaccine in Nigeria later in October.

    “This vaccine not only aims to prevent cervical cancer in the years to come, but also emphasises the importance of engaging our royal fathers and strengthening the health system to ensure efficient delivery of vaccines.

    “It acknowledges that different population segments require different approaches with childhood vaccination programmes catering for younger age groups, and COVID-19 vaccinations targeting adults,” he said.

    He said that technical experts involved in the efforts had reassured the country of the safety and effectiveness of the HPV vaccine.

    “Their expertise and responses to various questions have instilled confidence in recommending its utilisation to protect our girls and prevent future health complications,” he said.

    He said that the collaborative approach taken by state governments and other stakeholders set an example not only within the sub-region but also for all in the wider space.

    “The unity and evidence-based decision-making exhibited by all members involved in this venture highlight the commitment to address health challenges and protect the well-being of all Nigerians.

    “This united front signifies a significant step forward in addressing the ongoing health challenge and paves the way for a more coordinated and effective response.

    “With the combined efforts of state governments, other stakeholders and technical experts, there is optimism that this collaborative approach will yield positive outcomes and bring about much-needed solutions to improve public health,” he said.

    He expressed gratitude to traditional leaders across the country for longstanding support of public health initiatives.

    Pate praised their unwavering commitment to the well-being of the people and credited them with the successful fight against wild poliovirus in Nigeria.

    He said that Nigeria’s remarkable progress in polio eradication had far-reaching implications.

    “The fact that we don’t have children paralysed by wild poliovirus now is thanks to your leadership and the commitment of more than 100,000 traditional leaders,” he said.

    The Sultan of Sokoto and President-General, Nigerian Supreme Council for Islamic Affairs (NSCIA), Muhammad Sa’ad Abubakar III, appealed to Nigerians to live in peace for the unity of the country.

  • Bulls Return As Equity Market Gains N63bn

    Bulls Return As Equity Market Gains N63bn

    The domestic equity market witnessed a positive upswing on Wednesday, resulting in a gain of N63 billion in market capitalization. This represents a 0.17% increase, with the total market capitalization rising to N36.864 trillion from N36.801 trillion recorded the previous day.

    The NGX All Share Index also appreciated by 115.87 basis points, closing at 67,100.49 points compared to the previous day’s 66,984.62 points.

    Top gainers for the day included Thomas Way, which led the gainers’ table with a 9.81% increase to N2.35 per share. Daar Communication followed with a gain of 9.52% to close at N0.23 per share. Cornerstones Insurance added 6.45% to close at N1.65 per share, Transnational Corporation of Nigeria increased by 5.41% to close at N6.43 per share, and Union Bank of Nigeria added 5.30% to close at N6.95 per share.

    On the flip side, Omatek was the top loser, dropping by 8.33% to close at N0.44 per unit. Oando Plc trailed with a drop of 8.08% to close at N9.10 per share. AfriPrudential fell by 7.80% to close at N6.50 per unit, Caverton Business Solutions dipped by 6.92% to close at N1.48 per share, and Chi Plc went down by 6.25% to close at N1.05 per share.

    Total trading volume increased as investors exchanged 410.320 million shares valued at N4.456 billion in 5637 deals, compared to the previous day’s 257.423 million shares worth N7.799 billion in 6498 deals.

    Neimeth International Pharmaceutical led market activities with 163.200 million shares valued at N259.494 million, followed by AccessCorp with 38.974 million shares worth N611.819 million. Zenith Bank traded 32.273 million shares valued at N101.858 million, Fidelity Bank exchanged 23.523 million shares worth N194.178 million, and United Bank for Africa traded 19.822 million shares valued at N341.185 million.

  • Naira Weakens Despite CBN’s Intervention

    Naira Weakens Despite CBN’s Intervention

    Since the unification of all the official foreign exchange (FX) windows, the Naira has continued to depreciate against the US dollar, down by 39.6 per cent to N765.83/$ as of 11 October 2023 from N462.88/$ at the I&E Window.

    Based on the half-year financial markets report of the Central Bank of Nigeria, it has maintained its intervention in the foreign exchange market in an attempt to alleviate demand pressures and ensure exchange rate stability.

    A total of $6,439.33 million was sold at the foreign exchange market made up of spot sales of $1,557.47 million and forward sales of $4,881.86 million.

    The spot sales comprised $612.41 million sold at the inter-bank Secondary Market Intervention Sales (SMIS) window, $455.31 million sold to Small and Medium Enterprises (SMEs), $441.75 million for Invisibles, and $48.00 million sold at the I&E window while the bank purchased a total of $655.53 million in the FX market.

    However, the shocks of the policy have been more pronounced at the parallel market leading to a steep depreciation of the Naira to N1020/US$ on 10 October 2023.

    With little control over the depreciation of the nation’s currency, the then acting governor of the Central Bank of Nigeria (CBN), Mr. Fola Shonubi, announced plans to put in place new policies that would guide the dealings of FX to boost supply in the market.

    Apparently, the measures put in place have not been effective as demand for FX continues to rise amidst an acute shortage of supply.

    “We have always argued that while we believe the unification of the various FX rates is a pro-market policy that will be positive for the economy in the long term, the short to medium-term impact will be hard too hard on the average consumer.

    “A focus on rate convergence without structural reforms to increase the supply of FX will be a case of treating the symptoms while ignoring the underlying cause of the problem which is an acute shortage of supply amidst a growing demand for FX.

    Meanwhile, while crude oil sales and Foreign Portfolio Investments (FPIs) are two major sources of FX that have declined significantly, Oil production remains depressed, reported at 1.57 mbpd in September (highest so far this year) and are yet to see any significant foreign capital inflows.

    According to the Nigerian National Petroleum Company Limited (NNPCL), between September 30 and October 6, 128 crude oil theft incidents were recorded across the oil-producing areas of the Niger Delta.

    In the specific timeframe mentioned, there were numerous illicit activities in the oil sector.

    These included 17 cases of unauthorized connections, 27 illegal refineries, 11 infractions related to vessel tracking systems (AIS), and 49 instances of wooden boat arrests.

  • Equity market sheds N64bn

    Equity market sheds N64bn

    Trading activities on the floor of Nigerian Exchange (NGX) Tuesday returned to a negative trend, declining by N64 billion.

    Market capitalisation of listed equities declined by 0.17 per cent to N36.801 trillion from N36.865 trillion reported the previous day.

    The NGX All Share Index also depreciated by 116.71 basis points to 66984.62 points from 67101.33 points traded the previous day.

    An analysis of the investment indicated that Ncnichols led gainers table in percentage terms, gaining 10 per cent to close at N0.66 per share, Capital Hotel followed with a gain of 9.83 per cent to close N3.02 per unit, Chams Plc added 9.38 per cent to close at N1.40 per unit, ABC Transport added 8.82 per cent to close at N0.74, Oando Plc appreciated by 7.61 per cent to close at N9.90 per share.

    On the contrary, JohnHolt topped losers chart dropping by 10 per cent to close at N1.44 per unit, Presco Plc trailed with a loss of 9.54 per cent to close at N182.00, Daar Communication dipped by 8.70 per cent to close at N0.21 per unit, Deep Capital declined by 7.41 per cent to close at N0.25 per share, Jaiz Bank fell by 6.25 per cent to close at N1.50 per share.

    Volume of transactions increased by 11.24 million, representing a drop of 4.18 per cent as investors traded 257.423 million shares valued at N7.799 billion in 6498 deals against 268.663 million shares worth N3.463 billion in 6911 deals.

    Fidelity Bank led market activities with 53.396 million shares valued at N442.890 million, AccessCorp followed with 31.088 million shares cost N490.503 million, United Bank for Africa exchanged 26.772 million shares cost N459.677 million, Oando Plc traded 13.564 million shares worth N133.363 million while Zenith 11.266 million shares cost N358.983 million.

  • IMF Downgrades Nigeria’s Economic Growth By 2.9%

    IMF Downgrades Nigeria’s Economic Growth By 2.9%

    The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth by 2.9 per cent for 2023.

    In July, the Fund had projected a 3.2 per cent growth for Nigeria in 2023. The lender however warned that the growth would be impacted by security issues in the oil sector.

    In its October World Economic Outlook with the themed, ‘Navigating Global Divergences,’ posted on its website Tuesday, the IMF said, “Growth in Nigeria is projected to decline from 3.3 per cent in 2022 to 2.9 per cent in 2023 and 3.1 per cent in 2024, with negative effects of high inflation on consumption taking hold.

    “The forecast for 2023 is revised downward by 0.3 percentage point, reflecting weaker oil and gas production than expected, partially as a result of maintenance work.”

    The International lender, while commenting on its new prediction for the country, said: “

    For the sub-Saharan African region, growth is expected to decline to 3.3 per cent in 2023 due to worsening weather shocks, the global slowdown, and domestic supply issues, the IMF said.

     However, growth would pick up by 2024 to 4.0 per cent in 2024, which is still below the region’s historical average of 4.8 per cent.

    It also stated that global economic growth was projected to slow from 3.5 per cent in 2022 to 3.0 per cent in 2023 and 2.9 per cent in 2024, well below the historical (2000–19) average of 3.8 per cent, the IMF declared.

    “Advanced economies are expected to slow from 2.6 per cent in 2022 to 1.5 per cent in 2023 and 1.4 per cent in 2024 as policy tightening starts to bite. Emerging market and developing economies are projected to have a modest decline in growth from 4.1 per cent in 2022 to 4.0 per cent in both 2023 and 2024″, the IMF said.

    The global financial institute stated that global inflation is expected to decelerate to 6.9 per cent in 2023 and 5.8 per cent in 2024 from the present 8.7 per cent in 2022.  

  • We’re Not Running Any Promo Sales, Dangote Debunks Rumours

    We’re Not Running Any Promo Sales, Dangote Debunks Rumours

    Leading cement production company, Dangote Cement Plc, has denied reports that it recently embarked on a sales promotion leading to a price adjustment.

    Unconfirmed reports say, the company in response to the price reduction announcement by BUA Cement had also slashed the price of its product to about N3,450.

    However, in a swift reaction, the company says it is not embarking on any sales promotion as is been reported.

    In his response, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina described the reports as mischievous, malicious, and false.

    He added that the Management has formally notified the law enforcement agents to track down, name, and shame the perpetrators of this devious and deceptive information.

    He urged Dangote’s Cement customers and other stakeholders to continue patronising the high-quality cement brand and be careful of scammers, who are bent on defrauding them of their funds.

  • Nigerian Maritime Industry On Right Path – Jamoh

    Nigerian Maritime Industry On Right Path – Jamoh

    The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Bashir Jamoh, has described Nigeria’s maritime industry as one of the fastest growing on the African continent.

    Dr Jamoh, who stated this during an interactive session with the Senate Committee on Marine Transport noted that the Agency has embraced collaboration and peer review exercises with other MARADs on the African continent and globally.

    A statement by Assistant Director, Public Relations, NIMASA, Osagie Edward, quoted the NIMASA DG as saying that “We regularly undertake peer review exercises amongst maritime Administrations not just on the African continent, but globally. We have learnt a lot from reviews with the South African Maritime Administration SAMSA, and Maritime Port Authority of Singapore MPA. We have also provided mentorship for maritime administrations on the African continent. Countries like Gambia, Sierra Leone and Ghana amongst others have come for mentorship on various issues such as Port and Flag State Administration and the SPOMO Act,” he said. 

    The Senate Committee on Marine Transport is in Lagos, as part of their oversight functions, to receive briefings from the Parastatals under the Ministry of Marine and Blue Economy Ministry.

    Speaking earlier, Chairman Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun noted that the interactive session is to ensure that the legislature and the implementing organs of government are on the same page to ensure Nigerians enjoy benefits accruable from the blue economy.

    “With the determination and commitment of the Federal Government under the able leadership of His Excellency, President Bola Ahmed Tinubu towards reviving the economy, I believe that better days are ahead and the current difficulty will surely come to pass.  It is in this regard that the Ministry of Marine and Blue Economy was created with the mandate of coordinating and supervising the activities and operations in the maritime sector. The creation of the Ministry is born out of the enormous opportunities that are in the marine and blue economy and the desire to fully harness them”, Eshinlokun said.