Economy/Business - NEWS AGENCY OF NIGERIA

Magdalene Ukuedojor
Jun, Sun, 2025

Economy back on track – Bagudu

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By Salif Atojoko

Sen. Atiku Bagudu, the Minister of Budget and Economic Planning, says the President Bola Tinubu administration has implemented bold reforms that have positioned the nation’s economy for sustained recovery and growth, despite short-term pain.

The minister said this while addressing State House Correspondents after a courtesy call on Tinubu in his Lagos residence.

Bagudu commended the administration’s economic policies, stating that Nigeria is beginning to reap the fruits of long-overdue structural changes.

“We’re not where we want to be, but these steps have turned the economy in the right direction,” he said.

The minister emphasised that the Tinubu administration’s decision to end costly subsidies on fuel, foreign exchange and electricity, was pivotal.

“Decades of underinvestment brought Nigeria to a point where even paying salaries was difficult.

“By cutting these subsidies, we freed up resources. Today, subnational governments, states and local governments, have nearly tripled the funds they had before. That’s transformative,” Bagudu stated.

The funds, Bagudu averred, were being channeled into infrastructure, agriculture, consumer credit, digital innovation and human capital development.

“These are not abstract promises. We are seeing real allocations going to security, education, and economic empowerment,” he added.

According to Bagudu, these reforms are already inspiring a resurgence of investor confidence.

“One of the greatest differentiators between developed and developing countries is the level of investment. Both public and private.

“We are now correcting years of neglect. That is a Herculean task and that is central to reforms.

“There is a visible return of private capital, both domestic and international. Investors are taking Nigeria seriously again. They see a government that’s making tough but necessary choices,” he said.

Bagudu likened the administration’s early efforts to laying a strong foundation.

“When someone starts by filling the hole under a house, you might think they’ve done nothing because you don’t yet see the walls.

“But President Tinubu has been honest. He said from the start: we’re in a hole, not because we want to blame the past, but because critical decisions were delayed for too long,” Bagudu said. (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

BPP committed to maintaining ethical standards in public procurement- D-G Standards

Magdalene Ukuedojor
Jun, Sat, 2025

Economy/Business

BPP committed to maintaining ethical standards in public procurement- D-G Standards

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By Okeoghene Akubuike

The Bureau of Public Procurement (BPP) says it is committed to upholding ethical standards and integrity in public procurement by promoting transparency, accountability and efficiency for national advancement and transformation.

Dr Adebowale Adedokun, Director-General (D-G) BPP, said this in a statement issued by Zira Nagga, Head of Public Relations at BPP in Abuja.

According to the statement, Adedokun spoke during a courtesy visit by a delegation from Nigerian Navy Logistics College, Kano.

He emphasised the importance of maintaining the highest ethical standard in procurement processes.

He said that the visit, aimed at collaborating with the bureau for capacity building and training of naval officers on proper procurement processes, was timely.

The D-G said that BPP was ready to work collaboratively with the Nigerian Navy to ensure that the defence sector was properly trained and certified in public procurement.

“If defence procurement is done rightly, it will maximise opportunity cost, scale of preference and professionalism.

“If the defence procurement is taken seriously, it will impact greatly on the security of the nation, in the sense that, procured equipment and ammunition will be of higher grade and well managed.

“Properly trained procurement officers in the military will easily detect inferior equipment when it is being procured and have the capacity to negotiate on quality equipment.

“There will be a drastic reduction in the current security challenges, and it will also reduce poverty,” he said.

Adedokun suggested various training packages for the college and urged the management to key into the Nigeria Procurement Certification Portal, a centralised digital platform for the training, assessment and certification of procurement professionals.

According to him, the Villa project will be re-visited in the long run, as the Navy is already at the forefront of compliance.

Meanwhile, Rear Adm. Emmanuel Anakwe, Commandant, Nigerian Navy Logistics College, Kano, pledged to collaborate with the BPP on procurement training.

Anakwe said that the initiative would provide officers with the opportunity to become certified in public procurement and empower them to reach their full potential.

He said that the Nigerian Logistics College was established in 2022, primarily for the training of Nigerian Navy Logistics Personnel to enhance their knowledge and skills towards professionalism in military logistics.

“The bureau’s collaboration with the Navy will strengthen and support the Navy’s initiative to build capacity for the best procurement practice in the military.

“Nigerian Navy Logistics College is set to work out modalities and harmonise its training logistics with BPP for effective capacity building.

“This is to ensure that the procurement cadre in the Navy is fully trained and certified,” he said. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Robust capital market crucial for Nigeria’s economic prosperity- NGX Chairman

Folashade Adeniran
Jun, Sat, 2025

Economy/Business

Robust capital market crucial for Nigeria’s economic prosperity- NGX Chairman

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By Taiye Olayemi

Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, says the Nigerian Capital Market has experienced exponential growth since he assumed office in 2022.

He reiterated the group’s commitment to deepening Nigeria’s capital market in alignment with President Bola Tinubu’s vision of growing the nation’s GDP to one trillion dollars by 2030.

In a statement issued in Lagos, Kwairanga was said to have made the remarks while delivering a keynote address at the “For the Love of Our Country (FLOC) 2025” symposium, held at Bayero University Kano (BUK) on Friday.

He spoke on the theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade”.

According to him, the All Share Index (ASI) rose from 48,837 basis points to 111,742 basis points, while market capitalisation grew from N26.375 trillion to N70.463 trillion by May 2025.

He said that bond markets were included with total market capitalisation now at over N121 trillion.

“This growth shows that we have more than doubled the indices of both our equity and bond markets in just over two years.

“However, our goal is even more ambitious as we work towards making the capital market central to achieving a $1 trillion economy,”he said.

Kwairanga emphasised the strategic importance of a robust capital market in financing long-term infrastructure, encouraging formalisation of businesses, and mirroring the nation’s true economic potential.

He noted with concern that Nigeria’s market capitalisation remains less than 20 per cent of Nigeria’s GDP, compared to South Africa’s Johannesburg Stock Exchange which exceeds its national GDP.

To address this, he outlined several initiatives being undertaken by NGX Group and its regulators, particularly the Securities and Exchange Commission (SEC), to enhance market transparency and efficiency.

He said these include the dematerialisation of share certificates, resolution of unpaid dividend backlogs, and the recent reduction in clearing time for secondary market transactions to T+2.

“We are working closely with regulators and stakeholders to make our market more accessible and attractive.”

He said that major listings in the oil and gas sector, such as the planned sale of a stake in NNPC Ltd. and the anticipated listing of Dangote Petrochemicals, would significantly boost market capitalisation.

He also spoke on digital innovation as a key driver of market participation, citing the launch of NGX Invest, a digital platform for primary market offers and financial literacy campaigns targeting youths, students, and members of the National Youth Service Corps (NYSC).

The chairman revealed the ongoing engagements with institutional investors such as pension fund administrators and mutual funds.

He also hinted on the development of sophisticated products like exchange-traded funds, derivatives, and ethical investment instruments.

He highlighted efforts to integrate African capital markets through cross-border linkages that would allow investors in Nigeria to trade shares listed on exchanges in countries like Ghana and vice versa.

In spite challenges such as declining disposable income, infrastructural deficits, and global economic headwinds, Kwairanga expressed optimism that these could be surmounted.

“We are confident that Nigeria will have the broader, deeper, and more sophisticated capital market it deserves before the end of this decade,”he said. (NAN) (www.nannews.ng)

Edited by Remi Koleoso/Olawunmi Ashafa

Stock market closes week bullish with N1.157trn gain

Magdalene Ukuedojor
Jun, Thu, 2025

Economy/Business

Stock market closes week bullish with N1.157trn gain

105 total views today

By Taiye Olayemi

Nigerian stock market continued its bullish trend on Thursday, ending the week with N1.157 trillion gain.

Market capitalisation rose by N1.157 trillion, or 1.63 per cent, to close at N72.275 trillion, up from N71.118 trillion recorded on Wednesday.

Similarly, the All-Share Index (ASI) rose by 1,835.02 points, or 1.63 per cent, settling at 114,616.75 from its previous close of 112,781.73.

This uptrend was fuelled by strong buying interest in medium and large-capitalised stocks including Champion Breweries, NGX Group, MTN Nigeria, Oando and 37 other equities.

The market breadth closed positive, with 41 gainers and 22 losers.

On the gainers’ chart, Champion Breweries grew by 10 per cent, closing at N7.70 while the Nigerian Exchange Group also increased by 10 per cent, settling at N39.60 per share.

MTN Nigeria rose by 9.99 per cent, ending the session at N319.20 and Oando soared by 9.96 per cent, closing at N56.85 per share.

Also, Morison Industries climbed by 9.90 per cent, finishing at N3.22 per share.

On the flip side, Northern Nigeria Flour Mills dropped by 9.97 per cent, closing at N125.05 while ABC Transport lost by 9.77 per cent, finishing at N2.40 per share.

Legend Internet fell by 9.49 per cent, settling at N5.34 and Livestock Feeds shed by 7.82 per cent, ending the session at N8.25 per share.

Similarly, Omatek Ventures declined by 7.59 per cent, closing 73k per share.

A total of 1.46 million shares worth N33.47 billion were exchanged across 16,410 transactions.

This is compared to 611.53 million shares worth N16.68 billion traded across 13,682 transactions earlier.

Transactions in the shares of Fidelity Bank topped the activity chart with 829.72 million shares worth N15.97 billion.

Legend Internet followed with 180.30 million valued at N1.02 billion while Zenith Bank sold 62.82 million shares worth N3.13 billion.

JaPaul Gold traded 34.84 million shares valued at N69.60 million and Guaranty Trust Holding Company transacted 30.91 million worth N2.16 billion. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Gridlock: Truck owners laud e-call up automation

Magdalene Ukuedojor
Jun, Thu, 2025

Economy/Business

Gridlock: Truck owners laud e-call up automation

107 total views today

By Aisha Cole

The Association of Maritime Truck Owners (AMATO) has reiterated its support for the electronic call-up automation system introduced by the Nigerian Ports Authority (NPA) to tackle gridlock on the Apapa and Tin-Can port access roads.

The Secretary-General of the association, Mr Mohammed Sani-Bala, made the call after a peaceful rally in Lagos on Thursday.

Sani-Bala commended the NPA for the initiative that had brought sanity to the port access roads.

The Secretary-General said that the manual call-up system was dead and buried, and any nostalgia for that era must give way to the reality of sustainable, tech-driven port logistics.

He said that the electronic call-up system was not just an application but a game-changer and a landmark achievement in the history of Nigeria’s maritime logistics.

The Secretary-General stated further that the impact of eliminating gridlock and improving traffic flow along logistics corridors had led to import and export cargoes being evacuated seamlessly.

He said: “On behalf of the trucking community, we wish to use this peaceful rally as a platform to express our profound gratitude to the management of NPA for the deployment of the system.

“This is also to appreciate the Lagos State Government for its vital role in enforcing compliance with the Standard Operating Procedures that underpin the system.

“The system is more than just an app, it is a game-changer and a landmark achievement in the history of Nigeria’s maritime logistics.

“It has ushered in a new era of automation, transparency, and efficiency in port access and truck scheduling, resolving the long-standing chaos and gridlock that plagued the Apapa and Tin Can Island logistics corridors for decades.

“Today, truckers can book port access slots remotely and affordably, from anywhere in the world, without the need to physically queue for days on end or engage with road cabals for access tags.

“This used to cost between N250,000 and N300,000, often without any certainty of progress. The system, at a flat rate of N21,500, has eliminated the extortion and exploitation that defined the manual era.”

Speaking further, Sani-Bala said the port corridors were now more fluid and the environment was more hospitable, with a rising value of properties.

He said that gridlock had eased, and sanity had returned to the roads.

Truckers no longer sleep in vehicles or die behind the wheel from exhaustion.

Sani-Bala said that import and export cargoes were evacuated seamlessly while businesses presently operate on schedule, adding that Apapa, once a ghost town, was vibrant again, with rising property values and restored community life.

He took a swipe at the recent campaign of calumny against the call-up system, saying their interest lies in reversing the clock to a time when truckers were extorted and exploited under the guise of port access facilitation.

“We are aware that some individuals are sponsoring a campaign of calumny against the Eto system.

Let it be known that these detractors are largely beneficiaries of the discredited manual system, now rendered irrelevant by automation.

“Their interest lies in reversing the clock to a time when truckers were extorted and exploited under the guise of port access facilitation.

“It is ironic, and frankly shameful, that those who once charged N250,000 to N300,000 for truck entry now accuse the N21,500 Eto system of being fraudulent.

“If they truly had truckers’ interests at heart, they would have implemented a fair and transparent system during their time,” the Secretary-General said.

He urged all members of the trucking community to remain vigilant, adding that the call-up automation was here to stay and they must resist all attempts to undermine the progress it represents. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

MAN urges stronger engagement to modernise wood industry

Folashade Adeniran
Jun, Thu, 2025

Economy/Business

MAN urges stronger engagement to modernise wood industry

115 total views today

By Rukayat Moisemhe

Mrs Ngozi Oyewole, the Chairperson, Wood and Wood Products Sector, Manufacturers Association of Nigeria (MAN), has urged stronger engagement with government on policies to promote financial access, expansion and modernisation of the wood industry.

Oyewole made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

She advocated the creation of a wood industry development fund that would provide grants and low interest loans for Small and Medium Enterprises SMEs to support expansion drive.

She added that Nigeria should explore trade agreements that open up international markets and drive participate in international trade fairs to showcase the country’s products and establish valuable connections.

Oyewole noted that the wood sector had enormous potential to significantly contribute to Nigeria’s Gross Domestic Product (GDP).

She said the sector currently accounted for approximately two per cent of the country’s GDP.

She, however, stated that only the combination of right strategies and inclusivity could enhance productivity and create a thriving wood industry for the country.

She affirmed that by addressing skills gaps, promoting inclusivity, and implementing the right strategies, wood contribution to industrial development and economic growth could increase.

“One major strategy to consider to drive growth in this sector is investment in technology and we must embrace modern technologies that enhance productivity.

“By collaborating with technology providers, we can access advanced machinery that streamlines production and improves quality and lower production costs,” she said.

Oyewole also emphasised the need to address skill gaps by providing tailored training programmes, particularly for women.

This, she stated, would equip them with the skills necessary for operating modern equipment and leading in the industry.

She said initiatives like the National Skills Development Programme could be tailored to include specialised training for women in the wood sector, empowering them to take on leadership roles.

“As a female leader in this sector, I understand the importance of inclusivity.

“Initiatives such as mentorship programmes for women can empower them to pursue careers in this field, take on leadership roles and bring diverse perspectives to the industry,” she added.

Oyewole also urged players in the sector to adopt sustainable forestry practices to ensure the long-term viability of resources.

This, she said, included responsible sourcing and compliance with environmental regulations.

“We must also enhance investment in research and development to drive innovations in product design and manufacturing processes.

“Collaborating with universities and research institutions can yield new materials and techniques that meet market demands.

“Strengthening associations such as the wood products manufacturers association will allow us to share best practices and resources.

“A united voice can advocate more effectively for the needs of the sector, facilitating collaboration among stakeholders,” she said.

The expert also expressed her support for the Nigeria First Policy introduced by President Bola Tinubu.

She said the policy aligned with the vision in the wood sector to harness local resources and skills to foster sustainable growth and reduce dependency on imports.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Adesina’s legacy source of pride for Africa — Okonjo-Iweala

Magdalene Ukuedojor
Jun, Thu, 2025

Economy/Business

Adesina’s legacy source of pride for Africa — Okonjo-Iweala

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By Lucy Ogalue

The World Trade Organisation (WTO) has described the legacy of the former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, as a source of pride for Nigeria and the African continent.

The Director-General (DG) of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, made the remark in a video message delivered to AfDB shareholders and delegates at the closing session of the bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

The DG commended Adesina for what she called a decade of transformative leadership that significantly elevated the bank’s standing and contributed meaningfully to Africa’s development agenda.

“President Akinwumi Adesina is leaving behind a strong legacy of leadership and service. Nigerians and all Africans should be proud,” the WTO chief said.

Recalling their time together in the cabinet of former President Goodluck Jonathan, Okonjo-Iweala noted Adesina’s pioneering efforts in agriculture, especially his introduction of the digital wallet system to empower women farmers.

“I challenged him to reach an additional one to two million women farmers, promising performance-based budget support. He delivered, reaching two million more.

“That’s the kind of leader Akin is. He brought uncommon passion to his work and made a difference to the lives of farmers in the country.

“His leadership has significantly raised the profile of the AfDB to a new height of recognition and respectability,” she said.

Okonjo-Iweala, who was Nigeria’s Minister of Finance in 2015, led the campaign that resulted in Adesina’s election as AfDB President.

The WTO boss praised the growth of the AfDB’s capital base under his leadership from 93 billion to 318 billion dollars, describing it as a remarkable achievement.

She also commended Adesina’s “High 5s” agenda, a strategic framework focused on transforming key sectors across the continent, saying that the initiative remains critical to the achievement of Africa’s Agenda 2063.

“With sustained commitment and strategic focus, Africa’s development goals remain achievable,” she said.

The WTO director-general urged African nations to take greater ownership of their development and turn growing international interest in the continent into concrete investment opportunities.

She also lauded the African Investment Forum, a flagship initiative launched by Adesina and eight other partners to bring infrastructure and development projects to bankable stage.

According to her, the initiative complements the WTO’s efforts to promote economic integration and development in Africa.

Okonjo-Iweala further thanked African leaders, shareholders, and the bank staff for the support given to Adesina throughout his tenure.

She paid a special tribute to Adesina’s wife, Grace, for what she described as her “steadfast support for her husband’s demanding role” over the past 10 years.

Adesina, who assumed office in 2015, is completing his second five-year term as President of the African Development Bank. (NAN)(www.nannews.ng)

Edited by Benson Iziama

Magdalene Ukuedojor
Jun, Thu, 2025

Economy/Business

MAN urges stronger engagement to modernise wood industry

93 total views today

By Rukayat Moisemhe

Oyewole made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

She advocated the creation of a wood industry development fund that would provide grants and low interest loans for Small and Medium Enterprises (SMEs) to support expansion drive.

She added that Nigeria should explore trade agreements that open up international markets and drive participation in international trade fairs to showcase the country’s products and establish valuable connections.