By Okeoghene Akubuike

African Export-Import Bank (Afreximbank) says it posted a net income of 973.5 million dollars for Financial Year (FY) 2024.

According to the bank, this represents a 29 per cent increase from 2023.

Vincent Musumba, Afreximbank Communications and Events Manager, revealed the consolidated financial statements of the bank and its subsidiaries for the year ended Dec. 31, 2024.

Musumba said the bank showed strong financial performance in spite of a complex global economic landscape marked by geo-political tensions, inflationary pressures, and elevated interest rates.

He said subsidiaries of Afreximbank were also beginning to make meaningful contributions to the group’s financial results.

Musumba quoted Mr Denys Denya, Afreximbank’s Senior Executive Vice- President, as saying: “in a challenging and rapidly evolving global geo-political and economic environment, the group delivered robust financial performance exceeding expectations and outperforming prior years”.

“This achievement highlights management’s commitment to executing the 6th Strategic Plan, ensuring operational efficiency, and enhancing value.

“The bank’s strong financial position is underpinned by solid liquidity, a well-capitalised balance sheet, and a high-quality asset portfolio. “

Denya said the management remained confident in the group’s ability to navigate ongoing economic headwinds and sustain a growth trajectory.

Musumba said the bank’s total income increased by 23 per cent to reach 3.3 billion dollars, driven by growth in business volumes and supported by higher market interest rates.

“As a result, net interest income for FY2024 amounted to 1.8 billion dollars, a 25 per cent increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.

“In spite of rising operating expenses, Cost-to-Income ratio improved to 18 per cent in FY2024, down from 19 per cent in 2023, demonstrating enhanced operational efficiency.

“This was achieved even as total operating expenses rose by 21 per cent amounting  to 367.7 million dollars compared to 304.5 million dollars in FY2023.

Musumba said the group’s total assets, including contingencies, grew by 7.55 per cent, reaching 40.1 billion dollars as at Dec. 31, 2024, compared to 37.3 billion dollars at the close of FY2023.

He said the growth was largely driven by increases in net loans and advances to customers, guarantees and letters of credit, as well as investments at fair value, property and equipment.

“The carrying value of property and equipment increased by 33 per cent, rising from 328.1 million dollars to 436.4 million dollars.

“This was primarily driven by the accelerated construction of the state-of-the-art Afreximbank African Trade Centre (AATC) facilities in Abuja, Nigeria, and Harare, Zimbabwe.”

Musumba said the group’s shareholders’ funds grew by 17 per cent in 2024, reaching 7.2 billion dollars as against 6.1 billion dollars recorded for FY2023.

“This growth was largely driven by the Net Income of 973.5 million dollars generated in 2024 which contributed to the increase in equity.

“While FY2023 dividends of 314.5 million dollars were appropriated following the shareholders’ approval in June 2024.”

Given the bank’s operational performance highlights, Musumba said in 2024, Afreximbank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets.

He added that Afreximbank was the top Sub-Saharan Africa bookrunner, administrative agent and mandated lead arranger.

Musumba noted that Afreximbank expanded its membership with Libya and Somalia joining the Establishment Agreement, bringing the total number of African member states to 54.

“On the Caribbean front, membership momentum remained strong, with 12 of the 15 CARICOM countries having signed the Bank’s Participating Agreement, paving the way for Afreximbank to expand its operations into the region.”

He said The Fund for Export Development (FEDA), the equity investment subsidiary of the Bank, expanded its impact portfolio to more than 0.5 billion dollars targeting key sectors such as industrial platforms, financial services, agribusiness, and healthcare.

Musumba said AfrexInsure, the bank’s specialty insurance subsidiary, successfully deployed its solutions to an expanding customer base across multiple sectors and geo-graphies.

“By year-end, AfrexInsure had completed transactions in 17 countries, up from seven the previous year, covering 3.54 billion dollars in assets.

“The Pan African Payment and Settlement System (PAPSS) saw growth in 2024, with three more Central Banks and 50 commercial banks joining, totalling 16 Central Banks and 144 commercial banks on the platform.”

“In addition, PAPSS inaugurated the African Currency Marketplace (PACM) in 2024, which successfully handled 12 currencies during its pilot phase and became a useful platform for large corporates encountering difficulties in repatriating funds across the continent.”

He said in the last quarter of 2024, the bank priced its debut Samurai Bond, securing a regular 5-tranche JPY 67.2 billion. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Stanley Nwanosike

The National Directorate of Employment (NDE) says it recently concluded the nationwide resettlement of 5,532 beneficiaries trained in various skills under its Renewed Hope Employment Initiative.

The Director-General of NDE, Dr Silas Agara, said this on Sunday during the NDE Special Day at the ongoing 36th Enugu International Trade Fair.

The fair has the theme: “Developing Nigeria’s Industrial Sector SMEs for Economic Advancement and Global Recognition.”

Agara was represented at the event by Mr Edmond Owuliri, the Director, Public Research and Statistics, NDE.

He said that the initiative was designed to equip unskilled and unemployed Nigerians with demand-driven skills to be self-employed, create wealth and reduce poverty.

He said that this year’s fair theme resonates deeply with the mandate of the NDE and the Renewed Hope Agenda of President Bola Tinubu’s administration.

The director-general said that over the years, the agency had remained committed to creating jobs and empowering Nigerian citizens through various programmes and initiatives.

He outlined the programmes that drive the job creation efforts of the directorate to include the Small Scale Enterprises Programme, which he said fosters entrepreneurship and skills development among Nigerians leading to self reliance.

“The Rural Employment Promotion Programme, that provides employment opportunities in rural areas, thereby reducing poverty and inequality through viable agricultural practices.

“The Special Public Works Programme: Implements public works projects that create jobs and stimulate local economies through infrastructural projects and stop-gap job opportunities.

“The Vocational Skills Development Programme: Equips Nigerians with vocational skills and enhances their employability and competitiveness.

“These programmes have been instrumental in promoting economic growth, reducing unemployment, and improving livelihoods across Nigeria,” he said.

Agara said that the agency recognised the importance of collaboration and partnership in driving sustainable development.

He called on government agencies, private sector organisations and civil society groups to join hands with the NDE to promote the growth of SMEs.

“Together, we can create a more prosperous and inclusive economy that benefits all Nigerians,” he said.

Earlier, the President of Enugu Chamber of Commerce, Chief Odeiga Jideonwo, lauded the NDE for its role in growing SMEs and creating employment for millions of Nigerians.

He also commended the agency for its consistency in using the fair to showcase its numerous services to Nigerians and how they can take advantage of the services free of charge. (NAN)(www.nannews.ng)

Edited by Chidi Opara

By Martha Agas

The Customs Consultative Committee (CCC) has called for strict documentation in the implementation of the Federal Government’s duty-free policy on pharmaceutical raw materials.

The Secretary of the CCC, Dr Eugene Nweke, made the call in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Nweke said that the idea would help to mitigate the activities of drug traffickers and international cartels.

NAN recalls that the Nigeria Customs Service (NCS) on March 26 announced import duty and Value Added Tax (VAT) waiver on critical raw materials essential for pharmaceutical production for a period of two years.

The exemption covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for manufacturing essential medicines.

It also covers Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.

The NCS said that eligibility was limited to manufacturers of pharmaceutical products recognised by the Federal Ministry of Health and Social Welfare, provided they possessed valid Tax Identification Number (TIN).

According to Nweke, this policy has the potential to positively impact Nigeria’s pharmaceutical industry and public health.

He said that effective implementation and monitoring were crucial to the policy’s success.

“This is important so that unfortunate experiences of the past will note repeat itself,” he said.

He said that the initiative aimed to boost the local pharmaceutical industry by reducing production costs and increasing competitiveness.

“Waiving tariffs on raw materials will lower production costs for pharmaceutical manufacturers, making their products more competitive in the market.

“With reduced costs, local pharmaceutical manufacturers can compete more effectively with foreign companies, potentially leading to increased market share and economic growth.

“By promoting local production, this policy may improve access to essential medicines for Nigerians, enhancing public health,” he said.

He emphasised the importance of manufacturers complying to the eligibility conditions, particularly regarding their track record of trade compliance over the years, given the increasing focus on health and safety.

“For instance, there is the need to differentiate between pharmaceutical manufacturing firms and pharmaceutical products traders (importers).

“In this regard, the NCS will outline specific guidelines and procedures for customs-related operations, including documentation requirements and customs duties calculation,” he said.

According to the CCC official, some stakeholders are sceptical on the policy’s implementation, citing concerns over possible government revenue losses.

He said that the concern could be addressed with strong oversight to prevent abuse and smuggling activities. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

By Taiye Olayemi

Investors on the Nigerian Exchange Ltd. (NGX) traded 2.094 billion shares worth N52.967 billion in 64,612 deals during the week under review.

This is in contrast to 1.183 billion shares valued at N28.868 billion that exchanged hands across 42,397 transactions last week.

Consequently, the value of transactions traded by investors on the Exchange rose by 83.5 per cent as inventors gained N24.099 billion.

The Financial Services led the activity chart with 1.539 billion shares valued at N36.353 billion traded in 36,013 transactions.

This contributed 73.49 per cent and 68.63 per cent to the total equity turnover volume and value respectively.

The Agriculture Industry followed with 98.884 million shares worth N 1.344 billion in 2,772 deals.

The third place was the Services Industry, with a turnover of 93.000 million shares worth N522.147 million in 3,012 deals.

Trading in the top three equities namely Access Holdings Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc accounted for 629.327 million shares worth N25.820 billion in 12,742 transactions.

This contributed 30.06 per cent and 48.75 per cent to the total equity turnover volume and value respectively.

The NGX All-Share Index and market capitalisation depreciated by 0.90 per cent and 0.67 per cent, to close the week at 104,563.34 and N65.707 trillion respectively.

Similarly, all other indices finished lower with the exception of NGX Growth and Sovereign Bond Indices, which appreciated by 0.37 per cent and 3.42 per cent respectively while the NGX AseM index closed flat.

Twenty-seven equities appreciated in price during the week, higher than 23 equities in the previous week.

Fifty-six equities depreciated in price, higher than 51 in the previous week, while 64 equities remained unchanged, lower than 73 recorded in the previous week.

VFD Group, Union Dicon Salt, ABBEY Mortgage Bank, FTN Cocoa Processors and TotalEnergies Marketing Nigeria were the top five gainers for the week, as they grew by 53.86 per cent, 31.03 per cent, 29.60 per cent, 18.75 per cent and 9.61 per cent respectively.

The companies gained N30.70, N1.80, N1.40, 30k and N65.30 respectively.

The top five decliners for the week are: Royal Exchange, Cornerstone Insurance, Sovereign Trust Insurance, Lasaco Assurance and CAP Plc as they lost 21k, 50k, 15k, 30k and N5.50 respectively.

Meanwhile, the March 2025 Issue of the Federal Government of Nigeria Savings Bonds were listed on NGX on Monday, April 7.

Listing of First HoldCo Plc’s Rights Issue of 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share on the basis of one new ordinary share for every existing 6 ordinary shares held on Friday, Oct. 18.

Additional 5,982,548,799 ordinary shares of 50 Kobo each at N25.00 per share of First HoldCo Plc were listed on the Daily Official List of the NGX on Monday, April 7. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa