NEWS AGENCY OF NIGERIA
Interior designers advocate multi-generational, futuristic aesthetics
General News , Business

Interior designers advocate multi-generational, futuristic aesthetics

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By Rukayat Moisemhe

The Interior Designers Association of Nigeria (IDAN) has urged stakeholders across the interior design ecosystem to embrace a blend of multi-generational and futuristic aesthetics and designs to drive inclusion.

The President of the association, Dr Jennifer Chukwujekwe, said that this would also help to safeguard the future of interior design in Nigeria.

Chukwujekwe made the assertion during the association’s celebration of the 2024 World Interiors Day, on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the 2024 World Interiors Day was celebrated on May 25 with the theme: “Bridging the gap for a better multi-generational future”.

Chukwujekwe said that the theme indicated designers’ responsibility to create spaces that would not only reflect aesthetical aspirations but also meet the functional needs of people across all ages.

She said that interior designers had the unique privilege and duty to shape environments that would foster connection, inclusivity and well-being.

According to her, designs must transcend the present, anticipate the needs of future generations while honouring the legacy of those who lived in the past.

“While trends come and go, the essence of good design is timeless, and we should strive to create spaces that blend contemporary style with classic elements, ensuring they remain relevant and appealing across generations.

“We must embrace inclusive design principles, ensuring that our spaces are accessible and welcoming to people of all ages and abilities.

“This includes thoughtful considerations for mobility, sensory needs and comfort.

“Our designs should celebrate cultural heritage and diversity, reflecting the rich tapestry of our society,” she said.

She added that, by incorporating traditional elements and local craftsmanship, designers would create spaces that would resonate with a sense of identity and continuity.

The IDAN president also emphasised the need for stakeholders across the interior design ecosystem to embrace sustainability practices and integrate technology in envisioning the future of interior design.

She said that designs should prioritise sustainability and ensure that a positive environmental legacy would be left behind.

Chukwujekwe said that, by using eco-friendly materials, energy- efficient systems, and sustainable practices, designers could create spaces that would support a healthier planet.

“The integration of technology in our designs must be thoughtful and forward-thinking; from smart home systems to adaptive lighting and climate control, we need to ensure our spaces are equipped to evolve with technological advancements.

“Let us commit to continuing our professional development, staying abreast of emerging trends and technologies, and always striving for excellence in our craft.

“Together, we can design a future that bridges generations, creating environments that nurture, inspire and endure,” she said.

Ogun State Commissioner for Women Affairs and Social Development, Mrs Adijat Adeleye, emphasised the need for stakeholders to commit to designing with empathy, sensitivity and inclusivity.

Adeleye said that the stakeholders should create spaces that would meet the functional needs of all ages and inspire and connect people across generations.

She said that doing so would facilitate creation of a future where generations would lead, learn and trade together, enriching communities.

“We are united by shared love for design and our collective commitment to fostering an environment that showcases the richness of diverse generational perspectives, using our creative talents to bridge the gaps that exist between generations.

“By doing so, we can create more harmonious and inclusive communities where everyone feels valued and understood.

“The theme of today’s event points to an inherent challenge: the communication gap between different age groups which can lead to misunderstanding, isolation or loss of valuable knowledge and experience.

“However, design has a pathway to address and overcome these challenges, and in creating spaces that encourage dialogue and interaction, we can facilitate greater understanding and cooperation between generations, ensuring that wisdom of the past is not lost,” she said.

The commissioner added that familiar elements of design could be seamlessly integrated with cutting edge technologies, such as smart lighting, energy-efficient systems, and adaptive furniture to cater for the diverse needs of different generations.

She said that such blend would not only harness or preserve the cultural legacy but would also engage the younger generation by introducing them to the beauty and significance of the heritage.

The Treasurer of IDAN, Mrs Titi Fowora, said that the association was determined to be a steward of the environment by advancing the built environment in trans-generational design practices.

“The idea is to leave the environment better that one met it; hence, the importance of using materials that are sustainable, eco-friendly, recyclable and reusable.

“We have to be as green as possible, as forward-thinking as possible, and design not just for ourselves but design for the future so that people do not feel the need to constantly re-invent the wheel or re-design,” she said.

Also, Dolapo Amole, Professor of Architecture, Obafemi Awolowo University, said that there was the need to fill the gaps in design created by generational differences to drive harmony, productivity, innovation and a strong community.

“In design, bridging the gap is understanding the differences, adopting technology, providing variety of spaces, amenities and opportunities and an inclusive process to preserve the future of design,” she said. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

ECOWAS investment promotion facilitation‘ll drive economic growth —Experts
Foreign

ECOWAS investment promotion facilitation‘ll drive economic growth —Experts

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A cross section of participants at the event facilitated by ECOWAS in Abuja.

By Mark Longyen

The Association of Investment Promotion Agencies of West African States (IPAWAS) says ECOWAS’ facilitation of the resuscitation of its hitherto moribund statute will engender sub-regional investment promotion and drive economic growth.

Members of the technical committee of the association made this known in separate interviews with the News Agency of Nigeria (NAN) at the end of a collaborative meeting on Saturday, in Abuja.

Abayomi Salami, Chairman of the Technical Committee and Deputy Director, Nigerian Investment Promotion Commission (NIPC), explained that the meeting was essentially for the  member states to align their efforts, streamline regulations, and promote cross-border investments.

He said that the event was basically informed by the need for member states to be united to maximize their potentials and opportunities to promote and facilitate foreign direct investment into the West African region.

“That was the main objective of setting up these  high powers, having realized that it was actually set up in the year 2008, and for one reason or the other, it could no longer function.

“So, for this, we had the mandate of ECOWAS because the ECOWAS Commission mandated IPAWAS and the Nigerian Investment Promotion Commission to resuscitate and institutionalize the body,” he said.

Also speaking, Liberia’s Margaret Kawala, described the outcome of the deliberations as a win-win situation for the association and participants, who had spent days toiling to craft out something that they could call their own.

“It is like a win for all of us, who have participated in this process, because all the past few days, we have been engaging, networking in crafting something that we can take ownership of.

“So it’s a sense of pride. It comes to a sense of ownership for us. So it’s a win for us,” she said.

Mr Bruno Jauad, Director of Investments, Republic of Guinea-Bissau, said: “This is a very important process because we are trying to attract more investments to our region.”

Edward Ashong-Lartey and Eugenia Okyere, Director, Ghana Investor Services, and Head of Research, respectively, were upbeat about the positive outcome of the meeting and its recommendations.

“You know, we’ve just concluded the AfCTA protocol on investments, and as investment promotion agencies, we’ve taken note of the provisions and aligned it to our investment promotion efforts, as well as our regulatory regime for high powers.

“I’m very happy because I was there in the beginning and then somehow it became dormant. So this meeting which has revived it is very heartwarming.

“And I can confirm that whatever we are going to do as an association, and as independent investment promotion agencies, are totally aligned with the provisions of the AfCFTA protocol,” Ashong-Lartey said.

On her part, Okyere said: “Where we are now, I think that combining it with what AfCFTA holds, we would make great impact if the high powers come to stay.”

Gambia’s investment and export promotion agency boss, Ousainou Senghore, said that the activation of the high powers was in sync with the AfCFTA protocol, adding that when members promoted their individual countries, they would take ECOWAS as a market.

“We really need to thank ECOWAS for taking the initiative and bringing us together.

“This will definitely harmonize our laws, including creating a conducive business environment and also build an informal bond among ourselves,” he said.

Also speaking, ECOWAS Head of Investment Promotion, Peter Oluonye, explained that by this development, each member state was preparing its own environment to participate in the AfCFTA.

“For us, our focus in this segment is on investment attraction, preparing the ECOWAS community to work together as a bloc and to leverage the common market to achieve scale and synergy in AfCFTA and in the global market.

“So it is very much in sync with the goals of the AfCFTA. We are to prepare our people, we are to strengthen our integration and we are also to align our member states together,” he said.

ECOWAS Director, Private Sector, Anthony Elumelu, said the work had just started, adding that as a young region, ECOWAS was looking at the future, where it would like to be, for instance, by 2050.

“We are looking at the continental free trade, which is also to attract investment to the region and, whether we like it or not, the better you keep your region in terms of enabling the environment for others to invest, to bring in foreign direct investments, the better for you,” he said.

Elumelu had earlier in his opening address, explained that the meeting was organized to enable the stakeholders to deliberate on the draft statute that would govern IPAWAS, shape the framework for cooperation, and engender sustainable subregional development.

He stressed that the continuous collaboration of the member states’ investment promotion agencies with the ECOWAS Commission would enable investors to accept the subregion as the most favored destination for investment drive.(NAN)(www.nannews.ng)

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Edited by Bashir rabe Mani 

CVR: Group urges youths to take advantage, register ahead Ondo guber
General News

CVR: Group urges youths to take advantage, register ahead Ondo guber

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By Segun Giwa

A Group, Balm in Gilead Foundation for Sustainable Development (BIGIF), has urged the youth in Ondo State to take advantage of the ongoing Continuous Voter Registration (CVR) in the state.

The Programme Manager, BIGIF, Mr Nelson Akerele, made the call on Thursday in Akure.

Akerele urged all the eligible youth and first-time voters to take advantage of the opportunity, as the state prepare for the governorship election scheduled for November.

The News Agency of Nigeria (NAN) reports that the Independent Electoral Commission (INEC) had opened registration on May 27, and will run until June 5 across the 18 local government areas.

The CVR exercise allows new registrants, those wishing to transfer their registrations, and individuals with lost or defaced Permanent Voter Cards (PVCs) to obtain replacements.

According to Akerele, the CVR process is crucial for including eligible Nigerians, who have reached the voting age of 18 since the last registration exercise to ensure that they are not disenfranchised.

Akerele decried low turnout observed at some centers, describing it as discouraging, thereby urged all stakeholders to mobilise people for the CVR exercise, stating that, “your vote is your power.”

The group, which is a youth-led non-governmental organisation, is actively encouraging youths and other eligible residents to register and obtain their PVCs.

Akerele stressed the importance of inclusive political participation for building a stable society and developing policies that address the needs of younger generations.

He called on the youth to engage in community and national life, contributing to the country’s future through creative and productive thinking.

Supported by LeapAfrica under the Nigeria Youth Future Fund, BIGIF aimed to engage youths in active participation and decision-making processes.

Akerele expressed optimisms that increase in the youth inclusion in governance will lead to inclusive development and national recovery.

NAN reports that BIGIF is a registered nonpartisan, nonprofit organisation focused on women and youths empowerment, good governance, policy advocacy, and citizens engagement. (NAN)(www.nannews.ng)

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Edited by Remi Koleoso

 

Environmental standards: FG to enforce mining coys’ compliance
General News

Environmental standards: FG to enforce mining coys’ compliance

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By Martha Agas
The Federal Government has reiterated its commitment to ensuring compliance with environmental standards by monitoring the operations of mining companies.

The Minister of Solid Minerals Development, Dr Dele Alake, stated this when he received the Gov. Peter Mbah of Enugu in his office on Friday in Abuja.

Alake said that the move was aimed at sanitising the sector and repositioning it to boost the economic profile of the country.

He disclosed that the Federal Government and Enugu had agreed to set up the state’s Mineral Resources and Environmental Management Committee (MIREMCO), to monitor mining companies’ compliance with environmental standards.

He said that the move would enhance the development of the mining sector in the state.

The News Agency of Nigeria (NAN) reports that MIREMCO is charged with overseeing the regulations of mining operations in a state.

This includes ensuring environmental standards to address land degradation, where minerals are extracted, and the sustainable and orderly development and management of mining resources.

The minister underscored the state’s significant contribution to Nigeria’s economy during the colonial era, and highlighted its potential for renewed economic growth through the development of solid minerals.

“Now that we have our own independence of thought and action, Enugu is the way to go.

“We are collaborating with Enugu and other states to ensure that the benefits accruable from the solid minerals sector are available to all Nigerians,” he said.

On his part, the governor said that his administration was committed to harnessing Enugu’s vast mineral resources in partnership with the Federal Government.

Mbah thanked the minister for his accelerated actions to set up MIREMCO, which was critical to addressing the menace of illegal mining.

“The minute the minister received my application on setting up MIREMCO, he immediately called the relevant officer and mandated him to ensure the process for the establishment of the committee is fast-tracked.

” We believe that with the setting up of MIREMCO in Enugu, we will be able to curb the activities of illegal miners and those racketeering licenses,” he said.

The News Agency of Nigeria (NAN) recalls that the minister recently held an interface with 32 governors to form a joint committee aimed at resolving mining issues, sanitising the sector, and attracting investors.

The move was part of the ministry’s efforts to seek the support of sub-national entities and engage them in ongoing efforts to reposition the sector.

Mbah’s visit was in furtherance of these engagements, aimed at creating a conducive environment for mining operations in the country to significantly contribute to Nigeria’s Gross Domestic Product.(NAN(www.nannews.ng)
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Edited by Gabriel Yough

Council, partners, launch SMEs’ guidelines for trans-generational businesses
General News

Council, partners, launch SMEs’ guidelines for trans-generational businesses

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By Ijeoma Olorunfemi

The Financial Reporting Council of Nigeria (FRC) and its partners have launched the Small and Medium Enterprises Corporate Governance Guidelines (SME-CGG) to ensure business sustainability beyond their founders.

FRC launched the Guidelines in collaboration with Integrity Organisation, UN Global Compact Network Nigeria and sponsored by MacArthur Foundation in Abuja.

Dr Rabiu Olowo, Executive Secretary of FRC, at the issuing and unveiling of the guidelines, said that SMEs contribute over 50 per cent to the GDP of the country.

It also employs millions of citizens who are instrumental to innovation, fostering entrepreneurship and growth.

Olowo further said that unlocking the potential of SMEs required good corporate governance practices,involving a structure through which objectives of a company were set.

“SMEs are an incredible sector to improve growth, reduce poverty, and promote social progress.

“We believe that governance to SMES is very key. There is a myth that the problem of SMEs is finance, which is not entirely true.

“A well ran SME is well governed with the principles of succession planning, risk management well put in place which will promote the ability to live in the future.

“We believe that with this SME-CGG, SMEs will live beyond their founders and this document will go a long way to contribute to the future of our SMEs,” he said.

Key components of the SME-CGG, Olowo said, included a  board structure and responsibilities, risk management,corporate governance policies and procedures,financial oversight, and stakeholder engagement.

Other components, he mentioned, were ethical conduct and compliance, succession planning and family-owned enterprises.

The executive secretary added that the guidelines were not mandatory, but would be a key distinguishing factor to access capital, living in short, medium or long term.

“Looking at all of these,even without its mandatory feature,I believe it is a must have for every SMEs.

“By adopting these guidelines, SMEs will be better positioned to attract investment, build trust with stakeholders, and enhance their competitive edge.

“The launch of the Nigeria SME-CGG is an opportunity to set a new standard for how our SMEs are run, ensuring they are well-equipped to compete on a global stage,” Olowo said.

He called on the relevant stakeholders to embrace the guidelines and remain committed to its implementation.

Ms. Ayotola Jagun, Co-Thematic Lead, Anti-Corruption and Governance, UN Global Compact Network Nigeria, said that partners working in synergy could create an ecosystem where responsible business practices and sustainability were not ignored.

“The future of the Nigerian economy rests on the shoulders of these SMEs and by empowering them to be committed and ensure sustainability, we can create a future that is prosperous,equitable and environmentally conscious.

“I urge SMEs and relevant bodies to adopt the SME-CGG to achieve the Sustainable Development Goals,” Jagun said.

Mr Soji Apampa, Chief Executive Officer of Integrity Organisation, said the guidelines created an opportunity for SMEs to access incentives for their businesses.

Mr Osita Ede, Head of Finance Service Cluster, Lagos Chamber of Commerce and Industry (LCCI), said that apart from business capital, investors were also interested in a good governance structure of a business.

“Investors are interested in companies raised on a good track record, equity,a good team, a clear vision and commitment to responsible practices.

“Good governance enables businesses to equally help SMEs to demonstrate these qualities,” he said.

Ede, also Chief Product Officer of Fidelity Bank, pledged LCCI and the bank’s commitment towards creating more awareness on the SME-CGG.

He said that Fidelity Bank was putting measures in place to launch Fidelity SME hub, a one-stop shop for SME solutions.

Ede added that they would incorporate the SME-CGG in their capacity building programmes.

Mr Oryiman Alu, from the Small and Medium Enterprises Development Agency of Nigeria, said that the problems of SMEs included access to funding, insecurity,among others.

Alu said there was the need to engage stakeholders at the state levels to be part of the national programme aimed at improving businesses of SMEs, encourage inclusivity and addressing their challenges.(NAN)www.nannews.ng

Edited by Bashir Rabe Mani

FG, NESG sign MoU to drive reforms in creative sector
Entertainment

FG, NESG sign MoU to drive reforms in creative sector

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By Joshua Olomu

The Federal Ministry of Arts, Culture and the Creative Economy and the Nigerian Economic Summit Group (NESG), have signed a Memorandum of Understanding (MoU), towards repositioning the art, culture, and creative economy sectors.

The News Agency of Nigeria (NAN) reports that the MoU was signed by officials of both organisations at the ministry’s headquarters on Friday in Abuja.

The MoU was designed to strengthen collaboration between the two parties towards developing a united policy, governance, institutional, legislative and implementation framework for operations of art, culture, and the creative sectors.

The goal, according to the Minister of Art, Culture and the Creative Economy, Hannatu Musawa, is to enhance the sectors’ contribution to the national economy.

Musawa, who signed on behalf of the Federal Government, said that the partnership would unlock the vast potential of Nigeria’s creative economy.

She described NESG as a leading private sector-led think tank, dedicated to transforming Nigeria into an open, sustainable, and globally competitive economy.

According to her, the MoU is a bold step forwards fulfilling the mandate of the Ministry through partnership with critical stakeholders.

“Our collaboration with NESG is grounded in a clear set of objectives – to develop a robust governance structure for the art, culture, and creative industries.

“Together, we have co-created the policy thrust for the development of a comprehensive national policy on the creative economy aimed at guiding the development and regulation of Nigeria’s creative economy.

“This policy framework will provide strategic direction, outline key objectives, and establish regulatory mechanisms to foster growth, innovation, and sustainability within the creative sector.

“Once approved, the policy will be pushed to the National Assembly for their nod to establish the Act that will create a Central Authority for Art, Culture and the creative economy and establish a fund.

“Through strategic collaborations, forward-thinking policies, and dedication, we seek to unleash the complete potential of Nigeria’s creative sectors, championing enduring economic growth and cultural prosperity for future generations.”

On his part, the Director of NESG, Mr Udeme Ufot, who signed on behalf of the group, said that the MoU represents a significant innovation towards transforming the potential of the sector.

Ufot is also the Private Sector Co-Chair, Tourism, Hospitality, Entertainment, Creatives, Culture and Sports Industries Policy Commission (THECCS) of NES.

He expressed confidence that the partnership would serve as a springboard for the growth of the sector.

“The effective implementation of the MoU would serve as a paradigm shift in the art, culture, and creative sectors of Nigeria’s economy.

“It is commencing with the public sector side, which shall witness the establishment and optimisation of the sectors’ governance frameworks.

“This will be achieved through reforms of policies, legislation, institutions, incentives, and human capacity development across relevant Ministries, Departments and Agencies.

“On the private sector side, the implementation of the MoU will result in game-changing industry reset for sector practitioners across the cultural and creative sectors value chain and ecosystem,” he said.

Earlier, Dr Tayo Aduloju, Director-General and Chief Executive Officer, NESG, said signing of the MoU followed a series of meetings, consultations, research, and stakeholder engagements.

Aduloju explained that the specific task under the collaborative MoU would among other initiatives, make the Nigeria Creativity Week an annual event.

According to him, NESG has established a wide range of institutional collaborations and signed memorandum of understandings to drive economic growth and development across different sectors. (NAN)(nannews.ng)

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Edited by Philip Yatai

Hunters bust kidnappers’ den in Anambra forest – Official
Defence/Security

Hunters bust kidnappers’ den in Anambra forest – Official

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By Sumaila Ogbaje

The Nigeria Hunters and Forest Security Service (NHFSS), Anambra Command, has busted a kidnappers’ den in Anam forest, Anambra-West Local Government Area of the state.

Dr John Metchie, NHFSS’s Deputy Commander-General, Technical Services, disclosed this while addressing newsmen on Friday in Abuja.

Metchie said that the operation, which was carried out on Friday, was led by two top commanders, following an actionable intelligence.

He said that officers of the service traversed the deepest parts of the forest only to find an abandoned Toyota Sienna vehicle with weapons and other incriminating items inside it.

He identified the weapons as a pistol, one AK47 rifle, and locally fabricated guns, including vehicle plate numbers, charms, and other incriminating items.

He said that the vehicle and items had been handed over to the Nigeria Police for further actions, adding that the hunters were still on the trail of the suspected kidnappers who abandoned the vehicle.

Metchie described hunters as a critical link to the nation’s security architecture, stressing the need for the Nigerian government to accord hunters due recognition in the security architecture.

“NHFSS is a registered umbrella body of Hunters in Nigeria with the mandate to support the Nigeria Police and other security agencies to protect lives and property in ungoverned areas like forests and bushes.

“The Bill for an Act to establish the Federal Government Security Service, to detect and prevent forest crime, has been passed by both Senate and House of Representatives and is currently awaiting the President’s assent.

“Our objectives are geared toward improving the quality and performance of men and officers of Hunter Council, currently engaged in the protection of various public safety and security services within communities.

“We have been trained by the police, Nigeria Security and Civil Defence Corps (NSCDC), and National Drug Law and Enforcement Agency (NDLEA) on managing security in the forest,” he said.

He commended the officers and men of the Anambra command for the successful operation. (NAN)

Edited by Chioma Ugboma and Philip Yatai

Ist Anniversary: Experts predict bright future for capital market
Economy/Business

Ist Anniversary: Experts predict bright future for capital market

197 total views today

 

By Rukayat Adeyemi, News Agency of Nigeria (NAN)

As the Bola Tinubu-led administration clocks one year in office, some financial experts, while assessing the performance of the capital market, have commended the government’s efforts so far.

The News Agency of Nigeria (NAN) reports that Tinubu was sworn in as Nigeria’s President on May 29, 2023, succeeding President Muhammadu Buhari, having emerged winner of the 2023 presidential election.

In the trading week ended May 26, 2023, hours before Tinubu’s inauguration, the NGX All-Share Index and Market Capitalisation appreciated by 1.51 per cent to close at 52,973.88 points and N28.845 trillion respectively.

Equally, as at the close of trading on Monday, May 27, the NGX All-Share Index and Market Capitalisation stood at 97,863.34 and N55.359 trillion respectively.

Regulated by both the Nigerian Exchange Ltd.(NGX) and the Securities and Exchange Commission (SEC), the capital market is primarily a financial institution to raise capital to invest in new projects, expand operations, or pay off debt.

A financial expert, Mr David Adonri, described the Nigerian capital market as extremely profitable, liquid and a safe investment outlet under the administration.

He emphasised that progress in the market had been defined by a surging bull-rally in the secondary market for equities under the present leadership.

Andori, also the Vice Chairman of Highcap Securities, said that debt capital raising through the capital market enjoyed a sustained tempo under the Tinubu-led government.

He noted that almost all capital raising at the market were either through debt or equities by businesses.

“When this administration took office on May 29, 2023, the All-Share Index (ASI) of NGX, a metric for gauging performance of equities, was 52,973.88.

“Thereafter, it proceeded on a galloping race which took it to 102,401.88 on Jan. 26, thereby shattering previous records of growth.

Following its overheating, the equities market is gradually experiencing a correction

According to him, the two major economic reforms of floating the Naira and removal of fuel subsidy embarked upon by Tinubu resonated well with the capital market.

Dissecting the situation, Adonri said that the new ceiling served as a boost to investors’ confidence and increased demand for equities, just as the debt market increased in vibrancy on spite of the increase in interest rates by the Monetary Authority to rein in inflation.

The stockbroker highlighted the public macro-economic policies, saying that “the capital market has been akin to a candle burning from both ends”.

“Consequently, for investors, the Nigerian capital market has been an extremely profitable, liquid and safe investment outlet in the past one year,”he added.

To him, if the fundamentals of the economy and the capital market become stronger, investors’ confidence will remain high.

The resolution of the crisis around trapped investors’ funds, according to the expert, is a vital ingredient to bringing back many disillusioned foreign investors to the market.

To further buttress experts’ position, Mr Tajudeen Olayinka, an Investment banker,  said that the Nigerian capital market had really done well in the past one year.

Olayinka stated that, as a matter of fact, the market started showing a positive sign or bullish run, following the announcement of Tinubu as the winner of the 2023 presidential election.

“Let me also add that the market started showing positive signs in November 2022 when it was obvious that any of the three leading presidential candidates; Peter Obi, Atiku Abubakar and Bola Tinubu could succeed outgoing President Buhari.

This, from an analytical perspective, the reason being that the three leading candidates were known to be private sector activists, as against the outgoing President’s public sector orientation.

“So, the astronomical rise in the index we have today started with an uptick that predates the 2023 election proper,” the expert explained

When President Tinubu made those important pronouncements during his inaugural speech, the market quickly embraced him as a pro-market participant.

Some stock and market players have been confident to hail the performance indices which they claimed had recorded three times their values before the conduct of the 2023 presidential election.

They attributed this to the calibre of the presidential candidates as tactical market players.

During the period under examination, the market also recorded massive gains, enriching new investors that came to the market for the first time.

According to Olayinka, the government needs to strengthen all the institutions that provide direction to the market, including the Securities and Exchange Commission (SEC) the Central Bank of Nigeria (CBN), the Debt Management Office (DMO) and Federal Ministry of Finance.

The stockbroker viewed the recent appointment of a new board of SEC, as a positive reaction to improve institutional performance.

Mr Aruna Kebira, a stockbroker with Global View Capital Ltd., also submitted that the market, being information sensitive, was stagnated from the build-up to the 2023 general elections.

According to him, this is due to several factors because industry players were unsure of who would emerge winner at the 2023 presidential poll, hence the discordant the by investors.

He noted that after the emergence of Tinubu as president, the market was further enveloped with gloom as a result of the impending court cases and the possibility of judgment being passed in favour of the opposition.

According to him, the announcement of the removal of the fuel subsidy and that the inauguration of a president after the election took the stock market by storm.

Kebira explained that the Foreign Direct Investment
(FDIs) Pension Fund Administrators (PFAs) and the High Networth IndividuaIs (HNIs) which were hitherto on the sidelines, launched a full come-back to the market.

“It was believed that the incumbent has some good things up his sleeves.

“The fire in the market was further kindled when the erstwhile CBN governor, Godwin was arrested for an alleged misdemeanour during his tenure as Nigeria’s chief banker.

“The market began to enjoy its highest patronage when the rates in the money market were not encouraging enough vis-a-vis the sterling performances of the listed companies.

“Then came along the floating of the Naira that led to the banks declaring super loss and humongous profit.

“The ASI broke its set all-time high points of 68,000 in 2008 and established another all-time at 106,000 points,” he said.

According to him, stocks fared well in the capital market during this period, while the rates in the money were moderate.

The stockbroker, however, expressed disappointment that the dollar exchange jumped to N1,950 per dollar.

The resultant effect of this is food inflation, which has contributed to the rise in the general inflation led to the CBN’s hike in the Monetary Policy Rate (MPR) to control inflation.

This development, Kebira said, rebound to a better yield environment at the money market, hence, investors who were constantly in search of better yields, migrated from the capital market to the money market.

He said: “That frenzy of trying to cover one position at the market normally leads to sell-off pressure that would, in turn, depress stock prices and, by extension, the All-Share Index.

“The various information and policies of the government are anti-capital markets, and until we begin to see a decline in inflation rate, that would necessitate the CBN to review the MPR downwards, the capital market may be in limbo for a long while.

In addressing the present situation and further boosting and sustaining investors’ interest in the capital market, Kebira advised the Federal Government to provide a secure environment for farmers.

While expressing that the problem currently facing the country is that of demand and supply, the stockbroker, believed that once inflationary trends about food are checkmated with enough to go around, headline inflation will also be stemmed.

“By that, the CBN can review the MPR downwards, thereby discouraging investment in money market instruments, and consequently, the capital market can then be an investment destination for high yield-seeking investors,” he said.

Observers said that the  Tinubu-led government, having started well with laudable policies, must aggressively work toward stemming inflation, exchange and interest rates to spur investment in the capital market vis-a-vis the country.

According to them, this is because the positive performance of the stock market as a primary barometer of economic health, both domestically and globally, is interconnected with the broader economic indicators. (NANfeatures)

Edited by Olawunmi Ashafa

***If used, please credit NAN and the writer***

Tourism: Curb vices in your operations, Lagos commissioner tasks stakeholders
Culture & Tourism , Health

Tourism: Curb vices in your operations, Lagos commissioner tasks stakeholders

363 total views today
By Taiye Olayemi/Adeyemi Adeleye
The Lagos State Commissioner for Tourism, Arts  and Culture, Mrs Toke Benson-Awoyinka, has urged stakeholders in the hospitality sector to curb drug usage, vices and environmental nuisances in their operations.
Benson-Awoyinka made this remark in her address at the Tourism Stakeholders’ engagement with the Hospitality Sector on Thursday in Lagos.
The theme of the event was, “Addressing Current Industry Challenges, Exploring Emerging Trends, Understanding Policy Frameworks and Unveiling Collaborative Opportunities Within the Entire Hospitality Value Chain.”
The commissioner said these issues must be dealt with by operators in the hospitality industry to make Lagos, a destination of choice.
“The sanctity and safety of your establishment also comes into focus, drugs, vices and environmental nuisances play a major role and such must be curbed to further make us a destination of choice and enhance Lagos as a ‘Live, Work and Play’ environment.
“From our local artisans to hoteliers, travel agencies and transport providers, every stakeholder in the entire value chain has a crucial role to play.
“We must leverage our collective strengths to build a robust and resilient hospitality sector,” the commissioner said.
Benson-Awoyinka said that the engagement with tourism stakeholders in the hospitality sector to address critical issues, emerging trends, and opportunities within the industry had become overdue.
According to her, there is the need to always share views on how to improve the sector and continue to operate in line with acceptable best practices.
She said: “The hospitality sector plays a vital role in the economic development of Lagos State.
“This sector does not only provide employment to thousands but also serves as a gateway for showcasing our rich cultural heritage, vibrant arts scene, and unparalleled hospitality.
“We are all not unaware of the significant challenges our industry faces, from the aftermath of the COVID-19 pandemic to evolving customer expectations and increased competition.
“With this gathering, we want to address these challenges head-on. We must adapt to the changing landscape by embracing new technologies and sustainable practices .”
The commissioner said that emerging trends in the sector such as digital transformation, eco-tourism, and personalised customer experiences are reshaping the way hospitality businesses are being done.
She said that it had become imperative that players stay ahead of these trends to remain competitive and relevant.
She noted that the state was committed to creating an enabling environment for the hospitality sector to thrive.
“Our policy frameworks are being continually reviewed to ensure they support growth, innovation, and sustainability.
“We are also focused on improving infrastructure, enhancing security, and promoting Lagos as a prime tourist destination.
“We strive to make the industry, as with other climes, data-driven, through the capturing of the entire hospitality sector on a database we can also share with the rest of the world.
“We are digitising our registration processes and will no longer operate manually in this capturing process.
“You must also agree with me that data is important not only for growth and expansion but also for security of lives and property within and around your establishment,” she added.
Seeking the cooperation of players, Benson-Awoyinka said that the ministry was striving to make the methodology seamless.
“By working together, we can create a seamless and memorable experience for tourists who depend on such data in that critical decision on destination choice.
“As practitioners in this sector, let us continue to organise ourselves orderly and conduct our businesses in the most professional manner,” she said. (NAN) (www.nannews.ng)
PTB/AYO/NCI/COF
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Edited by Nkiru Ifeajuna/Christiana Fadare
Why we performed creditably under Tinubu’s administration – NOC
Sports

Why we performed creditably under Tinubu’s administration – NOC

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By Emmanuel Afonne

The Nigeria Olympic Committee (NOC) has attributed the success recorded in the last one year to the unity of purpose between it, the Sports Ministry and the National Sports Federations.

Tony Nezianya, Public Relations Officer (PRO), NOC, told the News Agency of Nigeria (NAN) in an interview that the Habu Gumel-led had ensured the continuous existence of peace and harmony among the Olympic community in the country.

“NOC has ensured regular flow of information to the National Sports Federations, stakeholders as well as the media at home and abroad.”

Nezianya said that the near success story of Team Nigeria athletes for the 2024 Paris Olympic Games arose from the financial support from the NOC to all national federations involved in the qualifiers.

He also said that the interest of the current administration in sports necessitated the increase in medals won by the country at international competitions.

“We recorded a successful outing at the 13th African Games held in Accra, Ghana this year, where Nigeria won more medals (121 medals of 47 gold, 34 Silver and 40 bronze) than in previous Games to place overall second.

“Nigeria finished in fourth position at the Commonwealth Youth Games in Trinidad and Tobago in 2023 after Team Nigeria won eight medals which comprised of six gold and two silver medals.

“The performance was led by athletes such as Destiny Agbo, who won gold in the Women’s Discus Throw, and Samuel Ogazi, who won gold in the men’s 400m.

“Faith Okwose also set a new Games Record in the women’s 100m final, with a time of 11.26 seconds.

“Nigeria also participated in its first-ever Winter Youth Olympics in January this year after becoming the first African country to qualify, with six athletes competing in curling, and challenging European athletes.”

According to him, NOC has achieved 90 per cent success in the accreditation process of all athletes, coaches and officials preparing for the Olympics.

The public relations officer said the NOC also secured the Games Village for Athletes and Hotels for high-profile officials.

He further told NAN that the NOC had secured the official clothing and kitting company for Team Nigeria for the Olympics.

“Actively Black, a U.S.-based sports apparel company, is the official clothing and kitting company for Team Nigeria for the Paris Olympics.”

NAN reports that Actively Black is a black-owned, diaspora-owned brand that was founded in 2020 by former basketball player Lanny Smith.

The company has been growing rapidly and has already reached a valuation of 30 million dollars in 2021 and has also collaborated with Disney on “Black Panther”.

Speaking further, Nezianya listed the successful completion of the Mini Olympic Village at Amuwo Odofin with sporting facilities like basketball and handball courts, as well as football pitch soccer there, as other achievements of NOC.

“NOC secured five hectares of land to build NOC headquarters in Abuja and has also secured the building plan for the secretariat and other sporting facilities,” he said. (NAN)(www.nannews.ng)

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Edited by Chijioke Okoronkwo

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