Business
Inflation Rate Decline Affects FG Bonds
Despite the resurgence of activities in the secondary market triggered by the drop in inflation rate for February released recently by the National Bureau of Statistics (NBS), the expected yield on the FGN Bonds was on the downside last week according to market reports.
Investors that invested in the market earlier in March in anticipation of the surge in inflation rates in February were disappointed as there was decline in most of the liquid bonds. Market analysts say the decline was due to the fact that inflation erodes the power of bond’s future cashflows.
The 7th series bond, for instance, depreciated to 15.25 per cent last Friday as against the 15.46 per cent it opened the week even as the yields on the 5th series 2 bond dropped to 15.19 per cent on Friday from 15.36 per cent that it opened the week.
Also, the yields on the 9th series decreased to 15.41 percent on the same day compared with the 15.44 per cent that it opened the week under review.
In volume terms, activities in the bond market was driven by the monthly auction which took place on Wednesday, 28 March during which two bonds were offered. They were the 7.00 October 23, 2019 (N20 billion ) and 16.39 January 27, 2022 (30 billion). They were re-opened at Marginal rates of 15.30 percent and 15.41 percent while their subscription levels 216.50 per cent and 127.00 percent respectively.
Also, there was an additional (N50 billion of 16.39 January 27,2022 allotted on a non-competitive basis. The marginal rates during auction was at a lower ebb against expectation as yields in the market dipped across several short-to-medium term maturities, the highest being the 12 month treasures that dropped 67 basis points according to market reports.
Transactions over-the-counter Bond Market recorded a total of 116 million units valued at N101.6 billion in 1,029 deals last week up from a total of 91.23 million units in 875 transactions in the week which ended March 22, 2012.
Specifically, the most traded bond which measured by volume was the 16.39 percent FGN January 2022 (9th FGN bond 2022 series 1) with a recorded volume of 23.25 million valued sold at N24.8 billion 311 transactions.
The 10.50 percent FGN March 2014 (eight FGN Bond 2014 series 1) followed with a traded volume of 22.56 million units at the value of N20.9 billion exchanged in 220 deals.
According to the Nigerian Stock Market report there was no transaction through the Stock Market in the federal government development stocks, State Government Bonds and Industrial Loans/Preference Stocks Sectors. The Equities sector of the market recorded a total transaction of 1.443 billion units of shares valued at N11.53 billion traded in 18,849 deals compared with a total of 1.212 billion units of shares traded at N15.7 billion exchanged in 17,979 deals the previous week.
The financial service sector the report said, accounted for 1.13 billion units of shares at the value of N7.03 billion recorded in 10,896 deals while the consumer Goods Sector followed with 74.34 million shares valued at N2.9 billion traded in 3,324 deals.
On the price movement chart, the NSE All-share Index shed 2.6 percent to close at 20,652.47 basis points while the market capitalisation of listed equities finished lower at N6.55 trillion.
The NSE-30 Index dipped by 3.5 per cent to close at 938.84 points. Only one out of the four sectorial indices appreciated during the week under review.
The NSE-Insurance Index appreciated by 3.4 per cent to end the week at 124.28 points even as the NSE-Consumer Goods Index dropped by 2.23 per cent to close at 1,708.04 points.
The NSE-Banking Index nose dived by 6.6 percent to finish at 283.04 points.
In the quarterly analysis of the nation’s stock market, the market dipped by 0.38 per cent for the first quarter as the index fell from 20,730.63 to close at 20,652.47 points while the market capitalisation of listed equities added N16 billion to close higher at N6.549 trillion.
Vivian-Peace Nwinaene
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
