Business
N350bn Fund: Experts Advise NLC To Shelve Proposed Strike
President, Microsoft International, Jean-Philippe Courtois (left) and Lagos State Governor, Akinwunmi Ambode, during a visit of Microsoft team to Government House in Lagos on Monday.
Some financial experts
have advised the NLC to shelve its proposed strike in view of the disruption it could bring to the planned injection of N350 billion to the economy this week.
The Tide learnt that the Federal Government plans to start releasing the N350 billion it intended to use quarterly to “reflate” the economy this week.
The experts said in Lagos that the strike would have ripple effects on the economy, particularly the capital market if it was not nipped in the bud.
Prof. Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Lafia, said the strike was not necessary now in view of the planned injection of the fund.
Uwaleke said the release of the fund would increase activities at the equity end of the capital market.
“The major factor that will revive the stock market this week is the release of N350 billion for capital projects as widely reported last week”.
Alhaji Rasheed Yussuf, a former President, Association of Stockbroking Houses of Nigeria (ASHON), said there was the need to sustain investor’s positive reaction to the resolution of the 2016 budget impasse.
Yussuf said investors’ expectation of faithful implementation of the capital budget contributed to the current capital market rebound.
He said that implementation of capital projects would lead to creation of jobs and increased demand for goods and services.
“The overall effect will be that manufacturing companies will make more profit and that will lead to strong demand for their shares.
“So, the market is expected to continue to show a strong progress.
“When capital vote is released, it means uncompleted projects and new projects will commence,” he said.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., Lagos, said the release of funds would boost investors’ confidence in the capital market.
Meanwhile, the NSE All-Share Index last week appreciated by 739.43 points or 2.88 per cent to close at 26,441.03 against 25,701.60 posted in the previous week.
Also, the market capitalization, which opened at N8.841 trillion, grew by N258 billion or 2.92 per cent to close at N9.099 trillion.
Tiger Brand led the gainers’ table in percentage terms by 50.13 per cent or N2 to close at N5.99 per share.
It was followed by Diamond Bank which gained 44.29 per cent or 62k to close at N2.02, while FCMB Group increased by 30.30 per cent or 30k to close at N1.29 per share.
On the other hand, University Press topped the losers’ chart during the week in percentage terms by 14.21 per cent or 81k to close at N4.89 per share.
MRS Nigeria trailed with a loss of 9.73 per cent or N4.36 to close at N40.47, while Caverton dropped by 8.48 per cent or 14k to close at N1.51 per share.
A turnover of 1.83 billion shares worth N14.47 billion were exchanged in 20,058 deals last week in contrast to the 910.66 million shares valued at N6.41 billion traded in 15,023 deals in the preceding week.
The Financial Services sector led the activity chart in volume terms, accounting for 1.47 billion shares worth N10.69 billion in 11,038 deals.
The Conglomerate sector followed with a total of 187.03 million shares valued at
N313.29 million exchanged in 1,545 deals.
The third place was occupied by the Consumer Goods industry with turnover of 74.73 million shares worth N2.05 billion achieved in 3,633 deals.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos