Business
Expert Tasks FG On Manufacturers’ Challenges
A financial expert, Mr Boniface Okezie, has called on the Federal Government to tackle the challenges facing manufacturers to grow the nation’s Gross Domestic Products (GDP) to enhance the economy and the capital market.
Okezie, who is also the President of Shareholders Association of Nigeria (SAN), made the call in an interview with newsmen in Lagos.
According to him, manufacturers are the major drivers of economic growth, and if they can operate optimally, there will be employment opportunities and this will boost GDP, the economy and invariably the capital market.
“There is no magic that will strengthen the naira and ensure availability of dollars when the country has been import-dependent.
“The manufacturers are suffering from inability to source dollars for raw materials due to high exchange rate, epileptic power supply and economic instability among others.
“The way forward is for the Federal Government to create an enabling environment for the manufacturers to operate effectively,” he said.
The expert said an enabling environment and stable policy would encourage foreign investors to bring hard currencies into the economy and lower the exchange rate.
Meanwhile, an analysis of transactions in the capital market last week showed that a total of 1.533 billion shares worth N23.026 billion were traded by investors in 17,009 deals.
This was in contrast with a total of 968.947 million shares valued at N10.246 billion exchanged in 9,654 deals the previous week.
The Financial Services Industry (measured by turnover) led the week’s activity chart with 1.218 billion shares valued at N12.634 billion traded in 10,132 deals.
The Conglomerates Industry followed with 70.807 million shares worth N120.611 million in 803 deals.
The third place was occupied by Consumer Goods Industry with a turnover of 58.505 million shares worth N3.422 billion in 2,624 deals.
The All-Share Index during the period lost 577.72 points or 1.63 per cent to close at 34,848.45 against 35,426.17 posted in the preceding week.
Also, the market capitalisation which opened at N12.933 trillion shed N211 billion or 1.63 per cent to close at N12.722 trillion.
NAN reports that 34 equities depreciated in price, lower than 45 equities of the previous week.
IkejaHotel topped the losers’ chart in percentage terms by 18.64 per cent or 52k to close at N2.27 per share.
First Aluminium trailed with a loss of 15 per cent or 6k to close at 34k, while Glaxosmith shed 14.38 per cent or N2.20 to close at N13.10 per share.
Conversely, Portland Paints led the gainers’ table in percentage terms by 20.65 per cent or 15k to close at N2.98 per share.
AIICO Insurance followed with a gain of 17.14 per cent or 12k to close at 82k, while PZ Cussons appreciated by 14.94 per cent or N1.95 to close at N15 per share.
FG offers 2 savings bonds at 11.36%, 12.36% September
The Federal Government has offered for subscription two-year savings bond at 11.36 per cent and three-year savings bond at 12.36 per cent, the Debt Management Office (DMO) has said.
According to the offer circular obtained from the DMO website yesterday, the two-year bond will be due in Sept. 2020 while the three-year bond will be due in Sept. 2021.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The website said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
The savings bond issuance is expected to help finance the nation’s budget deficit.
It is to also part of the Federal Government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.
The circular also said that the offer would close on Friday.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
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”.
Business
NECA Holds MSME Fair To Drive Growth
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.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
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
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