Business
‘Careless Utterances Affect Capital Market’,
A renowned economist
and Chairman of OpoboTraders’ Association (OTA), Comrade Emeka Sunday John- Africa, has observed that the unguarded pronouncements of politicians are heating up the polity with dire consequences on the economy in general and the capital market in particular.
Speaking with The Tide on Monday in Opobo Town in an interview on the nation’s stagnated economy under Buhari John- Africa said: ‘’For the umpteenth time, we strongly appeal to the political class that instead of indulging in unwholesome activities, actions and destructive utterances, they should support efforts aimed at creating the much enabling environment for accelerated economic development and growth’’.
According to him,’’ perhaps we may remind the political class that uncertainties and all manners of insecurities that currently pervade Nigeria affect investors sentiments, asset valuations market and country risk profile and portfolio allocations decisions. In recent times, trading statistics on the securities markets in Nigeria have been reflecting investors apathy to unprecedented level of tension that portends likely breakdown of law and order in the 2019 general elections?
He explained that it is an unassailable investor behavior that bad news trigger market panic and investors over-react to such news, noting that as the nation’s economic barometers, the securities markets in Nigeria have continued to reflect investors appreherisions to instability in the political and economic landscape through their indices.
As he puts it, “ this has largely accounted for the inability of our market to fully recover from the effects of the 2008 financial crisis, notwithstanding the efforts made by the regulators and operators to fully revive the market.’’
John-Africa maintained that there is clear and current danger if the unwholesome trend persists adding that “ our market is currently bleeding. Foreign portfolio investors and their indigenous counterparts have embarked on massive offloading of shares and other financial instruments with attendant effect of gross erosion of values despite stellar performances of many listed securities.’’
He further said that the Nigerian stockExchange’s All share Index has been sliding since the beginning of the year, returning negative year-to- date performance of 7.4 per cent recently.
Bethel Toby
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.