Connect with us

Economy

Crucial Indices on NGX Decline Further by 0.29%

Published

on

Share

Crucial indices of the Nigerian Exchange Ltd. (NGX) downgraded further on Thursday, dropping by 0.29 per cent following selloffs in highly capitalised stocks

The market capitalisation shed N78 billion or 0.29 per cent to close at N26.723 trillion against N26.05 trillion on Tuesday.

On market movers, the weak performance was driven by selloffs in stocks of  BUA Cement, MTNN as well as Acess Bank Holdings and Okumu Oil.

Similarly, the All-Share Index which opened at 49.691.17 dipped by 144.79 points or 0.29 per cent to close at 49,546.38.

N.E.M. Insurance Company recorded the highest loss to lead the laggards’ table, dropping by 9.98 per cent to close at N3.

97 per share.

Okomu Oil came second with a loss of 9.96 per cent to close at N27.50, while University Press dropped  by 9.91 per cent to close at N15.50 per share.

Lasaco Assurance  depreciated by 9.57 per cent to close at N28.70, while Caverton Business solutions also declined by 3.96 per cent to close at N1.05 per share.

Conversely, FTN Cocoa Processors led the gainers’ table, increasing by 10 per cent to close at 33k per share.

Regency Alliance Insurance followed with a gain of  8.7 per cent to close at N52.55, while Prestige Assurance Company  gained 8.33 per cent to close at N3.99 per share.

Red Star Express appreciated by 5.88 per cent to close at N9.50, while Multiverse Mining and Exploration a chalked up by 8.70 per cent to close at N2.10 per share.

The volume of shares traded closed lower as investors bought and sold 146.99 million shares worth N2.65 billion in 3,180 deals.

This was against the N4.12 billion on 128.79 million shares exchanged in 3,492 deals on Wednesday.

FBN Holdings was the most active stock during the day, trading 39 million shares worth N431.89 million.

United Bank for Africa followed with an account of 13 million shares valued at N91.23 million, while Access Bank traded 39.22 million shares worth N80.41million.

Guaranty Trust Holding sold 6.51m shares worth N132.16 million, while Stanbic IBTC Bank exchanged 6.1million shares worth N172.86 million. (NAN)

Economy

Customs Zone D Seizes Contraband Worth N110m

Published

on

Share

The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.

The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.

He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.

40 kilogramme of pangolin scales.

Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.

The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.

He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.

The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.

“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.

The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)

Continue Reading

Economy

Trade Tensions: Global Economy Stands at Fragile Turning Point -UN

Published

on

Share

The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties.UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable.

It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth.
The economic slowdown is widespread, affecting both developed and developing economies around the world, according to the report.
For instance, in the United States, growth is projected to slow “significantly”, as higher tariffs and policy uncertainty are expected to weigh on private investment and consumer spending.Several major developing economies, including Brazil and Mexico, are also experiencing downward revisions in their growth forecasts.China’s economy is expected to grow by 4.6 per cent this year, down from 5.0 per cent in 2024. This slowdown reflects a weakening in consumer confidence, disruptions in export-driven manufacturing, and ongoing challenges in the Chinese property sector.By early 2025, inflation had exceeded pre-pandemic averages in two-thirds of countries worldwide, with more than 20 developing economies experiencing double-digit inflation rates.This comes despite global headline inflation easing between 2023 and 2024.Food inflation remained especially high in Africa, and in South and Western Asia, averaging above six per cent. This continues to hit low-income households hardest.Rising trade barriers and climate-related shocks are further driving up inflation, highlighting the urgent need for coordinated policies to stabilise prices and protect the most vulnerable populations.“The tariff shock risks hitting vulnerable developing countries hard,” Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, said in a statement.As central banks try to balance the need to control inflation with efforts to support weakening economies, many governments – particularly in developing countries – have limited fiscal space. This makes it more difficult for them to respond effectively to the economic slowdown.For many developing countries, this challenging economic outlook threatens efforts to create jobs, reduce poverty, and tackle inequality, the report underlines. (NAN)

Continue Reading

Economy

FG To Finalize N1.5trn Road Concession Project- Edun

Published

on

Share

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government will soon finalise N1.5 trillion road concession project.

Edun made the statement during a meeting with some private sector investors in Abuja on Wednesday.

He said that the government was on the verge of finalising the landmark N1.

5 trillion road concession project, launched in 2021 under the Highway Development and Management Initiative (HDMI).

The minister said that the initiative aimed to involve private sector partners in the reconstruction and management of nine major highways across the country, spanning approximately 900 kilometers.

He said that the partners had almost completed all arrangements for the highways, which they would finance, rebuild, and maintain under 25-years concession agreements.

Edun said that the concessionaires were expected to recoup their investments through tolling fees.

“We met the concessionaires who have virtually concluded all the agreement arrangements for nine roads, nine major highways, which they are contracting to refinance the rebuilding of and to recover their funds from tolling fees under 25-year or so agreements.

“And we met them to iron out the remaining administrative obstacles for the kicking off construction of these roads,” he said.

Edun said that the substantial private sector investment would bridge budgetary gaps.

He added that it would also allow investors to undertake revenue-generating projects, leveraging their expertise and resources for long-term implementation and maintenance.

“Thereafter, it will be a question of signing the addendums and moving to the site.

“As you know, already the 125-kilometer Benin–Asaba Highway concession agreement has been signed. The addendum has been signed.

“All arrangements have been finalised, in fact, the ministry of works have handed over the road to the concessionaires.

“They have already started the preliminary arrangements for reconstruction of that road in place of a 10 lane highway.

“It is an investment, it’s a project and an initiative that will reduce the travel time between Benin and Asaba right up to the Niger Bridge,” the minister said.

Edun said that the Benin–Asaba Highway project, which has already commenced, is expected to reduce travel time between Benin and Asaba from four hours to one hour, significantly enhancing productivity and efficiency in the region.

He described the HDMI, launched in 2021, as a strategic programme by the federal government aimed at attracting private sector investment to improve Nigeria’s federal road network.

Edun said that the initiative seeks to address the challenges of inadequate funding and maintenance by leveraging Public-Private Partnerships (PPP) to develop and manage road infrastructure.

Under the HDMI, 12 highways were initially selected for concession, covering a total of 1,963 kilometers.

These roads include Benin–Asaba, Abuja–Lokoja, Kano–Katsina, Onitsha–Owerri–Aba, Shagamu–Benin, Abuja–Keffi–Akwanga, Kano–Shuari.

Others are Potiskum–Damaturu, Lokoja–Benin, Enugu–Port Harcourt, Ilorin–Jebba, Lagos–Ota–Abeokuta, and Lagos–Badagry–Seme roads.

The minister said that the initiative was projected to generate over 50,000 direct and 200,000 indirect jobs, contributing significantly to the country’s economic growth and development.

The Minister of Works, Engineer David Umahi who joined the meeting virtually reassured the private sector partners on the HDMI of the federal government commitment.

He said that everything possible would be done to resolve the contending issues, adding he will soon be back to address all pending issues.

One of the concessionaires, Mr Kola Karim, representing Shoreline, emphasised the need for right and enforceable documents stipulating the takeoff and handover dates, which would attract investors to invest their funds.

Other private sector partners also requested for the addendum to the original agreement to be signed that would enable toll sections of the completed highways while work was in progress on other sections.

They noted that each concessionaire has unique challenges that should be dealt with accordingly.

Also in the meeting were Minister of Budget and Economic Planning, Abubakar Bagudu, and the Director General Infrastructure Concession and Regulatory Commission (ICRC), Dr Jobson Ewalefoh

Continue Reading

Read Our ePaper

Top Stories

NEWS46 minutes ago

NASC: Senate Confirms Nnanna Uzor Kalu as Commissioner For S/east

ShareThe Senate on Tuesday confirmed the appointment of Dr Nnanna Uzor Kalu as a commissioner in the National Assembly Service...

General News57 minutes ago

CBN Retains Headline Lending Rate at 27.50%

ShareFor the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR)...

NEWS1 hour ago

APC Seeks Arrest of Zamfara PDP Women Leader 

ShareThe Zamfara chapter of the All Progressives Congress (APC) has condemned the calls for violence by the State Women Leader...

Foreign News2 hours ago

Thousands Protest in Pakistan After Drone Strike Kills 4 Children

Share Thousands of people in north-west Pakistan on Tuesday blocked a highway by placing the coffins of four children who were...

Nasarawa state Governor Abdullahi Sule Nasarawa state Governor Abdullahi Sule
General News2 hours ago

2027: Gov. Sule Debunks Senatorial Ambition Claim

Share Gov. Abdullahi Sule has debunked reports that he has declared his intention to contest the Nasarawa North senatorial election in...

Health3 hours ago

Group urges Nigerians to embrace healthy habits to prevent diseases 

ShareThe Society of Lifestyle Medicine of Nigeria (SOLONg) has advised Nigerians to embrace healthy preventive lifestyle habits to prevent the...

Economy3 hours ago

Customs Zone D Seizes Contraband Worth N110m

ShareThe Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between...

Foreign News3 hours ago

Man Executed in Indiana For Killing Police Officer

ShareBenjamin Ritchie, 45, had been on Indiana’s death row since 2002, when he was convicted of killing Beech Grove Police...

General News4 hours ago

CBN Donates Fire Fighting Equipment To Federal Fire Service in Bauchi

Share The Central Bank of Nigeria (CBN), has donated a motorized fire vehicle to the Bauchi Command of the Federal Fire...

Foreign News4 hours ago

WHO Member States Adopt New Pandemic Treaty

ShareMember states of the World Health Organisation (WHO) on Tuesday adopted a new pandemic treaty aimed at avoiding the panic...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc