Economy
India Emerges Best Foreign Participant at Kaduna Int’l Trade Fair
The Republic of India has been awarded the best foreign participant at the just concluded 43rd Kaduna International Trade Fair, organised by Kaduna Chamber of Commerce, Industries, Mines and Agriculture (KADCCIMA).
The award was presented in Kaduna on Sunday, at the close of the 10-day event, which commenced on Feb.
25.Receiving the award on behalf of the Indian High Commission, Abuja, Mr Mohan Yadav, General Manager, Chellco Industries Limited, thanked KADCCIMA for the recognition.
The visibly excited Yadav told newsmen that the recognition would further strengthen business partnership between India, KADCCIMA, and the Kaduna state government.
“I feel excellent and excited receiving this award today on behalf of the Indian High Commission.
“We have been participating in the Kaduna International Trade Fair and we will continue to be part of its successes.
“We are into manufacturing of textile, solar plants, agricultural machinery and implements, among several others.
“A lot of Indian companies are in Kaduna state and other parts of Nigeria, contributing to the economic development of the country, particularly the manufacturing sector,” he said.
He added that the Indian companies had established business partnership with the representatives of Chad Chamber of Commerce, courtesy of the Kaduna International Trade Fair.
He said that the Chadian delegation even visited some of the Indian companies, describing the development as “excellent outing” for the Indian businesses in Nigeria.
Yadav commended KADCCIMA for organising the event suceesfully against all odds, and expressed hope for more business opportunities in Kaduna state.
Also, the President, Kaduna Indian Association, Mr Rama Venkat, told NAN that the annual event was a great opportunity for the Indian business community in Nigeria to showcase their product.
Venkat, Chief Operating Officer, AMA Medical Manufacturing Ltd., added that the Indian community in Nigeria would continue to partner with KADCCIMA and the state government, to bring more investment into the state.
The overall winner of the 43rd edition is Nigerian Gas Company, while Dangote Group and Defence Industry Corporation of Nigeria (DICON), emerged 1st and 2nd runner up respectively.
DICON also received the Best Exhibitors of Innovation Technology Award, with Association of Nigeria Investors in second place.
Kaduna State emerged the Best State Exhibitor, with Nasarawa and Plateau States as the 1st and 2nd runner up respectively, while Kauru Local Government Council of Kaduna State received the Best Agricultural Stand Award.
The Most Organised Stand Award went to DICON/Nigerian Defence Academy/Command Engineering Deport and PAN TIGGO 8 received the Quality Product Award, while the Owodelola and Company received the Most Consistent Participant Award. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)