Transportation Minister Hails Maiden Lagos-Ibadan Freight Train Service

Minister of Transportation, Sen. Said Alkali, has said that the maiden trip of the Lagos-Ibadan freight train service marks a significant milestone in the country’s railway projects. He said in a statement issued in Abuja on Sunday, that the success of the operation also reinforced the federal government’s dedication to providing a robust transportation network to cater for Nigeria’s growing population. The maiden freight train departed from Apapa Port in Lagos on Thursday and headed to Ibadan, ladened with 30 units of 40-feet containers. Alkali stated that the successful operation of the container freight train reflected the meticulous planning, relentless efforts, and diligent execution by the Ministry of Transportation and its partners. He added that it served as a testament to the ministry’s unwavering commitment at realising the eight-point agenda of President Bola Tinubu’s administration, which prioritised the development of modern and efficient transportation system. The transportation minister noted that the Lagos-Ibadan railway project, a crucial component of Nigeria’s transportation infrastructure, held immense potential to revolutionise the movement of goods and people. He noted also that the completion of the rail project signified a major step in enhancing connectivity, boosting trade, and stimulating economic growth. Alkali expressed satisfaction with Thursday’s successful launch of the container freight train, hailing it as a significant achievement for the nation. “As the Lagos-Ibadan railway continues to expand its operations, it is expected to play a pivotal role in alleviating congestion on roads, reducing travel time, and facilitating seamless movement of goods across the country. “The successful initiation of the container freight train service signifies a promising future for the railway project, further solidifying its position as a vital backbone of Nigeria’s transportation infrastructure,’’ Alkali stressed.

Ministry of Industry, Trade & Investment: Rift With Perm Sec Forces Minister To Shun Office

The Ministry of Industry, Trade and Investment finds itself embroiled in a concerning situation as a growing chasm in the working relationship between the recently appointed Federal Minister, Doris Uzoka-Anite, and the ministry’s Permanent Secretary, Evelyn Ngige, threatens to cast a shadow over its operations. This rift, according to exclusive information gathered by Nigerian Anchor, has created an atmosphere of palpable tension within the corridors of power, raising questions about the ministry’s functionality and its capacity to work as a unified team. Doris Uzoka-Anite, who was officially sworn in as Minister by President Bola Tinubu, has conspicuously stayed away from her designated ministry office, preferring to conduct her official duties from the premises of the Bank of Industry. The reason behind her absence is linked to a disagreement with the Permanent Secretary, notably concerning office renovations, with a particular focus on the restroom. Sources within the ministry have shed light on the matter, indicating that Minister Doris had requested the renovation of her office space, especially the restroom facilities, to align with her needs as a female minister. However, her request has seemingly fallen on deaf ears, leaving her with no option but to establish her office at the Bank of Industry Headquarters in Abuja. In addition to the dispute over office renovations, there is another layer of discord in the form of personal grievances held by Minister Doris against the Permanent Secretary. This animosity was ignited by the Permanent Secretary’s failure to extend congratulations following Doris’s appointment as Minister. The first sign of strain between the two parties was apparent when Doris arrived in Abuja to assume her office. She appeared to snub the Permanent Secretary and other senior officials who were present at the airport to welcome her. This initial friction has since snowballed into a complete breakdown of communication, not only between the Minister and the Permanent Secretary but also with other key members of the management team. The deteriorating relationship between the Federal Minister and the Permanent Secretary now raises substantial concerns about the Ministry of Trade, Industry, and Investment’s operational efficiency. A seamless and collaborative working environment is essential for the realization of the ministry’s goals and objectives, and this internal strife threatens to impede the department’s capacity to function effectively. If not addressed promptly and effectively, this internal discord has the potential to hinder the ministry’s ability to achieve its intended objectives, ultimately affecting the progress and development of the industry, trade, and investment sectors in Nigeria.

9 Years After, CBN Removes Restriction To FX On 43 Items

The Central Bank of Nigeria says it has removes restriction to foreign exchange placed on forty-three in 2015. According to a statement signed by Director, Corporate Communications, Isa AbdulMumin, importers of those items are now free to access the FX market to purchase foreign exchange. Former CBN Governor, Godwin Emefiele had in 2015, placed a restriction on 43 items that cannot access forex at the FX market. According to Emefiele, at the time, it was part of effort to encourage local production. “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the Apex Bank said. The regulator added that it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle. “The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates. “As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease. “The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue. “The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above,” it further said.

Investors trade N7.432bn worth of shares

The volume of transactions on the floor of Nigerian Exchange (NGX) on Wednesday increased as investors traded 291.714 million shares valued at N7.432 billion in 6213 deals. This is against 280.468 million shares worth N4.645 billion in 6296 deals on Tuesday. The market capitalisation of listed equities at the close of trading appreciated   by N13 billion or 0.04 per cent to N35.369 trillion from N35.356 trillion reported the previous day. But the NGX All Share Index depreciated by 303.70 basis points to 64625.28 points from 64928.98 points traded on Tuesday. An analysis of the investment for the day showed that  Eterna Plc led gainers table, increasing by 10 per cent to close at N17.60 per share, CWG followed with a gain of 8.61 per cent to close at N3.28 per unit, FTNCocoa gained 6.97 per cent to close at N2.15 per share, Livestock added 5.56 per cent to close at N1.90 while Vitafoam Nigeria Plc grew by 4.78 per cent to close at N21.90 per unit. On the contrary, NEM Insurance topped losers chart, dropping 10 per cent to close at N5.40 per share, SUNU Assurance trailed with a loss 8.51 per cent to close at N0.86 per share, Guinness Nigeria Plc down by 7.89 per cent to close at N0.35 per unit, Cornerstone Insurance 7.09 per cent to close at N1.31 per share, Omatek fell by 5.88 per cent to close at N0.32 per share. The result further showed that transactions in the shares of  GTCO Plc led activities with 41.746 million shares valued at N1.552 billion, Universal insurance followed with account of 22.841 million worth N5.169 million, United Bank for Africa exchanged 22.553 million shares cost N315.379 million, Sterling Bank traded 21.642 million shares worth N76.981 million Transcorp traded 15.703 million shares valued at N62.652 million.

Nigeria’s trade volume declines by 38.59%

The volume of transactions on the floor of Nigerian Exchange (NGX) declined by 38.59 percent at the close of trading on Wednesday. The NGX trading result showed that volume of activities went down by 335.310 million as investors traded 473.492 million shares valued at N10.081 billion in 7403 deals against 868.802 million shares worth N42.806 billion in 8970 deals. Also the market capitalisation of listed equities declined by N5 billion, representing 0.01 per cent to N34.716 trillion from N34.721 trillion reported the previous day. The NGX All Share Index also depreciated by 9.49 basis points to 63757.23 points from 63766.72 points reported the previous day. An analysis HoneyWell Flour Mills led gainers table in percentage terms, increasing by 10 per cent to close at N3.63 per share, Eterna Plc followed with a gain of 9.98 per cent to close at N28.65 per unit, Academy Press gained 9.95 per cent to close at N2.21 per share, Skyways Aviation Handling also appreciated by 9.83 per cent to close at N16.20 per unit, RTBriscoe grew by 9.80 per cent to close at N0.56 per share. On the contrary, Prestige Insurance and Geregu Power recorded the highest loss, declining by 10 per cent each to close at N0.45 and N315.00 respectively, FTNCocoa fell by 9.61 per cent to close at N2.07 per unit, Linkage insurance dipped by 9.09 per cent to close at N0.70 per unit, Jaiz Bank fell by 9.04 per cent to close at N1.71 per unit. The NGX trading result showed that transactions in the shares of Japaul Gold led market activities during the day with 77.983 million shares valued at N64.586 million, FCMB group followed with 36.622 million shares cost N221.830 million, Sterling Bank traded 31.239 million shares cost N109.046 million, Dangote Sugar sold a total of 30.704 million shares cost N845.901 million, Fidelity Bank exchanged 22.283 million shares cost N160.859 million.

Nigeria’s FDI drops to $469m in 2022 – AfDB

The African Development Bank (AfDB) has said that foreign direct investment inflows into Nigeria fell to $469 million in 2022 from about $8.8 billion in 2011. Describing it as the lowest in a decade, AfDB’s Director General, Nigeria Country Department, Mr. Lamin Barrow, noted in Abuja that Nigeria’s private sector is hamstrung by policy inconsistencies and implicit taxation.  According to him, “many private sector firms in Nigeria are overburdened byimplicit taxes; they provide their own electricity, sink boreholes to get access to water, and repair roads in their towns and neighborhoods.” Speaking on “Trade and Non-Oil: Changing the Narratives for Rapid National Development” at the 2023 Nigeria Employers’ Summit, Barrow said closer collaboration and dialogue between the Federal Government and the private sector is critical to policy making and position Nigeria as an ideal investment destination.  The AfDB chief said that a vibrant and competitive private sector can accelerate diversification of the economy and boost exports. Over the years, successive administrations have mouthed economic diversification without matching it with action.  He said that the unification of the exchange ratemanagement system and the removal of fuel subsidies, has shown that the government was ready to engage in bold reforms that will transform the country into an economic powerhouse.   “If the Federal Government implements bold strategies to take advantage of investment and market access opportunities. Rising labor costs and technological upgrading in countries such as China, India, and Brazil offer an excellent opportunity to developing economies, including Nigeria, to attract FDI and diversify their exports,” he said. Barrow further said that trade offers a great opportunity to further diversify the Nigerian economy. According to him, with the coming into force of the African Continental Free Trade Area, Africa is becoming more integrated, with a larger market for exports from Nigeria.  “Developing regional infrastructure and putting in place the requisite trade policies are a necessary condition for tapping opportunities in the regional and international markets.  “A good starting point is the effective utilization of Trade Agreements to which Nigeria is currently a signatory. However, Nigeria’s trade policies should prioritize the promotion of value-added exports.  “The significance of the non-oil exports in driving inclusive growth, sustainable development job creation, especially for the women and youth, cannot be overemphasized,” Barrow explained.