The new $350 million World Bank loan we just secured will go a long way for Ogun’s 50-year master plan, Governor Amosun inform Ogun indigenes

The Governor of Ogun State, Ibikunle Amosun has confirmed that the next administration in the state will access the $350 million World Bank loan for the development of the state.

Amosun added that the loan will go a long to impact positively on the 50 year master plan developed by his administration for the state.

 

 

The governor gave this disclosure during his ward-to-ward tour of Obafemi-Owode local government as part of his Ogun Central senatorial campaign.

He explained that the loan is like a grant from the World Bank because of its 1% interest rate and five year moratorium, noting his administration had finished the paper work and met all requirements for the release of the fund.

Amosun added that beyond the infrastructural development, his government has developed a 50 year sustainable development plan for the state, which according to him, covered education, infrastructure and other sectors.

 

 

He further disclosed that the master plan catered for the construction of a major ring road that will cut across Kobape, Idi-Aba, Odeda, amongst others, all in Ogun Central, maintaining “there can’t be any development without infrastructure”.

“Before we came in, there was Ogun state master plan but that one which covered about 30 years ended and what we did was to invite some development partners including World Bank, GIZ and we did what we called sustainable development plan. First for 10 years, 20 years, 30 years, 40 years and stopped at 50 years. We have envisioned where we want Ogun State to be in the immediate, short term, medium term and long term, and that is why the World Bank is collaborating with us. It was one of the things World Bank requested we have and that is what we did. That is why they approved the grant they want to give to us, I won’t call it loan because if you imagine 1% for 25 years with five years moratorium, that can’t be loan, that will only qualify for a grant.

 

 

“And to the glory of God, they are giving us $350 million, I have done the work and the next government will begin to reap. In education, we know where we want to be, in health and other facets including infrastructure and that is why we are running around to ensure our airport is in place. If we are the industrial hub of Nigeria, that comes with a lot of challenges. Our manufacturers, they want to stay in Abeokuta, Sagamu, Ota, etc, they don’t want to be running to Lagos to do their businesses. We know what to do, but there can’t be development without infrastructure,” The governor stated.

 

 

While calling on Ogun indigenes to embrace continuity of his administration in the forthcoming elections, Amosun said, “it is clear that no governor can finish everything and that is why we should not allow anybody to come and dictate for us in Ogun”.

He further enjoined the people to take their destinies in their hands and vote for the candidate that understands the blue print and will continue from where he will stop.

Feel free to leave your comment on the story

JUST IN: Only Five Countries Are Ahead Of Nigeria In Terms Of Fuel Price! See The Full List

A policy group has revealed in its latest report, In its report released on 15 January, the Global Economic Policy Initiative, GEPin, said Nigeria presently ranks number six in the world only behind Venezuela, Sudan, Iran, Kuwait and Algeria.

He explained that oil prices have continually increased in leading economies across the world, crediting President Muhammadu Buahri for stabilizing pump price in Nigeria.

Okri explained despite the fact that Nigeria is not one of the top ten oil producing countries in the world right now, Nigeria is one of the top ten cheapest selling countries in the world.

“This is coming on the heels of international reports that petrol now sells for an equivalent of N1204 per litre and diesel N1135 in Zimbabwe. “A massive hike of 240 per cent in the prices of petrol and diesel has gone into effect in Zimbabwe.

In the statement made available to journalists, Okri noted that, “Our research has shown that Nigeria is actually the sixth cheapest place in the world to buy petrol according to a report by Bloomberg.

“A renowned international website, www.globalpetrolprices.com also confirms our standing. I think all Nigerians should proud that the current administration is keeping the price in check and relatively affordable for the average man and woman”.

In this light, The report explained that Nigeria’s selling price of N145 (equivalent to $0.41 per litre) and $1.52 per gallon makes it one of the 10 cheapest places in the world to buy gasoline compared to a global average of $1.12 per litre.

“The report pointed to the price cap on petrol set by the federal government as one of the causes of stability in the supply of the product, adding that, Nigeria’s import dependence is caused largely by the “decrepit state of its refineries”.

“Part of the problem is that, despite pumping 1.8 million barrels a day of crude, Nigeria has to import almost all its fuel because of the decrepit state of its refineries,” the report stated. Okri explained that before the All Progressives Congress government took power in 2015, Nigeria was not ranked in the top 10 cheapest petrol selling countries.

“That makes us one of the 10 cheapest places in the world to buy gasoline and compares favorably to a global average of $1.12

Also, “Of note to most observers this past yuletide season was the complete absence of petrol scarcity as the NNPC has become the retailer in chief and sole importer of PMS.

 

 

JUST IN: Nigeria Earned 640.35 Million Dollars From Export Of Crude Oil In October

The Nigerian National Petroleum Corporation (NNPC) says the country earned 640.35 million dollars from the export of crude oil and gas for the month of October, 2018.

The corporation disclosed this in its monthly Financial. It said that the total export receipt of 640.35 million dollars recorded in October 2018 was higher than the 527.70 million dollars logged in September 2018.

It added that the receipt showed 450.44 million dollars accrued from crude oil sale with gas and miscellaneous receipts standing at 173.92 million and 15.99 million dollars respectively.

In the downstream sector, the report revealed that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, posted a receipt of ₦231.33 billion from sales of white products in the month of October 2018 compared with ₦150.25 billion sold in September 2018.

“Total revenues generated from the sales of white products for the period October 2017 to October 2018 stand at ₦2.684 trillion, where PMS contributed about 88.32 per cent of the total sales value of ₦2.371 trillion.

“To ensure continuous increase of PMS supply and effective distribution across the country, a total of 1.66 billion litres of petrol, translating to 55.50 milion liters/day, were supplied for the month under review,’’ it said

The report further noted that out of the 1,066.88 million standard cubic feet of gas per day (mmscfd) of gas supplied to the domestic market in October 2018, about 627.33 mmscfd of gas representing 58.81 per cent was supplied to gas-fired power plants to generate an average power of about 2,349MW.

This, it said when compared with the September 2018, was an average of 615 mmscfd supplied to generate 2,303MW.

“The balance of 439.35 mmscfd or 41.19 per cent was supplied to other industries.’’ It said

Similarly, the reported noted that  for the period of October 2017 to October 2018 an average of 1,188.58 mmscfd of gas was supplied to the domestic market, comprising of an average of 744.06 mmscfd or (62.60 per cent) as gas supply to the power plants.

It added that about 3,096.18 mmscfd or 89.58 per cent of the export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG) Bonny.

On Pipeline vandalism, the Corporation raised an alarm on the increasing incidents of pipeline vandalism across the country.

It said that in October its pipeline network suffered a 42.9 per cent increase in the incidents of vandalism compared to the previous month during the year. It added that in spite the challenge posed by pipeline vandalism, the NNPC kept an eye on Premium Motor Spirit (PMS) stock level to ensure zero fuel queue across the nation. (NAN)

JUST IN! FG to begin unilateral monitoring of daily consumption of petrol to curtail wide margin in data given by the agencies

The Federal Government has disclosed that it has taken measures to end the guess work on the millions of litres of Petroleum Motor Spirit (PMS) used daily in the county.

It will be recalled that the Nigeria National Petroleum Corporation (NNPC) recently put the daily consumption of petroleum in the country at 50 million litres.

 

 

However, Senate President, Dr. Bukola Saraki, in a recent interview, had faulted the NNPC figure, saying that the daily consumption of petroleum in the country was within 20 and 22 million litres per day.

But the Director, Strategic Communications of the APC Campaign Council, Mr. Festus Keyamo, also faulted the claim by the Director-General of the PDP Campaign Council, Senator Bukola Saraki, on the millions of litres of petroleum consumed daily.

According to Keyamo, the NNPC figure was right since the country had recorded 40 million litres of petroleum consumption per day in the past.

 

 

In reaction to this figures while speaking yesterday at a training programme for energy correspondents, the Executive Secretary of the Petroleum Equalisation Fund (PEF), Alhaji Ahmed Bobboi, said the actual litres of petroleum consumption per day was unknown.

According to him, what NNPC gave out and what was captured by PEF were quite different and we want to end this guess work of litres consumed per day.

He said this could be achieved by the introduction of Censor Monitoring Project, which the agency was embarking on.

According to him, the censor monitoring programme would also be useful to other government agencies in the area of proper data capturing for policy making.

 

 

In his remarks at the training, Bobboi said: “We have introduced some few policies recently, this include censor monitoring project. I think this is major, in that it does not stop in serving PEF, it also extends to other agencies, including the National Bureau of Statistics (NBS), which will require some information that will provide in terms of records of petroleum products landing in this country, or produced in the refineries.

“It can also extend data, which probably the Federal Road Safety Commission (FRSC) can use in terms of registration of vehicles, vehicles on the roads, just as agencies like PPPRA, DPR, Ministry of Petroleum Resources and even Central Bank can use for planning purposes. So, you can see Censor Monitoring Programme goes beyond PEF, this is key because up till today it is difficult to determine how much we consume daily in this country in terms of PMS for instance.”

The media training was to refresh energy correspondents on the activities of PEF and for better reportage of the agency.

Feel free to leave your comment on the story

JUST IN: Business Mogul Femi Otedola Makes Major Move To Acquire Forte Oil Upstream, Power Firm

Mr Femi Otedola, the majority shareholder of Forte Oil Plc, has set plans in motion to buy out the upstream services of the company along with its power distribution firm. It is to be ratified by the shareholders on the 7th of February.

Mr Akinleye Olagbende, the firm’s Company Secretary, disclosed this in a letter to the Nigerian Stock Exchange on Wednesday.

Olagbende said the move followed shareholders’ approval, on May 23, 2018, of the divestment of Forte Oil from its Ghana unit AP Oil and Gas and Amperion Power Distribution Company, which holds the group’s interest in Geregu Power Plc.

He said the company’s efforts to dispose of the assets were hit by low interest in the bidding process as well as low price expectations.

“A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity.

“Upon review of the outcome of the sale process, the management of the company is of the view that there was unexpectedly low interest in the bidding process.

“The pricing proposal does not meet its expectation, based on an independent valuation of Amperion, thus, may not be in the best interest of its shareholders,” Olagbende said.

He said based on the development, the company’s chairman had expressed interest to participate in the divestment opportunity through his designated vehicle.

According to him, the proposal will be subject to a rigorous review by the company’s management and if successful, must be in line with relevant extant regulatory requirements.

He said the process, if successfully completed, would ensure adequate funding for the company’s downstream operations.

He explained that the proceeds of this restructuring exercise would enable the company to compete more favourably and achieve its planned expansion objectives within the downstream subsector.

“This will also reduce our financial cost significantly and increase distributable earnings for the benefit of our shareholders,” he added.

The News Agency of Nigeria reports that Otedola had signalled his intention to sell-off his 75 per cent direct and indirect holdings in Forte Oil downstream business.

He had reached an agreement with Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest his 75 per cent direct and indirect shareholding in the Company’s downstream business.

It is not clear if the move by the billionaire was part of his original plan to divest from the downstream business of the company to enable him to take over the lucrative upstream and power assets of the firm.

(NAN)

What do you think about this story? Let us know in the comment section below.

NBS REVEALS: Nigeria inflation tarrif increased in December 2018

The National Bureau of Statistics (NBS), says the Consumer Price Index (CPI) which measured inflation increased to 11.44% (year-on-year) in December 2018 from 11.28% recorded in November 2018.

The NBS disclosed this in its “CPI and Inflation Report’’ for December released in Abuja on Wednesday, January 16, on its website, the News Agency of Nigeria (NAN) reports.

The bureau said the figure was 0.16% points higher than the rate recorded in November in the period under review.

It said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

On a month-on-month basis, it said the headline index increased by 0.74% in the period under review by 0.06% points from the rate recorded in Nov. 2018 (0.80%).

It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 12.10% in the period under review, indicating a 0.31% decline from 12.41% recorded in November 2018.

According to the bureau, the urban inflation rate increased to 11.73% (year-on-year) in December 2018 from 11.61% recorded in November of the same year.

It said the rural inflation rate also increased to 11.18% in December 2018 from 10.99% in November 2018.

On a month-on-month basis, the NBS said the urban index rose by 0.76% in the period under review, showing a decline of 0.07% from 0.83% recorded in November 2018.

Similarly, it said the rural index also rose by 0.72% in December 2018, indicating a decrease of 0.06% from the rate of 0.78% recorded in November 2018.

REVEALED! Check out how the 2019 election campaign spending has increased the inflation rate in Nigeria

The National Bureau of Statistics (NBS) latest Consumer Price Index  (CPI) which measures inflation has revealed that inflation increased to 11.44 per cent (year-on-year) in December 2018 from 11.28 per cent recorded in November 2018.

The NBS disclosed this today in its “CPI and Inflation Report’’ for December released in Abuja on its website.

 

 

The bureau said the figure was 0.16 per cent points higher than the rate recorded in November in the period under review.

It said the increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline index.

On a month-on-month basis, it said the headline index increased by 0.74 per cent in the period under review by 0.06 per cent points from the rate recorded in Nov. 2018 (0.80 per cent).

It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

 

 

It, however, measured the CPI at 12.10 per cent in the period under review, indicating a 0.31 per cent decline from 12.41 per cent recorded in November 2018.

According to the bureau, the urban inflation rate increased to 11.73 per cent (year-on-year) in Dec. 2018 from 11.61 per cent recorded in November of the same year.

It said the rural inflation rate also increased to 11.18 per cent in December 2018 from 10.99 per cent in November 2018.

 

 

On a month-on-month basis, NBS said the urban index rose by 0.76 per cent in the period under review, showing a decline of 0.07 per cent from 0.83 per cent recorded in November 2018.

Similarly, it said the rural index also rose by 0.72 per cent in December 2018, indicating a decrease of 0.06 per cent from the rate of 0.78 per cent recorded in November 2018.

Feel free to leave your comment on the story

How to win TEF’s $5,000 and other ways to source for funds for your business (Must Read for Entrepreneur)

You can actually win $5,000 in Tony Elumelu Foundation (TEF), a helping hand to all entrepreneurs on African continent. But TEF isn’t the only source fund for your business. Today, we will look at some of these funds and criteria for accessing them.

Image result for SMEs in Nigeria

General criteria

The general criterion for accessing these funds is to have a business. These firms rarely fund ideas because ideas are untested and untried. You must have a business and ensure that it is providing a solution to a problem in society. Next is to have a bankable and viable business plan. More so, the entrepreneur should be clear on where he/she wants to be in the near future and be able to describe the market he/she plays. The entrepreneur should have good book-keeping in order to accurately know his/her revenue and the expenditure.

Image result for SMEs

Tony Elumelu Foundation

The Tony Elumelu Foundation has opened its application portal for the 5th cycle of its $100million Entrepreneurship Programme. If you have an innovative business idea or a business in existence that is less than 3 years old.

If you are selected, you will join our current 4,470 TEF alumni and you will receive $5,000 seed capital (no return needed), access to mentors, top-rated business training, access to a network of African entrepreneurs and opportunities for you and your business to share a global stage.

Tony Elumelu Foundation has $100 million for 10,000 African entrepreneurs. If you are in agriculture, fashion and design, light manufacturing, ICT, and solid minerals, among others, then apply for the on-going Tony Elumemu fund. You can be lucky to be one of 1,000 entrepreneurs to be shortlisted.

More than 150,000 Africans from 114 countries worldwide applied to join the 4th ‎cycle of the programme in 2018.

The 2018 class, however, included an additional 250 entrepreneurs to the standard selection of 1,000. This was made possible by $1 million partnership with the International Committee of the Red Cross (ICRC), which pledged to support 200 entrepreneurs in conflict and fragile zones of Nigeria, particularly in the North-East where Boko Haram insurgency is rife and the Niger Delta region hard hit by environmental degradation from oil spillage. There was also a $200,000 agreement with the United Nations Development Programme (UNDP) to support 40 pan-African entrepreneurs and a $50,000 partnership with Indorama to support 10 Nigerians.

Image result for SMEs

Many entrepreneurs will get $5,000 or more as grants or loans.

BoI Funds

The Bank of Industry (BoI) provides a number of funds for entrepreneurs at single digit.

This development finance institution (DFI) has been rated by many local and international agencies as one of the best managed banks in the world.

The BoI has a number of funds that entrepreneurs of all levels can access. First is the Graduate Entrepreneurship Fund (GEF), which is meant for serving members of the National Youth Service Corps (NYSC). Candidates are allowed to submit their business ideas, which are then reviewed by a team of experts. The NYSC members whose ideas are marketable and bankable are then selected, trained for four weeks and then given between N500, 000 and N2 million.

Image result for SMEs

There are also the Cottage Agro Processing (CAP) Fund for small and medium agro processors; Nolly Fund for players in the Nollywood industry, as well as Fashion Fund for designers and other players in the value chain.

In fact, the bank has other matching and managed funds, including a fund for the automotive industry. Through 122 business development experts, the bank makes it easy for entrepreneurs to undergo the process of de-risking before approaching the bank for funds.

The bank has a N5 billion fund from Africa’s richest man Aliko Dangote to finance SMEs at a single digit rate.

In November 2018, Olukayode Pitan, managing director, BoI, said at a meeting with Fahad Obaid AlTaffag, ambassador of the United Arab Emirates to Nigeria, that the bank was ready to support genuine foreign businesses willing to invest in Africa’s biggest market.

“We cover the whole industrial sector to ensure that Nigerian companies become competitive. We know that borrowing money between 20 and 30 per cent is a big drag on companies and most of the banks in Nigeria are not able to give long term facilities. We are able to grant loans between seven and 10 per cent per annum for 10 years,” he said during the meeting.

AYEEN Financial Grants

Africa’s Young Entrepreneurs Empowerment Nigeria (AYEEN) allows entrepreneurs to pitch their business ideas before a panel. The panel assesses each entrepreneur and decides whether to provide financing for the business.

Hundreds of entrepreneurs walk away annually with various degrees of business funding and other forms of empowerment from various types of investors.

LSETF Loans

The Lagos State Employment Trust Fund (LSETF) has N25 billion to support SMEs. Though this was started by Akinwumi Ambode, the outgoing Lagos State governor, authorities have assured that the scheme will continue owing to the impact it has made on the people of the state.

 

The fund is divided into two categories; micro and small businesses. Under the micro, businesses can access up to N500, 000 loans with an interest rate of five percent and a tenor of one year. For the small business category, businesses can get up to N5 million for a tenor of three years. The criteria for accessing the funds include: membership of a business organisation, which will recommend the business for the loan; Lagos State tax receipt for at least six months, and Lagos state residency card. This takes three weeks for processing.

Image result for SMEs in Nigeria

“It is incredibly fulfilling for me to see small businesses get access to funding without bias, without nepotism, without nepotism,” Akintunde Oyebode, chief executive officer and executive secretary of LSETF, told BusinessDay in an exclusive interview recently.

“It has been superb and exciting. We have been able to support thousands of businesses, so it is rewarding and fulfilling to see a lot of our work starting to show signs of delivering some value,” he said.

So far, up to 8,000 businesses have got over N6 billion from LSETF.

World Bank Grants

The World Bank provides millions of dollars for SMEs.

The bank has a $160 million Growth and Employment in States (GEMS) funds for small businesses in Nigeria, which is yet to be fully disbursed. As of September 2018, only N3.7 billion of this money had been disbursed.

GroFin Fund

GroFin, a development financier, has committed over $500 million to funding Nigerian micro, small and medium business (MSMEs) across the country.

The firm has five different types of fund: the Aspire Nigeria Fund, the Growth Africa Fund, the Small Growing Business Fund, the Aspire Small Business Fund and the Aspire Growth Fund.

The Aspire Nigeria Fund, the Growth Africa Fund and the Small Growing Business Fund cater for all parts of Nigeria except the Niger Delta.

The Aspire Small Business Fund provides a minimum of $100,000 and a maximum of $1.5 million to SMEs in Nigeria.

The Aspire Small Business Fund and the Aspire Growth Fund cater for the Niger Delta.

Image result for SMEs in Nigeria

The Aspire Small Business Fund provides between $10,000 and $100,000 to small business owners in the oil-rich region, while the Aspire Growth Fund frees between $100,000 and $3 million to businesses to stimulate growth in the area. GroFin provides its funds mostly for a maximum of six years.

Share this with your family and friends.

Very Emotional Story! They Have Stolen My Medals And Olympic Torch, Kanu Nwankwo Laments As AMCON Take Over His Hotel

Nwankwo Kanu, a former captain of the Super Eagles has lamented that the Federal Government have began renovation works on his hotel Hardley Apartment, located in Victoria Island, Lagos through the Assets Management Company of Nigeria, AMCON.

The former Arsenal striker almost broke down in tears, stating that some people are bent on taking over his hotel.

Hardley Apartment is subject of a court case over an alleged unpaid bank loan by the former football star.

He told journalists that the case between him and AMCON has been on since 2015 at the Federal High Court Ikoyi, Lagos, adding that he did not understand why the company would start renovating his property when the court has not decided the case.

He disclosed that most of his valued property, including his medals and Olympic torch, have been looted.

“The government always tells former footballers not to invest overseas after retirement. They tell us to come back home and invest. I came back to invest and see what I am facing. “Is this a good experience for other upcoming footballers? Everybody knows I made my money from football. I deserve to be treated well in my country. I am Kanu Nwankwo, not a foreigner.

“Right now I need my medals because they are what I will show my children that I served the country with all my heart when they grow up.”

Kanu said the case was last heard in 2018 and then adjourned to January 31, 2019, adding that he was surprised to see that some people have taken possession of the hotel.

Image result for amcon

“They broke into my hotel without permission from the court. This is injustice to me for a country I gave my best,” he lamented.

The former Arsenal striker almost broke down in tears, stating that some people are bent on taking over his hotel.

Hardley Apartment is subject of a court case over an alleged unpaid bank loan by the former football star.

Kanu, while addressing reporters in Lagos yesterday, wondered why a country he served wholeheartedly would treat him like a stranger.

He told journalists that the case between him and AMCON has been on since 2015 at the Federal High Court Ikoyi, Lagos, adding that he did not understand why the company would start renovating his property when the court has not decided the case.

He disclosed that most of his valued property, including his medals and Olympic torch, have been looted.

Image result for amcon

Kanu said, “It is quit unfortunate that a legendary star, who gave his best to the country, would be treated like this.

“This hotel serves many purposes. I have been using the money I get here to fund my heart foundation and also create jobs for people. Over 500 children are on the line for surgery and 200 are on the waiting list.

“Since the hotel has not been functioning, I find it difficult to get funds to assist these children. I have to go the extra mile to beg for funds. This is not fair.

“The government always tells former footballers not to invest overseas after retirement. They tell us to come back home and invest. I came back to invest and see what I am facing.

“Is this a good experience for other upcoming footballers? Everybody knows I made my money from football. I deserve to be treated well in my country. I am Kanu Nwankwo, not a foreigner.

“Right now I need my medals because they are what I will show my children that I served the country with all my heart when they grow up.”

Image result for amcon

Kanu said the case was last heard in 2018 and then adjourned to January 31, 2019, adding that he was surprised to see that some people have taken possession of the hotel.

“They broke into my hotel without permission from the court. This is injustice to me for a country I gave my best,” he lamented.

What do you think of this story? Let us know in the comment section below.

REVEALED! How FG use shares and bond to raise N1.16 trillion for capital projects in 2018

The Nigerian Stock Exchange has disclosed that the Federal Government raised N1.16trn from the nation’s bourse in 2018 to finance fiscal and infrastructure deficits.

The Chief Executive Officer of NSE, Mr. Oscar Onyema, disclosed this today at NSE’s 2018 market recap/2019 outlook in Lagos.

Onyema said the funds were raised through various bonds such as Green Bonds, Sukuk Bond and Savings Bonds.

 

 

The CEO said the government listed bonds worth N1.16trn during the period, alongside Eurobonds totalling $3.36bn to finance various infrastructure projects.

“Projections of heavy government borrowings to finance the planned infrastructure was  validated as Federal government listed N1.16trn in 2018,” he said.

Onyema said the capital raising was dominated by the Federal Government having accounted for 79.30 per cent of bond issuance during the period to finance fiscal and infrastructure deficits.

Consequently, he said, NSE’s fixed income increased by 11.75 per cent to N10.17trn  from N9.10trn in 2017.

He stated that turnover also increased by 22.34 per cent, compared with 2017 driven by a search for an alternative asset class opposed to equities.

 

 

According to him, capital raising by corporate entities declined by 39.09 per cent, with a total of N31. 47bn raised in 2018.

Onyema said the market also witnessed 50.53 per cent increase in foreign outflows during the period from N402.26bn in 2017 to N605. 54bn in 2018.

He attributed the trend to attenuated foreign participation due to shift to higher yielding assets with lower risks in developed countries, coupled with the impending political risks in the coming elections.

Onyema said the NSE market capitalisation in 2018 dropped by 14 per cent to close at N13.61 trillion against N11.73 trillion achieved in 2017.

 

 

On investor participation, Onyema said foreign investors accounted for 50.87 per cent participation in 2018, while domestic investors accounted for 49.13 per cent.

He said the exchange would continue to leverage existing technologies to boost domestic participation in the equities market.

Onyema said NSE was committed to making retail investors major drivers of the market.

On 2019 outlook, he said market sentiments in the first half of the year would be driven by uncertainty in oil prices as well as the general elections.

“We anticipate volatility in equities markets in first half of 2019, with enahnced stability post-election,” he added.

 

 

Onyema said swift approval and implementation of the 2019 budget might have a positive impact on companies’ earnings and consumer spending.

“Therefore, we anticipate a return of listings during the year with an uptick in market activity during the second half of 2019,” he said.

Onyema said the the exchange would continue to engage both Federal and state governments as well as corporates to ensure enlistment of more companies on the bourse.

Feel free to leave your comment on the story