Business
Exchange Moves 1,202bn Shares
Vice President Yemi Osinbajo (middle), with delegation from the United Kingdom Trade Mission, during its visit to the Presidential Villa in Abuja, recently
Investors on the floor of
the Nigerian Stock Exchange (NSE) moved a total of 1.202 billion shares, valued at N9.641 billion in 13,712 deals between February 15th -19th, 2016.
The performance of traded equities however depreciated as the turnover was in constrast to the traded total shares of 1.407 billion, worth N17.277 billion which investors exchanged in 14.914 deals.
On Monday 15/2/16, in investor 283.521 million shares, valued at N2.923 billion exchanged hands in 3,030 deals. Tuesday saw the movement of 290.944 million shares, valued at N2.881 billion in 2,934 deals.
Investors traded a total of 335.612 million shares, worth N1.952 billion, in 2,847 deals on Wednesday (17/2/2016). On Thursday, a total of 119,339 million shares, worth N959.773 million exchanged hands in 2,464 deals.
The end of the week on Friday was the lowest performance as only 172.394 million shares, valued at N925.393 million exchanged hands in 2,437 deals.
According to NSE records, the financial services industry led the market activity chart by volume, trading a total of 1.005 billion shares, worth N6.471 billion that exchanged hands in 8,313 deals. These performances represent 84 and 67 percent of the total turnover of equities by volume and value respectively.
The consumer goods industry followed with 54.333 million shares worth N2.114 billion in 2,365 deals. The performance of the financial services sector was boosted by the activities of Zenith International Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc which moved a total of 500.360 million shares valued at N5.449 billion in 4.011 deals.
According to exchange records, the performance of these banks represent 41.63 percent and 56.52 percent of the sector’s turnover volume and value respectively.
ETPs
Investors also traded a total of 93,518 units of Exchange Traded Products (ETPs) worth N1.158 million executed in 48 deals, as against a total of 115.641 units worth N1.285 million transacted last week in 28 deals.
Bonds
The federal government’s 150.000 units bonds worth N169.326 million were also traded in two deals, compared to a total of N39, 340 units of both state (1) and federal government Bond (2), valued at N44.246 million executed the previous week in 3 deals.
Index Movement
The Exchange All-share Index and market capitalisation also depreciated by 1.04 percent closing the week’s performance at 24, 432.51 points and N8.403 trillion respectively.
Naira Crisis
The crisis rocking the financial sector has depend as exchange rate rose to over N370 per dollar.
The foreign reserve also declined by $1.14 billion. Non-performing loans (NPL) in the commercial banks, records revealed averaged 4.7 percent last year and may increase to 10 percent in the medium team by 2016. This is due to the banks explosure to oil and gas sector.
The NPLs in 17 banks currently are estimated at over N9.9 trillion, though World Bank’s loan to Nigeria also stands at over $ 6.29 billion.
At the black market, one US dollar is trading at N385, compared to a year ago when one dollar was exchanged at N160.
The present situation became serious about eight months after the Central Bank of Nigeria (CBN) came up with its foreign exchange restrictions policy on 41 raw material items, the ripple effect has turned out more catastrophic than planned.
Meanwhile the organised private sector and manufacturers are predicting that if foreign exchange available for the import of their raw materials continue to be scare it would lead to the closure of most factories and the movement of some companies to near-by countries, deepening unemployment situation in Nigeria.
Some stakeholders in the financial sub-sector had also urged the president to convene an emergency economic summit to present what they called looming economic recession.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter