- Energy sector reforms driving Nigeria’s economy – Tinubu
Bullish sentiments resurfaced in equities trading in the Nigerian Exchange Limited on Wednesday to end a four-day losing streak.
Analysis of the day’s trading activities shows that investors’ interest in the shares of FBNH and NB spurred a 2bps increase in the market benchmark index as the NGX All-Share Index rose to 107,798.99 points, up from 107,781.79 points recorded on Tuesday.
Consequently, investors gained N10.72 billion, with market capitalization closing at N67.18 trillion, while the Month-to-Date and Year-to-Date returns remain positive at 3.2 percent and 4.7 percent, respectively.
At the close of trading, 33 equities recorded gains against 14 losers, while the share price of others 73 remained unchanged.
Top gainers includes OANDO, AFRIPRUD, ETERNA, UCAP, NB, FBNH, UBA, OKOMUOIL, VITAFORM, and ACCESSCORP which advanced by 9.72 percent, 9.90 percent, 6.60 percent, 4.76 percent, 4.16 percent, 1.69 percent, 0.82 percent, 0.75 percent, 0.25 percent, and 0.19 percent respectively.
The total volume traded declined by 30.2% to 245.52 million units, valued at NGN8.41 billion, and exchanged in 10,098 deals. ACCESSCORP was the most traded stock by volume at 36.55 million units, while ZENITHBANK was the most traded stock by value at NGN1.29 billion.
Sectoral performance was mixed as the Insurance (+0.8%) and Consumer Goods (+0.6%) indices advanced, while the Oil & Gas (-0.7%) and Banking (-0.2%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was positive (2.4x), as 33 tickers gained relative to 14 losers. UHOMREIT (+9.9%) and AFRIPRUD (+9.9%) topped the gainers’ list, while GUINEAINS (-10.0%) and OANDO (-7.7%) recorded the highest losses of the day.
Energy sector reforms driving Nigeria’s economy, offers investment opportunities – Tinubu
President Bola Tinubu has reassured the investing public that his administration remains resolute in driving reforms in the country’s energy sector and the economy at large.
He noted that the reforms so far initiated have liberalized the economy, making it an investment destination of choice.
The President, who disclosed this at the ongoing Nigeria International Energy Summit in Abuja, said “The removal of Premium Motor Spirit (PMS) subsidy and Foreign Exchange (FX) liberalisation are two main reforms of this administration in its first year.”
Represented by the Minister of State, Ministry of Finance, Dr. Doris Uzoka-Anite, Tinubu said his administration has ensured that the local Refineries are very competitive thereby lowering the cost of retail price of Petroleum products for the populace.
He described his administration’s introduction of the sale of crude oil in Naira, as a strategic move which did not only enhance the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs, but also fosters a stronger and more stable domestic market.
President Tinubu stated that the country’s energy sector was brimming with opportunities, driven by a favourable regulatory environment and strategic initiatives aimed at attracting investors into the national economy, stressing that the reforms has liberalized the economy, making it an investment destination of choice.
While highlighting some achievements of the reform initiative, he said it has positioned Nigeria’s Economy as a global energy powerhouse to include the selection of Nigeria as a host country for the headquarters of the African Energy Bank (AEB).
“Winning that hosting right was a holistic milestone in the nation’s energy sector. This milestone underscores this administration’s dedication to energy security, economic growth, regional cooperation, ensuring a brighter and more prosperous future for all Nigerians and Africans,” he stated.
According to him, the launch of the Presidential Executive Order on Oil and Gas Sector Reforms has streamlined processes, fast tracked licensing rounds and encouraged Indigenous participation, thereby fostering local content development.
The President reiterated that the administration’s resolute determination towards the completion and operationalisation of key gas infrastructure, including the Ajaokuta Kaduna Kano (AKK) gas pipeline will strengthen the nation’s capacity to supply clean energy to industries and households, while boosting regional energy security, in addition to creating jobs for our unemployed youths.
He also explained that the administration will continue to remove the bottlenecks and red tape that block investments, adding that the country has started seeing more investment flows through the creation of enabling environments and regulations coupled with the policies to support the investment flow.
Delivering his gas industry address, the Minister of State Petroleum Resources (Gas) Ekperikpe Ekpo, said that over the past two years
Nigeria’s Gas sector has undergone remarkable transformation, marked by substantial advancements in infrastructure, policy reforms, gas utilization, and domestic initiatives.
“These milestones highlight our unwavering commitment to the renewed hope agenda of President Bola Ahmed Tinubu administration through maximizing our abundant natural gas resources to drive economic growth, enhance energy security, and support the global transition towards cleaner energy solutions,” he stated.
Ekpo maintained that Nigeria was steadfast in its commitment to leveraging natural gas as a catalyst for economic growth, industrialization, energy transaction and encouraged the audience to seize the opportunity to forge new partnerships, explore innovative financing mechanisms and accelerate the development of Nigeria’s gas sector.
In the oil industry address delivered by the Minister of State Petroleum Resources (Oil) Senator Heineken Lokpobiri, he stated that the establishment of African Energy Bank (AEB) and having its headquarters situated in Abuja was one of the major achievements of President Tinubu’s administration in the Oil and gas sector, noting that the bank will provide solutions to every investment option in Africa.
Lokpobiri also stated that Nigeria currently progressed to producing 1.8 million barrels of crude oil per day as against the 1 million barrels produced the previous years.
The International Oil companies, according to Lokpobiri are not leaving Nigeria; instead they are moving into deep offshore countries contrary to the wrong impression that was created.
Earlier in his welcome address, the Permanent Secretary, Ministry of Petroleum Resources, Nicholas Agbo Ella, informed his audience that the Nigeria International Energy Summit has been endorsed by the highest levels of government, and has consistently served as a catalyst for energy policy evolution, market driven strategies, and sustainable development.
Ella cited the International Energy Agency (IEA) report which stated that Africa’s Energy demand was expected to grow by 60% by 2040, driven by population growth, urbanisation and industrialization.
This, according to Ella underscores the urgency and importance of summits like NIES, where critical stakeholders convene to co-create pathways that balances energy security, affordability and sustainability.
Goodwill messages were delivered by the Secretary General of Organisation of Petroleum Exporting Countries, Haitham Al Ghais, Secretary General, African Petroleum Producers Organisation, Omar Farouk Ibrahim and Secretary General, Gas Exporting Countries Forum, Mohamed Hamel.
