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BUSINESS: Investors Gain N3.28tr In Three Weeks

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At the weekend, major global equities lagged behind Nigerian equities in a steady surge that had seen investors win about N3.3 trillion over the previous three weeks.

Equities closed at the weekend with an average return of 5.49 percent, the highest among the main global indices, with more than three-quarters of trades at the stock market being completed at a premium.

Nigeria’s average year-to-date return has increased to 15.12 percent, placing it in the top quartile of all countries with respect to share price growth so far this year, thanks to the persistent rally that was sparked by President Bola Tinubu’s inauguration on May 29.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the Nigerian Exchange (NGX), rose to 59,000.96 points at the weekend, representing a return of 5.49 percent on the week’s opening index of 55,930.97 points. This implied a net capital gain of N1.67 trillion within the four-day trading session last week.

The performance of equities was ahead of other global indices, which also showed a broadly positive global sentiment.

In the United States (U.S.), the Dow Jones Industrial Average and S & P 500 Index closed the week with average returns of 1.6 percent and 3.0 percent respectively.

The FTSE 100 Index in the United Kingdom (UK) appreciated by 1.3 percent, while Japan’s Nikkei 225 Index rose by 4.5 percent. China’s SSE posted an average gain of 1.3 percent.

The MSCI EM- which tracks emerging markets, rose by 2.1 percent while the MSCI FM – which tracks frontier markets, appreciated by 1.0 percent.

For three consecutive weeks, the local equities have sustained a strong bullish momentum as the Tinubu administration begins the implementation of key policy reforms encapsulated in his manifesto and further enunciated in the May 29 inaugural address.

In a speech that had been described as market-friendly, Tinubu addressed general issues of security, economy, infrastructure, and monetary outlook. The president also directly addressed investors’ concerns on multiple taxations, returns repatriation, and foreign exchange (forex) among others.

“I have a message for our investors, local and foreign, our government shall review all their complaints about multiple taxations and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home,” Tinubu said, immediately after his inauguration at the Eagle Square, Abuja.

The new administration has since given effect to the stoppage of the fuel subsidy, abolished the multiple forex rates, and instituted probes into major issues of public finance.

The ASI, which opened May 29 at 52,973.88 points, has gained 11.38 percent over the past three weeks, equivalent to net capital gains of N3.28 trillion.

The aggregate market value of all quoted equities at the NGX rose concurrently from its opening value of N28.845 trillion on May 29, to N32.126 trillion at the weekend, an increase of N3.28 trillion.

Market analysts were unanimous that the sustained rally was in response to Tinubu’s pro-market stance, with many of them predicting that a rebound in foreign direct and portfolio inflows would lead to repricing of Nigerian stocks, which had been underpriced by long-running apathy from foreign investors.

Managing Director, APT Securities and Funds Limited, Mallam Garba Kurfi, said the market was responding to the expectations of reforms implied in the president’s address.

Kurfi said: “The speech is excellent, especially as regards converging exchange rate into one; that will attract inflow of foreign Investors. The removal of fuel subsidy will attract more investments in the refineries and removal of double taxes will also bring more Investments into the country, and all these will reduce unemployment and increase productivities.”

Group Executive Director, Investment Banking, Cordros Capital, Mr. Femi Ademola, said the market was expectedly to respond to the pro-economy outlook of the Tinubu administration.

He said the peaceful transition of power and the inaugural speech of the president “struck the right cords” since markets react to sentiments.

According to him, the market is expected to react very strongly and positively to the government agenda including end to fuel subsidy, lower interest rates, end to multiple exchange rates, and ease of capital repatriation by foreign investors.

He said: “These are expected to attract investments back into the country as investors return and strengthen the country’s exchange rate. Perhaps, one very notable issue is the issue of lower interest rates.

“This may indicate that the administration will not be looking at attracting portfolio investment with high-interest rates but more likely direct and patient investment that would stay for a longer period.

“While the market may still continue with its usual zigzag movements, the implementation of these policy reforms would ensure more positive movements on the market than negative.

“Supporting the monetary policy changes with the required fiscal reforms such as infrastructure development would add to the sustainability of the growth plan for the economy.

“I am happy with the inaugural speech and the plans of action as it is what is needed at this time. However, it has to go beyond words and intentions; the administration must hit the ground and run with the implementation of the policies.”

Chief Operating Officer at GTI Capital Group, Mr. Kehinde Hassan, said the general economic outlook enunciated by the president would herald new thematic growth for the economy.

He said investors appeared favorably disposed to the various initiatives, noting that the market response was a sort of a vote of confidence in the president’s economic direction.

Afrinvest Securities said “economy reform optimism” bolstered the market performance, noting that “the rally in the market followed the promise of critical reforms by the President Bola Tinubu administration”.

Coronation Securities Limited said: “President Bola Ahmed Tinubu’s inaugural address was given yesterday (Monday), and it sparked the equity market’s imagination, with a rally of 5.23 percent today (yesterday).

“The announcement of key market reforms, including phasing out fuel subsidies and unifying foreign exchange rates, shows that pro-market policies were not just items in the manifesto but issues which he is setting out to fix. If they are fixed, we expect much more from the equity market.”

 

Credit: The Nation

BIG STORY

BREAKING: Federal Government Declares Tuesday Public Holiday To Honour Buhari

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The Federal Government has declared Tuesday, July 15, 2025, as a public holiday in honour of the late former President Muhammadu Buhari, who passed away on Sunday.

The Minister of Interior, Olubunmi Tunji-Ojo, announced the public holiday on Monday on behalf of the Federal Government, after receiving approval from President Bola Ahmed Tinubu.

 

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ECOWAS Caravan 2025 Highlights Barriers, Builds Support For Women In Cross-Border Trade

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The challenges facing women engaged in cross-border trade across West Africa took centre stage at the ECOWAS Caravan 2025, held at the Federal Palace Hotel, Victoria Island, Lagos, on July 11, 2025.

Launched this year by the Economic Community of West African States (ECOWAS), the Caravan is a transformative empowerment initiative designed to support small-scale women traders in West Africa’s informal trade sector.

The two-week journey followed the Abidjan–Lagos trade corridor, running from June 30 to July 14, with major stops in Abidjan, Lomé, Cotonou, and Lagos, culminating at the ECOWAS Gender Development Centre.

Speaking during the official launch of the Lagos leg and the caravan’s closing ceremony, the ECOWAS Commissioner for Social Affairs and Gender, Professor Fatou Sow Sarr, emphasised the pivotal role women play in the region’s informal economy.

“Women are the lifeblood of informal trade in West Africa… this caravan is about visibility, voice, and value — it’s about shifting narratives and shaping policies that support women where it matters most: on the ground,” she said.

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, officially launched the Lagos stage of the sensitisation and awareness campaign for small-scale women traders. She described the initiative as a timely and necessary intervention.

“This initiative is a direct response to equip and empower our women, who form the majority of traders along the corridor and represent the backbone of informal cross-border trade across the region.

“These women play a critical role in ensuring food security, creating jobs, and sustaining livelihoods in both border communities and their homes.”

According to Ambrose-Medebem, these women are more than traders; they are economic builders who continue to operate under conditions marked by uncertainty and frequent harassment.

She stressed that the campaign represents a significant step forward, aiming to expand awareness of trade regulations, legal frameworks, and ECOWAS community protocols that govern cross-border commerce.

Speaking to the press, the commissioner noted that the Lagos State Government remains committed to supporting informal sector traders, particularly women entrepreneurs.

“I want to say that Mr Governor, Babajide Sanwo-Olu, approved ₦500 billion for MSMEs under the Lagos State Access to Finance initiative for small businesses through cooperatives at 0% interest,” she disclosed.

The fund, matched by the Bank of Industry with another ₦500 billion, is non-collateralised, features a six-month moratorium, and offers a competitive 9% interest rate.

Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), applauded ECOWAS for its commitment to gender equality and regional integration, calling this year’s campaign “symbolic and necessary.”

“For women working in agriculture, fisheries, artisanal value chains, and cross-border trade, their daily grind is not just a livelihood; it’s an act of resilience and enterprise.

“Women traders form the uncelebrated backbone of West Africa’s informal trade economy, representing over 70% of informal cross-border traders and playing an indispensable role in food supply.”

Almona urged governments and stakeholders to invest in institutionalised, continuous capacity building through community-based training hubs in local languages, digitalisation of border procedures, and the creation of mobile-friendly platforms to expedite trade clearance and improve efficiency.

“Women in the informal trade are producing the formal results that is adding to the GDP and creating major employments.”

In her remarks, Princess Omotola Omole, National President of the Federation of Business Women Entrepreneurs (FEBWE), commended ECOWAS for its steadfast support of women.

“ECOWAS has consistently stood with women, ready to support, connect, and empower every woman who dares to dream big and trade to uplift her community,” she said.

Others who presented papers included the Lagos State Commissioner for Agriculture, Ms. Ruth Abisola Olusanya, who sent a representative.

The ECOWAS Small Business Coalition also expressed heartfelt appreciation to the ECOWAS Commission, partners, collaborators, and delegates for their pivotal roles in making the ECOWAS Caravan 2025 a landmark success.

Dr. Abdulrashid Yerima, speaking on behalf of the coalition, emphasised the collaborative impact of the caravan, stating, “The bridges we build today become the trade routes of tomorrow’s prosperity.”

He also praised the ECOWAS Commission for its leadership and credited the collective synergy of partners and delegates for transforming challenges into opportunities.

The closing ceremony, which hosted over 300 participants from across ECOWAS member states, featured an interactive town hall meeting where panellists addressed key topics such as capacity building, awareness strategies, and toolkit presentations, while also responding to audience questions.

Building on the successes of previous editions, the Tema–Paga corridor in 2023 and the Dakar–Banjul–Bissau route in 2024, the 2025 ECOWAS Caravan not only boosted the economic potential of women traders but also strengthened trade facilitation, enhanced market access, and fostered robust institutional partnerships across participating nations.

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BREAKING: Buhari’s Burial Postponed To Tuesday In Daura

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Former President Muhammadu Buhari will now be laid to rest on Tuesday instead of today, contrary to earlier reports.

He passed away on Sunday afternoon at a clinic in London.

According to an earlier report by The Nation, a presidential team arrived in London on Monday morning to bring his remains back to Nigeria.

Katsina Deputy Governor Lawal Jobe informed journalists on Monday afternoon that the burial had been rescheduled.

Jobe visited Buhari’s Daura home at 11.27am to assess the location where the burial is to take place.

 

More to come…

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