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FMDQ posts scorecard for 9 months 

The FMDQ OTC Securities Exchange has posted its turnover from January to September, a total of N179 trillion. 

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FMDQ posts scorecard for 9 months 

The FMDQ OTC Securities Exchange has posted its turnover from January to September, a total of N179 trillion.

FMDQ is Africa’s first vertically integrated Financial Market Infrastructure (FMI) group, strategically positioned to provide seamless execution, clearing and settlement of financial market transactions across the debt capital, foreign exchange and derivatives markets.

[READ MORE: FMDQ’s new strategy will help build new homes and spur investments]

Details of turnover: Data obtained from the FMDQ disclosed:

  • Turnover in the fixed income and currency market in January 31, 2019, was N15.08 trillion, representing a 14.85% (N2.63 trillion) month-on-month decrease on the turnover of N17.71 trillion recorded in December 2018, and a 28.78% (N3.37 trillion) year-on-year increase.
  • Treasury bills and foreign exchange market segments remained the major drivers of turnover in the FIC market, jointly accounting for 78.69% of turnover in January and higher by 2.21% points from their contribution to turnover in December.
  • Turnover in the FIC markets for the month ended February 28, 2019, was N19.18 trillion, representing a 27.19% (N4.10 trillion) increase on the turnover recorded in January 2019 and a 52.38% year-on-year increase from N12.59 trillion recorded in February 2018.
  • Treasury bills and FX market segments remained the major drivers of turnover in the FIC markets in February, jointly accounting for 77.88% of turnover, which was 0.81% points lower than their contribution in January.
  • In March, the turnover in the FIC markets increased by 51.09% month-on-month to N28.98 trillion and increased by 84.47% year-on-year from the N15.71 trillion recorded in the same period in 2018.
  • Turnover in April decreased by 43.51% month-on-month to N16.37 trillion but increased by 9.57% year-on-year.
  • In April, the naira appreciated against the United States dollar at the Importers and Exporters FX Window by N0.05 to close at $/N360.63 while the parallel market and the Central Bank of Nigeria official spot rates remained unchanged at $/N360.00 and $/N306.95, respectively.

[READ ALSO: Why FMDQ was licensed to trade securities – SEC]

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  • May – the turnover increased by 25.17% month-on-month to N20.49 trillion but decreased by 6.69% to N19.12 trillion in June.
  • July – the turnover declined further to N16.36 trillion as the Exchange saw 20 trading days and an average daily turnover of N817,775.
  • August – it recorded a turnover of N23.21 trillion in 23 trading days and an average daily turnover of N1.01 million.
  • The turnover declined to N19.21 trillion at the end of September.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Economy & Politics

Nigeria needs $3trillion in 30 years to reduce infrastructure deficit – Osinbajo

Vice President Yemi Osinbajo has stated that Nigeria will need $3trillion in the next 30 years to reduce its infrastructural deficit.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

The Vice President, Yemi Osinbajo has said Nigeria will need $3trillion in the next 30 years to reduce its infrastructural deficit.

He disclosed this while featuring at a webinar organized by the Bureau of Public Enterprises (BPE).

Osinbajo told the webinar that Nigeria needs to adopt new models of investments for infrastructural developments because relying on public expenditure alone is not sustainable.

The seminar discussed the roles of Public-Private Partnership (PPP) in developing Nigerian infrastructure. The Vice President said Nigeria still face a huge infrastructural deficit, despite government investment which is a roadblock to rapid economic growth.

The Federal Government recognizes this fact, which is why we are considering other approaches to complement and boost financing for the development and maintenance of infrastructure in Nigeria.

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“It is clear that this deficit can only be made up by private investment. Private sector is 92 per cent of GDP, while the public sector is mere 8 per cent. So, the synergy between the public and private sector through Public-Private Partnerships (PPP) is really the realistic solution.

“The fact that only N2.49 trillion was appropriated for capital expenditure in 2020, reflects the importance of deliberate and pragmatic action to boost infrastructural spending.

“It seems to me to be quite clear that the financial outlay and management capability required for infrastructural development and service delivery outstrip the financial and technical resources available to government.

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“In other words, the traditional method of building infrastructure through budgetary allocations is inadequate and set to become harder because of increasingly limited fiscal space,” he said.

He revealed that the FG has launched a series of PPP’s to enable Nigeria meet its infrastructure deficit needs, citing the roles of agencies like the BPE with PPP’s.

The Federal Government has recently issued a circular on the administration of PPP projects in the country to provide the much-needed clarity.

“The circular re-emphasises that the BPE shall be responsible for the concession of public enterprises and infrastructure already listed in the First and Second Schedules of the Public Enterprises Act.

“The circular equally stipulates that the BPE shall act on behalf of the Federal Government, as the counterparty on all infrastructure projects being developed on a PPP basis,” he said.

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He disclosed that the Infrastructure Concession Regulatory Commission (ICRC) would continue to act as the regulatory agency for PPP transactions, with directives including inspections and monitoring PPP projects.

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“It is expected that this new policy direction would provide clarity to stakeholders and foster the improvement of PPP programmes in the country.

“Ministries, Departments and Agencies, as well as the multilateral agencies and our development partners are urged to support the PPP policy objectives and institutional arrangements already put up by government,” he said.

What you should know 

  • Nairametrics reported last month that Moody Investors Services revealed that Nigeria needs to spend about $3 trillion in over 30 years to bridge the infrastructural gap experienced in the country.
  • The Minister of Works and Housing, Babatunde Raji Fashola, revealed that the Federal Government needs at least N500 billion annually for the next 3 years to develop and fix its 35,000 kilometres road network, as work continues on 13,000 kilometres of the network.
  • Nairametrics also reported last month that the FG approved the establishment of an infrastructure company that will be wholly focused on critical infrastructural investments in the country.

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Tech News

Stripe plans corporate banking services for merchants, vendors

Stripe Inc is partnering with American elite banks in offering corporate-banking services to its merchants and vendors.

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Stripe Inc, one of the most valuable start-ups on this planet, is partnering with American elite banks such as Goldman Sachs Group Inc. and Citigroup Inc. in offering corporate-banking services.

This is as the fast-rising startup, known for simplifying payment, seeks to diversify its business offering, amid a competitive ecosystem that includes PayPal, Visa, Mastercard, Adyen.

What this means

Stripe, best known for handling millions of online businesses and e-commerce web pages, will soon start offering some of its client’s interest yielding bank accounts, debit cards, and other cash-management services, according to a report credited to WSJ.

However, these service offerings listed are for its merchants and vendors that do business with Stripe.

  • Recall Nairametrics revealed how Stripe had raised $600 million to invest and acquire payments companies in developing nations. It disclosed that Nigerian startup, Paystack, had been on Stripe’s bucket list for a while since 2018 when Stripe led an $8 million funding round for it.
  •  Stripe acquired Paystack for an undisclosed deal believed to be worth over $200 million, making it the biggest fintech startup acquisition to date to come out of Nigeria, as well as Stripe’s biggest acquisition to date.

Patrick Collison, CEO of Stripe, spoke on the company’s strategy at the time it acquired Paystack. He said:

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“Stripe thinks on a longer time horizon than others, because we are an infrastructure company. We are thinking of what the world will look like in 2040-2050.”

He added that Stripe also planned to understand the ecosystem and keep its eyes open so it would see where help was needed, as the company did not tie up its investments into “complicated strategic investments.”

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Coronavirus

COVID-19 Update in Nigeria

On the 3rd of December 2020, 343 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 68,303 confirmed cases.

On the 3rd of December 2020, 343 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 68,303 cases have been confirmed, 64,291 cases have been discharged and 1,179 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 779,708 tests have been carried out as of December 3rd, 2020 compared to 756,237 tests a day earlier.

COVID-19 Case Updates- 3rd December 2020,

  • Total Number of Cases – 68,303
  • Total Number Discharged – 64,291
  • Total Deaths – 1,179
  • Total Tests Carried out – 779,708

According to the NCDC, the 343 new cases were reported from 14 states- FCT (123) Lagos (106) Kaduna (72) Nasarawa (14) Rivers(5), Bauchi (4), Imo (4), Ogun (4), Ekiti (3) Edo (2), Oyo (2), Plateau (2) Akwa Ibom (1) and Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,545, followed by Abuja (6,991), Plateau (3,904), Oyo (3,730), Kaduna (3,245), Rivers (3,001), Edo (2,705), Ogun (2,237), Delta (1,824), Kano (1,799), Ondo (1,728), Enugu (1,332),  Kwara (1,110), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (778), and Borno (745).

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Imo State has recorded 681 cases, Benue (496), Nasarawa (493), Bayelsa (456),  Ekiti (377), Akwa Ibom (340), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (166), Taraba (163), Yobe (100), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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