SEC, Pencom set to collaborate on deepening commodities sector – DG
Lamido Yuguda, the director general of the Securities and Exchange Commission (SEC), who was represented by Ibrahim Boyi, the Executive Commissioner for Corporate Services of the SEC, said on Wednesday that the commission is ready to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem.
Yuguda was quoted in a statement as having said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE), and PenCom held in Abuja.
The SEC was passionate about the commodities sector, according to the director general, because it provided enormous benefits to the nation’s economy.
“One of the key pillars of the capital market master plan is the development of the commodities ecosystem, which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.
“We have recorded a lot of successes in the sector so far, and we see a lot of progress in the development of the sector.”
“We are currently working with the Standards Organization of Nigeria (SON) to develop standards that will allow our commodities to be accepted in the international market,” he said.
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Buhari urged candidates to respect choice of voters, accept outcome
President Muhammadu Buhari has urged candidates contesting elections at all levels to respect the choices of voters and accept the results of the elections as announced by the Independent National Electoral Commission (INEC).
The president said this on Wednesday while witnessing the signing of the Second Peace Accord for the 2023 Presidential Election at the International Conference Center, Abuja.
Buhari reminded the political class and their supporters that INEC is the agency empowered by law to announce the results.
“Any aggrieved candidate should resort to the established judicial processes, and we must have the confidence to trust our legal systems.
“I once again ask the candidates to abide by the spirit and letter of the Accord they have signed today.
“Let me remind all Nigerians—not for the first time—that this is the only country we have, and we must do everything to keep it safe, united, and peaceful.
“There should be no riots or acts of violence after the announcement of the election results. All grievances, personal or institutional, should be channelled to the relevant courts,” he said.
LP supporters raise alarm over plot to collapse structure in Kwara
Members of the Coalition of Peter Obi Support Groups (CPO) in Kwara have raised alarm over an alleged plot by some leaders of the Labour Party in the state to negotiate the collapse of its political structure.
Omoniyi Idowu, the secretary of the CPO in the state, and the state lead coordinator for M&E for the group, Aloysius Nwora, raised the alarm on Wednesday in Ilorin while speaking with newsmen.
They said the political structure was made up of both the presidential and vice presidential candidates of the party, the “OBIDATTI structure,” with a political party ahead of the Saturday presidential election.
The CPO leaders said that they had never and would never collapse their structure or form any alliance with any political party or group of people “to sell the OBIDATTI mandate.”
They said that the group comprised over 20 support groups in the state, all working day and night tirelessly towards the success of the OBIDATTI 2023 mandate. (NAN)
Global interest rate pressure, others likely to drive naira to N900/$ – Report
Andersen Global, through its affiliate office in Nigeria, has said the naira may fall to N900 to a US dollar in 2023 due to a global interest rate hike and other demand pressure if measures to prevent that are not implemented.
Andersen, an independent tax and business advisory firm, disclosed this in its latest report titled “Nigeria’s 2023 Economic Outlook,” which was presented by its partners in Lagos.
The report read in part, “In 2022, the value of the naira was relatively more stable in the official market than in the parallel market, thereby widening the premium between the two exchange rate windows. This was due to the heightened demand pressure spurred by FX illiquidity.
“FX excess demand pressure is expected to continue in 2023, fuelled by varying factors such as elevated global interest rates attracting portfolio investments away from Nigeria; a structurally import-dependent economy; currency speculation if the gap between official and parallel market rates is not closed; etc., which will make the naira remain pressured in the foreign exchange windows.
“Based on this, should the CBN continue to maintain the gap, the official rate is likely to be devalued to about N500/$ while the parallel market rate depreciates to about N900/$ by the end of 2023 unless mitigating measures are taken.”
Oil prices edge higher, pause from six-day losing streak
Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand.
Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel.
Minutes from the latest U.S. Federal Reserve meeting showed that a majority of Fed officials agreed the risks of high inflation remained a key factor shaping monetary policy and warranted continued rate hikes until it was controlled.
Oil has also been pressured by signs of further crude inventory builds.
U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. (Reuters)
