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Afreximbank unveils new documentary series on Africa’s growth

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The African Export-Import Bank (Afreximbank) has announced the launch of its new documentary series titled “Impact Stories.”

A statement issued on Friday in Abuja by Vincent Musumba, Afreximbank’s Communications and Events Manager, stated that the documentary aimed to showcase the bank’s developmental impact across various sectors and countries in Africa.

It also highlighted the bank’s influence in the diaspora.

Musumba said Season One of the series, which consisted of six episodes, filmed across six countries and sectors, went on air on Afreximbank TV (www.youtube.com/@afreximbanktv) on Feb. 27, 2025.

He said the series produced by the Afreximbank TV team and CNN’s Created Studio services, sought to spotlight the bank’s interventions, incorporating multi-faceted narratives that brought the bank’s initiatives to life.

“Through testimonials of individuals, businesses, communities and economies that have been positively impacted by the interventions, the series creates an emotional connection.

“It also creates a shared commitment of an African vision focused on transforming trade and economic self-determination.”

Musumba said the inaugural season, consisting of six episodes, showcased some of Afreximbank’s development impact through inspiring short documentary-style films.

He said the episodes featured the Zimborders Beitbridge project which involved the expansion, upgrade and improvement of Beitbridge Border Post in Zimbabwe.

“This explores the transformative effect of Afreximbank’s investment in modernising the border post, and showing how improved infrastructure is addressing trade inefficiencies, fostering intra-African trade and driving regional growth.”

He said other episodes include the Glo-Djigbé Industrial Zone (GDIZ) in Benin, a project led by Afreximbank investee company, Arise Integrated Industrial Platform (Arise IIP).

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“This project is focused on driving industrialisation, job creation and end-to-end production on the continent.”

Another episode was on Oando PLC, which showcased the organisation’s successful acquisition in a key Nigerian oil sector joint venture and its transformative impact on local content and economic prosperity.

“Other episodes are Eva’s Coffee in Kenya, an SME business driving export development and local value chain expansion; Reine Ablaa, a rising music star and alumni of Afreximbank’s CANEX Music factory initiative.”

Musumba said an episode was on the ongoing success of the bank’s Pan African Payments and Settlement System (PAPSS).

He quoted Mrs Anne Ezeh, Director of Communications and Events at Afreximbank as saying: “Afreximbank was founded to drive Africa’s economic independence through trade and trade-enabling infrastructure.

“For the past 32 years, we have consistently translated that mandate into impactful projects and initiatives across the continent.

“The Impact Stories series represents an avenue to showcase the tangible progress we are making to transform the economic fortunes of the African people while reminding us of the development challenges that remain.”

Ezeh stated that compelling impact storytelling, when combined with data, evidence, and personal stories, made these elements potent tools for advocating positive change and motivating others to champion a cause.

She said new episodes would be released weekly. (NAN)

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Business

Stock market gains N91bn

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The stock market closed the week on a positive note on Friday, with market value growing by N91 billion.

Specifically, market capitalisation which opened at N67,102 trillion, closed at N67,193 trillion, gaining N91 billion or 0.14 per cent.

Similarly, All-Share Index improved by 146 points or 0.14 per cent to close at 107,821.39, compared to 107,675.46 posted on Thursday.

On the price movement chart, 34 stocks recorded price depreciation against 26 gainers.

Red Star Express led the losers’ chart, dropping by 9.96 per to close at N6.60 per share.

Also, Learn Africa fell by 9.84 per cent to close at N3.30 per share, Multiverse Mining and Exploration dropped by 9.72 per cent to close at N9.75 per share.

Also, Cadbury Nigeria inched down by 9.62 per cent to close at N26.30 per share.

Linkage Assurance Plc lost by 5.80 per cent to close at N1.30 per share.

Austin Laz and Company led the gainers’ chart with a 10 per cent gain to close at N2.09 per share.

This is followed by Oando with a gain of 9.94 per cent to close at N58.05 per share while Caverton increased by 9.67 per cent to close at N2.95 per shere.

Also, John Holt rose by 9.62 per cent to close at N7.98 and PZ gained 9.09 per cent to close at N35.40 per share.

A total of 458.26 million shares worth N14.078 billion were exchanged in 12,213 transactions, compared with 423.42 million shares worth N9.57 billion exchanged in 11,112 transactions on Thursday.

On the activity table, Zenith Bank maintained the lead in volume and value of deals, exchanging 122 million shares worth N5.9 billion. (NAN)

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Naira gains as CBN reforms show impact

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The Naira appreciated in the official market on Friday, trading at N1,492.49 against the Dollar.

Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57.

This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.

The local currency ended Wednesday’s trading at N1,499.11 against the Dollar.

The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.

Analysts have praised the CBN for the steady progress of the Naira since December 2024.

However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate.

Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.

Speaking to the News Agency of Nigeria (NAN) on Friday, Aremu called for increased production to sustain the Naira’s gains.

He described the currency’s steady appreciation against the Dollar as a positive development.

“But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said.

He urged the CBN to focus on boosting productive activity in the economy to maintain stability.

According to him, the apex bank should look beyond interest rates and consider other factors influencing production and liquidity.

“The quantity theory of money states that money supply and population value must equal price and transaction volume in the economy.

“If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise.

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“The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand.

“Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said.

He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira.

Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions.

“The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said.

Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure in spite of declining foreign exchange (FX) reserves.

The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline.

“We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated.

“The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added. (NAN)

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Stock market declines by 0.11%, investors suffer N77bn loss

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The stock market on Thursday experienced a slight downturn, with overall market performance declining by 0.11 per cent.

This marginal decline resulted in investors losing a significant N77 billion.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N77 billion, or 0.11 per cent, to N67.102 trillion from an opening of N67.179 trillion.

The All-Share Index also declined by 0.11 per cent, or 123.53 points, to close at 107,675.46, against 107,798.99 of the previous day.

The Year-To-Date (YTD) return stood at 4.61 per cent.

The market breadth ended positive, with 30 gainers and 23 losers.

On the gainers’ chart, Oando Plc and PZ Cussons Nigeria Plc (PZ) led with a 10 per cent increase each, closing at N48 and N29.50 per share, respectively.

Conversely, on the losers’ chart, Fidson Healthcare Plc led with a 9.60 per cent decrease, closing at N19.80 per share, followed by Ecobank Transnational Incorporated (ETI) with a 9.51 per cent decrease, closing at N34.70 per share.

A total of 423.42 million shares, worth N9.57 billion, were exchanged across 11,112 transactions, compared with 245.51 million shares, worth N8.41 billion, traded across 10,098 transactions in the previous session.

On the activity table, First City Monument Bank led in volume with 102.27 million shares, while Access Corporation led in value of deals, worth N801.88 million. (NAN)

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