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South-East Economy To Hit $200bn By 2035 – SEDC

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The South-East Development Commission (SEDC) has set an ambitious target of growing the region’s economy to $200 billion by 2035.

Speaking at the commission’s inauguration in Abuja on Tuesday, Managing Director Mark Okoye said the plan aligns with President Bola Tinubu’s goal of achieving a $1 trillion GDP for Nigeria.

Okoye highlighted that Nigeria must invest between $100 billion and $150 billion annually for the next three decades to bridge its infrastructure gap, citing World Bank estimates. The SEDC, he said, aims to contribute $10 billion toward this effort.

He outlined the commission’s focus areas, including:reconstructing and rehabilitating critical infrastructure damaged during the Nigerian Civil War.

“Addressing the over 2,500 active erosion sites displacing communities,tackling unemployment and creating a more favourable investment climate,enhancing security to boost business confidence.”

Okoye also announced that the commission would build on the economic blueprint of Michael Okpara, the former Premier of Eastern Nigeria, to drive sustainable development.

To achieve its objectives, the SEDC plans to work closely with:state Governments to align interventions with local development priorities,private sector investors to drive job creation and economic growth,academia and research institutions for evidence-based policy decisions,traditional rulers and religious leaders to foster grassroots engagement.

The commission also aims to develop master plans for major infrastructure projects, support industrialisation, and enhance value chains in agriculture and technology.

Okoye assured that his team would remain transparent and accountable, promising that the commission would not pay “lip service” to development.

“In the coming months, we will embark on several projects and initiatives designed to accelerate the region’s growth,” he said, adding that an interactive website would soon be launched for public engagement.

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He also urged supporters to tone down celebrations and congratulatory messages, emphasising that the commission’s focus must remain on delivering results.

“The expectations are enormous, and we must hit the ground running,” he stated.

With a current GDP of approximately $40 billion and a population of 21.9 million, Okoye expressed confidence that, through strategic partnerships and investments, the South-East could emerge as an economic powerhouse within a decade.

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Business

Stock market declines further by N31bn

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7 hours ago

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March 28, 2025

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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1 day ago

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March 27, 2025

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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UBA dividend payment lifts market with N369bn gain

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3 days ago

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March 25, 2025

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The stock market opened the week on a positive note, with investors gaining N369 billion and performance indices rising by 0.56 per cent on Monday.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation increased by 0.56 per cent to N66.188 trillion from an opening of N65.819 trillion recorded on Friday.

The All-Share Index also rose by 0.56 per cent, or 588.43 points, to close at 105,551.39, up from 104,962.96 posted on Friday.

The surge in market capitalisation was due to the United Bank for Africa’s announcement of three Naira as dividend payment to shareholders, thereby boosting investor confidence in the banking sector of the market.

The market breadth closed positive, with 25 gainers and 22 losers.

On the gainers’ chart, Royal Exchange soared by 10 per cent to close at 88k, while Livestock Feeds gained by 9.87 per cent to close at N9.24 per share.

Abbey Mortgage Bank increased by 9.72 per cent, to close at N3.95, and Universal Insurance soared by 9.62 per cent to close at 57k per share.

Similarly, Sunu Assurance gained by 9.22 per cent to close at N5.45 per share.

On the losers’ chart, Nem Insurance lost by 9.63 per cent to close at N12.20, while United Capital declined by 9.29 per cent to close at N16.60 per share.

Computer Warehouse Group fell by 6.67 per cent to close at N8.40, and DAAR Communications lost by 6.06 per cent to close at 62k per share.

Also, Africa Prudential fell by 5.56 per cent to close at N15.30 per share.

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A total of 440.52 million shares, worth N10.470 billion, were exchanged across 13,314 transactions.

This is compared with 397.208 million shares, valued at N14.170 billion, exchanged across 10,099 transactions last Friday.

Transactions in Zenith Bank shares topped the activity chart with 55.062 million shares valued at N2.605 billion.

First City Monument Bank followed with 49.59 million shares worth N449.09 million, while United Bank for Africa sold 47.39 million shares valued at N1.835 billion.

Access Corporation traded 37.24 million shares worth N834.092 million, and Fidelity Bank transacted 31.298 million shares valued at N563.89 million.

Mr David Adonri, Vice President of Highcap Securities Ltd., said the surge in market capitalisation signified the return of investor confidence to the banking sector.

Adonri said, “Banks had earlier announced a delay in the submission of their financial year results.

“However, United Bank for Africa released its corporate disclosure, saying it is paying three Naira as final dividend, so that restored investor confidence in that sector.

“The sector is the arrowhead that drives the market. That was the development that propelled the market massively today.” (NAN)

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