Business
Local Transactions Surpass 2022, Soars To N1.968tn – Report
The Nigerian Exchange Limited has recorded domestic transaction values totaling N1968.4bn year-to-date.
This marks a 1.18% increase compared to the total domestic transaction value of N1945bn for the entire year of 2022.
In July 2022, the year-to-date value of domestic transactions was N1.49tn, as stated in the recent Domestic & Foreign Portfolio Investment Report published by the Nigerian Exchange Limited for July 2023.
As per the report, domestic investors continue to hold a prominent position on the local stock exchange, while foreign investors show reluctance towards Nigeria due to its ongoing challenges with foreign exchange.
The situation has been exacerbated by the Naira’s floating since the Central Bank of Nigeria’s announcement in mid-June, where segments of the currency markets were consolidated into the official Investors & Exporters window.
The report discloses that as of the conclusion of July, transaction data for 2023 indicates that total domestic transactions amount to approximately N1.968tn, while total foreign transactions are approximately N185.62bn.
When considering a month-to-month perspective, domestic transactions on the NGX increased significantly by 83.5% to N662.44bn at the end of July, compared to the N361.01bn recorded in June 2023.
Moreover, foreign inflow experienced a notable decline to N9.45bn in July 2023, showing a sharp drop from the N22.72bn recorded in June.
Although foreign inflow had experienced a slight increase in May, reaching N27.51bn, the inflows for the earlier months of the year remained below N10bn.
Nevertheless, the overall foreign transactions experienced a slight decline of 11.37%, moving from N45.74bn (approximately $60.49m) in June 2023 to N40.54bn (approximately $52.58m) in July 2023.
On another note, trading data provided by market operators indicated that by the end of July, the total transactions on the nation’s stock exchange saw a notable increase of 72.83%, rising from N406.750bn (about $537.87m) in June 2023 to N702.98bn (about $911.91m) in July 2023.
Comparing the current month’s performance to July 2022 (N101.18bn), it’s evident that total transactions have surged by an impressive 594.78%.
Additionally, in July 2023, the total value of transactions conducted by Domestic Investors surpassed those carried out by Foreign Investors by approximately 88%.
Recall that Oba Otudeko, the former chairman of FBN Holdings, had acquired over four billion shares of the bank in a transaction valued at N87.8bn.
This deal was executed through a company in which two of his children hold controlling stakes.
Notably, this transaction marks the largest volume of First bank shares traded in a single day since 2012, when the stock exchange began publishing data.
A breakdown of the domestic transactions showed that Institutional Investors outperformed Retail Investors by 30 per cent in July 2023.
A comparison of domestic transactions in the current and prior month (June 2023) revealed that retail transactions increased by 84.67 per cent from N124.52bn in June to N229.95bn in July 2023. Similarly, the institutional composition of the domestic market increased by 82.88 per cent from N236.49bn in June 2023 to N432.49bn in July 2023.
Business
Domestic Flight delays, Cancellations Compound Air Travellers’ Woes
Frequent flight delays and cancellations across Nigerian airports have left local air travellers expressing frustration over prolonged waiting times and disrupted travel plans.
These disruptions have often left departure halls at several airports across the country crowded in recent times, leaving many stranded and delayed passengers wearing long faces.
A visit to the domestic terminals of the Murtala Muhammed Airport (MMA), Lagos, lent credence to the development, with passengers anxiously waiting for updates on delayed flights.
Similarly, at the domestic terminal of the Nnamdi Azikiwe Airport (NAA), Abuja, the departure hall was crowded, with travellers expressing concern over the frequency of flight disruptions.
For instance, one of the passengers, Odogwu, voiced frustration that his flight had been delayed both on his journey from Lagos to Abuja and on his return trip.
He said: “My flight was delayed while I was going to Abuja from Lagos. It was delayed as I am returning. I am stressed, honestly. And I am not alone. Delay announcements are many, about four in two hours today. Terrible.”
Another passenger, Ochonoghor, whose flight from Warri to Lagos was disrupted, Sunday, said he was forced to spend additional money after the flight was rescheduled to the following day.
He said: “I had to part away with another money after my flight scheduled for 5pm on Sunday was shifted to the next day. I needed to be in Lagos by 9am on Monday because I had an important meeting to attend.”
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Recently, a passenger, Segalink, also took to X, formerly Twitter, to express frustration over a prolonged delay on an Air Peace flight from Asaba to Lagos.
He wrote: “Air Peace is interesting. Flight P47863 from Asaba to Lagos which was scheduled to depart at 15:00 on 26/09/2026 (yesterday) kept being rescheduled allegedly due to maintenance and the majority of the passengers slept at the airport in the hope of flying only to be told around 12am that they would fly by 5am this morning.
“Unfortunately, that promise wasn’t fulfilled until almost 9am today. These were passengers who bought tickets for a 10am flight originally from Asaba to Lagos. No refreshments or hotel accommodation were provided. Is this how we will continue? These are folks who will not permit you to board if you are 15 minutes late to the counter.”
Recall that the Nigeria Civil Aviation Authority, NCAA’s, Summary of Domestic Airline Flight Disruptions Operations for August, which showed that domestic airlines collectively recorded 4,801 disruptions out of 7,961 operated flights.
Air Peace recorded the highest number of disruptions, with 1,337 delayed or cancelled flights out of 1,864 operated during the month. United Nigeria Airlines delayed or cancelled 951 of its 1,231 operated flights, while Enugu State-owned Enugu Air recorded 586 disruptions out of 878 operated flights. ValueJet disrupted 438 of its 767 operated flights.
Akwa Ibom State-owned Ibom Air recorded 257 disruptions out of 560 operated flights, while Arik operated 301 flights, of which 188 were delayed and one was cancelled.
However, the airlines faulted the statistics, saying most of the disruptions were caused by factors beyond their control.
Business
PETROAN Expects Fuel Discount to Combat Inflation
The 30-day petrol discount scheme unveiled by the Nigerian government is expected to help beat inflation by reducing transportation costs, in addition to easing the prices of food and other essential commodities.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) made the assertion, urging the federal government to allocate 30 percent of the discounted petrol volume to its members to ensure wider distribution across the country.
The national president of PETROAN, Dr Billy Gillis-Harry, while commending the federal government for recognising the strategic importance of transportation to the Nigerian economy, noted that the intervention was coming at a critical period for Nigerians.
Gillis-Harry said the intervention could produce benefits beyond the transport sector.
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He opined that lower petrol costs for transport operators could help commuters, traders, farmers, manufacturers and other businesses.
He, however, urged the government, the Nigerian National Petroleum Company Limited (NNPC Ltd), transport operators, petroleum marketers and relevant agencies to cooperate fully to ensure that the scheme achieved its objectives.
The PETROAN also called on the federal government to assess the outcome of the 30-day programme and consider further measures to sustain its economic benefits.
It said additional interventions would be necessary if the scheme produced measurable reductions in transportation costs and inflationary pressures.
The PETROAN maintained that transportation costs had a direct impact on the prices of food, agricultural produce, manufactured goods and other essential commodities.
The association said a reduction in the cost of petrol for public transport operators could translate into lower fares and provide relief for commuters and households.
It said, “When transport operators spend less on petrol, commuters could benefit from more affordable fares, traders could move goods at lower costs, farmers could access markets more efficiently, and businesses could reduce logistics expenses.”
According to the association, lower transportation costs could also reduce the cost of moving agricultural produce from rural communities to urban markets.
The PETROAN said this could help moderate the prices of food and other essential commodities, particularly in areas where transportation and logistics accounted for a significant portion of the final cost of goods.
It added that the policy could support small businesses, traders, farmers, manufacturers and other productive sectors that depended heavily on road transportation.
“Reduced logistics expenses could enable businesses to sustain operations, protect jobs and improve productivity,” the association said.
The PETROAN further stated that the intervention could ease inflationary pressures by reducing the transportation component embedded in the prices of goods and services.
It said consumers could experience some relief from the current cost-of-living pressures if the savings were effectively transmitted across the supply chain.
The association, however, urged the federal government to implement the programme transparently and efficiently.
It called for clear guidelines on the exact discount per litre, eligible beneficiaries, monitoring mechanisms and distribution channels.
The PETROAN said the success of the policy should not be measured only by the volume of petrol sold at a discount.
Rather, it said the government should assess the programme based on its actual impact on transportation fares, food prices, business operating costs and household purchasing power.
The association appealed to the Federal Government to allocate 30 per cent of the total volume of discounted petrol to PETROAN members.
It said such an allocation would facilitate wider national distribution and ensure that the benefits of the intervention reached Nigerians in urban and rural communities.
The PETROAN stated that its retail outlets were spread across virtually all local government areas, communities and villages in Nigeria.
It said its network included some of the country’s most remote and underserved locations, including communities where NNPC retail outlets were not available.
“PETROAN can state unequivocally that its retail outlets have a presence in some of the most remote and underserved locations across Nigeria,” the association said.
It added that its grassroots network gave it the capacity to take petroleum products and government interventions beyond major cities and commercial centres.
“Consequently, PETROAN is requesting that 30 per cent of the total volume of discounted petrol be allocated through its retail network to guarantee wider national distribution and ensure that the benefits of the intervention reach Nigerians across local government areas, towns, villages and hard-to-reach communities,” it said.
The association also said its direct relationship with petroleum consumers positioned it to support and pilot the Federal Government’s compressed natural gas initiative across the country.
The PETROAN added that leveraging its existing retail network for CNG deployment would accelerate access to the alternative fuel and encourage its adoption.
It said the approach would be particularly useful in communities where access to alternative energy solutions remained limited.
“Given its extensive grassroots presence and direct relationship with petroleum consumers, PETROAN is strategically positioned to champion and pilot the federal government’s CNG initiative across the country,” the association said.
It added that the use of existing retail outlets could support the Federal Government’s broader energy-transition and economic objectives.
The association reiterated its commitment to supporting policies that promoted affordable petroleum products, lower logistics costs, economic stability, sustainable business activity and improved living standards for Nigerians.
Business
Nigeria Resorting to Gas for Speedy Industrialisation — Ekpo
The minister of state, Petroleum Resources (Gas), Ekperikpe Ekpo, has said that Nigeria is fast-tracking efforts to transform the country’s gas resources to increasingly serve as a catalyst for industrialisation, power generation, transportation, manufacturing, fertiliser production, LPG adoption and other productive activities across our economy.
Speaking at the 2026 energy conference of the Nigeria Association of Energy Correspondents of Nigeria (NAEC) with the theme,”
Access to Assets: Empowering Players and Driving Growth” the minister represented by his technical adviser, Abel Nsa, said currently the federal government has continued to prioritise critical gas infrastructure.
He listed some of the initiative to include the AKK and OB3 Gas Pipelines which he described as critical to strengthening the national gas network and connecting supply with major demand centres.
He said the ongoing transformation is considered essential as infrastructure is the bridge between our resources and the industries, power plants, businesses and households that need them.
The Minister espouse that access to assets, therefore, must be understood more broadly than access to licences or acreage.
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According to him, An investor may have an asset but still be unable to develop it because of inadequate infrastructure, financing constraints, regulatory uncertainty, limited evacuation capacity or insufficient market access, adding, “Our objective must consequently be to create an ecosystem where access to resources is matched by access to infrastructure, capital, markets and predictable regulation.”
He further informed the audience that “We are also focused on creating a more attractive environment for investment.
“The reforms introduced under the Petroleum Industry Act 2021, together with targeted fiscal and regulatory measures for gas development, are intended to improve competitiveness, reduce barriers and enhance project bankability. Our message to credible investors is clear: Nigeria is open for responsible investment in its gas sector.”
In achieving its target, he said government recognises that it cannot develop the sector alone as it needs the capital, technology, expertise and commercial discipline of the private sector.
“We also need stronger collaboration among regulators, financial institutions, development partners and industry players to ensure that viable gas projects can move from concept to final investment decision and, ultimately, production.” he added.
Ekpo, said the opportunities created by the gas resources must not be limited to a few large players, pointing out “We want to see greater participation by indigenous companies, independent producers, infrastructure developers, technology providers and emerging energy businesses.”
Therefore he noted that empowering more capable Nigerian players will deepen competition, strengthen local capacity and ensure that a greater share of the value created within the energy sector remains in the Nigerian economy.
The minister also added, “Our objective is also to maximise domestic gas utilisation. We must increasingly convert our gas resources into value-added products rather than viewing gas solely as a commodity for export. Gas-to-power, LNG, LPG, CNG, fertiliser, petrochemicals and other gas-based industries offer enormous opportunities for investment, industrial development and job creation.
“In this regard, the government’s initiatives to expand LPG access and promote CNG adoption demonstrate our commitment to bringing the benefits of gas closer to ordinary Nigerians. Our ambition is to ensure that gas is not simply produced in Nigeria, but that Nigerians can use it, build businesses around it and benefit economically from it.:
He also added that government will ensure that access to assets translates into meaningful Nigerian participation and community development.
He said the Nigerian Content must continue to evolve from participation in contracts to ownership of capabilities, technology, capital and assets and host communities must also see tangible benefits from petroleum operations.
This is essential for building an industry that is sustainable, inclusive and supported by the people. Ekpo added.
He reaffirmed the commitment of the government to provide the policy certainty, regulatory clarity, infrastructure and enabling environment that allow investors and operators to succeed.
In return, he said government expect industry players to bring capital, innovation, efficiency and a commitment to developing Nigeria’s resources responsibly.
The partnership between government and industry must therefore be built around a shared objective: turning Nigeria’s energy potential into measurable economic growth, he said.
He noted that Nigeria has the resources; but what is need led now is to unlock their full value and move from access to assets, to development of assets; from development to utilisation; and from utilisation to broad-based economic growth.
The federal government, he said remains committed to creating the conditions for this transformation and urged all stakeholders to work with government to build a gas sector that is investable, competitive, inclusive and capable of powering Nigeria’s next phase of growth.
He said that Access to assets must ultimately become access to opportunity, prosperity and national development. I thank you, and God bless the Federal Republic of Nigeria.





