By Bayo’ Onanuga
When President Bola Ahmed Tinubu took office on 29 May 2023, the All Share Index at the Nigerian Exchange was 52,973.88 points. The market capitalisation was N28.845 trillion.
Today, the stock market valuation has soared to unprecedented heights.
The benchmark All-Share Index (NGX-ASI) closed on Tuesday at 146,055.89 points, bringing year-to-date returns to 41.90%. Market capitalisation edged up to ₦92.40 trillion from ₦92.33 trillion in the prior session.
Compared to the market position in 2023, there has been an increase of over 300 per cent in the market capitalisation in the Tinubu era. Companies such as Nestle, Presco, Okomu Oil, Dangote Cement, Bua Cement, Bua Foods, MTN, Guinness, WAPCO, Nigerian Breweries, NAHCO, GTB, First Holdco, Zenith, Stanbic, UBA, Wema, and Fidelity Bank have all experienced phenomenal gains in market valuation.
Local and foreign investors are benefiting from the robust market performance, a direct result of the far-reaching reforms and policies introduced by the Tinubu administration to revitalise the Nigerian economy.
While some politicians desperate for power have always downplayed these achievements, we must acknowledge the positive transformation taking place in the economy.
The truth is that under President Tinubu’s leadership, the Nigerian stock market is thriving, heralding a new era of prosperity and opportunity for all Nigerians stockholders
Importing Goods Into Nigeria To Cost More After NCS Reviews FoB, Licensing Fee
Importing goods into Nigeria will cost more ever after the Nigeria Customs Service (NCS) revives four percent free on board (FoB) charge and plans licensing fee hike for agents, reports thegazellenews.com.
The FoB charge, passed as law, is calculated based on the value of imported goods, including transportation costs up to the port of loading. The NCS revived the controversial tariff earlier this month to replace the one percent Comprehensive Import Supervision Scheme (CISS) and seven percent charge on its duties.
According to Comptroller General of Customs, Bashir Adeniyi, It is supposed to “serve investments in technology but the immediate effects will be felt further down the value chain.
A Customs agent and Senior Special Adviser on Media to the Association of Nigerian Licensed Customs Agents (ANLCA) President. Sulaiman Ayokunle, said Nigerians should prepare to pay more.
“Nigerians should brace themselves as they will pay more. The implication is that whatever they were paying before, there is now a four percent addition on it, ”he said.
