Business
Nigerian Exchange Records N3.48tn in Transactions for 2024
The Nigerian Exchange Limited (NGX) has reported total transactions amounting to N3.48 trillion year-to-date as of August 31, 2024. This information comes from the latest NGX domestic and foreign portfolio investment report released on Wednesday.
According to the report, domestic investors dominated the trading landscape, representing 81.14% of total transactions, while foreign investors accounted for 18.86%. The total value of domestic transactions reached N2.82 trillion, compared to N655.47 billion for foreign transactions.
In August, the exchange experienced a significant decline in total transactions, falling by 22.80% from N491.61 billion in July to N379.52 billion. However, a year-on-year comparison indicates a robust 44.55% increase in total transactions, rising from N262.56 billion recorded in August 2023.
Further analysis reveals that domestic transactions for August totaled N322.05 billion, marking a 25.81% decrease from July’s N434.09 billion. Foreign transactions experienced a marginal decline of 0.09%, dropping from N57.52 billion in July to N57.47 billion in August.
Retail investors led the domestic transactions in August with N180.72 billion, despite a 33.54% decrease from the previous month’s N271.92 billion. Institutional investors contributed N141.33 billion, a 12.85% decline from N162.17 billion in July.
Over the past 17 years, domestic transactions have witnessed a decline of 10.94%, decreasing from N3.56 trillion in 2007 to N3.17 trillion in 2023. Similarly, foreign transactions dropped by 33.28%, from N616 billion to N411 billion during the same period.
In 2023, domestic investors accounted for approximately 89% of total transactions, while foreign investors constituted about 11%. The stock market recorded a cumulative N2.5 trillion in domestic transactions for the first seven months of the year, reflecting a 27% increase compared to N1.968 trillion during the same timeframe last year. From January to July 2024, domestic transactions comprised 80.68% of market activity, with foreign transactions making up 19.32%.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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