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Latest Business/Finance News For Tuesday, 21 December, 2021

Good day, ladies and gentlemen, you are welcome to Freshreporters News roundup of business/finance news headlines for today Tuesday, December 21st, 2021.

Kindly relax and read through:

  • Nigerian stocks end the day unchanged, despite a 30% drop in trade volume.

The rise in Nigerian stocks on Monday could hardly be called a gain, as the benchmark index only gained 0.1 percent despite a 30% drop in trade volume.

A relatively high demand for the shares of two big banks, FBN Holdings and GTCO, as well as Dangote Cement, would not have allowed for the small increase.

The Nigerian Exchange’s five sector indexes all rose, while the rest fell.

“In the absence of major catalysts, we expect to see some profit-taking activity from the local bourse,” analysts at Lagos-based United Capital said this week.

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  • Don is optimistic that the AfCTA will boost Nigeria’s exports.

According to Johnathan Aremu, a professor of international economic relations at Covenant University, the African Continental Free Trade Area (AfCTA) would benefit Nigerian exporters by eliminating 90% of tariffs.

At a strategic workshop for exporters organised by the Legal Unit of the Nigerian Export Promotion Council in Uyo over the weekend, Aremu stated his position.

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Aremu stated that Africa’s low contribution to global GDP necessitated economic integration, and that only 10% of tradable products would be subject to tariffs under the AfCFTA.

The professor said the initiative would “expand market access for Nigeria’s exporters,” which would catalyse growth and boost job creation for the economy, while speaking on the topic of “Role of AfCTA in the Growth and Development of Intra African Trade.”

  • Experts advocate for the government to make commodity exchange a priority.

The Lagos Commodities and Futures Exchange (LCFE) has called for a legal framework that would allow commodities to be crossed in Nigeria before being exported to other countries in order for the commodities exchange to operate optimally and contribute meaningfully to the nation’s Gross Domestic Product (GDP).

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For both producers and speculators, cross commodity is a way of hedging and managing risk. This financial strategy, also known as cross hedging, entails taking positions in related markets to reduce systemic risk.

The Exchange praised the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for their roles in ensuring the uptrend of activities in the Nigerian commodities ecosystem. It also emphasised the need to address the lack of fungible instruments and put in place a proper risk management structure to activate trading in the ecosystem.

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