Business
Banks push Nigeria’s stock to world’s second best-performing spot in 2024
The Nigerian Exchange all-share index (ASI) has appreciated by 11 percent or 8,269 basis points year‐to-date, placing it second in the world behind Argentina.
The development comes as Nigerian equities surpassed their European, Middle Eastern, and African counterparts in 2024 — driven by pension funds and institutional investors anticipating record profits from lenders booking revaluation gains.
According to Bloomberg‘s report, compared with a less than 2 percent advance for the MSCI Emerging Markets (EMEA) Index over the same period, the NGX rose almost 60 percent in the past year.
Banking stocks have driven gains, with the banking index up 16 percent this year and 138.09 percent over the past 12 months.
So far in 2024, Access Holdings Plc is up 21 percent, while Zenith Bank Plc is up 11.3 percent, and Guaranty Trust Holding Company is up by 14.3 percent.
The report noted that negative real yields on the nation’s fixed-income securities have also made equities relatively more attractive in the country.
‘MAJOR TIER-1 BANKS JOIN TRILLIONAIRE CLUB’
In the present month, banks have sustained gains, with major tier-1 banks crossing the N1 trillion naira market capitalisation mark.
On January 9, 2024, Access Holdings had surpassed the N1 trillion market capitalisation mark.
The market capitalisation of the United Bank for Africa (UBA), on January 8, also hit N1.02 trillion, from the N990.07 billion traded on January 5, 2023.
Also on January 9, FBN Holdings closed trading with a N1.02 trillion market capitalisation, rising from N933.27 billion after its share value jumped from N26 (the previous day) to N28.6.
FBN Holdings had crossed the N1 trillion mark on December 6, 2023, for the first time, after recording N1.05 trillion market valuation from N960.19 billion.
However, the bank exited the trillionaire stock list the next day.
Business
Governor Abdulrazaq approves N70k minimum wage for Kwara civil servants
AbdulRahman AbdulRasaq, governor of Kwara, has approved N70,000 as the minimum wage for civil servants in the state.
In a statement on Saturday, Hauwa Nuru, Kwara commissioner for finance, said the new minimum wage takes effect in October.
Nuru added that the new pay package “is a significant move to enhance the welfare of workers in Kwara state.”
“This decision, which includes consequential adjustments to the relevant salary structures, was made after a successful tripartite meeting,” the statement reads.
“The meeting between government representatives, the leadership of organised labour in Kwara state—the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Joint Negotiating Council (JNC)—and representatives from the organized private sector.”
Nuru commended the governor for granting autonomy to the minimum wage committee, adding that his swift implementation showcased a proactive and worker-friendly approach.
The commissioner reaffirmed the governor’s commitment to the welfare of civil servants, adding that the increment will cut across workers in the 16 LGAs in Kwara state.
She also commended the collaboration between the government and the labour unions that led to the approval of the N70,000 minimum wage.
Business
National grid collapses again — third time in a week
The national electricity grid collapsed on Saturday, leading to a nationwide blackout.
Data obtained from the Nigerian system operator’s portal showed that the grid recorded zero megawatts (MW) as of 9.10am today.
The system failure at the national grid is the third time within a week.
However, the national grid has collapsed eight times in 2024, with the first recorded on February 4.
The national grid collapsed again on March 28, April 15, July 6, and August 5.
Also, Nigerians experienced another blackout on October 14, and October 15.
On May 1, the Transmission Company of Nigeria (TCN) said the number of system collapses had reduced significantly in the country.
According to Ndidi Mbah, TCN’s spokesperson, the grid disturbances declined by 76.47 percent in five years.
Addressing the situation, Adebayo Adelabu, minister of power, said the frequent system failure at the national grid is inevitable due to the outdated infrastructure.
Adelabu said more investment in power infrastructure will prevent future collapses.
The minister also advocated decentralising the power sector, saying that multiple grids within regions and states will ensure that power failure in one area does not affect the entire nation.
He said the country relies on a single national grid, so if there is a disturbance at the national grid, it affects all 36 states.
Speaking further, Adelabu said the Electricity Act has decentralised power, adding that it has enabled all the state government and the local government, to be able to participate in the generation, transmission, and distribution of electricity.
Business
5 ways to invest in yourself as a woman
In a world that often places numerous demands on women, it is important to invest in yourself to live a fulfilled and empowered life.
Women often find themselves juggling numerous roles, such as in their careers, families, or communities, leaving little time for self-care and personal growth.
However, investing in yourself is not just a luxury; it’s an important step toward leading a fulfilled and empowered life.
Taking deliberate actions to nurture your mind, body, and spirit can build a strong foundation that supports both your personal and professional aspirations.
5 ways to invest in yourself as a woman
Here are five meaningful ways to invest in yourself as a woman:
1. Prioritise your education and skill development
Continuous learning is one of the most valuable investments you can make in yourself. Whether it’s pursuing higher education, attending workshops, or taking online courses, expanding your knowledge and skills can open doors to new opportunities.
This doesn’t just apply to your career—learning a new hobby or skill can also enrich your personal life. By remaining curious and dedicated to personal growth, you set yourself up for long-term success.
2. Cultivate physical and mental well-being
Taking care of your body and mind is fundamental to investing in yourself. Regular exercise, a balanced diet, and adequate sleep are important to maintaining physical health.
Equally important is nurturing your mental well-being through practices like mindfulness, meditation, and therapy. Prioritising your health enables you to handle life’s challenges with grace, as it sets the foundation for all other aspects of self-investment.
3. Build a strong support network
Surrounding yourself with positive, like-minded individuals is a powerful way to invest in yourself. Building a strong support network of friends, mentors, and colleagues can provide emotional support, valuable advice, and opportunities for collaboration.
These connections can help you navigate both personal and professional challenges, and they can inspire you to pursue your goals with confidence.
4. Practice financial empowerment
Financial independence is a critical aspect of self-investment. Take control of your finances by learning about budgeting, saving, and investing.
Establishing a solid financial foundation can give you the freedom to make decisions that align with your values and long-term goals.
Whether it’s saving for a dream vacation, starting your own business, or planning for retirement, financial empowerment allows you to live life on your terms.
5. Embrace self-care and personal fulfilment
Self-care is more than just pampering yourself; it’s about making time for activities that bring you joy and fulfilment. Whether it’s reading, travelling, spending time with loved ones, or engaging in creative pursuits, self-care helps you recharge and maintain a positive outlook on life.
By prioritising your happiness and well-being, you can approach each day with renewed energy and a sense of purpose.
Investing in yourself is not a luxury—it’s a necessity. As a woman, these investments allow you to navigate life’s challenges with confidence, resilience, and grace, ultimately leading to a richer and more meaningful existence.
Remember, the best investment you can make is in yourself.
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