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Global Smartphone Market Rebounds with Growth in October, Ending Two-Year Decline

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read
In a surprising turnaround, the global smartphone market experienced growth in October after more than two years of decline, according to a report by Counterpoint Research. This recovery was primarily driven by improved performance in emerging markets and the late launch of Apple’s iPhone 15 series.
For the past couple of years, the global smartphone market has faced numerous challenges, including uncertainty in the macroeconomic landscape, component shortages, inventory build-up, and lengthening replacement cycles. These factors created a significant strain on the industry, leading to continuous declines in sales.

Regions That Led the Growth:

Counterpoint Research identified several regions that played a crucial role in the market’s resurgence. The Middle East and Africa (MEA) region showed signs of recovery, along with India, China, and the late release of the highly anticipated iPhone 15. In particular, India’s festive season contributed significantly to the overall growth, surpassing expectations.
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Impact of the iPhone 15 Series:

One notable factor behind the market’s rebound was the delayed launch of Apple’s iPhone 15 series compared to the previous year. With the new models hitting the shelves in October, the full impact of these sales was felt, contributing to the positive growth in the industry.

Prospects for Future Growth:

Following a robust expansion in October, Counterpoint Research predicts continued year-on-year market growth in the fourth quarter of 2023. However, it highlighted that developed markets, characterized by higher smartphone saturation, have shown a slower pace of recovery compared to emerging markets. Nevertheless, the launch of the iPhone 15 series has had a positive impact on these markets as well.
After more than two years of declines, the global smartphone market has finally found its momentum with growth experienced in October. Emerging markets, coupled with the late release of Apple’s iPhone 15 series, played a vital role in this recovery. As the industry continues to navigate through challenging macroeconomic conditions and supply chain constraints, the positive trend in October provides hope for a brighter future for smartphone manufacturers worldwide.
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Nigerian Stock Market Sees Robust Growth in October

by Ikem Emmanuel
written by Ikem Emmanuel 3 minutes read
What’s Fueling Investor Confidence?

The Nigerian stock market, represented by the Nigerian Exchange Limited (NGX), closed the month of October on a highly positive note. Investors exhibited growing confidence in listed companies, thanks to favorable policies and a strong earnings season. Moreover, the listing of 190 million shares of a prominent group injected substantial capital into the market, boosting liquidity and creating wealth-building opportunities.

The NGX All-Share Index painted an impressive picture, appreciating by 4.3% and closing the month at 69,236.19 index points. This surge reflects a year-to-date return of 35.09% growth, defying concerns like rising inflation, interest rate hikes, and the looming 2023 general elections. So, what’s behind this remarkable investor confidence?

1. Forward-Looking Policies:

One significant factor contributing to this optimism is the introduction of favorable policies by President Bola Tinubu’s administration. Measures like the removal of fuel subsidies, streamlining of exchange rates, and the floating of the naira have been instrumental in bolstering investor sentiment.

2. Strategic Positioning:

Investors have strategically positioned themselves to take advantage of the recent record earnings posted by publicly traded companies. The promising dividend outlook for these firms drove increased buying activity during the half-year earnings season.

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3. Robust Earnings:

As companies, especially banks, released strong half-year results, investors flocked to the stock market. The market tends to sustain positive sentiment during earnings seasons, as investors anticipate lucrative dividends.

4. Demographic Shift:

A notable shift has occurred in the NGX in recent years, with more local institutions and retail investors participating in the market compared to foreign portfolio investors. This shift has reduced stock price volatility, as local investors have more faith in the local market.

5. Expectation of Foreign Investment:

Investors are optimistic that the newly introduced policies will attract foreign investment. This expectation serves as a primary trigger for the stock market rally.

6. Short-Term Inflation Increase:

Some of these policies may lead to a short-term increase in inflation levels. Historically, stock prices tend to rise alongside inflation, providing another incentive for investors.

7. Portfolio Rebalancing:

Fund and asset managers engage in portfolio rebalancing every quarter and half-year, a practice that typically results in stock market rallies. As we approach the end of the first half of the year, this trend is contributing to the surge in stock prices.

Despite uncertainties in the broader environment, the Nigerian stock market remains resilient and continues to draw attention from investors. The combination of forward-looking policies, robust earnings, and changing market dynamics is fueling this impressive performance, making it an attractive destination for both local and international investors. As the year progresses, the market’s ability to maintain this upward trajectory will be closely watched.

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Importers Return to Parallel Forex Market Amid Official Market Liquidity Challenges

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

Despite the recent decision by the Central Bank of Nigeria (CBN) to lift the ban on 43 previously restricted items for importers, liquidity challenges persist in the official foreign exchange market. As a result, importers have begun seeking foreign currency in the parallel market to meet their forex needs.

The Nigerian Naira had experienced some fluctuations, with the parallel market recording notable changes. According to data obtained from Aboki Forex, the Naira was being bought and sold at 1,140 Naira to the US dollar and 1,150 Naira to the US dollar. This was a significant shift from the earlier rate of 1,310 Naira to the US dollar observed just a few days prior.

The decision by the CBN to remove the ban on importers for the 43 previously restricted items was expected to improve the availability of foreign exchange in the official market. However, it appears that FX supply in the official market remains limited, leading importers to return to the parallel market to fulfill their foreign exchange obligations.

Analysts at Cordros Securities commented on the situation, stating, “Given the CBN’s unbanning of importers of all the 43 items previously restricted from the NAFEM in 2015, the market realized that FX supply is still minimal at the official market faster than we anticipated. Accordingly, importers have returned to the parallel market to fulfill their FX obligations.”

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The fluctuations and challenges in Nigeria’s forex markets highlight the ongoing complexities of managing currency exchange and the impact it has on importers and the broader economy. It remains to be seen how the situation will evolve and whether measures will be taken to address the persisting liquidity issues in the official market.

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Fire Outbreak Devastates Popular Watt Market in Calabar, Nigeria

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

In the early hours of a Thursday morning, disaster struck at Watt Market in Calabar, the capital of Cross River state, as a fierce fire outbreak ravaged the bustling shopping district. The fire, believed to have ignited due to an electrical surge, caused extensive damage to several shops, leaving millions of naira worth of goods in ruins.

The fire broke out at around 2:00 am, swiftly spreading through at least six shops located near the Hewett Street section of the popular Watt Market. The market, known for its vibrancy and bustling trade, became a scene of devastation as the flames engulfed the affected shops.

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Response from Federal Fire Service

The Commanding Officer of the Calabar Command of the Federal Fire Service, Olumayowa Olomola, confirmed the incident. She cited an electrical surge as the cause of the fire outbreak and emphasized the importance of taking preventive measures to avoid such incidents.

Olomola’s timely response and the efforts of her team were pivotal in preventing the fire from spreading further and affecting more shops and adjacent buildings. While an estimate of the losses incurred by the affected shop owners has not been provided, Olomola reported that goods worth millions of naira were destroyed in the blaze. Fortunately, there were no reported casualties, as the fire was primarily contained to the affected area.

Preventing Future Incidents

In the aftermath of the devastating fire, Olomola emphasized the importance of adopting preventive measures. She encouraged shop owners and the public to ensure that electrical appliances are switched off when not in use to mitigate the risk of electrical surges and potential fire outbreaks.

The Watt Market fire serves as a sobering reminder of the need for fire safety awareness and preparedness, not only in Calabar but in markets and commercial areas across the nation. As the affected shop owners grapple with the aftermath of the blaze, the community unites in the hope of rebuilding and restoring Watt Market to its vibrant and bustling state.

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Nigerian Stock Market Loses N757 Billion in Two Days Following FTSE Russell Downgrade

by Ikem Emmanuel
written by Ikem Emmanuel 2 minutes read

Investors in the Nigerian stock market have seen losses amounting to N757 billion over two days following the demotion of Nigeria from a frontier to an unclassified market by FTSE Russell, a subsidiary of the London Stock Exchange Group (LSEG). This downgrade is primarily attributed to challenges in Nigeria’s foreign exchange (FX) market, which have sparked negative sentiment capable of triggering a sell-off in stocks on the Nigerian Exchange Limited (NGX).

The stock market had closed the previous week at N37.295 trillion but dropped by 2.07% or N757 billion, closing at N36.538 trillion after news of the FTSE Russell downgrade.

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David Adnori, Vice President of Highcap Securities Limited, connected the stock market decline to the FTSE Russell downgrade and other macroeconomic factors. He mentioned concerns about Nigeria’s daily crude oil production falling short of the revenue target set by the federal government.

Adnori explained that the FTSE Russell report may have had a significant impact on foreign investors who have faced difficulties repatriating their dividends for several years. He argued that the responsibility for facilitating the conversion of Naira income to foreign currencies and remittance abroad lay with the Central Bank of Nigeria (CBN), and the CBN had failed in this regard.

FTSE Russell stated that the lack of liquidity in Nigeria’s Investors’ & Exporters’ (I&E) FX Window had adversely affected international institutional investors’ ability to replicate benchmark changes. Consequently, Nigeria’s equity classification status was downgraded from Frontier to Unclassified market status, and Nigerian index constituents were deleted at zero value from several FTSE Russell equity indices, effective from September 18, 2023.

The downgrade reflects the ongoing challenges in Nigeria’s FX market and their potential impact on foreign investors and the country’s stock market.

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SEC Pushes Nigerian Commodities To Be Accepted In International Market

by Mercy Ulasi
written by Mercy Ulasi 3 minutes read

Critical stakeholders have been urged by the Securities and Exchange Commission (SEC) to put up great effort in getting the nation’s agricultural products acceptable on the global market.

In order to achieve this, the Commission underlined its willingness to work with PenCom, the National Pension Commission, on topics that would contribute to a more robust commodities environment.

Director General of the SEC, Mr. Lamido Yuguda, stated in a statement released by the Commission: “We have recorded a lot of accomplishments in the sector thus far, and we see a lot of progress in the growth of the sector.

We are currently working with the Standards Organisation of Nigeria, SON, to develop standards that would make these our commodities acceptable in the international market. This would further boost our foreign exchange earnings and create wealth for our people.”

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According to the statement, Yuguda, speaking through the Executive Commissioner Corporate Services of the SEC, Mr. Ibrahim Boyi, who represented him at a courtesy visit to the PenCom, stated that the SEC is very passionate about the commodities sector as it has enormous benefits for the Nigerian economy.

He stated: “One of the key pillars of the Capital Market Master Plan is the development of the commodities ecosystem which gives our nation the opportunity to diversify both the capital market and the economy and also create more products.

“We have witnessed major achievements by the Lagos Futures and Commodities Exchange, LFCE, and we are happy to see them progress. We are committed to creating the rules that will ensure investor protection.

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It is a strategic focus for us to deliver one of our key mandates which is market development that will lead to economic development. Our focus remains market integrity, market fairness and investor protection”.
Speaking earlier, Managing Director of LFCE, Mr. Akin Akeredolu-Ale, said the commodities exchanges are interested in exploring avenues for investing pension funds in the capital market.

He expressed his joy that the SEC is spearheading the moves to further boost the utilisation of pensions funds in the market adding that if pension funds are not reflated, inflation would keep affecting it.
“The primary part of our economic raw materials in crude oil, if you don’t capitalise the primary sector, the manufacturing sector will suffer, same as the service sector. SEC has made provisions for the PFAs (Pension Funds Administrators) to invest in the commodities sector and this is expected to catalyse our economy and spur growth” he said.

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Why We Changed Democracy Day From May 29 To June 12 – Buhari
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Utilize The Advantage Of Nigeria’s 200m Consumer Market- Buhari Tells Spanish Investors

by Echezona obinna
written by Echezona obinna 6 minutes read

President Muhammadu Buhari has challenged Spanish investors to take advantage of Nigeria’s tax- free environment and limitless expertriate quota at the nation’s Free Trade Zones to boost Nigeria-Spain trade and economic opportunities.
The Nigerian leader gave the charge at a Business Forum jointly organized by Spanish Chamber of Commerce, the Nigerian Ministry of Trade, and the Confederation of Employers (CEOE) in Madrid, Spain, on Thursday.

According to him, forr quite a number of decades, Spain has been one of Nigeria’s most important trading partners.
He revealed that the country had been a major importer of Nigerian crude oil, noting that Nigeria’s exports to Spain stood at $4.8billion in 2020 whilst Spain’s exports to Nigeria increased from $97.2 million in 1995 to $517million in 2020.

He, however, maintained that a lot more could be done to increase the volume of trade.
According to the president, the business forum presents a good opportunity to explore how this can be achieved despite the current challenging time for the global economy.

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He said: ”We are open to widening collaboration with Spain and in order to encourage private capital inflow, we have put together fiscal investment incentives which include the following:
”Three to five years tax holidays for enterprises in what we deem to be pioneer industries; tax-free operations and no restrictions on expatriate quotas in our Free Trade Zones;

”Capital allowances for agriculture, manufacturing and engineering amongst others.
”Going into partnerships with trusted local and foreign partners who have well-established networks and understand the dynamics of the economy and country is one of the identified keys to success in Nigeria.

”Today provides a platform for Spanish businesses to connect with credible Nigerian partners.

”I trust that all here present will build relationships that will translate into increased trade and investment flows between Nigeria and Spain.”

The Nigerian leader also advocated for increased collaboration between African nations and Europe to mitigate against both current and potential future supply-chain challenges arising from the on-going Russia-Ukraine war.

”But I have always held the strong conviction that there is no crisis without an accompanying opportunity and solution.

”Increased collaboration with African nations could well be what Europe needs to mitigate against both current and potential future supply-chain challenges and improve both our economic opportunities.

”Historically, the focus has been on Nigeria’s oil sector but Nigeria is home to a wide range of other sectors that hold very great potentials.

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”We are the largest economy in Africa and our well over 200 million-strong consumer market is home to a range of attractive opportunities in sectors such as agriculture, healthcare, light manufacturing, infrastructure development and technology,” he said.

According to him, Nigeria has a number of other notable mineral resources including coal, gold, bitumen, iron ore and uranium.

”However, our current focus is on adding value to our natural resources prior to exportation,” he added.

O the administration’s efforts to move beyond the historical dependence on crude oil for government revenue and foreign exchange inflows, the president said it had successfully driven its diversification and put the economy on the path of sustainable and inclusive growth through an open, rules based and market-oriented way of doing business.

He used the opportunity of the meeting to thank the Spanish government for the donation of 4.4 million doses of the Johnson & Johnson Covid-19 vaccine to Nigeria.

”This is an example of being your brother’s keeper and in that same spirit of brotherhood I would like to assure you of our administration’s continuous commitment and determination to collaborate on issues of collective concern like security, health and our shared prosperity,” he said.

In her speech, the Spanish Minister of Industry,Trade and Tourism, Reyes Maroto, said Nigeria had become Spain’s strategic trade partner in the last five years, adding that Spain was Nigeria’s second largest foreign trade destination.

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In his remarks, the Minister of Industry, Trade and Investment, Niyi Adebayo,
Nigeria and Spain had enjoyed a very cordial relationship since the 1960s.

He said: ”I have always felt there are many similarities between the peoples of both countries; we are equally warm and passionate; we love past-times like football and dancing and even your national dish of paella has a lot of similarities with Nigeria’s own national dish of jollof rice.”

According to him, the Nigerian government will be ready to support businesses that are willing to enter the Nigerian market to invest, saying the country is fertile for investments in various sectors, including security, infrastructure, tech and science.

“Nigeria is also home to a multitude of investment opportunities in, but not limited to, the following sectors: security, infrastructure, the green economy and technology.

”Nigeria is at the beginning of a tech boom with growing interest in our fin-tech and ag-tech spaces.

“This is an area I can see a lot of scope for collaboration with Spanish firms.

”Agriculture and food production are other big areas and I am glad that a major Spanish company is already very active in Nigeria in this space.

“Nigeria is open for business and the Federal Government is ready to partner with and support Spanish businesses wishing to enter our market.

”We have begun exploratory talks with the European Union on an Investment Facilitation Agreement, and we are open to direct agreements and partnerships with Spain.

The Nigerian Ambassador to Spain, Ademola Seriki, who also spoke at the event, expressed the hope that both countries would be exploring business opportunities in multiple areas, as a result of the engagement provided by the forum.

The business meeting attracted participants from both Nigerian and Spanish business and political circles.

 

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JUST IN: Midnight Fire Raze Rivers Timber Market
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Fire Guts Nsukka Market, Razes N200m Worth Of Goods

by AnaedoOnline
written by AnaedoOnline 3 minutes read

At least N200 million worth of goods were razed in an early morning fire outbreak at Nsukka Timber Market, Nsukka Local Government Area of Enugu State on Monday.

Fire Guts Nsukka Market, Razes N200m Worth Of Goods

The fire which started at about 3:00am, razed at least 20 shops, destroying timbers materials and machines before personnel from Nsukka Fire Service quelled it at about 7:30 am.

Though the cause of the outbreak was yet-to-be ascertained at press time, the chairman, Association of Nsukka Timber Market Traders, Jude Eze, and the local government boss, Barr. Cosmas Ibeziako Ugwueze, said no stone would be left unturned in unravelling the remote and immediate causes of the incident.

While reacting to the incident, the chairman of the market association, Eze, who said he was saddened by the development, called on the government and good spirited individuals to come to the aid of the victims to start life over again.

He said “Since I noticed this incident, I have not been my usual self because I saw the wealth of my people being crumbled, all their suffering being burnt by fire. I feel very sad.

“I pray to God to revive the spirit of those affected by this incident. May God make them strong to keep on pushing for life.

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“Goods worth over N200 million naira were damaged by this incident. It affected at least 20 traders. I want government at both state and local government levels to come to our assistance to enable the victims to continue with their businesses.

“I also want them to sink a borehole for us here and equally give us a fire-fighting vehicle to curtail incidences like this from re-occurring.”

Also, the chairman of the council area, Barr. Ugwueze, who was at the scene of the incident for an on-the-spot assessment, charged the market association to constitute a panel of inquiry to unravel the remote and immediate causes of the fire outbreak.

The chairman who also sympathised with the victims for their loses at this time of national economic crunch, also pledged to assist the victims, adding “As a government, we would also investigate the incident.

“It is no longer ordinary because there was a fire outbreak almost this time last year. So, all hands must be on deck to find a lasting solution to this incessant outbreaks.

“It is possible that one wicked person could go to the extent of setting these goods on fire,” he said.

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Cocoa Market To Open In Nnewi
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Cocoa Market To Open In Nnewi

by Brown Ebubechukwuzuloke
written by Brown Ebubechukwuzuloke 2 minutes read

As part of the campaign to integrate Cocoa farming in Anambra State and to position Nnewi as Cocoa Nursery Growers Hub in the South East and South-South, plans are underway to open a Cocoa Market in Nnewi.

Cocoa Market To Open In Nnewi

The opening of the Cocoa Market which is being mulled by the Cocoa Association of Nigeria, Anambra State Chapter, is targeted towards revolutionizing cocoa business, rehabilitation of cocoa farms and also rebranding of cocoa trade in South-East and South-South.

Anaedoonline.ng have gathered that the opening of the Market which is being championed by Chairman of Cocoa Association of Nigeria, Anambra State Chapter, Prince Dickson Samuel, is taking shape following the association’s visit to the palace of Igwe Nnewi, His Royal Highness, Igwe Kenneth Orizu (III) and the President-General of Nzuko-Ora Nnewi, Sir Ugochukwu Udemezu (Ifeneti Nnewi).

The association have started with a large nursery farm situated in Umuanuka Otolo Nnewi and also plans to establish nursery growing site throughout the twenty-one (21) local government area of Anambra State.

Facts about Cocoa

Cocoa is probably best known today as the raw material for chocolate which uses approximately 90% of the world’s cocoa production. Cocoa is among Nigeria’s leading agricultural exports and constitutes 2% of its exports annually. It is the country’s third-largest export after crude petroleum, and liquefied natural gas. Nigeria is also the fourth largest exporter of cocoa beans globally, behind Côte d’Ivoire, Ghana, and Indonesia, according to the National Export Promotion Council.

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Cocoa is almost exclusively grown in the tropics, mainly on small family and subsistence-level farms. Anambra State is blessed with the ideal climatic and environmental conditions for cocoa growing.

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IMO: Gov. Sets Up Caretaker Commitee for Market Development
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IMO: Gov. Sets Up Caretaker Commitee for Market Development

by AnaedoOnline
written by AnaedoOnline 2 minutes read

Governor Hope Uzodimma of Imo State today said that market structures in the state would be used to improve development and revenue generation of Imo state.

The Gov said this through the commissioner for Commerce and Industry, Simon Ebegbulem, in Owerri, while inaugurating a 16 member caretaker committee of the Imo State Amalgamated Market and Allied Traders Association, ISAMATA, where Emmanuel Ezeanochie served as the chairman.

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The commissioner also announced that the purpose of setting up the ISAMATA, caretaker committee, was to pave way for modern reforms for market development and revenue generation.

He said, “A caretaker committee is to pilot the affairs of this body till the next election. We were aware when they wanted to organize an election it created a lot of tension and caused so many issues.

“The governor said that he did not like what was happening and there is a need to organize the structures so that it will be easier to execute the reforms needed for market development in the state.

“Also, the aim is to drive up our revenue generation capacity. We believe that this leadership will do their best to lay a strong foundation for the development of our markets.

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“What the government wants to do is to organize the market and make it conducive so that the people will be productive”.

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