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Nigeria’s Stock Exchange (NSE) market hit the ₦17 trillion jackpot, owing to favourable stocks from key sectors. Sectors that have proved COVID-proof. And speaking of COVID, we see NTDs should also concern Nigeria’s health sector, besides the pandemic.
November 13th, 2020
Nigeria’s Stock Exchange (NSE) market hit the ₦17 trillion jackpot, owing to favourable stocks from key sectors. Sectors that have proved COVID-proof. And speaking of COVID, we see NTDs should also concern Nigeria’s health sector, besides the pandemic.
Alas, some good news on the horizon. According to the Ministry of Water Resources, 70% of Nigerians now have access to basic water supply. In a joint survey with the National Bureau of Statistics, UNICEF and African Development Bank, the ministry revealed that about 9 million more Nigerians had access to water in 2019. This followed a two percent increase from 2018’s 68% access. On the side of basic sanitation access, Engr Suleman Adamu observed another two percent increase, accounting for 44% over 2018’s 42%.
While 2019 shows appreciable gains in sanitation, 2020 may not be so fortunate. The pandemic that ravaged Africa’s most populous nation saw water access drop to worrisome levels in rural communities. This was the premise for the Partnership for Expanded Water Supply, Sanitation and Hygiene (PEWASH) project. But as to its successes, we must wait and see.
We noted earlier how amid the losses incurred post-COVID, Net Foreign Exchange Inflow (NFEI) increased by 18% in June and July. Today, we see similar appreciable gains in the Nigerian Stock Exchange (NSE). A three day streak saw the stock market hit a ₦17 trillion mark, with investors gaining ₦1.18 trillion per day. Gains came from large and medium value stocks in communications, banking and finance. Chief among which include MTN Nigeria Communications, Stanbic IBTC Holdings, NASCON Allied Industries, Dangote Sugar Refinery, and Ardova Plc.
Earlier, we noted how the Nigerian Communication Commission remitted revenue to the GDP, 5.37% more than oil in the second quarter of 2020. Likewise, we noted how Dangote’s revenue increased by 12% this year. Not only did these undoubtedly contribute to the NSE’s recent victories, but they also paint a picture of necessity during a pandemic. Banking, communications and food were essential during lockdown, and would see favourable stocks.
The Federal Mortgage Bank revealed plans to deliver 5000 housing units in 12 months besides 2500 units under labour projects. FMBN noted the plan was part of the Federal Government’s National Economic Sustainability Plan. Specifically, the Bank hinged its ambitious plans on the National Housing Fund, which had disbursed ₦265 billion to subscribers. Subscribers, which had grown to 5.1 million, following the entrance of 570,000 new contributors.
To recap, the National Housing Fund aims at mobilising funds for affordable housing for Nigerians. To that end, it mandates a contribution of 2.5% of the monthly salary of Nigerians who earn above ₦3000. However, the Managing Director of FMBN, Ahmed Dangiwa, maintained that only 34 of the 36 states complied with this regulation. Nonetheless, the FMBN has seen 8700 new homes built in three years. This growth represented a 43% increase, bringing a cumulative of 29,133 funded housing units in total.
In other news, besides COVID-19, Nigeria should worry about NTDs. During a UNICEF organised media dialogue, Dr Anyaike Chukwuma revealed that no less than 122 million Nigerians stand the risk of contracting 12 of 20 Neglected Tropical Diseases. Already, two in every three persons suffer from one or more NTDs, and this number may rise. The National NTDs coordinator further attributed the challenge to the poverty challenge in the country. That is besides bad sanitation and inadequate healthcare.
Things are not impenitent, however, Doctor Chukwuma notes. NTDs are caused by disease pathogens, which are treatable. HE further stressed that the government cannot talk about economic development without addressing NTDs. As it stands, sufferers live in Africa, 40% strong, per recent statistics. Not to mention all the 36 states, including the FCT, are endemic for one or two NTDs.
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Nigeria’s Stock Exchange (NSE) market hit the ₦17 trillion jackpot, owing to favourable stocks from key sectors. Sectors that have proved COVID-proof. And speaking of COVID, we see NTDs should also concern Nigeria’s health sector, besides the pandemic.
