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Economy

Bitcoin Hits $49,000 as Ethereum Rises 150% YtD

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Ethereum

By Adedapo Adesanya

The Bitcoin (BTC) reached a new record on Sunday, rising above $49,000, equivalent to N23.5 million, for the first time.

The world’s largest cryptocurrency crossed the N23 million mark earlier today and has continued to surge with many expecting it to hit $50,000 within the week as the token continues to gain ground and acceptance from top companies around the world.

It is now up by about 70 per cent so far this year.

A rival cryptocurrency, Ethereum (ETH), also hit a record on Saturday and is up about 150 per cent year-to-date.

Bitcoin has been buoyed in recent months by endorsements from many people including Elon Musk, Jack Dorsey, Paul Tudor Jones and Stan Druckenmiller.

Mr Musk, who owns automobile maker, Tesla, said it will soon accept Bitcoins as a form of payment for its electric cars.

It has also been adopted by companies including Visa, Mastercard Inc. and Bank of New York Mellon Corporation, which moved to make it easier for customers to use cryptocurrencies.

This is coming at a time when the Nigerian government has placed an embargo on trading channels.

Earlier this month, the Central Bank of Nigeria (CBN) had implemented a restriction on crypto trading, instructing commercial banks and other financial institutions to close accounts involved in transactions with cryptocurrency exchanges.

The apex bank insisted that this directive was intended to protect the country’s financial system from the risks that are associated with cryptocurrencies.

Although the reasons stated by the apex bank has been rubbished by experts, the regulator showed no sign of backing down, insisting that the regulation has been in place in 2017.

Nigeria ranks as one of the leading cryptocurrency markets in the world and many experts have said regulations could not stop the trading of the digital currency as peer-to-peer trading will find popularity, a move that will eliminate the need for banks in carrying out transactions.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

Dangote Plans Seaport in Ogun to Ease Export of Petrol, Fertiliser, Others

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Dangote host media

By Adedapo Adesanya

Nigerian billionaire businessman, Mr Aliko Dangote, plans to build a seaport in Ogun State to ease the movement of goods from his factories bound for export.

According to a report by Bloomberg, the proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometres (62 miles) by road from the Dangote fertiliser plant and petrochemicals refinery in Lagos.

He will be constructing the port at the same site he had previously planned to build his refinery until infractions with the government led him to change his mind despite fulfilling some financial arrangements.

Speaking to the publication, the businessman said he has sent the paperwork to the government for permission in late June.

“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he noted.

The establishment of a seaport will make it easier for him to export goods, including petrol, liquefied natural gas, urea, fertiliser, among others, which are limited by constraints and bottlenecks on Nigerian road networks and congested seaports.

Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.

It was reported that the port will link his logistics and export operations and other competitors facilities in Lagos,  including the Lekki Deep Sea Port in Lagos.

According to the Vice-President of Dangote Industries Limited, Mr Devakumar Edwin, the firm also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta.

“We want to do a major project to bring more gas than what NLNG is doing today,” he said, adding that, “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”

These developments mark the next step in plans by the further expand his empire both home and abroad. Already, the company plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 CNG-powered trucks.

Business Post reported last week that he has also started plans to construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to the southern Africa market.

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Economy

Nigeria May See 4.4% GDP Growth, 17.1% Inflation in H2 2025—FSDH

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0.51% GDP Growth

By Adedapo Adesanya

Nigeria may achieve an economic growth of 4.4 per cent and a moderate inflation of 17.1 per cent if crude oil production improves, analysts at FSDH Merchant Bank have projected.

In a report released last week, the firm in its Nigeria Macroeconomic Report for the First Half of 2025, offered critical insights into the global and domestic economic environment.

The report titled Balancing on the Edge in a Fragile World dissected the complex interplay of global disruptions and Nigeria’s economic performance, while providing a forward-looking projection for the second half of 2025.

It said despite global trade tensions, geopolitical unrest in the Middle East, and fragile capital flows, Nigeria showed signs of resilience, underpinned by expanding non-oil exports, moderating inflation, and improving investor sentiment.

“Nigeria has demonstrated encouraging signs of macroeconomic stability in the face of global headwinds. Our PMI data suggests an expanding economy, inflation is decelerating, and exchange rate reforms are strengthening market confidence. However, sustaining this progress requires deep structural reforms, especially in energy, trade, and fiscal management,” the chief executive of FSDH Merchant Bank, Mrs Bukola Smith, was quoted as saying in the note.

For the first half of the year, the report noted that Israel-Iran conflict and a renewed tariff war under US President Donald Trump have triggered global uncertainty, with the IMF cutting global growth projections, adding that oil price volatility and trade disruptions are shaping Nigeria’s external outlook.

It also noted that Nigeria’s inflation has moderated following a revision in the Consumer Price Index (CPI) methodology, inflation slowed from 24.5 per cent in January to 23 per cent in May 2025.

The firm also affirmed that exchange rate reforms were working.

“The Naira showed relative stability, trading within a narrower band. FX reforms and CBN’s transparency have restored investor confidence,” it said, adding that, “Though official GDP data is pending, the Purchasing Managers’ Index (PMI) stayed above the 50-point threshold throughout H1, reflecting economic expansion across agriculture, industry, and services.”

It revealed that despite a decline in oil’s share of exports to 62.9 per cent (from 81 per cent in Q1 2024), crude oil production remains below budget benchmarks. This shortfall may affect fiscal performance unless addressed.

Other pointers include NGX All Share Index (NGX-ASI) which returned 16.6 per cent YTD, outperforming many global peers, while foreign portfolio investments surged to $5.03 billion in Q1 as well as the passage of four major tax laws in June, aiming to harmonize tax administration, increase compliance, and improve equity.

“These are expected to raise the tax-to-GDP ratio from 10 per cent to 18 per cent in three years,” it said.

The report then projects that if oil production improves and inflation continues its downward trend in the current half of this year, Nigeria may achieve GDP growth of 4.4 per cent, inflation at 17.1 per cent, and external reserves of $44.3 billion, provided oil output and reforms align in a best-case scenario.

However, Nigeria must leverage current momentum to deepen economic diversification, accelerate reforms in the power and petroleum sectors, and maintain coordination between fiscal and monetary policy.

“Investor sentiment has begun to turn positive. Nigeria’s bond and T-bill markets are attracting renewed interest, and equity markets are gaining momentum.

“At FSDH, we understand that in times like this, clarity and partnership matter more than ever. While we can’t control global events or predict every market move, we remain committed to helping you navigate the complexity with perspective, precision, and purpose,” the Executive Director for Global Markets and Institutional Banking at FSDH, Mr Hakeem Muhammed, said.

The report also noted cautious optimism in the bond and NT-Bills market, as yields softened in response to improved macro indicators, while oil sector stocks on the NGX continued to underperform due to global crude price pressures.

“With the MPR at 27.5 per cent, prime lending rates currently exceed 30 per cent, but projected downward trends in H2 2025 offer a more favourable outlook for debt-funded expansion and capital investments,” added Mrs Stella-Marie Omogbai, Executive Director, Corporate Banking and Branches, FSDH Merchant Bank, “Interest rates are expected to ease due to projections on MPC rates dropping to at least 27 per cent, supported by fresh capital inflows in the banking industry and reduced inflation concerns.”

“FSDH, in partnership with DFIs, will continue to provide funding at competitive rates to help businesses grow,” she further stated.

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Economy

Bitcoin Crosses Landmark $122,000 Milestone for First Time Ever

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The Economics of Bitcoin

By Adedapo Adesanya

Bitcoin crossed the $122,000 level for the first time on Monday.

The development marks a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Three major bills, the Clarity Act, the Genius Act, and the Anti-CBDC Surveillance State Act, are set to be reviewed by the US lawmakers.

The crypto asset scaled a record high of $122,482.00 on Monday, before pulling back slightly to last trade 3.9 per cent higher at $122,462.70, as of press time.

The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions, even in the face of President Donald Trump’s chaotic tariffs.

Ether (ETH), the second-largest token, scaled a more than five-month high of $3,050.90, while Ripple (XRP) and Solana (SOL) gained about 3 per cent each at $2.95 and $166.23, respectively.

Other benchmarked tokens like Finance Coin (BNB) and Dogecoin (DOGE) are also up at $703.61 and $0.2055, respectively.

Reuters reported that starting on Monday, the US House of Representatives will debate the series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.

Those demands have resonated with President Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.

The sector’s total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.

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