Economy

Brent Returns to $44 over Supportive Crude Data, Instability Fears

Published

6 years ago

05/08/2020

By Adedapo Adesanya

Brent crude returned to the $44 per barrel region on Tuesday following expectations of positive data on US crude inventories and fear of instability as explosions rocked Middle Eastern country, Lebanon.

The international benchmark rose by 18 cents or 0.41 per cent yesterday to trade at $44.33 per barrel, while the US West Texas Intermediate (WTI) crude gained 52 cents or 1.27 per cent to trade at $41.53 per barrel.

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 8.587 million barrels for the week ending July 31.

Analysts had predicted a modest inventory draw of 3.267 million barrels.

In the previous week, the API reported a significant and unexpected draw in crude oil inventories of 6.829 million barrels after analysts had predicted a small build.

The market will, however, be looking at the more closely watched data from the Energy Industry Administration (EIA) which is due Wednesday morning.

Analysts are expecting inventories data from the EIA to show a fall of 4.1 million barrels.

According to the group, US crude inventories fell 10.6 million barrels last week, the largest drop of the year.

Also, investors were on the lookout as an explosion rocked Lebanon’s main port in the capital Beirut, stoking fears over instability in the region.

Footage showed what appeared to be a fire, followed by crackling lights and then a larger explosion as an enormous cloud of smoke engulfed the area around the Port of Beirut. Authorities said it was caused by highly explosive materials at the port, but didn’t immediately say whether it was an accident or an attack.

Meanwhile, worries remain about overall demand as the COVID-19 pandemic continues. The global tally of confirmed cases climbed above 18.3 million on Tuesday.

In addition, the market is also weighing the relaxation of curbs on output by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, which has continued to shadow the market, analysts said.

OPEC+ pledged to cut output by 9.7 million barrels a day beginning in May, easing to 7.7 million barrels a day this month and running through the end of the year.

Countries that exceeded the earlier curb are supposed to further curtail output, which means output is targeted to rise by around 1.5 million barrels a day beginning this month, though sceptics doubt that past laggards such as Iraq and Nigeria in the agreements will fully comply.

Economy

CAC Introduces Direct Payment Option to Ease Business Registration

Published

1 hour ago

07/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Businesses operating in Nigeria can now register easily as the Corporate Affairs Commission (CAC) introduces a direct payment option on its portal.

A statement posted on the commission’s handle on X (formerly Twitter) on Wednesday noted that the move is aimed at streamlining registration services as well as optimising the portal for efficiency.

“The Corporate Affairs Commission (CAC) wishes to notify its esteemed customers that payments for the following filings can now be conveniently made directly on our portal via ReVOps on the Intelligent Company Registration Portal (iCRP),” it announced.

The Revenue Optimisation and Assurance Project (REV-OP) was launched last year to strengthen public financial management.

The initiative focuses on blocking revenue leakages and improving transparency across government agencies.

It is built on three pillars: transparency, efficiency, and digital transformation.

The new payment systems allow users to pay for services through ReVOps on its Intelligent Company Registration Portal (iCRP).

Before now, the previous payment structure relied on the Remita gateway, which supported debit cards, bank transfers, and branch payments.

According to the Commission, the initiative is part of efforts to improve service delivery and streamline its processes for users.

The CAC listed services now eligible for direct payment include Annual Returns Filing, Change of Business Address, Cessation of Business, Change of Name, and Change of Objects.

It added that other services, such as Change of Proprietor or Partner details, are Certified True.

The move aligns with the federal government’s broader push to digitise public finance and improve revenue collection through technology.

REV-OP enables real-time monitoring and data-driven decision-making, marking a shift toward a more technology-driven approach to government revenue systems.

Economy

Nigerians Pay More to Buy Eggs, Beans, Garri

Published

6 hours ago

07/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigerians paid more to buy staple foods, including eggs, beans, and garri, in March 2026 compared with what they paid in the preceding month, according to the National Bureau of Statistics (NBS).

The agency, in its Selected Food Prices Watch report for March 2026, released on Wednesday, said that the average price of eggs (a crate of 30 pieces) on a month-on-month basis went up by 2.00 per cent from N6,007.35 in February 2026.

However, the price of the proteinous meal decreased by 20.12 per cent on a year-on-year basis from N7,670.56 recorded in March 2025 to N6,127.63 in March 2026.

Similarly, the report said that the average price of 1kg of brown beans decreased by 49.39 per cent on a year-on-year basis from N2,616.26 in March 2025 to N1,325.85 in March 2026, but on a month-on-month basis, the price increased by 1.41 per cent from the N1,307.44 recorded in February 2026. It also showed the average price of 1kg of white garri decreased by 41.19 per cent on a year-on-year basis from N1,362.96 in March 2025 to N801.4 in March 2026, and on a month-on-month basis, it rose by 1.38 per cent from the N790.62 recorded in February 2026.

The report said that the average price of 1kg of onion decreased by 19.63 per cent from N1,434.85 recorded in March 2025 to N1,153.14 in March 2026. On a month-on-month basis, 1kg of onions increased by 1,59 per cent in March from the N1,135.12 recorded in February 2026.

The report said the average price of 1kg of fresh ginger increased by 20.46 per cent from the N4,600.23 recorded in March 2025 to N5,541.25 in March 2026. On a month-on-month basis, 1kg of ginger increased by 0.61 per cent in March from the N5,507.43 recorded in February 2026.

However, it said the average price of one litre of palm oil decreased by 4.71 per cent on a year-on-year basis from N2,511.77 recorded in March 2025 to N2,393.38 in March 2026.

Economy

NASD Exchange Rises 1%

Published

8 hours ago

07/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 1.00 per cent on Wednesday, May 6.

During the session, 11 Plc soared by N19.10 to sell at N210.10 per unit compared with the previous day’s N191.00 per unit, FrieslandCampina Wamco Nigeria Plc gained N9.90 to close at N116.80 per share versus N106.90 per share, Food Concepts Plc rose by 23 Kobo to N2.59 per unit from N2.36 per unit, and IPWA Plc increased by 3 Kobo to trade at N7.3o per share compared with the preceding day’s N7.27 per share.

As a result, the market capitalisation went up by N24.32 billion to N2.454 trillion from N2.429 trillion, and the NASD Unlisted Security Index (NSI) grew by 40.64 points to 4,101.58 points from 4,060.94 points.

It was observed that at midweek, there were two price decliners led by Okitipupa Plc, which shrank by N5.00 to finish at N300.00 per unit compared with the previous day’s N305.00 per unit, and Central Securities Clearing System (CSCS) Plc dipped by N1.14 to N76.00 per share from N77.14 per share.

The volume of securities traded by investors fell by 9.5 per cent to 506,651 units from the 679,768 units recorded a day earlier, and the number of deals slid by 15.9 per cent to 37 deals from 44 deals, while the value of securities went up by 25.5 per cent to N44.8 million from the N30.9 million recorded on Tuesday.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 60.3 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.