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Economy

Buhari, Sanwo-Olu Say New Port, Rice Mill Will Drive Economy

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Imota Rice Mill

By Adedapo Adesanya

President Muhammadu Buhari on Monday inaugurated the 16.5 metres deep Lekki Sea Port and the Imota Rice Mill in Ikorodu, in Lagos.

President Buhari, who arrived at the venue in a helicopter alongside the Governor of the state, Mr Babajide Sanwo-Olu, cut the ceremonial tape at the port at 4.42 pm.

The President, thereafter, proceeded on a brief drive-through inspection of the project.

The Lekki Deep Sea Port is a multipurpose sea port at the heart of the Lagos Free Zone, poised to be the most modern and deepest seaport in West Africa. Its promoters have said it would improve efficiency and serve as a major driver for economic growth in the region.

It offers critical support to flourishing commercial operations in Lagos state, across Nigeria, and the entire West African region. The port is ideally positioned to service the gateway for Nigeria and the surrounding West African region.

Speaking after President Buhari cut the tape, Mr Sanwo-Olu said the multi-billion naira project was a collaboration between the federal government, the Lagos state government and the private sector stakeholders.

Mr Sanwo-Olu described the project as the biggest infrastructure in the whole of West Africa, which would surely generate thousands of jobs in the country.

He said the execution of the project took off under Buhari’s administration and was completed during the President’s tenure, a milestone to be proud of.

The governor, therefore, thanked the President for his commitment to the development of the country and appreciated all those who contributed immensely to bringing the project to reality.

Prior to the arrival of the President, the State Commissioner for Commerce, Industry, and Cooperatives, Mrs Lola Akande, had in a speech said that the Deep Sea Port would complement other ports in the country.

Mrs Akande said that the port would further deepen Lagos’ position as an investment hub in Nigeria.

In a remark, the Managing Director of Lekki Port, LFTZ Enterprise, Mr Du Rougang, thanked the host community for their cooperation.

Mr Rougang said that the organisation would continue to work with relevant government agencies toward the growth of the economy.

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

Naira Tumbles at I&E, P2P, Stable at Parallel Market

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Naira value1

By Adedapo Adesanya

The Naira weakened against the American Dollar at the Peer-to-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange market (FX) on Monday, February 6, as the country continues to face a cash crunch but maintained stability in the parallel market window.

At the P2P arm of the forex market, the Nigerian currency tumbled against the greenback by N1 yesterday to close at N761/$1 versus the N760/$1 it was sold last Friday.

Also, at the I&E wing of the FX market, the local currency lost 67 Kobo or 0.15 per cent against the US currency to end the first session of the week at N462.17/$1, in contrast to the preceding session’s value of N461.50/$1.

The weakening of the Nigerian Naira happened despite the value of FX transactions going down by $3.00 million or 2.51 per cent to $122.43 million from N119.43 million.

However, in the interbank segment, the Naira appreciated against the Pound Sterling by N12.92 to close at N555.40£1 compared with N568.32/£1 as the Bank of England and the European Central Bank raised interest rates last Thursday and provided guidance suggesting it was nearing the end of its rate hiking cycle.

In the same vein, the domestic currency gained N12.92 N10.82 on the Euro to settle at N496.32/€1 compared with the previous trading session’s value of N507.14/€1.

In the black market, the Naira maintained stability against the United States Dollar, remaining unchanged at N753/$1.

Meanwhile, the crypto space was bearish yesterday as the bullish momentum witnessed last week begin to wear off after last Friday’s stronger-than-expected US non-farm payrolls report, which made investors question the US Federal Reserve’s view that inflation has peaked.

Cardano (ADA) went down by 1.9 per cent to trade at $0.3865, Solana (SOL) depreciated by 1.6 per cent to $23.03, Dogecoin (DOGE) fell by 1.3 per cent to $0.0905, Ripple (XRP) lost 0.8 per cent to trade at $0.3947, Bitcoin (BTC) slid by 0.3 per cent to $22,865.03, and Ethereum (ETH) declined by 0.02 per cent to sell at $1,627.56.

But Litecoin (LTC) went up by 2.8 per cent to $98.69, as Binance Coin (BNB) climbed higher by 0.1 per cent to $326.28, while Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.

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Economy

Oil Prices Rise as Earthquakes Hit Turkey, Syria

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oil prices cancel iran deal

By Adedapo Adesanya

Oil prices rose on Monday, buoyed by supply concerns following earthquakes in Turkey and Syria.

Brent crude futures rose 46 cents or 0.6 per cent to $80.40 a barrel, as the United States West Texas Intermediate (WTI) crude futures jumped by 20 cents or 0.3 per cent to $73.59 a barrel.

Massive earthquakes that struck Turkey and Syria on Monday halted operations at Turkey’s major oil export hub in Ceyhan and stopped key crude oil flows from Iraq and Azerbaijan, officials said.

It has been regarded as the worst tremor to strike Turkey this century and was followed in the early afternoon by another large quake of magnitude 7.7.

The Tribeca shipping agency said in a notice that the BTC terminal at Ceyhan that exports Azeri crude oil will be closed through Wednesday pending damage assessments. Azerbaijan uses the Turkish port of Ceyhan as its main crude export hub, with a flow of about 650,000 barrels per day.

According to Reuters, following Monday’s earthquake, Iraq’s Kurdistan Regional Government (KRG) also halted flows through the pipeline it operates that runs from Iraq’s northern Kirkuk fields to Ceyhan, the region’s ministry of natural resources (MNR) said.

The KRG had been pumping 400,000 barrels per day, and Iraq’s federal government was pumping 75,000 barrels per day through the pipeline.

It was also reported that oil exports would resume after a “careful inspection of the pipelines is finalised,” the MNR said in a statement.

Also supporting prices was the prospect for China’s recovery after the relaxation of COVID-19 restrictions continued to drive the value of the commodity.

The International Energy Agency (IEA) expects half of this year’s global oil demand growth to come from China. The agency’s chief, Mr Fatih Birol, disclosed this on Sunday, adding that jet fuel demand was surging.

“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Mr Birol said, referring to a call of action for the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+.

The 23-man group decided to cut output by 2 million barrels a day from November through 2023 instead of pumping more to cut fuel prices and help the global economy, as the US advised.

Also, price caps on Russian products took effect on Sunday, with Group of Seven (G7) nations, the European Union and Australia agreeing on price limits of $100 a barrel on diesel and other products that trade at a premium to crude and $45 a barrel for products that trade at a discount, such as fuel oil.

The price ceilings, together with an EU ban on Russian oil product imports, are part of a broader agreement among the Group of Seven (G7) countries. It follows a $60 per barrel cap on Russian crude that G7 countries imposed on December 5 as the G7, the EU and Australia seek to limit the country’s ability to fund its war in Ukraine.

Both caps prohibit Western insurance, shipping and other companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps.

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Economy

NGX Upgrades Price Stock Group of Eterna

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price stock group of Eterna

By Dipo Olowookere

The price stock group of Eterna Plc has been moved upward by the Nigerian Exchange (NGX) Limited, Business Post reports.

In a regulatory notice on Monday, the bourse noted that it upgraded the stock category of the energy company from a low-price stock group to a medium-price stock group.

This action, according to the exchange, was necessitated after the stability in the price of the company’s equities within four of the last six months in the new price category, in line with its price methodology framework.

“Equity securities of quoted companies on the exchange (NGX) are classified into three stock price groups or categories; high-priced, medium-priced, and low-priced stocks, based on their market price.

“In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price group’s specified price band to be classified into the category.

“Accordingly, a review of Eternal Plc stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.

“This reclassification also necessitates the attendant change in the tick size change from N0.01 kobo to N0.05 kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the exchange, 2015 (trading license holders’ rules),” the statement from the platform stated.

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