Economy

Drop in US Inventories, Improved Demand Spur 2% Rise in Brent

Published

6 years ago

13/08/2020

By Adedapo Adesanya

News that oil inventories fell in the largest producing country, the United States, boosted major oil benchmarks by 2 per cent on Wednesday backed by hopes that fuel demand will withstand the coronavirus pandemic.

The international benchmark, Brent crude futures was up by 84 cents or 1.89 per cent at $45.34 per barrel, while the US benchmark, West Texas Intermediate (WTI) crude futures increased by 95 cents or 2.28 per cent to $42.56 per barrel.

Prices had found support when data from the American government through the Energy Information Administration (EIA) on Wednesday showed that crude inventories fell by 4.5 million barrels.

This marked a consecutive week of output drops after it fell to 10.7 million barrels per day from 11 million barrels in the previous week, according to the report.

Another industry group, the American Petroleum Institute (API), reported a weekly decrease of roughly 4 million barrels, according to data released on Wednesday.

The biggest obstacle for the oil market continues to be the uncertainty surrounding the coronavirus and with the global tally for confirmed cases of the coronavirus at more than 20.7 million, there are still some fears about demand worries.

Meanwhile, in a monthly report issued Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) said it now expects global oil demand growth to fall by 9.1 million barrels a day this year to 90.6 million barrels per day, due mainly to lower economic activity levels in developing economies.

The expected decline in demand growth is 100,000 barrels a day lower than last month’s forecast, spelling hope that the market might hold on through the pandemic.

“The forecast assumes that COVID-19 will largely be contained globally, with no further major disruptions to the global economy,” OPEC said in its report.

However, it added that “the global economic growth forecast for 2020 is revised down to -4.0 per cent compared to last month’s forecast of -3.7 per cent, following a further negative impact from the COVID-19 pandemic.”

Demand growth in 2021 is expected to rise by 7 million to 97.6 million barrels per day unchanged from July’s forecast while demand for OPEC crude in 2021 is anticipated to average 29.3 million barrels per day in 2021, around 5.9 million barrels per day higher than the average of 2020.

The COVID-19 pandemic, which began in the first quarter of 2020, has quickly spread around the world, causing a recession in the global economy as well as an unprecedented shock in global oil demand, leading to a large supply glut on the oil market.

Another factor that could boost the market, however, remains undecided. Investors are now showing uncertainty over the indecision in the US over a stimulus package meant to support recovery from the pandemic and this may weigh on prices.

Economy

CAC Introduces Direct Payment Option to Ease Business Registration

Published

2 hours 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.