Fitch Forecasts Brent Crude Price at $100 Per Barrel for 2022

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Modupe Gbadeyanka The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, Mr Adebayo Adelabu, has resigned from the banking sector regulator. A statement issued on Thursday by the Acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, disclosed that Mr Adelabu’s resignation has been approved by President Muhammadu Buhari. However, the disengagement of the deputy governor will take effect from Sunday, July 15, 2018. Mr Adelabu is planning to seek political office in Oyo State and as part of his rule, he is expected to resign from public office. According

By Adedapo Adesanya The Naira depreciated against the American Dollar by 4.1 per cent or N30.26 at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, August 15, amid a continued liquidity crisis. Business Post reports that the Naira was transacted against the greenback at N774.77/$1, in contrast to the N744.51/$1 it was traded on Monday. This came as the daily forex turnover for yesterday closed at $95.79 million, 40.2 per cent or $64.43 million lower than the $160.22 million achieved a day earlier. In the Peer-2-Peer (P2P) window, the Nigerian currency appreciated against the US

By Aduragbemi Omiyale The efforts of Jumia Nigeria in ensuring that products of Unilever Nigeria Plc get to the end-users have been recognised and this has made the management of Unilever name the leading e-commerce platform in Africa as its Best Logistics Partner. To help other businesses overcome the significant logistical challenges in Africa, Jumia opened up its logistics services to third parties in 2020, offering them a modular range of logistics and fulfilment solutions that can be tailored to their specific needs. This action has immensely benefited Unilever as its consumers across the country get its products due to

By Dipo Olowookere The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited depreciated by 0.07 per cent or 35.21 points on Monday to 49,440.21 points from 49,475.42 points. The decline suffered by the exchange yesterday was inflicted by Seplat, GTCO and others, reducing the market capitalisation by N19 billion to N26.667 trillion from N26.686 trillion. ABC Transport topped the losers’ log during the session after it lost 10.00 per cent to settle at 27 Kobo. University Press declined by 9.44 per cent to N1.63, Mutual Benefits went down by 6.90 per cent to 27 Kobo, RT Briscoe decreased by

By Aeniyi Ogunfowoke One of the most challenging aspects of getting a grip on your finances is finding your money leaks and plugging them up. If you do not find these leaks, you will continue to spend money indiscriminately. Jumia Travel, the leading online travel agency, shares ways for you to find money leaks and permanently plug them in order to save enough to travel. Use a budget  Having a budget means putting a cap on your free spending. In other words, unless an expense is absolutely necessary, that is when you should spend. Without a budget, you will never find your

By Modupe Gbadeyanka Acting Managing Director of the Bank of Industry (BoI), Mr Waheed Olagunju, has expressed the bank’s readiness to partner entrepreneurs in fitting its funding to achieving greater economic impact. Mr Olagunju said that the BoI had simplified the loan application and approval process by taking it online and eliminating time-wasting trips to various office locations across the country. He disclosed this via the bank’s Divisional Head, Small and Medium Enterprises, South, Mr Mohammed Abdul-Ganiyu. The BoI boss urged customers and would-be beneficiaries to approach the bank with inputs that would enable it to serve them optimally. “We

In order to enable the seamless settlement of trades across Africa as it starts trading in a few weeks, the Lagos Commodities and Futures Exchange (LCFE) has indicated its readiness to partner with Ecobank, a pan African financial institution with operations with over 30 countries. Managing Director of LCFE, Mr Akin Akeredolu-Ale, said the agency needs a bank that has the required African spread and superior technology like that of Ecobank that can support it to accomplish its mandate to formalize trade across the continent. He said the exchange was determined to give Africa trade the needed structure that will

By Adedapo Adesanya It was another bullish trading day on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday as the bulls extended their stay at the market for another session with a marginal growth of 0.01 per cent. The favourable outcome came on the back of gains recorded by NASD Plc as the company saw its equity grow by 13 kobo or 0.7 per cent to close at N19.30 per unit in contrast to N19.17 per unit it closed at the previous session. As a result of this, the NASD unlisted security index (NSI) moved up by