Economy
Oil Plunges 5% as IMF Cuts Global Growth Forecasts
By Adedapo Adesanya
Oil prices plunged more than 5 per cent on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation.
Brent crude fell 5.07 per cent or $5.74 to sell at $107.40 per barrel, while the price of the United States West Texas Intermediate (WTI) went down by $5.70 or 5.27 per cent to $102.50 a barrel.
The Bretton Wood institution cut its global growth forecasts because of the war in Ukraine, warning that Russia’s invasion could lead to the fragmentation of the world economy into rival blocs.
In its latest World Economic Outlook, the IMF said prospects had worsened “significantly” in the past three months as it reduced its growth estimate for 2022 from 4.4 per cent to 3.6 per cent.
While this affected the market, the oil space was also hit as it sounded a special warning about China’s economy, the largest oil importer in the world.
China’s GDP growth estimate for 2022 was revised downward to 4.4 per cent from its 4.8 per cent estimate in January. Citing what it called a “worsening” economic slowdown, the IMF said it expected a longer downturn in China, despite preparations for the reopening of factories in Shanghai, which could lead to a rise in fuel demand.
“In addition, the combination of more transmissible variants and the strict zero-Covid policy could continue to hamper economic activity and increase uncertainty.
“Larger disruptions could impact key commercial activities, including through port lockdowns,” it wrote.
China’s COVID lockdown due to an Omicron outbreak helped pressure oil prices down last week, with Shanghai factories closed, resulting in lower demand.
Prices also fell despite lower output from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), which produced 1.45 million barrels per day below its targets in March, as Russian output began to decline following sanctions imposed by the West.
According to an OPEC+ report, last month, members’ combined crude oil production lagged behind the quota by 1.45 million barrels per day, with the compliance rate shooting up to a record 157 per cent since the start of the 10 million barrels per day production cut agreed upon in April 2020.
Russia’s crude oil production, in particular, averaged 300,000 barrels per day below target at 10.018 million barrels per day.
The OPEC+ crude production in March fell further behind the target levels after February output was more than 1 million barrels per day below the collective quota and the compliance rate was 136 per cent.
Meanwhile, disruptions from Libya remain as the country’s National Oil Corp (NOC) declared force majeure on some output and exports as forces in the east expanded their blockade of the sector over a political standoff.
NOC on Tuesday declared force majeure at the Brega oil port over more closures.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week in the southern territory after further losing 0.59 per cent on Friday, April 10.
This happened as three price decliners weakened the NASD market due to continued sell-offs. The bourse did not finish in green this week.
11 Plc lost N24.70 to close at N222.30 per share compared with the previous day’s N247.00 per share, MRS Oil dropped N1 to settle at N164.00 per unit versus Thursday’s N165.00 per unit, and Geo-Fluids decreased by 25 Kobo to N3.00 per share from N3.25 per share.
As a result, the market capitalisation shrank by N13.79 billion to N2.315 trillion from N2.329 trillion, and the NASD Unlisted Security Index (NSI) declined by 23.05 points to 3,870.45 points from 3,893.50 points.
Yesterday, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which chalked up N1.07 to sell at N64.21 per unit versus N63.50 per share, and Impresit Bakalori Plc appreciated by 22 Kobo to N2.42 per share from N2.20 per share.
The volume of securities fell by 81.9 per cent to 188,593 units from 1.04 million units, the value of securities decreased by 36.3 per cent to N25.7 million from N40.4 million, and the number of deals remained unchanged at 26 deals.
Great Nigeria Insurance (GNI) Plc was 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 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units worth N1.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by Resourcery Plc with 1.1 billion units s0ld for N415.7 million and Infrastructure Guarantee Credit Plc with 400 million units traded at N1.2 billion.
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