Oil Prices Jump 5% as Ship Blockage Disrupts Crude Flows

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

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 Dipo Olowookere The African Export-Import Bank (Afreximbank) has welcomed a new member, Madagascar, which joined as the latest participating state. Membership of the bank gives Madagascar automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones. A statement issued on Monday by the continental trade finance institution revealed that Minister of Foreign Affairs of Madagascar, Béatrice Jeanine Atallah, formalized the country’s membership of

By Olukayode Kolawole I had completed the official assignment I went for. It was time to go back to Lagos after spending a week long in the heart of Cross River. My flight had already been booked. For the first time in my life, I was away from home and yet didn’t miss home. Tinapa Lakeside hotel was good to me. The hotel staff were the friendliest people I had ever met. The hotel facilities were 5-star rated even though it was a 4-star hotel. But none of this was responsible for my willingness not to return home to my

By Adedapo Adesanya    The Organization of the Petroleum Exporting Countries (OPEC) daily basket price stood at $44.24 per barrel on Wednesday, compared with $44.29 per barrel the previous day, according to the latest OPEC Secretariat calculations. The average of 13 crudes prices dropped 5 cents or 0.11 per cent day-on-day as prices generally fell at the market due to rise in crude inventories just as fresh tensions rose between the United States and China is beginning to make traders fret. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno

By Adedapo Adesanya The National Emergency Management Agency (NEMA) has begun the recertification of emergency response officers in Lagos State to reduce casualty and loss of lives during emergencies. This made this known by Mr Ibrahim Farinloye, the Acting Zonal Coordinator, South-West Zonal Office at a two-day Basic First Aid/Recertification Course organised for emergency responders in Lagos on Thursday. The participants included officers of NEMA, Federal Airports Authority of Nigeria (FAAN), Lagos State Emergency Management Agency (LASEMA), LASEMA Response Unit (LRU), Federal Fire Service and Police Disaster Management Unit. Mr Farinloye said the training, which was being organised in collaboration

By Modupe Gbadeyanka Residents of Iba Community have been implored to put to good use the newly rehabilitated Primary Health Care [PHC] centre in the area and also ensure its full utilization. Speaking at the formal handing-over and commissioning of the newly rehabilitated Iba Primary Health Care centre in Iba Local Council Development Area (LCDA), the Lagos State Governor, Mr Akinwunmi Ambode highlighted his administration’s objectives to develop flagship Primary Healthcare Centres across the nooks and crannies of the State. Governor Ambode, represented at the event by the Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade, assured residents of

By Adedapo Adesanya The Kwara State Government has announced the immediate reversal of the pay cut and leave without pay directive to workers on its payroll. Commissioner for Tertiary Education, Science and Technology, Mrs Sa’adatu Modibbo Kawu, made this announcement in a statement on Monday. According to the Commissioner, the present administration under the Governor Abdulrahman Abdulrazak will continue to prioritise the welfare of staff and students, while ensuring accessible and qualitative learning in all institutions. “We recognise that the world is facing serious economic crisis at this time and Kwara is not immune. Even then, the Ministry of Tertiary

By Ahmed Rahma The Central Bank of Nigeria (CBN) on Wednesday instructed commercial banks and other financial institutions in the country to accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card as means of identification for financial transactions. The Director of Finance Policy Regulation Department, Dr Kevin Amugo, explained that the directive was necessitated by the challenges which refugees and asylum seekers experience with means of identification when they engage in financial transactions. Dr Amugo, in a circular to the banks, financial institutions and payment service providers in the country, noted that “MRCTD issued by the Nigeria Immigration Services;

By Modupe Gbadeyanka Nigeria’s fastest growing retail bank, Diamond Bank Plc, has launched an Artificial Intelligence (AI) Chatbot called Ada. The lender is leveraging pioneering technology to reach more customers with an enhanced service in Nigeria using AI technology to provide a human-like interaction and personalized experience for Diamond Bank customers. As Ada learns from past interactions, Diamond Bank can offer more relevant and timely solutions that are really simple for customers to use. A statement issued by the bank in Lagos explained that Ada enables transactions such as airtime purchase, bill payments, stock trading, and money transfers all via