Economy
OPEC Lauds Nigerian Government over Passage of PIB
By Adedapo Adesanya
The Nigerian government has been applauded by the Organisation of Petroleum Exporting Countries (OPEC) for the passage of the Petroleum Industry Bill (PIB) by the nation’s legislative arm of the government.
The Secretary-General of OPEC, Mr Mohammad Barkindo, who is a Nigerian, said President Muhammadu Buhari and the National Assembly have done well for this feat.
Speaking at the ongoing 20th Nigeria Oil and Gas Conference (NOG) in Abuja themed Fortifying the Nigeria Oil and Gas industry For economic growth and Stability, submitted that the bill will boost the country’s energy sector.
“Mr President, allow me, on behalf of OPEC, to congratulate you on the Petroleum Industry Bill (PIB), which was just passed by both chambers of the National Assembly of our great country.
“This long-awaited legislation for the oil and gas sector will help guide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.
“The ninth National Assembly has engraved itself in gold in passing the Petroleum Industry Bill,” Mr Barkindo said.
He noted that OPEC was deeply indebted to President Buhari for the leading role he has played and continues to play in support of the OPEC-non-OPEC Declaration of Cooperation (DoC) process.
“This historic achievement has ushered in a new era in the global energy cooperation as OPEC and its non-OPEC partners continue to provide crucial support to the oil market, in the interest of producers, consumers and the global economy,” he said.
He also commended the Minister of State for Petroleum Resources, Mr Timipre Sylva, for his leadership and active participation to ensure a lasting stability in the oil market.
“On the domestic front, your ongoing contributions and leadership in guiding Nigeria’s energy industry into the future are both impressive and commendable,” he said.
On the 50th anniversary of Nigeria membership of OPEC, Mr Barkindo said it would be celebrated with a special OPEC bulletin.
Business Post had reported that Nigeria will mark its 50th anniversary of joining the cartel on July 12.
“We commemorate this golden anniversary with a very special edition of the OPEC bulletin, which provides us with a splendid walk down memory lane from July 1971 when Nigeria joined OPEC to the present day.
“This collector’s edition will be a fitting tribute for a nation that has been so instrumental in the OPEC’s rich history.
“OPEC and Nigeria have sown the seeds of friendship to build a highly fruitful and mutually beneficial relationship, forging strong ties that will last forever.
“Both the Nigeria at 50 special edition of the OPEC Bulletin and the 60th Anniversary Book chronicle will pay due tributes to this enduring partnership,” he said.
On the global economy, he predicted a growth of 5.5 per cent this year with recovering recorded so far.
“We forecast world oil demand to rise by 6.0 million barrels per day. Both the economy and oil demand are expected to see accelerated growth in the second half of this year.
“There is, however, a range of uncertainties that we are monitoring closely.
“These include an elevated risk of inflation due to massive financial stimulus programmes, uneven vaccine rollouts across the world and the COVID-19 Delta variant, which is now even impacting countries with high vaccination rates.
“This challenging backdrop will require the Declaration of Cooperation (DoC) producers to remain proactive, flexible and vigilant.
“This prudent approach moving forward will enable the DoC to remain agile and responsive while avoiding unwanted market imbalance after April 2022,” he said.
He commended the organisers of the NOG and urged participants to effectively participate and make contributions that would help drive the needed economic growth and stability of the sector.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.58 per cent on Tuesday, May 19, buoyed by strong investor appetite for unlisted securities.
Data from the bourse showed that the volume of securities traded during the session ballooned by 365,661.8 per cent to 1.9 billion units compared with the previous day’s 514,142 units, as the value of transactions surged by 30,433.9 per cent to N5.3 billion from the preceding session’s N17.4 million, and the number of deals increased by 22.2 per cent, as these trades were executed in 60 deals versus the 27 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc ended the trading session as the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities and Clearing System (CSCS) Plc with 60.9 million units exchanged for N4.1 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
During the session, there were three price gainers and one price loser, led by Afriland Properties Plc, which went down by 5 Kobo to trade at N16.90 per share versus the previous day’s N16.95 per share.
But FrieslandCampina Wamco Plc appreciated by N12.45 to N151.79 per unit from N146.55 per unit, CSCS Plc expanded by 62 Kobo to N70.62 per share from N70.00 per share, and UBN Property Plc added 20 Kobo to close at N2.24 per unit versus N2.04 per unit.
At the close of business, the NASD Unlisted Security Index (NSI) rose by 24.05 points to 4,157.75 points from 4,133.70 points, and the market capitalisation chalked up N14.39 billion to close at N2.487 trillion compared with Monday’s N2.473 trillion.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 19, by 17 Kobo or 0.01 per cent to trade at N1,373.87/$1 compared to the previous day’s N1,373.70/$1.
However, the domestic currency appreciated against the Pound Sterling in the same market window by 5 Kobo to close at N1,839.61/£1 versus Monday’s rate of N1,839.66/£1, and gained N5.97 against the Euro to settle at N1,594.52/€1, in contrast to the preceding session’s N1,600.49/€1.
Data from GTBank FX bench showed that the Naira appreciated against the US Dollar yesterday by N2 to sell at N1,381/$1 versus N1,383, and at the parallel market, it remained unchanged at N1,390/$1.
The outcome across the board came as Nigeria’s external reserves have shown signs of improvement in recent weeks, which may provide some support for FX market interventions by the Central Bank of Nigeria (CBN) and broader macroeconomic stability efforts.
Currency traders and investors are expected to continue monitoring CBN policy direction, foreign portfolio inflows, crude oil earnings, and external reserve performance as key indicators influencing the naira’s trajectory in the coming months.
The Monetary Policy Committee (MPC) meeting began on Tuesday with announcements of decisions expected later on Wednesday after inflation ticked up in April.
In the cryptocurrency market, major digital coins were down as traders focused on macro data, oil prices, and inflation, while the US Senate advanced a measure that could force President Donald Trump to seek congressional approval for the Iran war.
Ripple (XRP) went down by 1.3 per cent to $1.36, Dogecoin (DOGE) slid by 0.9 per cent to $0.1034, Cardano (ADA) dropped by 0.7 per cent to $0.2499, Ethereum (ETH) declined by 0.5 per cent to $2,124.02, Solana (SOL) depreciated by 0.5 per cent to $84.67, TRON (TRX) dipped by 0.4 per cent to $0.3551, and Binance Coin (BNB) slumped 0.1 per cent to $641.39.
On the flip side, Bitcoin (BTC) appreciated by 0.3 per cent to $77,114.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Nigerian bourse rebounded by 0.57 per cent on Tuesday despite weak investor sentiment triggered by a negative market breadth index after finishing with 26 price gainers and 31 price losers.
Customs Street was saved from a further decline due to buying interest in some mid and large-cap equities, which offset profit-taking in others.
It was observed that the insurance sector bled by 1.64 per cent and the consumer goods index depreciated by 0.93 per cent. However, the industrial goods space appreciated by 2.27 per cent, the banking counter improved by 0.98 per cent, and the energy industry rose by 0.11 per cent.
Consequently, the All-Share Index (ASI) gained 1,430.59 points to settle at 251,635.42 points compared with the previous day’s 250,204.83 points, and the market capitalisation chalked up N917 billion to close at N161.280 trillion versus the N160.363 trillion it ended a day earlier.
FTN Cocoa led the advancers’ chart after rising by 10.00 per cent to trade at N9.79, Zichis increased by 9.97 per cent to N29.13, SAHCO jumped by 9.79 per cent to N156.95, Caverton flew by 9.76 per cent to N6.75, and Japaul grew by 9.73 per cent to N3.72.
Conversely, Unilever Nigeria depreciated by 10.00 per cent to N153.00, Trans-Nationwide Express crashed by 9.92 per cent to N6.99, Sovereign Trust Insurance fell by 9.81 per cent to N2.39, McNichols slumped by 9.26 per cent to N7.25, and Austin Laz declined by 7.28 per cent to N4.20.
The busiest stock on the floor of the Nigerian Exchange (NGX) Limited yesterday was Access Holdings with 88.4 million units sold for N2.3 billion. Linkage Assurance transacted 46.2 million units valued at N83.5 million, Sterling Holdings traded 44.9 million units worth N349.3 million, Secure Electronic Technology exchanged 35.0 million units valued at N31.6 million, and Zenith Bank sold 30.4 million units for N4.0 billion.
At the close of trades, a total of 704.0 million units worth N32.2 billion were executed in 64,539 deals versus the 800.5 million units valued at N37.1 billion traded in 87,096 deals on Monday, implying a decline in the trading volume, value, and number of deals by 12.06 per cent, 13.21 per cent, and 25.90 per cent, respectively.
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