Economy
OPEC+ Likely to Keep Output Cut Levels as Group Meets April 3
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will likely stick to its existing deal to cut oil output at a meeting on Monday, April 3.
According to Reuters, this was said disclosed by five delegates from the producer group after oil prices recovered following a drop to 15-month lows due to banking fears and demand worries.
Brent crude has recovered towards $80 a barrel after falling to near $70 on March 20 as fears ease about a global banking crisis and as a halt in exports from Iraq’s Kurdistan region curbs supplies.
OPEC+ is due to hold a virtual meeting of its ministerial monitoring panel, which includes Russia and Saudi Arabia, on Monday.
The consensus was that Kurdistan curbs and recent price drops were not sufficiently important to affect the overall OPEC+ policy path for 2023.
Kurdistan’s crude oil exports – around 400,000 barrels per day shipped through an Iraqi-Turkey pipeline to Ceyhan and then on tankers to the international markets – were halted late last week by the federal government of Iraq.
Last week, the International Chamber of Commerce ruled in favour of Iraq against Turkey in a dispute over crude flows from Kurdistan. Iraq had argued that Turkey shouldn’t allow Kurdish oil exports via the Iraq-Turkey pipeline and Ceyhan without approval from the federal government of Iraq.
Talks between officials from Kurdistan and from the Iraq federal government have failed in recent days, but they are set to continue next week.
Three other OPEC+ delegates also told Reuters that any policy changes were unlikely on Monday. After those talks, the next full OPEC+ meeting is not until June.
Last November, OPEC+ reduced its output target by 2 million barrels per day – the largest cut since the early days of the COVID-19 pandemic in 2020. The same reduction applies for the whole of 2023.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said OPEC+ will stick to the reduced target until the end of the year.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) has accused an investment online platform, Investment Management (VIM), of operating illegally in the Nigerian capital market.
In a notice obtained from the website of capital market regulator by Business Post, Voya Investment was accused of deceiving unsuspecting members of the public with fake certificate of identity verification, purportedly issued by SEC.
The agency emphasised that Voya Investment is not authorised to operate in the nation’s capital market because it is not registered to do so.
“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission. Voya Investment Management is also parading a certificate of identity verification purportedly issued by the commission.
“The commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the commission to carry out any activity in the Nigerian capital market,” parts of the statement stressed.
The organisation further declared that, “The certificate being paraded by Voya Investment Management was neither issued nor endorsed by SEC Nigeria as the commission does not issue certificates of identity verification.
“Furthermore, claims by VIM that it is supervised, licensed, or approved by the commission to undertake operations in the capital market are false, misleading and fraudulent.”
It added that, “Complaints received by the commission regarding the fraudulent activities of VIM and the misleading information by the company to the investing public that it is licensed by the commission, bear clear characteristics of illegal investment schemes designed to defraud unsuspecting members of the public.”
“Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM) , as any person who engages with the entity or its representatives does so at his/her own risk.
“The commission hereby reiterates that transacting in the Nigerian capital market with unregistered entities exposes investors to financial risks including fraud and potential loss of investments.
“The investing public is therefore reminded to VERIFY the status of companies and entities purporting to offer investment opportunities in the capital market on the commission’s dedicated portal – www.sec.gov.ng/cmos, prior to transacting with such companies and entities.”
By Adedapo Adesanya
PwC Nigeria has projected that Nigeria’s real Gross Domestic Product (GDP) would grow at about 4.3 per cent this year, supported by higher crude oil production and stronger performance in dominant sectors.
The consultancy firm gave this projection in its Economic Outlook 2026 released on Wednesday.
It also said the Naira is expected to remain broadly stable through 2026, underpinned by ongoing reforms by the Central Bank of Nigeria (CBN) and improved portfolio inflows.
Headline inflation is also projected to moderately ease, supported by the CBN’s tight monetary policy stance, rebasing effects, and improved stability in the foreign exchange market.
With regards to interest rate, the PwC report said with inflation trending down, the apex bank may cautiously ease its monetary policy stance this year.
The report, however, said fiscal sustainability risks are expected to persist, driven by low revenue to GDP, fiscal leakages, higher spending and elevated debt service obligations.
PwC Nigeria said with fiscal constraints persisting, they reinforce the importance of capital efficiency and balance-sheet discipline.
Against this backdrop, PwC Nigeria highlights practical imperatives for business leaders in 2026: making selective investment bets in attractive sectors and regions, and scenario-planning for macroeconomic and geopolitical shocks.
Other imperatives for business leaders include adapting business models and cost structures for resilience, accelerating digital transformation and responsible AI adoption, and strengthening regulatory and tax compliance as reforms move from design to execution.
The firm noted that Nigeria recorded improvements in macroeconomic stability in 2025 following key monetary and foreign-exchange reforms, with inflation easing, exchange-rate conditions stabilising, and external reserves strengthening.
Speaking on this, the Country Senior Partner, PwC Nigeria, Mr Sam Abu, said: “PwC Nigeria’s Economic Outlook 2026 provides forward-looking analysis of key macroeconomic indicators and what they signal for the economy and for business leaders.
“Nigeria has achieved improved macroeconomic stability over the past year. The focus now is how that stability is translated into sustainable economic growth, and how businesses position for 2026. For companies, this stability provides a more predictable operating environment for planning, investment, and growth decisions.”
On his part, the Partner and Chief Economist, PwC Nigeria, Mr Olusegun Zaccheaus, said, “Globally, growth is projected at around 3.1 per cent, while merchandise trade growth slows to about 0.5 per cent, keeping oil prices, capital flows, and access to foreign inflows as key channels influencing Nigeria’s growth and FX liquidity.
“Domestically, improved monetary effectiveness has reduced volatility and clarified pricing, cost, and funding signals, even as fiscal pressures, security challenges, and weak household purchasing power continue to shape sector outcomes.”
According to Mr Zaccheaus, “growth is more likely to remain concentrated in services and selected capital-intensive sectors, placing a premium on disciplined capital allocation and sector selection.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 1.08 per cent on Wednesday, January 7, pushing the market capitalisation higher by N23.38 billion to N2.185 trillion from the preceding session’s closing value of N2.162 trillion.
Also during the trading session, NASD Unlisted Security Index (NSI) further went up by 39.08 points to close at 3,653.04 points compared with the 3,613.96 points recorded on Tuesday.
The midweek session witnessed a rise in the share prices of three securities on the unlisted securities market, with Central Securities Clearing System (CSCS) Plc adding N3.40 to close at N42.14 per share versus the preceding day’s N38.74 per share.
Further, FrieslandCampina Wamco Nigeria Plc expanded by N3.05 to finish at N59.92 per unit compared with the N56.87 per unit it ended a day earlier, and Geo-Fluids Plc jumped by 10 Kobo to end at N6.88 per share versus N6.78 per share.
Yesterday, the volume of securities rose by 39.0 per cent to 1.9 million units from the previous day’s 1.4 million units, the value of securities surged by 29.5 per cent to N36.3 million from N28.0 million, while the number of deals slid by 19.6 per cent to 45 deals from 56 deals.
The most active stock by value on a year-to-date basis was CSCS Plc with 1.1 million units exchanged for N41.6 million, followed by Geo-Fluids Plc with 2.9 million units valued at N19.4 million, and Okitipupa Plc with 49,424 units worth N11.0 million.
In terms of volume, Industrial and General Insurance (IGI) Plc led with 2.9 million units traded for N1.9 million, trailed by Geo-Fluids Plc with 2.9 million units sold for N2.9 million, and CSCS Plc with 1.1 million units traded for N41.6 million.
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