Profit-Taking Weakens Oil as OPEC+ Retains Output Cut

By Dipo Olowookere Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months. The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again. Consequently, the bourse witnessed an improvement in the value of transactions by

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Modupe Gbadeyanka The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has described the N206 billion smuggled into the budget of the Ministry of Humanitarian Affairs and Disaster Management in the 2023 Appropriation Bill as an oversight. Mrs Ahmed was summoned to appear before the House of Representatives Committee on Appropriation to explain how the budget spending for the item in the ministry was inflated by 10 times. In a statement issued by the finance ministry, the Minister informed the lawmakers during her interactive session with them that the mistake was from the Budget Office of the

By Modupe Gbadeyanka The federal government is set to establish jute bag industries for ease of cocoa and sundry crops exports to meet international best practices. The Minister of Agriculture and Rural Development, Mr Muhammad Nanono, made the disclosure in a statement by Ezeaja Ikemefuna, Chief Information Officer of the ministry in Abuja. Mr Nanono stated this when the Cocoa Association of Nigeria (CAN) paid him a courtesy visit in Abuja. According to the minister,  it had become imperative for Nigeria to establish its own jute bag industries to meet international best practices for the export of cocoa and sundry

By Adedapo Adesanya The price of Brent crude rose by 82 cents or 0.99 per cent on Wednesday to $83.74 per barrel after the market calmed on data which showed that crude inventories in the United States fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point. Also, the US West Texas Intermediate (WTI) crude increased by 85 cents or 1.1 per cent during the midweek session to quote at $79.66 per barrel. The rise in the price of Brent, which Nigeria prices its headline crude against, raises worry for Nigerians as

By Aduragbemi Omiyale One of the players in the insurance industry in Nigeria, Mutual Benefits Assurance Plc, has announced a new registrar. A statement issued by the company disclosed that it has chosen Apel Capital Registrars Limited as its new registrar, replacing Meristem Registrars and Probate Services Limited. In the notice signed by the company secretary, Ide Ibitayo, the reason for the change was not specifically disclosed but the firm said the appointment of Apel became effective September 2021. “Mutual Benefits Assurance wishes to inform its valued shareholders, investing public and key stakeholders that the company has appointed a new

No fewer than 5,000 men, women and children received treatment during the 38th Free Medical Mission (FMM) of the O.B. Lulu-Briggs Foundation (OBLBF). The medical mission featuring counselling/health education, outpatient consultations, general surgeries, paediatric care and dental care, was held at the Model Primary Healthcare Centre, Ikuru Town, Andoni Local Government Area of Rivers State from April 17 to 21, 2023. Other services rendered during the mission were vision care (including glasses and surgery), malaria testing and treatment, HIV/AIDs screening, physiotherapy, and an onsite pharmacy and laboratory. The Foundation’s medical team conducted 132 surgeries and distributed 780 eyeglasses to beneficiaries

By Dipo Olowookere A deadline has been given to leading telecommunications firm, MTN Nigeria, to list its shares on the Nigerian Stock Exchange (NSE). In November 2015, MTN Nigeria was fined $5.2 million for failing to disconnect lines of 5.2 million unregistered subscribers on its network as required by law. According to Section 20(1) of Registration of Telephone Subscribers Regulations (TSR) 2011, which telecoms firms operating in the country signed to, any erring MNO shall be charged with N200,000 or $1000 per unregistered SIM on their network after the deadline for the registration. Subsequently, the commission demanded the sum of

By Adedapo Adesanya The Naira appreciated by 25 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday as it closed at N411/$1 in contrast to N411.25/$1 of the preceding day. The supply of FX to the specialised segment of the market helped the local currency to close stronger as the value of transactions increased by 229.2 per cent or $76.91 million to $110.46 million from $33.55 million recorded on Wednesday. But at the black market, which caters for FX demands of those not met by the

By Adedapo Adesanya Global streaming service, Amazon’s Prime Video, has increased its investment in Nigeria with customers now able to sign up for the streaming service in the local currency, Nigerian Naira, a move that will see it compete with Netflix and other competitors in the Nigerian market. The news comes as Prime Video’s first local marketing campaign for Nigeria launches with the announcement of two Local Amazon Originals for Nigerian customers, Gangs of Lagos and LOL: Last One Laughing Naija. In a release, it said for N2,300 per month, customers in Nigeria can sign up for a Prime Video