Author: Julius Alagbe

Bago Strikes $5bn Sugar Deal to Transform Niger Economy Gov. Muhammed Bago of Niger says the five billion dollars Memorandum of Understanding (MoU) signed by the Niger Foods and Uttam Sucrotech International Ltd. will transform the economy of the state. Bago said this during the signing of the MoU by the Niger Foods and Uttam Sucrotech International Ltd., a consortium of Brazilian and Indian sugar value chain experts, on Nov. 20 in Rio de Janeiro, Brazil. He said the deal was targeted at developing 250,000 hectares of sugarcane field and six sugar/ethanol plants in Niger over the next three years.…

Oil prices climbed again in the global commodities market as Russian President Vladimir Putin warned of global conflict after US and UK made missiles were fired by Ukraine.

The spot rate on one-year Treasury Bills (NTBs) issued by the Central Bank of Nigeria (CBN) increased by 50 basis points to 23.50% during the recently concluded primary market auction.

Nigeria Eurobonds Rally as Foreign Investors Eye Attractive Yield Amidst a plan to raise $2.2 billion in external borrowing, Nigeria’s sovereign Eurobond has continued to attract foreign portfolio investors (FPIs) in the international market. The renewed buying interest by the offshore investors followed mild selloffs triggered by uncertainties spooked by consumer price index data for October. After Nigeria’s statistics office announced the inflation rate climbed to 33.88% last week, offshore investors sold down their interest. The riskoff sentiment was not sustained, as the trading trend showed a bullish tendency that will persist. Most global rating agencies believe that the monetary…

Trading activities on Nigerian Treasury bills boomed in the secondary market after the spot rate on the 364-day paper was adjusted by 50 basis points to 23.50% during midweek auction.

Naira Mixed as Markets Brace for $2.2bn External Borrowing The naira appreciated on the strength of external borrowing approval, FX intervention, and sustained increase in external reserves. Increased demand for foreign currencies in Nigeria has caused the naira to lose its allure. On Thursday, the one-sided exchange rate gain raised the gap between official and parallel market rates to N82. U.S dollar supply is still somewhat constrained by the underperformance of the oil and gas sector, which is one of the major sources of foreign currency inflows in Nigeria. The markets have braced for Eurobond issuance following the lawmaker’s approval…

Sanwo-Olu Presents N3trn 2025 Budget to House of Assembly Governor Babajide Sanwo-Olu of Lagos has presented a N3,005,935,198,419,3,005,935,401 budget proposal to the Lagos State House of Assembly for 2025. The budget tagged “The Budget of Sustainability” was presented on Thursday. “This budget comprises a total revenue of 2,597,034,000,000 and a deficit financing of about N408,002,000,000. “The total revenue comprises internal revenue generated at N1,107,897,000,000 and a total tax cut of N660,137,000,000. “We have proposed a recurrent expenditure of N1,239,818,000,000. “The total overhead cost is N722.586 billion, as follows: overhead: N432.580 billion, subventions: N139.728 billion, dedicated funds: N150.278 billion, total personnel…

Equities market capitalisation of the Nigerian Exchange (NGX) shrank by about N108 billion as investors dumped Oando energy and Access Holdings.

On Thursday, the price of bitcoin surpassed $98,000 for the first time, sustaining market expectations of better, more lenient regulations in the cryptocurrency market.

Lafarge Africa and Transcorp Plc are currently driving an uptrend on the Nigerian Exchange (NGX) during early trading hours in the equities market.