Author: Julius Alagbe

Tax Reform to Boost IGR, Strengthen Subnational Economies — Adedeji The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, says the Federal Government’s ongoing tax reforms are designed to boost Internally Generated Revenue (IGR) and strengthen subnational economies across the country. Adedeji stated this on Tuesday in Kano at the Northern Revenue Conference, themed ‘Readiness, Reforms, and Digital Transformation’. Represented by the Secretary, Joint Tax Board (JTB), Mr Adesokan Olusegun, Adedeji said the reforms aimed to simplify tax processes, promote voluntary compliance, and create a fair and transparent tax system. He said the Nigeria Tax Administration…

Nigeria, Ghana Explore Partnership to Fight Illicit Trade The Nigeria Customs Service (NCS) and the Ghana Revenue Authority (GRA) have expressed interest in forging a partnership to combat illicit trade by strengthening border control and intelligence sharing between the two countries. The organisations expressed this interest during a visit by NCS Comptroller-General Bashir Adeniyi to GRA Commissioner-General Anthony Sarpong at the GRA headquarters on Monday in Accra. Speaking during the visit, Sarpong urged Nigeria and Ghana to strengthen intelligence sharing and harmonise customs procedures to support the implementation of the African Continental Free Trade Area (AfCFTA) Agreement. Represented by Brig.-Gen.…

Nigeria on Track to Hit 2m Oil Production Per Day, NNPC Says The Nigerian National Petroleum Company Limited (NNPC) says Nigeria remains on track to grow crude oil production to two million barrels per day (mbpd) by 2027 and three million bpd by 2030. Mr Udy Ntia, Executive Vice President, Upstream, NNPC Ltd., made this known on Monday at the ongoing 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). ADIPEC, the world’s largest energy exhibition and conference, is being hosted by the Abu Dhabi National Oil Company (ADNOC). The 41st edition, with the theme “Energy. Intelligence. Impact,” holding from…

Naira Drops at Official Window to N1,436 as FX Inflow Dips Down by N15 per dollar, the naira dropped sharply at the official window after a report that total inflows into the currency market reduced by 24%.  The Nigerian foreign exchange market (NFEM) experienced hot red pressures due to heightened demand for US dollar on Monday.  The huge demand surfaced after the Naira gained value against the greenback with a sharp weekly gain last week. Sustained accretion into external reserves and foreign investors’ positive sentiment have been key drivers of strong FX liquidity, with the Apex Bank’s intermittent intervention sales…

FX Inflows into Nigerian Currency Market Falls by 24% Foreign exchange (FX) inflows into the Nigerian currency market fell by 24% to $1.01 billion last week in the absence of significant open market operations action by the Central Bank. Elevated OMO bills yields have been a key attraction that has driven foreign portfolio investors into the Nigerian market with a bucket of hot money. Still, the forex market appeared liquid enough to weather the storm against sustained demand for US dollar.  According to an update released by Coronation Merchant Bank’s research subsidiary, total foreign exchange inflows through the Nigerian Foreign…

Oil Prices Increase as OPEC+ Seeks to Avoid Supply Glut Oil prices increased on Monday after the Organisation of Petroleum Exporting Countries and allies’ members (OPEC+) moved to avoid creating a supply glut in the global commodity market. The oil group decided to pause further production hikes for the next quarter, a step seen as an effort to prevent a potential supply glut as demand slows and tensions between Russia and Ukraine intensify. Brent crude was trading at $65.21 per barrel, up around 1% from the previous close of $64.57. US benchmark West Texas Intermediate (WTI) also increased by 1.1%…

Nigeria’s Eurobonds Yield Falls Ahead External Borrowing Nigeria’s sovereign Eurobonds yields fell at the international market ahead of the expiration of a $1.12 billion US dollar-denominated borrowing note issued in 2018. Reflecting positive sentiment, foreign portfolio investors increased bets on the country’s US dollar as the government plans to raise $2.85 billion in the Q4 including $500 million in Sukuk. Due to the trend in the market, the average benchmark yield declined by 20 basis points week on week to 7.59% on Friday, investment firms said in reports. The African Eurobonds traded market experienced mixed activity throughout the week but…

Naira Gains N54/$ as External Reserves Rise by $820m in Oct. The naira gained about N54 against the US dollar at the Nigerian foreign exchange market (NFEM) in October, supported by offshore investors’ FX supply, exporters’ inflows and rising external reserves. The local currency closed the month at N1421 per dollar despite minimal FX intervention by the Central Bank, from N1,475 per dollar at the official window on September 30. Most analysts said the local currency leveraged a broader selloff in the dollar index as global Central Banks launched another round of rate cuts. Nigeria’s FX receipts from hydrocarbon sales…

Oando Fires Up, Gains 12% as Investors Bet on ‘Possibilities’ Oando Plc’s market value surged by about 12% week on week as the group’s earnings direction was altered by its favourable tax positions.  The market anticipates the bulky surge of 164% will boost investors’ sentiment, and triggered fresh re-rating. In first 10 months, Oando lost 24% of its market value. Stockholders sell down after the energy group delivered mouthwatering returns to investors in 2024. With the new earnings playbook. Oando saw a fresh significant weekly gain. The energy group share price surged to N48.05 on Nigerian Exchange on Friday as…

CBN to Open N650bn Treasury Bills for Subscription Next Week The Central Bank of Nigeria (CBN) will conduct a primary market auction next week where N650 billion worth of Treasury bills paper will be offered for subscription. Next week, a total of ₦662.76 billion in Treasury bills and ₦1.44 trillion in OMO bill maturities are expected to mature. The inflows are anticipated to boost the liquidity level in the financial system. As a result, fixed-income market analysts expect auction demand to remain strong, particularly at the longer end of the curve. The fixed income market closed the month on a…