Author: Ogochukwu Ndubuisi

Oil Prices Surge as Demand Outlook in China Improves Oil prices surged in the global commodities market as demand outlook in China improved after Beijing’s reported increased economic activities. The rally in the commodity markets was also boosted by uncertainties about the policies of US President-elect Donald Trump, who will take office January 2025. At the last look, the international benchmark Brent crude increased by 0.3%, trading at $80.62 per barrel. The US benchmark West Texas Intermediate (WTI) rose by 0.4%, reaching $78.13 per barrel, compared to its prior session close of $77.77. According to macroeconomic data released on Friday…

N800bn Allocated to Works Ministry for 2025 Inadequate-Minister The Minister of Works, Mr Dave Umahi, says the N800 billion allocated to the ministry in the 2025 budget is inadequate to address the country’s road infrastructure needs. Umahi stated this in Abuja during the 2025 budget defence session organised by the House Committee on Works. He appealed to the committee to use its legislative powers to consider increasing the ministry’s budgetary allocation for the 2025 fiscal year. The minister emphasised the need for adequate funding to enable the ministry to complete ongoing projects and initiate new ones across the country. He…

Riskoff Sentiment Raises Nigeria’s Eurobond Yield by 7bps Foreign portfolio investors sell down their interest in Nigeria’s Eurobonds over riskoffs sentiment spooked by the inflation surge. Latest data showed that Nigeria’s inflation rate accelerated by 20 basis points to 34.80% after the Central Bank’s 2024 hawkish pose. Inflation setting has reduced real return on naira assets as the authority mulls rebasing of consumer price index and gross domestic product to reflect most recent development in the economy. Foreign investors, including Nigerian banks with investment in sovereign Eurobonds, trimmed their holdings across the short, mid and long ends of the yield…

Developing economies—which fuel 60 percent of global growth—are projected to finish the first quarter of the 21st century with the weakest long-term growth o

Oyedele Lists Gains of Rebasing Nigeria’s Economy Dr Taiwo Oyedele, Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, has said that in 2025, there will be reforms on budget processing, medium term expenditure framework, and fiscal strategy paper to support economic rebasing. He said this at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference on Thursday in Lagos. The National Bureau of Statistics had announced plans to rebase Nigeria’s Gross Domestic Product (GDP) using 2019 as the new base year instead of 2010. Rebasing means to base GDP against a benchmark of prices…

Positive Outlook for Nigeria in 2025-Economist An economic expert, Dr Biodun Adedipe, says Nigeria’s economic indices for the year 2025 shows a positive outlook, with reforms beginning to pay off, leading to faster economic growth. Adedipe, also founder, BAA Consult, said this at the Lagos Chamber of Commerce and Industry (LCCI) 2025 Economic Review and Outlook Conference on Thursday in Lagos. The annual gathering is a platform to reflect on the past year’s economic performance, assess ongoing policy reforms, and strategise for the future. The economist projected that inflation would reach an inflection point in the early part of 2025,…

Depot Price Hike: Marketers Jostle to Join Dangote Refinery Bulk-Purchase Deal Attracted by the bulk-purchase agreement incentives being offered by the Dangote Petroleum Refinery, more oil marketers in the country are jostling to be listed as beneficiaries of the agreement. The bulk-purchase agreement, the petroleum marketers reasoned, offers a guaranteed price stability as against purchase from depot owners whose price is opened to incessant upward review as has just been announced. Recall that two prominent players in Nigeria’s downstream oil and gas sector – Ardova Plc and Heyden Petroleum – have entered into a bulk purchase agreement with the Dangote…

2025 Budget: Osun Govt Targets N109bn IGR The Osun state government has set a target of N109.8 billion as Internally Generated Revenue (IGR) to finance its N427 billion budget for 2025. The Commissioner for Economic Planning, Budget and Development, Prof. Moruf Adeleke, disclosed this during the analysis of the state’s 2025 budget, on Thursday in Osogbo. Adeleke said while the state hoped to generate N109.8 billion internally, N251 billion was expected from the Federation Account to finance the budget. He said that in equally N36 billion was expected from other capital receipts, with N30 billion being the estimated opening balance…

The average yield on Nigeria’s Eurobonds dipped by 22 basis points (bps) in the international market as foreign portfolio investors (FPI)

UAE President to Visit Nigeria in 2025 Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates (UAE) has accepted President Bola Tinubu’s invitation to visit Nigeria this year. Tinubu invited him on Wednesday during their bilateral talks on the sidelines of the Abu Dhabi Sustainability Week 2025, Mr Bayo Onanuga, the President’s spokesman, said in a statement. President Tinubu arrived in Abu Dhabi on Sunday as a guest of the UAE President to participate in the Sustainability Week. He delivered Nigeria’s position on climate and other challenges earlier on Wednesday and congratulated the UAE leader for…