Author: Ogochukwu Ndubuisi

FG Gazettes ECOWAS Tariffs, Promotes AfCFTA Implementation The Federal Government (FG) has officially gazetted and transmitted the ECOWAS schedule of tariff offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to its secretariat. This is contained in a statement by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, on Tuesday in Abuja. Oduwole said that the move was ahead of the 16th meeting of the AfCFTA Council of Ministers (COM) responsible for trade, holding in Kinshasa, DRC, on Tuesday, marking a significant milestone in regional trade integration. According to her, this agreement establishes zero duties…

GenCos Seeks N4trn Debt Payment from FG, Others, Threaten Shutdown The power generation companies (GenCos), have appealed to the federal government and stakeholders in the power sector to settle the more than N4 trillion debt owed them for electricity generated. Col. Sani Bello (rtd), the chairman of the Board of Trustees of the Association of Power Generation Companies (APGC), said this in a statement in Abuja on Monday. Presently, the country has 23 power-generating plants connected to the national grid. Bello said that GenCos were currently owed N2 trillion for power supplied in 2024 and N1.9 trillion in legacy debt.…

The Central Bank of Nigeria (CBN) injects $150 million into the foreign exchange market at the beginning of the week to keep the naira safe

Nigerian Bonds Yield Nears 19% Ahead of Supply, Inflation The average yield on Nigerian government bonds inched near 19% in the secondary market as investors trimmed holdings.   The bond market ended on a bearish note; the investors’ activity was observed at the short (-3 bps) and mid-segment (+7bps) of the curve. Trades were mixed generally but with a bearish undertone that shifted the yield curve upward ahead of the release of the rebased consumer price index that measures Nigeria’s inflation rate movement this week. Traders said foreign portfolio investors (FPIs) drove the selling rally in the secondary market, and…

Seplat Installs 850 MMscfd Gas Infrastructure Seplat Energy Plc says it is increasing domestic gas supply in Nigeria by installing over 850 million standard cubic feet per day (MMscfd) of infrastructure. Chief Operating Officer Mr. Samson Ezugworie, stated on Sunday that the company is working diligently to address Nigeria’s persistent energy poverty. Ezugworie confirmed that over 850 MMscfd of gas installations have been completed within Nigeria’s borders to support local demand. He added that this figure excludes the capacity of assets recently acquired from Mobil Producing Nigeria Unlimited (MPNU). “Over the years, we’ve installed over 850 MMscfd of gas aimed…

Interbank Rates Rise as Financial System Liquidity Moderates Interbank rates rose as market-funded FX purchases and Nigerian Treasury bill auction payments reduced the amount of liquidity in the financial system. The key money market indicators reacted negatively to liquidity fluctuations in the absence of significant inflows last week. The interbank market opened the week with a robust liquidity surplus of ₦906.85 billion, supporting stable short-term rates. The liquidity balance was also supported by Nigerian Treasury bills that matured during the week. However, liquidity declined significantly by ₦603.81 billion to close at ₦303.04 billion due to Central Bank foreign exchange sales…

Walcot Group, Angola Energy Firms Sign MoU to Bolster Trade A Nigerian-energy company, Walcot Group and Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) have signed a Memorandum of Understanding (MoU) on Production Sharing Contract (PSC) to bolster Nigeria-Angola bilateral cooperation. The Managing-Director of Walcot Group, Suleman Mohammed disclosed this in a statement on Sunday in Abuja. He said that the MoU would boost trade relations between the two countries in the oil and gas sector. He said the agreement resulted from the company’s successful bid for three oil blocks within a competitive international licensing round. Mohammed said the…

Abbey Mortgage Bank Plc hit its highest price level in 52 weeks on the Nigerian Exchange (NGX) trading platform as a fresh rally

Nigeria’s Gas Sector Attracts Over $5bn in Investments The Nigerian Gas Association (NGA) says the gas sector has attracted more than five billion dollars in new investments as at 2024. Mr Akachukwu Nwokedi, President of the NGA, disclosed this during a news conference on Saturday in Lagos, ahead of the 29th World Gas Conference (WGC 2025) scheduled for May 19 to May 23 in Beijing, China. He said that the investments meant that there had been growing global confidence in Nigeria’s energy transition strategy. According to Nwokedi, the investments cut across critical segments of the gas value chain, including infrastructure…

NSDC, Chinese Firm Sign $1bn Nigeria Sugar Production Deal The National Sugar Development Council (NSDC) and Chinese conglomerate SINOMACH have agreed to jointly develop a large-scale sugarcane cultivation and processing project in Nigeria. Executive Secretary of NSDC, Mr Kamar Bakrin, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, adding that the agreement was expected to attract investments worth up to $1 billion. According to Bakrin, the initiative is one of the early outcomes of the Nigeria-China Strategic Partnership championed by President Bola Tinubu. A Memorandum of Understanding (MoU) has been signed. According…