Author: Ogochukwu Ndubuisi

Enugu Govt. Earmarks N2b for Farm Estates in 2025 The Enugu State Government, says it has earmarked N2 billion in 2025, for farm estates across the 260 wards in the state. The state’s Commissioner for Agriculture and Agro-Industrialisation, Dr Patrick Ubru, disclosed this on Monday in Enugu. Ubru explained that the initiative by the administration of Gov. Peter Mbah, was to ensure that each ward in every locality in the state, was able to feed itself as well as ensure food sufficiency. He said that residents of the various wards and locality would be taught best agronomy practices and introduced…

Why we Issued Oil Import Licences to NNPCL, Marketers–NMDPRA The Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has told a Federal High Court in Abuja why it issued oil import licences to oil marketing companies in the country. NMDPRA told Justice Inyang Ekwo in a counter affidavit its filed and deposed to by Idris Musa, a Senior Regulatory Officer in the office, against a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE. The regulatory authority, in the application dated and filed Dec. 13, 2024, said the current production of Dangote Refinery, the plaintiff in the suit, is yet…

SEC Sets Deadline for 2025 Registration Renewal The Securities and Exchange Commission (SEC) has fixed January 31 as deadline for registration renewal of all Capital Market Operators (CMOs). The commission said in a circular issued to the operators on Sunday in Abuja. It said the annual registration renewal would last between January 1 and 31. The apex capital market regulator said the annual registration renewal enforcement for CMOs was aimed at ensuring that only “fit and proper” persons operate in the capital market. It further said that CMOs without valid registration would be penalised and may be excluded from capital…

Dangote Refinery Explains Petrol Price Hike Amid Surge Dangote Refinery says the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, is directly attributed to the increase in global crude oil prices. Mr Anthony Chiejina, Head of Corporate Communications, Dangote Industries, said this in a statement on Sunday in Lagos. Dangote Refinery increased Petrol Price from N899 to N955 per litre on January 17 2025 He explained that the fluctuation in global crude prices impacted the cost of producing PMS, as crude oil remained the primary input in petrol production. “Any change in international…

Nigeria’s N1.17 trn, 2024 Health Budget Drive Bold Reforms – SWAp The Sector Wide Approach (SWAp) has highlighted the transformative achievements recorded under President Bola Ahmed Tinubu’s Renewed Hope Agenda. Swap emphasised the pivotal role of the N1.17 trillion, 2024 health budget, the highest in Nigeria’s history, in achieving these results. Dr Muntaqa Umar-Sadiq, National Coordinator, SWAp, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. Umar-Sadiq said that the administration’s commitment to healthcare was evident through the National Health Sector Renewal Investment Initiative (NHSRII) and a signed Compact with all 36 states…

Nigerian Exchange Shrinks as Equities Investors Lose N1.45trn The market value of all listed companies on the Nigerian Exchange (NGX) trading platform reduced to about N62.9 trillion as equities investors lost N1.45 trillion. The local bourse traded negatively as investors reacted negatively to inflation surge, as per data from the National Bureau of Statistics report, which showed the consumer price index rose to 24.80% in December. Hence, the Nigerian Exchange benchmark index declined by 2.94% week on week, closing at 102,353.68 points. The decline was primarily driven by widespread sell-offs across most sectors, with the exception of the consumer goods…

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