Author: Olu Anisere

Niger Unlocks Access to $41m IMF Loans Niger has unlocked access to $41 million loan from the International Monetary Fund (IMF) as the Executive Board completed the Seventh Review under the Extended Credit Facility (ECF) Arrangement, and the Third Review under the Resilience and Sustainability Facility (RSF) Arrangement. According to an official statement, the completion of the reviews allow for an immediate disbursement of about US$41 million cumulatively under the ECF and the RSF. Niger growth in 2024 is estimated at 10.3 percent, driven by the start of crude oil exports and an exceptional agricultural harvest, and is expected to…

FirstHoldco Jumps by 14% Ahead of Board Meeting, Earnings The market value of FirstHoldco Plc surged by over 14% in the stock market from the previous week due to sporadic market rallies and changing investor sentiment in anticipation of its upcoming second-quarter earnings report. With a market value of N1.220 trillion, the First Holdco Plc now ranks lowest in terms of valuation in the stock market, falling behind all tier-1 financial institutions. This reflects its performance outlook and investor sentiments. First Holdco had led the tier-1 category as most valuable before its internal crises plunged the brand down the ladder,…

Zenith Bank Soars to N2.9Trn, Investors Eye Earning, Dividend Zenith Bank Plc expanded to about N2.9 trillion in the stock market due to sharp price appreciation that followed its all-week rally. The bank share price reached its all-time high in the equities market, closing at N69.7 after 55.149 million units valued at N3.771 billion exchanged hands on Friday.  Zenith Bank’s shares opened at N57.50 at the beginning of the trading session last week, at the point when its year-to-date return was 26.50%, versus N68 target price set by Anchoria Securities Limited. The all-week rally pushed the market value of Zenith…

Exchange Rates Deteriorate Across Nigeria’s Forex Markets Naira’s exchange rates deteriorated across Nigeria’s foreign exchange (FX) markets due to renewed pressures from increased demand for US dollars. The naira faced renewed pressure this week, slipping across both official and parallel markets amid rising demand for the U.S. dollar and constrained FX supply. US dollar daybook logged showed FX jerked up above the supply levels, despite a fresh $50 million FX intervention by the Central Bank. At the official window, the naira weakened by 0.11% week-on-week to close at N1,530.26 per dollar, reflecting a thinning liquidity environment. The parallel market mirrored…

Foreign Investors Put Nigeria Eurobond on Tab, U.S Yields Shift The average yield on Nigerian sovereign Eurobonds decreased in the global market as foreign portfolio investors (FPIs) continued to expand their positions amidst a positive change in sentiment. Foreign investors have shown increased interest in Nigeria’s Eurobond, driving down the average yield on the global market. This surge in investor activity coincided with a shift in U.S. yields, further boosting confidence in Nigerian assets. Bargain hunting in Nigerian US dollars was a reversal of previous trading trends, with risk-off sentiment giving way to a more positive outlook. The hunting underscores…

UK Unveils Digital Study, Work Visas for Nigerians The UK Government has announced that it will unveil digital eVisas for most Nigerian nationals applying for study or work visas from July 15. This is contained in a statement by the British High Commission, Abuja, signed by Onyinye Madu, and made available to the News men on Wednesday. It explained that under the new system, successful applicants will receive a secure online eVisa instead of a physical visa sticker in their passport. The statement said that applicants would still need to visit a Visa Application Centre to provide biometric information, adding…

Dangote Sugar Refinery Rises as Investors Confidence Improves Dangote Sugar Refinery Plc.’s market value has increased by about N61 billion in the stock market over the last seven trading sessions on the Nigerian Exchange. Its share price surged to N52 at the close of the trading session on Wednesday, up by 11% in 7 days as investors began to position ahead of the second quarter of 2025 earnings release. The company’s market value reached N631.637 billion on the Nigerian Exchange on Wednesday as investors traded more than 4.5 million units in an open market. The latest earnings performance of the…

Lagos Unveils 30-year Investment Growth Plan Gov. Babajide Sanwo-Olu of Lagos has pledged to collaborate with investors, multinationals, agencies, foundations, and innovation hubs to build a globally respected 21st-century economy. Sanwo-Olu, represented by his deputy, Dr Obafemi Hamzat, made this known on Wednesday at the second edition of the Lagos Investment Summit. The three-day summit is with the theme: ‘Scaling Action: Bold Solutions Towards Making Lagos a 21st Century Economy.’ The governor unveiled the state’s 30-year growth agenda and a deal book containing de-risked, investment-ready projects in key economic sectors. He outlined a strategic blueprint based on infrastructure growth, energy…

Visa Reciprocity: FG Urges U.S.to Reconsider its Decision The Federal Government has urged the United States to reconsider its revised visa reciprocity policy, which now limits Nigerian non-immigrant visas to single-entry, three-month validity. The call is contained in a statement issued by Kimiebi Ebienfa, the Spokesperson in the Ministry of Foreign Affairs. The government expressed concern over the U.S.decision amidst partnership, cooperation and shared global responsibilities by both countries. “The attention of government has been drawn to recent decision by the U.S. to revise its visa reciprocity schedule for Nigerian citizens, limiting validity of non-immigrant visas including B1/B2, F and…

Fidelity Bank Flatlines at N1trn after Close Period Fidelity Bank Plc has maintained its grip on N1 trillion market value in the equities market over the past seven trading sessions following the declaration of a close period for connected persons, including its managing director. The Tier-2 lender share price continues to buck the trend in the stock market, trading at N20 for seven trading sessions amidst swings. The banking stock, which is trading at a moderate discount to its 52-week high, had peaked at N21.5 on improved trading activities. Its 50.212 billion shares outstanding on the Nigerian Exchange attracted N1.009…