Author: Olu Anisere

Global Oil Output Rises 20,000 Bpd in December 2024 -IEA Global oil supply increased by about 20,000 barrels per day (bpd) in December 2024 to reach 103.53 million bpd, up by 390,000 bpd from the previous year, according to the International Energy Agency’s (IEA) latest report on Wednesday. According to the Oil Market Report, the Organization of the Petroleum Exporting Countries’ (OPEC) crude oil production increased to 27.43 million bpd last month, a rise of 220,000 bpd from the previous month. The group’s total oil production reached approximately 33.06 million bpd, over the same period. Meanwhile, daily oil production in…

Fitch Rates Cross River State ‘B-‘ with Stable Outlook Fitch Ratings has assigned Cross River State a ‘B-‘ Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and a ‘AA-(nga)’ National Long-Term Rating with stable outlooks. Cross River’s ‘B-‘ credit ratings reflect its dependency on revenue transfers from the federal government of Nigeria, despite improving internally generated revenue (IGR). The state ‘b-‘ standalone credit profile (SCP) reflects manageable but rising debt, with some foreign-currency exposure, according to the global rating agency. “We apply a notch of asymmetric risk to highlight below-standard disclosure on debt details, including interest payments”, the rating note…

Tinubu Says Global Collaboration Key to Sustainable Development President Bola Tinubu on Wednesday assured a global audience in the United Arab Emirates that Nigeria is ready to work with other nations to build a resilient, equitable and sustainable world for all. Tinubu said this while speaking on the topic, “From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future,” on the second day of the 2025 Abu Dhabi Sustainability Week. The President declared that no single nation could walk the road to sustainability alone, stressing that global interconnectedness demanded collective action, knowledge sharing and mutual support, Mr…

Nigeria Customs Records 3,555 Seizures in 202, Says C-G The Nigeria Customs Service (NCS) says it recorded 3,555 seizures in 2024 with a 100.92 per cent increase in the Duty Paid Value (DPV) of seizures from ₦17.56 billion in 2023, to ₦35.29 billion in 2024. The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen on Tuesday in Abuja. Adeniyi said that the seizures, with a Cost, Insurance, and Freight (CIF) value of ₦28.46 billion and a total duty of ₦6.83 billion, illustrated the scale of attempted economic sabotage prevented by the service. “Particularly noteworthy, were the seizures…

U.S Sanctions on Russian Production, Export Flows Raise Energy Cost The global energy costs spiked as the U.S. latest sanctions target Russian oil production and export flows. On Friday, the US announced wide-sweeping sanctions against the Russian energy sector, which saw ICE Brent break well above US$80 per barrel. The announcement of sanctions also led to significant strength in the gasoil crack, with it trading above US$21 per barrel at one stage yesterday and to its highest level since July, according to ING commodities strategists. Energy prices spiked higher yesterday as the market digested the latest US sanctions against the…

The naira plunged, losing about N6 per US dollar traded in the official market on Monday due to surging demand….

Riskoff Sentiment Pushed Nigeria’s Eurobond Yield to 19.5% Nigeria’s sovereign Eurobond yield rose as foreign investors reduced their interest ahead of inflation data. The National Bureau of Statistics is expected to release the inflation figure for December amidst a plan to rebase the consumer price index and gross domestic product to reflect recent developments in the economy. The market experienced sell pressure across the short, mid, and long ends of the yield curve, leading to a 0.05% increase in the average yield to 9.52%, Cowry Asset Limited said in a report. Analysts explained that the Eurobond market began positively with…

Sterling Slides to 14-Month Low, Investors Hit with Bleak Prediction The pound’s dramatic fall to a 14-month low against the US dollar highlights a growing crisis in confidence over the UK economy. In a commentary note made available to MarketForces Africa, Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory and asset management organizations, is now warning that the “negative momentum surrounding sterling could deepen further, with the currency at risk of losing up to another 5%.” On Friday, sterling dropped sharply to $1.23 at one point before recovering slightly. This latest slide follows a…

Oil Rises as Sanctions Target Russian Production, Export Flows Oil prices rose in the global commodities market on Monday as U.S. sanctions target Russian production and export flows. On Monday, Brent crude rose by 1.6%, reaching $80.45 per barrel. The US benchmark West Texas Intermediate (WTI) increased by 1.6%, rising to $76.98 per barrel compared to its prior session close of $75.79. Both benchmarks surged in response to US sanctions on Russian oil producers and exporters, amplifying concerns over global supply. As a result, oil prices hit their highest level since October 2024. On Friday, the US Department of the…

Interbank Rates Climb as Swap, OMO Outflows Squeeze Liquidity Liqudity squeeze driven by the Central Bank of Nigeria’s (CBN) swap arrangement, OMO, and Treasury bills auction outflows pushed interbank rates higher week on week. Analysts said in their separate reports that money market rates were heated up following a tight liquidity condition spurred by CBN activities that triggered outflows of funds that tightened liquidity. . Nonetheless, financial system liquidity remained strong as the average system liquidity settled at a net long position of N401.74 billion as against a net long position of N461.76 billion in the previous week, Cordros Capital…