Author: Marketforces Africa

‘FG to Use ₦162.5bn Proceed of Sukuk to Finance Road Projects’. The recent ₦150 billion Sukuk issued by the  Debt Management Office was 5 times oversubscribe and the proceed will be used for capital projects in the country.

Africa’s COVID-19 Cases Increase to 215,000 – WHO. The World Health Organisation (WHO) has warned that the COVID-19 has continued to spread in Africa since the virus was first detected on the continent in mid-February 2020.

Afrinvest Says Maturing T-Bills Will Keep Money Market Rates Down. Afrinvest, a Lagos based investment banking firm, has predicted that money market rates would stay low in the coming week.

Naira Appreciates Against USD at Investors & Exporters Window. Naira appreciated against dollar, USD, at the investors and exporters window (IEW) as Bonny light crude price rises. Cowry Asset Management said this is in line with its expectations, as Naira appreciated by 0.19% to close at ₦386.50/USD.

Neimeth Tops Gainers Chart 3-Week Straight, Japaul Led Laggards. The bulls prevailed in the equities market this week, edging the All Share Index forward by 0.67% to close at 25,182.67 points. The year to date loss, therefore, moderated to 6.18%.

Debt Service Takes 27% as Senate Passes Adjusted 2020 Budget. Debt service accounts for more than 27% as the Nigeria passed the adjusted spending plan for fiscal year 2020 totaled ₦10.8 trillion into law.

Lagos Records another 9 deaths out 17 in 24 hours. The Nigeria Centre for Disease Control (NCDC) on Thursday announced another nine COVID-19 related deaths for Lagos State, increasing the state’s COVID-19 mortality to 81.

Supply Cut: OPEC Records 82% Compliance, EIA sees Uptick in Brent Price. Nova Merchant Bank Limited has noted that the Organisation for Petroleum Exporting Countries (OPEC+) oil supply cut could be deeper for longer, the view taken as a result of recent developments.

NNPC Sets Crude Oil Production Cost of $10 Per Barrel. The Nigerian National Petroleum Corporation (NNPC) says it has set crude oil production of $10 per barrel for 2021. The Group Managing Director, Malam Melem Kyari, made the disclosure when he featured as a guest on a live Television programme on Thursday.

Weak Revenue Profile: Analysts Predict Bailouts for States. There is an indication that some states would need Federal Government bailouts to survive, finance 2020 budget due to reduced revenue generation. Economic activities have slowed down significantly, thus limit ability for state governments to raise earnings.