Author: Marketforces Africa

Sterling Falls as Higher Tariff on UK Stokes Economic Risks The British pound, or the sterling, dropped against the US dollar in the forex market as President Donald Trump’s protectionist stance took on a new dimension. Ahead of the U.S. liberation day announcement, the British authority had said the new tariff could cut the UK economic size by up to one percent. Trump slams higher tariffs against trading partners and developing economies to advance his Make America Great Again mandate.  In the forex market, the sterling lost 1.56% against the U.S. dollar, reversing the latest rally trend versus the greenback.…

Oil Tanks Below $66 Amidst Global Trade ‘Tariffication’ Prices of crude oil fell below $66 per barrel in the global commodity market on Friday as the Organisation of Petroleum Exporting Countries (OPEC) and allied members (OPEC+) accelerated output growth. The increase in oil supply and U.S. President Donald Trump’s global trade ‘tariffication’ were largely bearish for the commodities, and this dragged energy costs downward. Brent plunged 6.5% to settle at $65.6 per barrel on Friday, marking the lowest level since August 2021, after a 6.4% drop the previous day, as fears mount over a global economic slowdown and weakening oil…

The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed Seplat Energy Plc as

Tinubu Appoints Ayo Sotinrin as Bank of Agriculture MD President Bola Tinubu has appointed Mr Ayo Sotinrin as the new Managing Director of Bank of Agriculture, effective immediately. Sotinrin brings a diverse and extensive background in the private and public sectors to his new role, Mr Bayo Onanuga, the President’s spokesman, said in a statement on Friday “Before this appointment, he held the position of Group Chief Executive Officer at SAO Group. “His leadership at SAO Agro, an agribusiness company, was marked by ground-breaking agricultural initiatives, including developing a 20,000-hectare oil palm plantation and large-scale poultry, aquaculture, maize and cassava…

DHL Group, Temu Sign MOU to Support Local Businesses DHL Group, the world’s leading logistics company, has signed a Memorandum of Understanding (MoU) with the e-commerce marketplace Temu to deepen their cooperation and to further expand their successful partnership. The agreement aims to enhance collaboration to better support local small and medium-sized enterprises (SMEs) in established markets as well as in growth markets, such as Eastern Europe and the Middle East. Both parties are committed to fostering compliant trade and sustainable practices. DHL Group will support Temu through its logistics expertise, including multimodal transportation solutions, to provide more efficient and…

How Credit Ratings Penalise African Economies— ECA African countries continue to face significantly higher borrowing costs due to credit ratings that many experts say fail to reflect the continent’s true economic realities. The Executive Secretary of the UN Economic Commission for Africa (ECA), Claver Gatete, said this in a statement on Friday, on the Commission’s website. He said developed countries like Germany could borrow up to one billion dollars at an interest rate of 2.29 per cent, paying about 229 million dollars in interest over 10 years. According to him, a country like Zambia, under current conditions, will pay up…

Market Index Slips as Equities Investors Offload Stocks The stock market on Thursday recorded a downturn as performance indices declined by 0.01 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N8 billion, or 0.01 per cent, to N66.147 trillion from N66.155 trillion recorded on Wednesday. The All-Share Index also dropped by 0.01 per cent or 13.37 points to close at 105,511.89, down from 105,525.26 posted on Wednesday. The decline was attributed to portfolio adjustments by dividend-seeking investors. Also, the market breadth closed negative with 29 losers and 19 gainers. On the losers’ chart, Lasaco Assurance and…

Bayelsa Condemns Vandalism on Oando’s Gas Pipeline The Bayelsa Government on Friday condemned the vandalism of the Ogboinbiri/Obiobi 24-inch Gas Pipeline between Angiama and Angiamagbene in Southern Ijaw Local Government Area. 24 inch Ogboinbiri/Obiobi Gas Pipeline operated by Oando feeds the Nigeria Liquid Natural Gas (NLNG) export facility in Bonny. Mrs. Ebiuwou Koku-Obiyai, the state Commissioner for Information, Orientation and Strategy.made the condemnation in a statement issued in Yenagoa on Friday. “This act of economic sabotage will not be tolerated. “Government is working closely with security agencies to apprehend those responsible and prevent future occurrences. “The public should note that…

Naira Falls to N1567 against US Dollar at FX Market The Naira depreciated on Friday at the official market, trading at N1,567.02 to a dollar. Data from the Central Bank of Nigeria (CBN) Website showed that the Naira lost N14.49. This represents a 0.93 per cent gain when compared to N1,552.53 per dollar recorded on Thursday. The local currency which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain against the Dollar. However, the local currency slumped by 1.38 per cent on Thursday, April 3 representing a loss…

P-CNGi, LNG Arete Sign Pact for $27.3m Gas Plant Project The Presidential Compressed Natural Gas Initiative (P-CNGi) and LNG Arete Ltd. on Friday signed a Memorandum of Understanding (MoU) on $27.3 million gas plant project to boost CNG infrastructure investment, expansion, and availability. The Programme Director/Chief Executive Officer of P-CNGi, Mr Michael Oluwagbemi, said the partnership aimed at constructing a Liquefied Natural Gas (LNG) plant with a processing capacity of seven million standard cubic feet per day (MMSCFD). The P-CNGi (investing six million dollars) is co-investing alongside the LNG Arete (investing $12 million) and the Midstream Downstream Gas Infrastructure Fund,…