Author: Marketforces Africa

Dangote Cement Sees Fast, Furious Rebound after Sell Shock Dangote Cement Plc has been launched into a fast lane in the equities market as investors ramped up its shares on the Nigerian Exchange (NGX). Stock market price uptick has been fast, furious, spanning three out out four trading sessions due to investors improved sentiment. The cement stock has gained about N80 on each of its 17.040 billion outstanding shares in the equities market in anticipation of good earnings results for financial year 2024. According to data obtained from the local bourse on Thursday, the cement company share price hit the…

EU-Nigeria Agribusiness Platform Inaugurates Steering Committee The European Union-Nigeria Agribusiness Platform (EUNAP) has inaugurated a Technical Steering Committee (TSC) to expand agribusiness trade and foster investment between Nigeria and EU member states. Mr Roland Oroh, Chief Executive Officer (CEO) of Agribusiness Register Ltd, said at the inauguration on Thursday in Abuja that the platform aims to generate an estimated 575 million euros in additional trade value for Nigeria’s agribusiness sector. Oroh noted the need for active participation from government agencies, private-sector actors, and development partners to achieve this goal. According to him, EUNAP, funded by the European Union and managed…

Kwara Awards N5bn Contracts for Facilities Upgrade The Kwara Government on Thursday disclosed that contracts worth N5 billion had been awarded for the upgrade of 70 Primary Health Care (PHC) facilities in the three senatorial districts of the state. Prof. Nusirat Elelu, Executive Secretary, Kwara State Primary Health Care Development Agency, made this known in Ilorin at the contract-signing event. Elelu stated that the intervention would include infrastructural upgrade, solarisation, provision of staff quarters, potable water supply and supply of ultra-modern hospital equipment across all benefitting PHC facilities. “The intervention is coming with the support of the World Bank supported…

Sterling Rises Against Dollar as UK Economy Grows Sterling rose to $1.25 after preliminary data showed the UK economy grew by 0.1% in the final quarter of 2024. The economic growth posted defied expectations of a 0.1% contraction and outperforming the Bank of England’s forecasts. The economy is now slightly larger than before Labour took office in July, offering the government some relief. However, challenges persist, with the UK’s Office for Budget Responsibility set to release an updated economic and fiscal outlook on March 26th, amid reports that it has lowered its growth projections. Last week, the Bank of England…

US Dollar Slides as EUR Explores Upside The US dollar fell against its major trading partners early Thursday, except for a gain versus the Canadian dollar ahead of economic data releases. In a note, ING analyst Chris Turner said the euro has been doing a little better this week. The US dollar index (DXY) was a little softer yesterday – largely on the back of some strength in the euro. There is a sense of fatigue in some of the Donald Trump trades, where this year’s U-turns on tariffs have made it a lot harder to reach definitive conclusions. At…

Nigeria Meets OPEC’s Crude Oil Production Quota of 1.5m bpd The Organisation of Petroleum Exporting Countries (OPEC), says Nigeria’s average daily crude oil production has increased significantly to 1.53 million Barrels Per Day (bpd) in January. The country for the first time, met the OPEC production quota of 1.5 million bpd since it was set for the 2024 period at OPEC’s ministerial meeting in November 2023. The production figure which was released in OPEC monthly oil market report showed that the increase was against 1.485 million bpd recorded in Dec. 2024, which represented 54,000 bpd change. In December 2024, the…

FCT Achieved 90% 2024 Budget Performance – Wike The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the FCT Administration has achieved 90 per cent of its N1.1 trillion 2024 budget. Wike stated this after inspecting some ongoing projects in the capital city, in Abuja on Thursday. The projects inspected are the ongoing construction of the Abuja Division of the Court of Appeal and the road network and ongoing renovation of the International Conference Centre (ICC). Others are the two interchanges, one at Ahmadu Bello way, connecting Wole Soyinka Way and the other connecting Wole Soyinka Way…

Kuda MD Calls for Unified Regulatory Framework, Investment to Drive Fintech Growth The Managing Director of Kuda Microfinance Bank, Musty Mustapha, has called for a unified regulatory framework and infrastructure investment to unlock Nigeria’s fintech potential. Speaking at the Nigeria Deposit Insurance Corporation (NDIC), Mustapha highlighted the sector’s rapid growth, with $2 billion in investments in 2024, but warned that regulatory uncertainty, cybersecurity threats, financial exclusion, and infrastructure deficits continue to hinder sustainable progress. Nigeria’s fintech ecosystem has been instrumental in driving financial inclusion, pushing the country’s inclusion rate to 64% in 2023, according to government data. However, Mustapha pointed…

FBN Holdings Rebrands as First Hold Co –Official FBN Holdings Plc has announced a change of its name to First HoldCo Plc, the group said the naming convention will also be adopted across all its subsidiaries. In a regulatory filing, the group said this strategic transformation and rebranding marks a significant milestone in the Company’s journey to redefine its identity, unify its subsidiaries, reinforce its heritage, and strengthen its position as a leader in the financial services industry. “The new name reflects a forward-looking vision rooted in a timeless legacy of trust, resilience, innovation, and exceptional service delivery”, First Holdco…

Nigeria Customs explains 4% FOB levy suspension Kano/Jigawa Customs Area Command held a stakeholders’ meeting on Wednesday to explain the four percent free on board (FOB) collection and its suspension. Customs Area Comptroller, Dalhatu Abubakar, said that the new revenue law benefits all stakeholders, including exporters, importers, and customs agents. He explained that the FOB collection had been temporarily suspended due to the termination of the Nigeria Customs Service (NCS) contract with service providers. Abubakar assured that the NCS would resume direct collection of the four percent FOB once the suspension is lifted. “The FOB collection suspension is due to…