Author: Marketforces Africa

As part of an effort to keep pace with local oil assets development, NNPC Limited has announced the launch of a methane abatement pilot project in the Niger Delta, according to an official statement.

OPEC+ Members Extend Voluntary Production Cut to 2026 The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have decided to extend its production cut until the end of 2026. In the 38th OPEC and non-OPEC ministerial meeting, the member countries agreed to reach their total production of 39.72 million barrels per day (bpd) for the upcoming year. The meeting reaffirmed the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until Dec. 31, 2026. It also reaffirmed framework of the DoC signed on Dec. 10, 2016, and further endorsed…

FG Launches N20bn Credit Scheme to Boost Automobile Industry The Federal Government (FG) has inaugurated a N20 billion Consumer Credit Fund initiative aimed at stimulating the economy and fostering growth in the automotive sector. The Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin made this known during the unveiling of the initiative on Thursday in Abuja. Osanipin said that the event marked a significant step toward transitioning Nigeria into a credit-driven economy. He said that the move would help in addressing some major challenges in the country’s automobile industry. He said that the iinitiative was a…

Money market rates rose apiece as outflows relating to the Treasury auction sales by the Central Bank of Nigeria (CBN) on Wednesday dragged the liquidity balance in the financial system downward. 

NEPC Decries $480m Spent on Importation of 3m Tonnes of Rice The Nigeria Export Promotion Council (NEPC) on Thursday described as unacceptable continuous spending of 480 million dollars on importation of three tonnes of rice annually. The NEPC Executive Director / Chief Executive Officer, Mrs Nonye Ayeni, made this known in Lokoja at the opening of a one-day technical support workshop organised for rice farmers and processors in Kogi. Ayeni said that the NEPC has begun implementing strategies to reduce the country’s dependence on rice importation by boosting the local production of the commodity. The NEPC boss, who was…

Champion Breweries Secures Approval for Capital Raise, Bond Issuance Shareholders of Champion Breweries Plc has granted an approval for the company to issue up to 1,579,058,099 ordinary shares to meet the Nigerian Exchange Ltd. (NGX) free float requirement. Mr Imo-Abasi Jacob, Chairman, Board of the company, said this in a statement presenting resolutions from the firm’s Extraordinary General Meeting (EGM) on Thursday in Lagos. Jacob said that the capital raise would significantly enhance market liquidity, fund essential infrastructure upgrades, expand production capacity, and increase overall operational efficiency of the company. He stated that Champion Breweries also received approval to float…

The Nigerian Exchange (NGX) lost N37 billion as investors sold their shares in Aradel Holdings, Access Bank Plc

Paul Atkins: Global Crypto Market Cap Hits $3.71T as BTC Rally The global cryptocurrency market has seen what the Wall Street calls an insane rally after U.S. President-elect Donald Trump picks Paul Atkins to lead the Securities and Exchange Commission. For the first time ever, Bitcoin breached the $100,000 threshold late Wednesday as investors rushed to increase BTC holdings. Atkins is expected to run a pro-crypto currency regime under Trump administration, and analysts said his appointment was deliberate. The biggest cryptocurrency is currently trading at $103,199, according to data from CoinMarketCap.com. Atkins, a former SEC commissioner during the presidency of…

The average yield on Nigeria’s Eurobonds declined as foreign investors and local banks continued to increase bets

Nigerian Bonds Yield Rises as Investors Trim Holdings The Nigerian bonds benchmark yield rose in the secondary market as local investors trimmed holdings ahead of the monthly auction. The trading activity in the bond market was subdued, resulting in a 2 basis points (bps) rise in the average yield to 19.48%, according to Cowry Asset Limited. Investors’ attention shifted to the Treasury bills auction, which received a higher subscription level due to surplus liquidity condition in the money market yesterday. Most trades were dominated by sellers positioning themselves for the Treasury bills auction in anticipation of higher rates, especially for…