Author: Marketforces Africa

Rising Trade Tensions May Affect Global Chemical Demand Growth –Fitch Rising trade tension risks could exacerbate the global chemical sector’s challenges, including pressure on margins, soft demand, and oversupply, Fitch Ratings says. The global rating agency said modest improvements in volumes and lower energy and feedstock costs offset some pressures and underpin a ‘neutral’ sector outlook in 2025. “Potential US tariffs expansion and greater trade tensions with China, increasing costs in the US and reducing overall growth for chemical issuers, are major risks to North American issuers, according to our Global Chemicals The US will remain cost-advantageous due to lower…

Global Economic Growth to Strengthen in 2025 despite Hurdles – GlobalData Global economic growth is expected to strengthen in 2025 despite hurdles, GlobalData said in a report. “As we step into 2025, the global economy is poised for accelerated growth despite the challenges such as geopolitical tensions and potential shifts in policy that could disrupt growth and deepen regional inequalities”, The direction of US policy under a new administration could reshape international trade, monetary policy, and economic cooperation. On the brighter side, easing inflation and the supportive measures from central banks across key economies offer a sense of optimism. Against…

Prices of crude oil edged higher across various grades in the global commodities market amidst buckets of uncertainties. Tensions in the Middle East persisted while weak economic data in China, and U.S suggest demand level would be put in check.

Nigeria, Saudi Arabia Deepen Ties on Iron Ore Extraction The Federal Republic of Nigeria and the Kingdom of Saudi Arabia have established a partnership to extract iron ore and process steel in Nigeria. The partnership was initiated by the Minister of Solid Minerals Development, Dele Alake, and the Deputy Minister of Minerals and Energy of Saudi Arabia, Khalid Al-Musdaifer. This is contained in a statement by the Special Adviser to the minister, Kehinde Bamigbetan, on Monday in Abuja. The partnership aims to leverage Nigeria’s indigenous mineral resources to drive industrialisation, in line with President Bola Tinubu’s Renewed Hope agenda. Alake…

Naira Slides to N1538/$ Despite Exporters FX Boost The naira slid to N1538 in the Nigerian autonomous foreign exchange (FX) market (NAFEM) despite US dollar inflows from exporters. On Monday, the local currency ended five days rally in the new week due to renewed demand pressure for US dollars. However, The naira appreciated by 2.4% to N1,540.78 per greenback on BMatch, the Electronic Foreign Exchange Matching System (EFEMS). The exchange rates on BMatch, and FMDQ platform quotes have inched closer amidst search for true value for the Nigerian naira. Spot data from the FMDQ platform showed the Naira depreciated by…

Africa Requires $200bn Yearly for Energy, Climate Goals – NLNG Mr Philip Mshelbila, Managing Director of Nigeria Liquefied Natural Gas (LNG) Ltd., says Africa’s energy sector needs over 200 billion dollars in annual investments to meet its energy and climate goals. Mshelbila spoke at the networking session reception, hosted by Nigeria LNG in Berlin, Germany, on Monday. The 2024 World LNG Summit and Awards has the theme; “Achieving the balance between energy security and decarbonisation”. Mshelbila, who was represented by Mr Nnamdi Anowi, General Manager, Production, NLNG, said this investment was essential to meeting the growing energy needs of a…

Equities Investors Lose N63bn as Lafarge Africa, Oando Dip Equities investors lost about N63 billion as the Nigerian Exchange (NGX) opened the week negative. Sell side actors offloaded stocks as buying sentiment relapsed amidst portfolio rebalancing. Trading data from the local bourse showed that key performance indicators fell by 0.11% apiece while year to date return moderated. The market witnessed profit taking from WAPCO (-4.73%), alongside selloffs in ACCESSCORP (-2.82%) and OANDO (-3.02%), outweighed buying interest in STANBIC (+4.63%) and OKOMUOIL (+9.19%). Hence, the All-Share Index reduced by 103.23 basis points in today’s trading session to close at 98,107.52. Several…

Crisis Rocks First Bank as Lavish Party Infuriates Femi Otedola Another internal crisis has rocked First Bank of Nigeria (CBN) following reports that Folake Ani-Mumuney, the bank’s Global Head of Marketing and Corporate Communications, was asked to step down by Femi Otedola, Chairman of FBN Holdings. Femi Otedola, who is the chairman of the financial services group after acquisition of huge shares in FBN Holdings. Insiders revealed to TheCable that Otedola was deeply upset after learning of the extravagant send-off party organised for Adesola Adeduntan, the former Group Managing Director (GMD) of the bank. Adeduntan, who served as GMD for…

FG Invests Over $450 Million in CNG – PCNGi The Presidential Compressed Natural Gas Initiative (PCNGi) on Monday said that it had invested more than 450 million U.S Dollars in the Compressed Natural Gas (CNG) value chain. Mr Michael Oluwagbemi, Project Director and Chief Executive Officer (CEO), PCNGi, disclosed this during the 9th Edition of the Nigeria Energy Forum (NEF2024) Day 2, Virtual Event in Lagos. The theme of the 9th Edition of NEF is: “Energising Sustainable Industrialisation”. According to the PCNGi CEO, the amount goes into things like mother stations, daughter stations and refueling stations as well as conversion…

Import Licence: Dangote Refinery Seeks to Amend Suit Against NNPCL, Others The Dangote Petroleum Refinery and Petrochemicals FZE has sought to amend its suit against the Nigerian National Petroleum Company Limited (NNPCL) and others. The plea to amend the suit followed an application by the NNPCL before Justice Inyang Ekwo of a Federal High Court in Abuja, urging the court to strike out the case for being incompetent. Dangote Refinery had sued Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigeria National Petroleum Corporation Limited (NNPCL) as 1st and 2nd defendants. Also listed as 3rd to 7th defendants respectively…