Author: Marketforces Africa

The Nigerian Electricity Regulatory Commission (NERC), says it has transfered regulatory oversight of the electricity

Lagos State Debt Spikes to N2.7 Trillion – Rating Note Lagos state government’s gross debt increased markedly to N2.3 trillion in 2023 and further to N2.7 trillion in March 2024 from N1.4 trillion due to adverse exchange rate movement, GCR Ratings note revealed. GCR Ratings said it has affirmed the national scale long-term and short-term issuer ratings of AA-(NG) and A1+(NG) respectively accorded to Lagos State Government. Also, the emerging market rating firm fully owned by Moody’s Investors Services affirmed the national scale long-term issue rating of AA-(NG) accorded to Lagos State Government’s programme 3 series II (tranches II &…

Oil Prices Increase as Libya Oil Field Halts Production Oil prices increased in the global commodity market early on Wednesday as Libya’s largest oil field halted production, raising supply concerns. The supply side continues to face threats from escalating geopolitical tension. This comes in addition to U.S. recession fears after the OPEC+ maintained the status quo on production policy at its just concluded joint ministerial meeting. ICE Brent slumped by 0.13% to $76.58 per barrel from the closing price of $76.48 per barrel in the previous trading session. The American benchmark West Texas Intermediate (WTI) traded at $73.34 per barrel…

Money Market Rates Mixed as Liquidity Declines The short-term benchmark interest rates ended on a mixed note in the money market due to a decline in liquidity levels in the financial system. In the past week, funding rates have been in decline due to the influx of funds from maturing instruments, coupon payments, and the huge Federal Accounts Allocation Committee’s credits. Opening system liquidity decreased by about 21.37% yesterday, compared to the previous day’s balance.  The balance declined despite more than N45 billion inflows from matured OMO bills. However, the open repo rate (OPR) declined by 5 bps to 25.35%,…

Equities investors lost more than N371 billion due to crunching stocks selloffs in the Nigerian market on Tuesday.  Stockbrokers reported

Mr Ado Oseragbaje, an energy expert, has emphasised the crucial role of Environmental, Social, and Governance (ESG) practices in

Niger Government has offered the sum of N50 million as relief support to families and victims of the June 14 mining pit collapse in

Dr Saheed Mosadoluwa, the Chairman of Harmony Gardens and Estate Development Ltd., has called for collaborations between

Gov. Sheriff Oborevwori of Delta has defrayed a total sum of N130 billion of the N465 billion inherited debt from previous administrations in the state.

RMB has released the highly anticipated 2024 edition of its Where to Invest in Africa report, a comprehensive analysis of the top investment destinations