Author: Marketforces Africa

Rates Heighten as Banks’ Borrowings from CBN Surge The short-term benchmark interest rates heightened as activities of the deposit money banks (DMBs) tightened the liquidity balance in the financial system even further on Thursday. In the absence of significant inflows, money market rates were pushed above the 32% level, a rare case in months. There will be no significant inflow on record to redirect the deficit position in the banking system, and projections show rates will remain elevated till next week. Recent past open market operations and treasury bill sales reduced the amount of free cash in the financial system,…

Nigeria Targets 7% GDP Growth—Edun The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Nigerian economy is experiencing consistent growth within the context of global developments and ongoing domestic reform programmes. Edun said this at a news conference to provide an update on the economy in Abuja on Thursday. He said that Nigeria’s gross revenues increased by 37.4 per cent in the first half of 2025. According to him, the medium-term goal is to achieve seven per cent in annual Gross Domestic Product (GDP) growth, driven by critical investments by government, private investment, job…

Global Oil Demand Growth to Slow in 2025 – IEA Report Global oil demand growth is expected to slow this year as weaker economic conditions and sluggish non-OECD deliveries weigh on consumption, the International Energy Agency (IEA) said on Wednesday. According to the IEA’s August Oil Market Report, global oil demand growth is projected to slow to 680,000 barrels per day (bpd) year-on-year in 2025, from 860,000 bpd last year, largely due to a weaker economic outlook. The projection is 20,000 bpd lower than the Agency’s previous forecast, mainly because non-OECD deliveries continue to fall short of expectations. Demand growth…

EU to Approve 19th Russia Sanctions Package in Sept. The European Commission is aiming to have the bloc’s next package of sanctions against Russia be approved in September. “Hopefully we will be able to adopt it next month,” a commission spokeswoman said, without giving details on the possible content. This would be the bloc’s 19th sanctions package. Previous sanctions against Russia have targeted the economy, key industries, military supply chains and individuals linked to the war in Ukraine. The goal was to make it harder for Russia to continue its war against Ukraine, now in its fourth year. Sanctions in…

Chevron Expresses Commitment to Unlocking Nigeria’s Energy Potentials Chevron Nigeria Limited (CNL), operator of the Joint Venture between the Nigerian National Petroleum Company Limited (NNPCL) and CNL -NNPCL/CNL JV- has reiterated its commitment to help in unlocking Nigeria’s full energy potential. The Chairman and Managing Director of CNL, Jim Swartz, stated this on Wednesday during the visit of the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, to CNL’s operational hub in Escravos, Delta. According to the statement issued by Mr Olusoga Oduselu, CNL’s General Manager, Policy, Government and Public Affairs, and made available to newsmen in Warri…

Dangote Sugar, Fidelity Bank Drive Midday Loss in Equity Market Dangote Sugar Refinery, Fidelity Bank, and Insurance names are driving the Nigerian Exchange (NGX) all-share index (ASI) downward as investors continue to book profit across key indexes. The local broke the rally trend on Wednesday as investors sentiment turned belly down. The Nigerian Exchange index has lost significantly, and it will only take buying interest to upturn trading direction. Stockbrokers said market perception has started to twist to negative, reflecting that a potential market correction is gathering momentum amidst earnings releases. The market direction could quicken profit-taking until new catalysts…

Investors Exit Position in Nigerian Treasury Bills Ahead of Inflation The average yield on Nigerian Treasury bills climbed by four basis points to 17.94% in the secondary market as investors exited positions ahead of inflation data.The market anticipates that July inflation will ease as the naira exchange rate volatility reduced sharply in July, along with the food price index. In a note, analysts at Coronation Merchant Bank’s research unit anticipate that the headline inflation rate will ease to 21.52% year-on-year, down from 22.22% year-on-year in June, underpinned by the pass-through effect of Nigeria’s FX policy reforms continuing to support Naira…

FG to Unlock $150bn Dormant Land Capital to Boost Economy The Minister of Housing and Urban Development, Ahmed Dangiwa, says the Federal Government will unlock over 150 billion dollars in dormant land capital nationwide to boost economic growth. Ahmed made this known in a statement signed by the Director, Press and Public Relations, Badamasi Haiba in Abuja on Thursday. Dangiwa made the announcement at a Stakeholders’ Workshop on “The Nigeria Land Registration, Documentation and Titling Programme” (NLRDTP) in Lagos, themed “Moving from Inception to Implementation.” According to the minister, the government will unlock the dormant land nationwide through the National…

Oil Prices Rise as U.S Threatens Russia with ‘Very Severe Consequence’ Oil prices rose during early trading hours on Thursday as U.S. President Donald Trump threatened Russia with severe consequences if President Vladimir Putin does not agree to end the war in Ukraine. Brent crude rose 0.21% to $65.61 a barrel, up from $65.47 at Wednesday’s close. The US benchmark West Texas Intermediate (WTI) increased 0.29% to $62.28 a barrel from $62.10. Expectations of a Fed rate cut in September are supporting oil prices, as US inflation rose at a moderate pace in July. The annual inflation rate was 2.7%,…

EIA Slashes Brent Price Forecast for 2025 The US Energy Information Administration (EIA) has revised down its 2025 oil price forecast, lowering its projection by about $1.7 from the previous report to $67.22 per barrel. Brent crude, which traded at $71 per barrel last month, is expected to post sharp declines in the coming months, averaging $58 in the 4th quarter of 2025 and around $50 in early 2026, according to the EIA’s August 2025 Short-Term Energy Outlook. The downward revision is driven by expectations of a significant build in global oil inventories following the OPEC+ decision to accelerate production…