Author: Marketforces Africa

West African Countries Set Timeline to Realise Refinery Hub Goals The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says West African countries will sign harmonised refinery regulatory agreements in the fourth quarter of 2025, to realise its refinery hub goals. Prof. Zainab Gobir, Executive Director in charge of Economic Regulations and Strategic Planning, NMDPRA, said this on Wednesday in Abuja, while presenting the outcome of a two-day Global Commodity Insights Conference on West African Refined Fuel Market. The conference was convened by the NMDPRA and the S&P Global. Gobir said the essence of the timeline and agreements was to…

Nokia’s Q2 Profit Takes Hit from Currency Fluctuations Nokia, a multinational telecommunications company, has reported a mixed financial result for its second quarter, with currency fluctuations, particularly a weaker US dollar, significantly impacting its performance. The telecom company made this known in its 2025 Second Quarter Report on Thursday. The president and chief executive officer of Nokia, Justin Hotard, attributed some of the decline to currency fluctuations, stating that the company’s net sales and operating profit were affected by these fluctuations. Hotard also noted that the mobile networks segment’s net sales decline of 13 per cent was primarily due to…

Canal+ Secures Approval to Acquire Multichoice with DSTV, GOTV Canal+ has secured approval from South Africa’s competition tribunal for its proposed acquisition of MultiChoice Group. The development clears the final regulatory hurdle in the deal, paving the way for the French media giant to acquire Africa’s largest pay-TV group, which includes DSTV and GOTV. Under the terms of the deal, Reuters reported that Canal+ has made a mandatory cash offer of ZAR 125 ($7.11) per share to acquire all outstanding ordinary shares of MultiChoice not already owned by the French media group. The approved conditions include public interest commitments aimed…

CBN Cuts Spot Rates on Nigerian Treasury Bills, Rejects Bids The Central Bank of Nigeria (CBN) has marked down its spot rates on Nigerian Treasury bills across standard tenors, its primary market auction revealed, reflecting a shift from previous trends despite keeping its monetary tightening stance. The auction was conducted by the Debt Management Office (DMO) on behalf of the Apex Bank amidst efforts to keep local borrowing rates in check as key macro indicators improve. The auction results obtained by MarketForces Africa showed that the authority offered N290 billion for a combination of Nigerian Treasury bills maturing in 91…

US Dollar Falls after Trump Calls Fed Chair ‘Numbskull’ The US dollar fell against its major trading partners early Wednesday after President Donald Trump called Federal Reserve Chair Jerome Powell a numbskull. Traders are reacting against the global trade threats engineered by Trump’s administration with dollar selloffs. Market data revealed that the US Dollar Index (DXY) is down around 1.10% so far this week as traders turn cautious and await more clarity on trade talks. The greenback has been having rough days in the markets since the beginning of the week, with investors exiting dollar positions amidst trade uncertainties. Trump’s…

Lagos Launches N500bn Guarantee Fund to Boost Food Security Lagos State Governor, Gov. Babajide Sanwo-Olu on Wednesday launched a ₦500 billion Uptake Guarantee Fund aimed at transforming the state’s food system, reducing hunger, and boosting inclusive economic opportunities. Speaking at the event, Sanwo-Olu said the initiative was borne out of the state’s urgent need to reimagine its food security structure following the vulnerabilities exposed by COVID-19, climate change, and global supply disruptions. “Our vision is to build a resilient and self-sustaining food system that feeds Lagos now and in the future. “This fund is a safety net that connects producers…

Delta Adopts Mini-Grid Model to Drive Electricity Generation Delta Government says it will adopt a decentralised mini-grid model for electricity generation, distribution, and regulation to transform its electricity sector. The State Commissioner for Economic Planning, Mr Sonny Ekedayen, disclosed this during a post-Executive Council meeting press briefing in Asaba. Ekedayen described the decision as a bold step toward transforming its electricity sector and the establishment of new regulatory bodies to drive a sustainable power market. He said the initiative aligned with Gov. Sheriff Oborevwori’s M.O.R.E Agenda, which prioritises infrastructure and improved service delivery across the state. He recalled that the…

Nigerian Treasury Bill Yield Falls Before N290bn CBN Auction The average yield on Nigerian Treasury bill eased despite cautious trading activity in the secondary market ahead of the primary market auction on Wednesday. Trading activities reflected investors’ cautious mood as the Central Bank of Nigeria (CBN) maintained its position on its monetary policy, keeping all rates unchanged amidst various analysts rate expectations. The authority’s action keeps real return on naira assets at above 5%, and analysts say the condition provides leeway and catalysts for rates repricing at the midweek. Already, discount rates on naira assets have been reduced, reflecting improvement…

Liquidity Crunch in Banking System Keeps Rates Elevated The short-term benchmark interest rates stayed elevated at over 32% in the money market as the liquidity crunch in the banking system persisted ahead of the Nigerian Treasury bills auction scheduled for midweek. The CBN liquidity mop-up actions were reduced as the financial system has already been tightened as a result of the cash reserve ratio, foreign exchange market, and AMCON levy settlement. This has fueled higher rates for market participants. Cash-rich banks and investment managers boost income from higher rates via some money market-related instruments or placements. The market anticipates the…

Senate Approves Tinubu’s $21 Billion Foreign Loans Request The Nigerian Senate has approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 external borrowing plan. The comprehensive borrowing package includes $21.19 billion in direct foreign loans, €4.4 billion, ¥15 billion, a $65 million grant, and domestic borrowing through government bonds totaling approximately N757 billion. Also included was a provision to raise up to $2 billion through a foreign-currency-denominated instrument in the domestic market. The approval followed the presentation and adoption of the report of the Senate Committee on Local and Foreign Debt, titled: “Report of the…