Author: Marketforces Africa

Oil Prices Edge Higher as Weak Dollar Drives Demand Oil prices ended the week higher in the global commodity market, supported by a weaker US dollar, signs of strong US fuel demand, and fresh geopolitical tensions, despite pressure earlier in the week due to rising US inventories and trade concerns. The international benchmark Brent crude was trading at $68.61 per barrel on Friday, marking a rise of around 1.01% compared to last week’s closing price of $67.92. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $66.19 per barrel, up approximately 0.8% from last Friday’s close of $65.65. Oil…

Nigerian Exchange Soars Near N80trn as Investors Gain N1.08trn The Nigerian Exchange (NGX) market capitalisation expanded to about N80 trillion at the close of the trading session on Friday as equities investors portfolio value surged by N1.08 trillion on Friday. The domestic bourse wrapped up a stellar five-star trading week on a bullish note, extending its winning streak as key performance indicators advanced by 1.37%. Stockbrokers said the positive close was driven by bargain hunting in fundamentally good large-cap and moderately priced stocks, particularly within the financial and industrial sectors. The All-Share Index increased by 1,704.24 basis points to close…

Egbin Power CEO Calls for Sustainable Development in Electricity Sector The Chief Executive Officer of Egbin Power Plc, Mokhtar Bounour, has reaffirmed the company’s unwavering commitment to driving sustainable development in Nigeria’s power sector during the Shell Power Conference 2025. The conference, held in Ikeja, Lagos, under the theme “Powering Nigeria’s Energy Future: Bridging the Gap Between Ambition and Action,” brought together key stakeholders, industry leaders, and policy experts to deliberate on actionable pathways for powering Nigeria’s energy future. Speaking at the high-level gathering, Bounour described the conversations as bold, honest, and forward-thinking, highlighting the need for a united front…

Nigerian Bond Yield Falls to 16.88% on Bullish Momentum The average yield on Nigerian government bond fell in the secondary market as bulls went on a rampage on the naira assets ahead of the Debt Management Office’s monthly auction for July. Investors are betting on local bonds on expectations that supply will reduce in the third quarter, with lower spot rates signalinging from the latest primary market auctions. Demand remained concentrated at the mid-to-long end of the curve. Inflation has maintained a consistent downward trend, and the naira is recalibrating against the dominant US dollar. Some analysts are anticipating monetary…

Naira Reforms Transfer Wealth to Nigerian Government, Hits Others Naira devaluation is a generally acceptable economic misnomer for a country with a distorted economic structure. Naira reforms transfer wealth to the Nigerian government and impoverish people while the private sector struggles. It is much easier to discuss naira devaluation in a country with a wider gap between the poor and the rich than to discuss currency redenomination. At the current moment, the lowest currency in Nigeria cannot buy anything, but the monetary authority is still producing it. The hydra-headed inflation has ultimately removed the lowest naira denomination from circulation without…

IEA Reduces Global Oil Demand Growth for 2025 The International Energy Agency (IEA) expects global oil demand growth this year to be the lowest since 2009, excluding the exceptional drop recorded during the COVID-19 pandemic in 2020. According to the IEA’s July Oil Market Report, global oil demand is projected to increase by around 700,000 barrels per day (bpd) this year compared to 2024, reaching 103.68 million bpd. This marks a downward revision from the agency’s previous forecast of a 720,000 bpd increase. The slowdown is largely attributed to weaker-than-expected deliveries in the second quarter. During this period, global oil…

Naira Skids over FX Demand Pressure, Foreign Reserves Rise The naira skids against the dollar at the Nigerian foreign exchange market (NFEM), reflecting a mild pressure coming from increased corporate demand for foreign currencies. The Central Bank of Nigeria (CBN) fx update revealed that the naira was quoted at N1525.98 per greenback, showing that the local currency value declined by more than N5 from N1520.74 the previous day. The Apex Bank maintained distance, with no fx interventions in recent times. In the first half, the authority was aggressive, supporting the naira with about $5 billion in six months straight. In…

EFCC Says Corrupt Politicians Now Hide Loot in Cryptocurrencies Mr Ola Olukoyede, the Chairman, Economic and Financial Crimes Commission (EFCC) has alleged corrupt politicians of now hiding stolen public funds in cryptocurrencies to evade probes. He made the allegation during an AU Anti-Corruption Day event on Thursday in Ibadan. Olukoyede, represented by the Commission’s Acting Zonal Director in its Ibadan office, Hajiya Hauwa Ringim, said that virtual assets were becoming preferred channel for hiding illicit wealth. He described virtual assets as digital monetary representations that could be traded or transferred, stressing that while not criminal, they become dangerous when used…

West African Gas Pipeline Coy Advances Regulatory Alignment, Energy Cooperation West African Gas Pipeline Company Ltd. (WAPCo) has reaffirmed its commitment to regional energy development by pursuing solutions through digital transformation, regulatory reforms, and enhanced stakeholder collaboration. Mr Odey Adamade, General Counsel, WAPCo, gave the assurance in a statement on Thursday. Odey Adamade, was quoted to have highlighted this strategic focus at a recent high-level forum in Abuja, where key players from the oil and gas sector gathered to boost WAPCo’s operational efficiency and long-term viability. Tracing WAPCo’s origins to a 1982 ECOWAS initiative and the subsequent 2003 treaty establishing…

Lekki Deep Sea Port Handles 20% of Projected Cargo The Lekki Deep Sea Port says the facility is currently handling only about 20 per cent of its projected cargo throughput in spite of an installed capacity of 1.2 million TEUs. The Deputy Managing Director of the port, Mr Daniel Odibe, made this known in an interactive session with newsmen in Lagos on Thursday. Odibe attributed the shortfall to prevailing economic challenges that had impacted the port’s operations in recent times. He said the port had initiated efforts to ramp up operations from 54,289 TEUs to 500,000 TEUs by the end…