Author: Marketforces Africa

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…

Nigeria to Hold First National Steel Summit Nigeria is set to host its first National Steel Summit to rebuild and unlock the country’s steel potential. The summit is expected to position Nigeria as a leading steel hub in Sub-Saharan Africa and significantly boost the national Gross Domestic Product (GDP). The Minister of Steel Development, Prince Shuiabu Abubakar, revealed this at a news conference on Thursday in Abuja, ahead of the summit. The summit with the theme `Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness` is scheduled to hold from July 16 to 17 in…

MTN Nigeria Hits N8.18trn, Analysts Positive on Earnings Outlook Telecommunication company MTN Nigeria Plc hit a new high in the equities market due to bargain hunting on telecom stocks ahead of the second quarter of 2025 earnings release. The telecommunication company’s share price inched higher by 9.86% to N390, its new 52-week high, as investors’ sentiment improved following strong earnings performance in the first quarter. Trading details on MTN Nigeria showed that investors transacted 1.739 million shares valued at N640.941 million at the close of the session. Analysts are anticipating the telecom giant will maintain a healthy earnings track record…

UBA Jumps by 10% to N1.625 Trillion on Sharp Rally UBA Plc.’s market value jumped by 10% to N1.625 trillion in the Nigerian equities market, driven by a significant bargain hunting. The Pan African lender’s share price climbed to N39.6 in the stock market, up by 10% from N36 at the close of the trading session yesterday. Explaining what moved the banking stock higher, stockbrokers said some investors increased their bets on UBA following a meeting with all its African markets chief executive at its Lagos headquarters. Data from the Nigerian Exchange showed that 64.505 million shares of UBA valued…

Ecobank Seeks $250m Tier-1 Capital via Private Placement Pan-African lender Ecobank Transnational Incorporated (ETI) is seeking $250 million in additional qualifying instruments (AT1) via private placement over a period of ten days, the group said in its regulatory filing. In a statement submitted on the Nigerian Exchange, the group disclosed that it named Renaissance Capital Africa (RenCap) as transaction advisor, demonstrating its willingness to rely on high-level international financial expertise. The group seeks US$250 million in Additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes to boost its capital positions across key African markets. The…

NGX Hits N78.73trn as Equities Investors Wealth Rises by N1.76trn The Nigerian Exchange (NGX) market capitalisation expanded to N78.73 trillion on Thursday on the back of a rally that pushed equities investors’ wealth up by N1.76 trillion. The stock market maintained its bullish run to close today’s trading session on a positive note, despite recording mixed outcomes in key performance indicators. The market index surged by 2.01%, adding 2,457.13 basis points to close at a new all-time high of 124,446.80. Stock market capitalization increased by ₦1.76 trillion, representing a 2.28% increase to settle at ₦78.73 trillion following GTCO’s new listing.…