Category Archives: Economic Highlights

Lagos commodities exchange to trade on crude oil, gas worth $4bn annually

Nigeria’s commodities exchange plans to offer crude oil and gas trading to deepen access to financing for the industry that’s the biggest foreign-exchange earner for the nation.

NNPCL, First E&P achieve 20,000bpd production at OML 85

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil

Nigerian stock market is defying economic realities, untouched by economic headwinds

The Nigerian stock market has so far defiled economic realities as it continues to remain in the green zone, amidst heavy economic headwinds, Oluwatosin Ogunjuyigbe of Ventures Africa.

Heirs Energies: charging Nigeria’s with domestic gas supply ..Sole gas supplier to Geometric Power Plant

Heirs Energies, Africa’s leading integrated energy company, has announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State.

Nigeria’s sugar unaffected as global price falls 5.24%, local by 102.38%

The global sugar price has dropped by 5.24 per cent Year-to-Date (YtD) to $20.62/pound, aligning with the Economic Intelligence Unit (EIU)’s forecast of a 9.82 per cent decrease to $21.13/pound in 2024 from $23.43/pound in 2023. This is as sugar price in Nigeria rose by over 100 per cent during the same period, said Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited.

IMF, Fitch Ratings applaud MPC hawkish rate decision, says Tinubu inherited bad economy

International Monetary Fund (IMF) and the Fitch Ratings have unanimously applauded the Monetary policy Committee (MPC) of the Central Bank of Nigeria (CBN) for it’s hawkish decision in hiking benchmark rate by 400 basis points.

N26bn suspicious flows: Binance traders are traceable – Blockchain Association President

“If you use a centralised exchange like Binance, it is finished because you cannot be on those platform without your identity bei g known,” said Obinna Iw
A trained crypto investigator Obinna Iwuno says traders on cryptocurrency trading website Binance are not anonymous as they can be traced.

IMF wants Nigeria to immediately address growing food insecurity

The Federal Government must urgently address growing food insecurity, with almost one in 10 people facing hunger, the International Monetary Fund (IMF) said.

Binance to cease all Nigerian naira transactions by March 8

Binance yesterday officially announced on that the platform will suspend naira withdrawals after March 8.

CBN’ reveals plans to settle N1.64 trillion TBs in the second quarter

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.