Rise in crude oil prices fails to reflect on naira, foreign reserves

Despite the 5.1 per cent rise in Brent crude oil price last week, foreign reserves shed $10.9 million or 0.3 per cent of its value, while the naira depreciated by N10 last week at the parallel market.
Last week, Brent crude oil price rose 5.1 per cent week-on-week (w/w) to $69.76 per barrel l as expectations that reopening economies and higher travel numbers in the US and Europe would boost fuel demand outweighed concerns about the coronavirus spread in parts of Asia. On the domestic front, external reserves fell 0.3 per cent w/w ($110.9 million) to $34.3 billion from $34.4 billion the previous week.

3 oil firms joins NNPC in bid to buy stake in Dangote refinery

Three oil firms have joined the Nigerian National Petroleum Corporation (NNPC) have approached Dangote Industries to acquire a stake in Africa’s largest oil refinery, a senior executive told Reuters weekend.
Devakumar Edwin, group executive director, said the firms from Western and Middle East countries and involved in trading and crude production were looking to secure crude supply agreements, a similar objective to that pursued by the Nigerian National Petroleum Corporation (NNPC).

Ecobank lures agency banking partners with rewards, benefits

The Head, Agency Banking, Ecobank Nigeria, Olanike Kolawole has said there are many inherent rewards and benefits of being an agency banking partner, also known as Xpress Point agent of the bank. Kolawole, who was speaking on the bank’s ongoing mouthwatering gifts presentation to its Xpress Point agents across the six geo-political zones of the country for their increased transactions on the bank’s platforms, stated that apart from helping to drive Ecobank’s financial inclusion strategy in Nigeria, the agents were being empowered to create wealth and enjoy financial freedom.

OPEC oil output rise in May in spite of losses by Nigeria, Iran -survey

OPEC oil output has risen in May as the group agreed to ease supply curbs under a pact with allies, a Reuters survey showed, although a drop in Iranian exports and involuntary reductions in African members limited the increase.
The 13-member Organization of the Petroleum Exporting Countries has pumped 25.52 million barrels per day (bpd) in May, the survey found, up 280,000 bpd from April. Output has risen every month since June 2020 with the exception of February.

UBA Group appoints Caroline Anyanwu as new board member

United Bank for Africa (UBA), the leading pan-African financial services institution, today announced the appointment of Mrs. Caroline Anyanwu to its Board of Directors, effective May 19, 2021.

Nigeria’s oil exports drop 130,000 b/day on loading snag – Shipping data … Nigeria’s Qua Iboe oil to also fall 950,000 barrels July

Nigeria, highest crude oil producers in Africa lost an average of 130,000 barrels per day as a result of loading problems witnessed in the month of May, shipping data and trade sources have revealed.
Analysts say the drop will further diminish income flow to the country which is already in heavy deficit financing.

Nigeria Central Bank Holds Rate to Support Economic Recovery … Waves away inflation fears, says driven by insecurity, bad infrastructure

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its benchmark interest rate for a fourth straight meeting, prioritizing the recovery of the economy from last year’s recession over fighting inflation that’s near a four-year high.

Nigeria’s construction industry to return to growth after painful year

Nigeria’s construction industry is due to grow by 3.9 per cent in 2021 after a 7.7 per cent decline in 2020, according to economic analyst GlobalData. The fall was caused by Covid-19 restrictions and a drop in demand for oil and gas, which accounts for 65 per cent of government revenues.

Receding inflation may slow agitation for hawkish monetary stance

The five basis points (bps) in inflation last month, analysts believe that the Monetary Policy Committee (MPC) may maintain its dovish stand when it meets next week.

UBA hosts African conversation with world leaders

The United Bank for Africa (UBA) Plc, is set to celebrate this year’s Africa Day in commemoration of African unity with the third edition of its annual UBA Africa Conversations, headlined by Africa’s international leaders that include the President of Rwanda, H.E Mr Paul Kagame, Mrs Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation(WTO); Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organisation(WHO) and Mr. Makhtar Sop Diop, Managing Director, International Finance Corporation(IFC). The conversations will be held online on www.africaday.ubagroup.com