Author: Aishat Olalere

According to the National Bureau Statistics (NBS), Nigeria total import grew from N25.5 trillion in 2022 to N35.9 trillion in 2023. In the first and second quarters of 2023, total import was N6.4trillion and it increased to N9trillion in third quarter and again N14trillion in fourth quarter. Manufactured imports topped the chart with imports worth N18.3tn. Agric imports stood at N2.2tn while imports of raw materials totalled N3tn. However, Nigeria was able to churn out exports worth N35.9tn. However much of these were under the category of crude oil which constituted N29tn while exports of other oil products stood at…

On Monday, the investors engaged in some buying activities in secondary markets. The average yield on Nigeria treasury bills decreased by 21 basic points. This market action followed a recent inflation increased to 31.70%, as it increased by 1.80%. Market participants sought to park funds into bills at the secondary market to compensate for lost bids at the primary market auction last week. The Central Bank of Nigeria (CBN) offer size was significantly below N1.5 trillion subscription level placed by investors. This was in contrast to previous auction sales the CBN sold when foreign investors showed interest. Analysts said, the…

Investors have been demanding higher rates on borrowing instruments due to inflation rate surge and high interest rate environment. On Monday at the primary market auction conducted, debt Management Office offered higher spot rates on government bonds. According to the statistics office, the inflation rate increased to 31.7% in February 2024 in a bid to tame consume price index from accelerating further, the monetary policy authority hiked interest rate by 4%. Analysts said in response to a question on fixed income market outlook for the first half of 2024 and said It makes sense to pay higher on debt instruments…

On Friday, the Lagos State Consumer Protection Agency (LASCOPA) was lauded and congratulated by the Group Executive director, Commercial Operations of Dangote Industries Limited (DIL), Hajia Fatimah Aliko Dangote, on the successful hosting of 2024 World Consumer Right day, noting that consumers have the right to accurate, transparent, and easily understandable information about product and service. Fatima Aliko Dangote said, “…in these days of artificial intelligence, where consumers are buffeted with information on many products and services which may turn out to be false or less than what is promised”, they have the rights to know all the key information…

According to an Analyst, it was derived that without a structural deficiency, it will be difficult for Nigeria to successfully achieve price stability. Nigeria need to deploy other measures to combat inflation condition pushed by policy inconsistency of the past administration. Some critics also added that not so much has been achieved with the interest rate hike as a tool to combat Nigerian’s inflation despite monetary policy tightening. It is not clear at what point rate adjustment would be effective in curbing inflation from making forget uptrend. The review of investment banking notes on the consumer price index forecast indicates…

Nigeria was not found among 28 countries listed on the index frontier markets, which harbours other smaller African countries’ securities. It was discovered from the Global investment Service Firm that MSCI Inc. has finally removed Nigeria from its frontier market indexes category. It had opened a consultation proposal to downgrade Nigeria Indexes to standalone status after previous warnings to investors about foreign currency scarcity in Africa’s largest economy. As Confirmed on the Global investment service Website, it was confirmed that Nigeria security has been removed. MSCI planned to delete Nigerian security from frontier markets indexes in February 29, 2024, despite…

According to the International Energy Agency’s latest report, in February, the world oil supply increased by 340,000 barrel per day to reach 101.1 million barrel per day due to production increase in US, Canada and LIbya. Following the unrest that forced its closure earlier this year, the production build came with a revival in production in the US and Canada after an Arctic cold snap and a rise in Libya’s largest oil field. The report said the combined US and Canadian output boost of 370,000 bpd drove an overall non-OPEC+ increase of 270,000 bpd last month. OPEC+ oil flows, meanwhile,…

On Sunday, Mohammed Tajudeen, Spokesperson of the Kebbi Area Command of the service made it known to the newsmen in Birnin Kebbi that the Nigeria Custom Service (NSC) has opened the international border in Kamba town of Dandi LGA in Kebbi State to promote international trading between Nigeria and the neighbouring countries of Niger and Benin Republic. Tajudeen said the newly appointed Customs Area Comptroller (CAC), Kebbi Command, Mr. Iheanacho Ernest-Ojike, on Friday, reopened Border for international trade as directed by the Comptroller-General of the Customs, Mr. Bashir Adewale-Adeniyi. Ernest-Ojike said that the border reopening was aimed at paving the…

On Tuesday, De-Sedel consortium presented a proposal to the MInistry of Transportation represented by Minister Saidu Alkali and Nigerian Railway Corporation (NRC) suggesting a switch from the more expensive diesel to gas for railway locomotives, as detailed in a statement on the Ministry website. The Federal Government, through the Ministry of Transportation is considering the transition of the Nigerian Railway Corporation’s (NRC) locomotives to the more economical and readily available LNG-CNG fuel to enhance sustainability and cost-efficiency.  The De-Sadel consortium offers to retrofit NRC’s locomotives with their LNG-CNG kits at no cost to the government, also committing to replace any…

According to S&P Global Commodity insights, it was revealed that Nigeria has become the largest importer of refined petrol in Africa as petrol shipments from Europe to Africa increase. As a result of E.U’s ban on Russian oil since April 2023, Crude oil shipment from the middle east to Europe have increased significantly. This leads to surplus refined petrol ships from Europe to Africa with Nigeria the major destination. However, the report cautioned that Nigeria’s petrol import from Europe is not expected to last long with full production from 650,000-barrel Dangote refinery. It noted that European petrol exporters will have…