Airtel, insurance stocks push market cap beyond N70tn –

The Nigerian Exchange closed on a bullish note on Tuesday as the equities market capitalisation surged past the N70tn mark, following renewed investor interest in heavyweight stocks like Airtel Africa and key players in the insurance sector. At the close of trading, the All-Share Index rose by 1,721.29 points, representing a 1.57 per cent increase to settle at 111,606.22 basis points. This rally pushed the market capitalisation up by N1.09 tn to close at N70.38 tn, compared to N69.29 tn recorded in the previous session. The market performance was largely driven by buying interest in Airtel Africa….(Read More) 

Fresh $24bn borrowing may balloon Nigeria’s debt to N183tn –

Nigeria’s public debt is set for another significant jump as President Bola Tinubu has requested the National Assembly’s approval to secure fresh foreign loans amounting to about $24.14bn. At the prevailing official exchange rate of N1,583.74/$1, the proposed borrowing would add approximately N38.24tn to the existing debt stock, potentially pushing Nigeria’s total public debt from N144.67tn at the end of 2024 to over N182.91tn by 2026. The fresh borrowing is composed of $21.54bn, €2.19bn, and ¥15bn. Using the latest market exchange rates—€1 to $1.1381 and ¥1 to $0.0068—the euro component converts to approximately $2.5bn while the Japanese yen translates to $102m………(Read More)

Sugar ‘crisis’: Analyst warns FG against punitive taxes –

A Lagos-based public affairs analyst, Omonaye Okoro, has cautioned the federal government against what he called punitive taxes following the current debate on the call for increased taxation on Sugar-Sweetened Beverages (SSBs). Led by internationally funded advocates such as the Corporate Accountability and Public Participation Africa (CAPPA), some analysts have argued that taxing SSBs will reduce non-communicable diseases (NCDs) like obesity and diabetes. In his opinion piece titled “Nigeria’s Sugar “Crisis” Is a Myth – And Our Economy May Pay the Price for Believing It,” Okoro noted that the CAPPA’s recent report, “Junk on Our Plates,” attempted to portray the tax hike as a bold step toward public health reform……(Read More)

Dangote targets N11.2bn daily revenue from fertiliser export –

The President of Dangote Industries Limited (DIL), Alhaji Aliko Dangote, has disclosed that DIL will be generating $7 million, (N11bn) daily as revenue from the export of fertiliser from Dangote Industries Limited in the next two years. This is coming just as the Nigerian Ports Authority (NPA) is partnering Dangote Industries Limited to expand the nation’s export operations. Similarly, the NPA revealed that 57 vessels belonging to Dangote Refineries were treated monthly under the naira-for-crude initiative since October 2024 when the programme started. Speaking on Monday, during a courtesy call to the NPA headquarters in Lagos, President of DIL, Aliko Dangote explained that as the biggest customer to the NPA, it is important that the interaction between NPA and DIL is sustained….(Read More)

Chinese trade truce lifts US consumer confidence –

 Consumer confidence in the United States improved significantly in May following a truce in the ongoing trade war between Washington and Beijing. This marks a positive turn after five consecutive months of declining sentiment. According to Reuters, the Conference Board, a global economic research group, reported on Tuesday that its consumer confidence index rose by 12.3 points to reach 98.0 in May. This figure exceeded economists’ expectations, who had predicted a more modest increase to 87.0. Reuters added that about half of the survey responses were collected after May 12, when the White House announced a temporary deal to reduce tariffs on Chinese imports from 145 per cent to 30 per cent for 90 days.…(Read More)

Britain is still hoping to slash Donald Trump’s 10% tariffs on UK goods, says Peter Mandelson –

Britain is hoping to negotiate down Donald Trump’s 10 per cent ‘baseline’ tariffs on UK good sold to America, Lord Mandelson said today. The Labour peer, who is the UK’s ambassador to the US, outlined how work is ongoing to ‘address’ the ‘reciprocal’ tariffs the US President has imposed. Earlier this month, Prime Minister Sir Keir Starmer and Mr Trump announced an agreement to provide UK relief to American tariffs on cars and steel. But a 10 per cent baseline tariff on most UK goods, described by Mr Trump as a ‘reciprocal’ tariff, still remains in place despite the trade deal…….(Read More)