FX pushed cost of imported raw materials to N6.64trn in 2024 –

The cost of imported raw materials surged by 118 per cent to N6.64 trillion in 2024 alone due to the depreciation of the exchange rate, Manufacturers Association of Nigeria (MAN) has disclosed. The Director General of MAN, Segun Ajayi-Kadir, disclosed this while delivering a keynote address at the BusinessDay Manufacturing Conference in Lagos. Ajayi-Kadir highlighted how unstable exchange rate, inadequate power supply/ high cost of energy, high inflation, insecurity, multiplicity of regulatory agencies and high regulation costs, high interest rate, among others are constraining the manufacturing sector in Nigeria….(Read More)

Equities gain N1.7 trillion as investors jostle for blue chips –

Renewed investor confidence, supported by strong macroeconomic fundamentals, propelled the Nigerian equities market to new heights last week, adding a substantial N1.7 trillion to its market capitalization. The bullish momentum pushed several stocks to fresh 52-week highs and drove the all-share index (ASI) up by 2.49 per cent week-on-week, closing at 111,742.01 points. The rally reached a symbolic milestone midweek as the ASI broke through the psychological barrier of 112,000 points for the first time in history, peaking at 112,237.26 points before mild profit-taking moderated the gains. Market capitalization also rose by 2.49 per cent to an unprecedented N70.46 trillion…..(Read More)

Nigeria risks losing N3.43tr to gas flaring – NEITI –

The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed concern over the volume of gas flared in 2023, amounting to 183.408 billion standard cubic feet (SCF). The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, stated this at a high-level policy dialogue in Abuja. He also said the lost gas had an estimated economic value of $458.52 million or N685.95 billion.. Orji emphasised that such losses, if sustained, could amount to over $2.29 billion or N3.43 trillion in five years, and were funds that could support education, health, infrastructure and climate resilience for host communities…….(Read More)

Dangote Refinery Sustains US Crude Purchase With 5m Barrels–

To sustain refining operations, the Dangote Refinery has placed import order of at least five million barrels of US West Texas Intermediate (WTI) crude oil in July, thus extending its buying spree after a potential record tally for June. The giant new 650,000 barrel per day capacity oil refinery is set to import around 161,000 bpd of WTI in July after awarding tenders in recent days, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases, according to Reuters….(Read More)

Asia shares, dollar slip as tariff tensions darken mood –

 Asian share markets and the dollar made a soft start on Monday as U.S.-China trade tensions continued to simmer, while investors turned defensive ahead of key U.S. jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump’s threat late Friday to double tariffs on imported steel and aluminium to 50%, beginning on June 4, a sudden twist that drew the ire of European Union negotiators..…(Read More)

Trump says China ‘totally violated’ tariff truce after US warns trade talks have ‘stalled’ – as it happened –

Donald Trump has accused China of breaking the tariff truce the two nations agreed in Geneva just a few weeks ago. Both countries had agreed to temporarily pause their escalating tariffs, which at one point hit 145%. The president wrote on his social media platform Truth Social: “I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!….(Read More)