CFG AFRICA MACROECONOMIC HIGHLIGHTS 23052025
Raising economic growth with MPC decisions – The Monetary Policy Committee’s decision to retain the benchmark interest rate at 27.5 per cent, as expected, has triggered various reactions, FELIX OLOYEDE reports The Monetary Policy Committee tightening measures have constituted significant levers pulling inflation down. By retaining the benchmark interest rate at 27.5 per cent, leaving other parameters unchanged and instituting tough liquidity control measures, the MPC says it has worked to curb demand and anchor inflation expectations. Domestic and global investors were all waiting for the Central Bank of Nigeria-led Monetary Policy Committee decisions at its 300th meeting concluded on Tuesday in Abuja…..(Read More) Dangote slashes petrol price again amid import glut – The Dangote Petroleum Refinery has announced a fresh reduction in the pump prices of Premium Motor Spirit (petrol) across the country, as the competition in the downstream oil sector heightens. The plant announced that the new rates now range from N875 to N905 per litre, depending on location. The new price regime, which marks a N15 reduction per litre across all regions and partner retail outlets, was posted on the official social media handle of Dangote refinery on Thursday. It applies to all major fuel marketers in partnership with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy…….(Read More) NCDMB Opens Africa Energy Bank To Fund Local Companies In Oil and Gas – The Nigerian Content Development and Monitoring Board (NCDMB) says it has partnered with other stakeholders in the sector to form Africa Energy Bank in order to create more funding availability for local companies in the energy sector. Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, who disclosed this during the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 holding at the Nigerian Content Tower in Yenagoa, Bayelsa State capital, said the bank will be open for business at the end of the second quarter of 2025 with its headquarters in Abuja, explaining that it will help boost local companies’ participation….(Read More) FG to raise N300bn via bond auction – The Federal Government, through the Debt Management Office, has announced plans to raise N300bn from the bond market via auction on May 26. According to the offer circular released by the DMO on Thursday, the issuance comprises an N100bn reopening of the 19.30 per cent FGN April 2029 bond (five-year tenor) and an N200bn reopening of the 19.89 per cent FGN May 2033 bond (nine-year tenor). The bonds are offered in units of N1,000 each, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter…(Read More) Nigeria gets first regional maritime bank – The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that President Bola Ahmed Tinubu has given approval for Nigeria’s hosting of the long-awaited Regional Maritime Development Bank (RMDB) and appointed a Nigerian, Mr Adeniran Aderogba, as the bank’s first president and chief executive officer. A statement by Dr Bolaji Akinola, Media and Communications Adviser to the Minister of Marine and Blue Economy, stated that the approval marks the historic takeoff of a project that has been in the works since 2009, when member states of the Maritime Organisation of West and Central Africa (MOWCA) first approved the establishment of the bank..…(Read More) US business activity improves in May; inflation poised to accelerate sharply – US business activity picked up in May amid a truce in the trade war between Washington and China, but President Donald Trump’s sweeping tariffs on imported goods raised prices for companies and consumers. The survey from S&P Global on Thursday (May 22) hinted at an acceleration in inflation in the coming months and a labour market slowdown, a reminder that stagflation remained a risk for the economy despite steps by the Trump administration to de-escalate trade tensions with Beijing……(Read More)
CFG DAILY MARKET REPORT
CFG_DMR_22 May_2025
“The Loop” April Edition
THE LOOP April EDITION 2025
CFG DAILY MARKET REPORT
CFG_DMR_19th May_2025
CFG AFRICA MACROECONOMIC HIGHLIGHTS 19052025
FG grants China approval to establish electric vehicle factories – The Chinese Ambassador to Nigeria, Yu Dunhai, has harped on the imperative of enhanced collaboration between China and Nigeria in unlocking the potential of Nigeria’s Solid Minerals sector through the establishment of electric vehicle factories in Nigeria. Dunhai disclosed this while paying a courtesy visit to the Minister of Solid Minerals Development, Dr Dele Alake, in his office, where he emphasised the importance of closer ties between both nations in advancing Nigeria’s industrial growth. A statement by the minister’s Special Assistant on Media, Segun Tomori, on Sunday, disclosed plans by China to establish electric vehicle factories in Nigeria….(Read More) CBN slashes FG loans by over N4tn – The Central Bank of Nigeria recorded a significant decline of N4.145tn in net loans and receivables in 2024, driven primarily by a reduction in its overdraft exposure to the Federal Government and changes across other loan categories. According to the apex bank’s audited financial statements, net loans and receivables at the bank level dropped from N16.122tn in 2023 to N11.977tn in 2024. At the group level, the figure declined from N15.091tn to N10.959tn, reflecting a N4.132tn drop. The most substantial adjustment came from the overdraft extended to the Federal Government under the Ways and Means provision. The Ways and Means provision in Nigeria refer to the….(Read More) Nigeria now member of European reconstruction, development bank – Nigeria has been formally admitted as a member of the European Bank for Reconstruction and Development (EBRD), marking a step towards boosting private sector access to international capital and supporting the country’s long-term economic transformation. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led a high-level delegation to the EBRD 2025 Annual Meetings in London, where its admission was formalised, a statement by Mohammed Manga, Director of Press at the finance ministry, has said). Speaking at the Board of Governors’ Plenary Session, Edun described Nigeria’s membership as a strategic milestone which aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda…..(Read More) Tantalizers acquire Grand Media entertainment firm – Tantalizers Plc has announced its acquisition of Grand Media Projects Limited, a media and entertainment company co-founded by veteran filmmaker Tade Ogidan and actor Richard Mofe-Damijo, marking a shift by the food services firm into Nigeria’s entertainment and creative industry. The move was disclosed in a corporate notice filed with the Nigerian Exchange Limited and signed by the Company Secretary, Olamide Babawale-Mo, recently. The development signals Tantalizers’ efforts to diversify its business portfolio beyond the food sector and tap into the growing influence and economic potential of the Nigerian creative economy…..(Read More) NNPCL refineries not producing enough petrol – DAPPMAN – The Depot and Petroleum Products Marketers Association of Nigeria has said that its members can only buy Premium Motor Spirit (petrol) from the Dangote Petroleum Refinery, as the refineries owned by the Nigerian National Petroleum Company Limited cannot optimally produce premium motor spirit but naphtha. DAPPMAN’s Executive Secretary, Olufemi Adewole, confirmed this in a chat with our correspondent on Sunday. According to him, DAPPMAN members are ready to lift petroleum products from the Dangote refinery as the only viable petrol-producing facility in the country. Consequently, he stressed that the marketers will only resort to importation if they cannot get the product locally. He highlighted that the Dangote refinery was not ready to sell premium motor spirit ….…(Read More) Moody’s downgrades US credit rating, citing rising debt – Moody’s Ratings has downgraded the nation’s credit rating one notch from Aaa to Aa1, leaving the U.S. government without a top grade among any of the major rating agencies. Moody’s cited rising debt and interest payment ratios that are “significantly higher than similarly rated sovereigns.” “Successive U.S. administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s said in a Friday news release. “The U.S.’s fiscal performance is likely to deteriorate relative to its own past and compared to other highly-rated sovereigns.”For U.S. consumers, lower ratings……(Read More)
CFG WEEKLY MARKET REPORT
CFG WEEKLY MARKET REPORT_12TH_ MAY_2025 TO 16TH_MAY_2025
CFG AFRICA MACROECONOMIC HIGHLIGHTS 16052025
Economic strain: Inflation surges above 30% in Abuja, 10 states – The National Bureau of Statistics released its Consumer Price Index report for April 2025, revealing a slight easing in Nigeria’s inflation rate compared to previous months and the same period last year. The headline inflation rate moderated to 23.71 per cent year-on-year, marking a decline from 24.23 per cent recorded in March 2025 and a sharp reduction from 33.69 per cent in April 2024. On a month-on-month basis, the inflation rate dropped sharply to 1.86 per cent in April 2025, down from 3.90 per cent in March. This indicates a slower rate of price increases across consumer goods and services during the month……(Read More) Nestle, Honeywell lift equity market to N257bn gain – The Nigerian Exchange gained N257bn in market capitalisation on Thursday, as investors showed renewed interest in consumer goods and industrial stocks, led by Nestle Nigeria, Honeywell Flour Mill, and Beta Glass. At the close of trading, the market capitalisation rose to N68.8tn, up from N68.54tn recorded at the previous session. Similarly, the All-Share Index appreciated by 408.31 points, representing a 0.37 per cent increase to close at 109,467.64 basis points. The day’s performance was driven by gains in blue-chip stocks….(Read More) $200m investments signed at 12th Africa CEO forum – Investors at the 12th Africa CEO Forum have signed agreements to invest $200m in various sectors in the continent. The Forum, which held in Abidjan, Côte d’Ivoire, saw the presence of more than 2,800 business leaders, investors, and public decision-makers from 90 countries under the theme: “Can a New Public-Private Deal Reshape the Continent’s Future?” A statement stated that participants explored ways to strengthen collaboration between the public and private sectors to boost Africa’s economic growth. “Discussions centred on three key pillars: Improving economic governance, optimising public policy and accelerating the implementation of the African Continental Free Trade Area (AfCFTA)…….(Read More) Nigeria Positions To Tap $600bn Annual Upstream Investment In Africa’s Oil Sector – NUPRC – Nigeria has repositioned to tap into the projected $600 billion annual upstream investment required to grow Africa’s oil sector, estimated to hit about $3 trillion by 2030. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who made this known, also disclosed plans to raise the active oil rigs in Nigeria’s petroleum sector from the current 36 to 50 by the end of 2025. Speaking at the ongoing 2025 Africa Energies Summit (AES) in London, United Kingdom, Komolafe noted that from eight oil rigs in 2021, President Bola Tinubu’s recent reforms have significantly removed the bottlenecks and enhanced investment in the country’s oil sector……….(Read More) Inflation Rate Eases To 23.71% In April On Food Price Decline – NBS – Nigeria’s headline inflation rate eased for the first time in months, dropping to 23.71 per cent in April 2025 from 24.23 per cent recorded in March 2025, according to the latest report released by the National Bureau of Statistics (NBS). The 0.52 percentage point decline marks a modest relief in the country’s ongoing battle with inflation and is the first major indicator released under the recently rebased CPI, which now uses 2024 as the new base year, with 2023 as the reference period for expenditure weights. On a month-on-month basis, headline inflation slowed significantly to 1.86 per cent in April from 3.90 per cent in March — a 2.04 percentage point drop that suggests a deceleration in the pace of price increases, especially in key sectors……(Read More) JPMorgan Chase CEO Jamie Dimon says recession is still on the table for U.S. – Wall Street titan Jamie Dimon said Thursday that a recession is still a serious possibility for the United States, even after the recent rollback of tariffs on China. “If there’s a recession, I don’t know how big it will be or how long it will last. Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point,” the JPMorgan Chase CEO said in an interview with Bloomberg Television. Specifically, Dimon said he would defer to his bank’s economists, who put recession odds at close to a toss-up. Michael Feroli, the firm’s chief U.S. economist, said in a note to clients on Tuesday that the recession outlook is “still elevated, but now below 50%.”…….(Read More)
CFG DAILY MARKET REPORT
CFG_DMR_15th May_2025
CFG AFRICA MACROECONOMIC HIGHLIGHTS 15052025
Fuel import increased after Dangote’s reduced output — S&P – Reduced output from the Dangote Petroleum Refinery due to maintenance supported a bounce in West African import demand, as the market has reverted to European supplies to serve regional demand. According to S&P Global Commodities at Sea data, gasoline imports to Nigeria and Togo surged from around 200,000 barrels per day in January to over 300,000 barrels per day in March, and roughly 250,000 b/d in April, close to Nigeria’s total of around 300,000 b/d of national demand. The PUNCH recalls that the Dangote refinery had earlier denied shutting down its petrol-processing unit for maintenance……..(Read More) Nigeria attracted $8bn deepwater, gas investments – Tinubu’s aide – The Federal Government has stated that the country attracted over $8bn in investments for deepwater and gas projects within a year. This represents an increase from a total of $6.7bn earlier announced as investment in the energy sector in 2024. The Special Adviser to the President on Energy, Olu Verheijen, made this known during her address at the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire. A copy of her speech was obtained by our correspondent on Wednesday. She highlighted that the success resulted from government reforms, including better tax conditions, faster approval processes, clearer rules, and improvements in the power sector that make gas-to-power projects more attractive to investors…..(Read More) Fidelity Bank reclaims N1tn market capitalization – Fidelity Bank Plc has rejoined the group of Nigerian companies with a market capitalisation of N1tn, following a 5.3 per cent rise in its share price from N19.95 to N21.00 at the close of trading on May 13, 2025, on the Nigerian Exchange Limited. The latest rebound brings the number of companies in the trillion-naira club to 19, according to data from the NGX. In a statement on Wednesday, the bank had briefly fallen below the threshold on May 12 after first attaining it on April 4, 2025. Fidelity Bank fell below the N1tn valuation on April 7, before regaining it again on April 23, and now on May 13……(Read More) NGX investors gain N186bn on bullish trading – The Nigerian Exchange Limited recorded a bullish trading session on Wednesday, as investors gained N186bn in market capitalisation, driven by buying interest in major consumer goods, banking, and oil and gas stocks. At the session’s close, the All-Share Index rose by 296.72 points or 0.27 per cent to settle at 109,059.33 points. This brought the total market capitalisation to N68.6tn, up from N68.4tn recorded in the previous session. The year-to-date return also improved to 5.96 per cent. A total of 531.3m shares valued at N19.81bn were exchanged in 14,870 deals, reflecting a 7 per cent increase in volume and an 84 per cent surge in turnover compared to the previous day’s session………(Read More) Nigeria First Policy, A Bold Step Toward Industrial Revival – Firm – The Roxettes Group has lauded President Bola Tinubu’s recently unveiled ‘Nigeria First’ policy as a bold and strategic move capable of igniting a new era of industrial revival and economic self-reliance across the country. The policy, which mandates all Federal Ministries, Departments, and Agencies (MDAs) to prioritize Nigerian-made goods, services, and innovations in public procurement, was announced by President Tinubu on May 5, 2025. The directive has been hailed by stakeholders as a significant intervention aimed at boosting local capacity, reducing dependence on imports, and promoting inclusive industrialisation..…(Read More) Annual inflation rate hit 2.3% in April, less than expected and lowest since 2021 – Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy, according to a Labor Department report Tuesday. The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate while the 12-month was a bit below the forecast for 2.4%. Excluding volatile food and energy prices, the core CPI also increased 0.2% for the month, while the year-over-year level was 2.8%. The forecast was for 0.3% and 2.8%, respectively…….(Read More)
CFG DAILY MARKET REPORT
CFG_DMR_14th May_2025