Author: CFG Africa Team

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 AFRICA MACROECONOMIC HIGHLIGHTS 14052025

FG lists N4.3bn savings bonds on NGX – The Federal Government has listed its April 2025 Savings Bonds valued at N4.3bn on the Nigerian Exchange Limited. The listing, which took place on Tuesday, was disclosed in a market bulletin issued by the NGX Regulation Limited. According to the NGX, two tranches of the FGN Savings Bonds were admitted to trading – the two-year 16.046 per cent FGS April 2027 and the three-year 17.046 per cent FGS April 2028. A total of N1.13bn was raised for the 2027 bond, with 1,135,475 units issued, while the longer-tenored 2028 bond saw a total subscription of N3.2bn, amounting to 3,203,072 units…….(Read More) FX reserves rise by $86.67m amidst CBN’s multiple channels – The gross FX reserves increased for the second consecutive week, growing by $86.67 million to $38.10 billion following strong measures instituted by the Central Bank of Nigeria (CBN) to attract more inflows to the economy, Daily Trust can report. Analysts say stronger FX reserves are expected to bolster the CBN’s capacity to manage excess naira volatility through sustained market interventions and achieve long-term stability of the exchange rate. The apex bank is said to be cultivating multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users….(Read More) Fuel import ban fears re-ignite Dangote, marketers’ row – Oil marketers have declared that the Dangote Petroleum Refinery and others in Nigeria may raise the pump price of petrol to N1,500 per litre once there is an outright ban on fuel importation. While the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Udadike, affirmed this, the Petroleum Products Retail Outlet Owners Association of Nigeria said PETROAN could not predict any price, but stressed that there will be a surge in price if the Federal Government stops fuel importation. However, officials of the Dangote refinery dismissed the projection, saying the marketers made the claims to justify their intention to continue importing “substandard” fuel………(Read More) External Reserves Dip 6.5% YTD On Debt Servicing, Dollar Sales – Nigeria’s gross external reserves have declined by 6.5 per cent year-to-date, shedding $2.67 billion between January and May 2025, amid mounting debt servicing obligations and sustained dollar interventions by the Central Bank of Nigeria (CBN) to stabilise the naira. Data from the apex bank showed that the nation’s reserves, which stood at $40.88 billion as at January 2, 2025, fell to $38.22 billion by May 12, 2025. The reserves had declined to its lowest level last month, recording $37.797 billion as at April 25, 2025……..(Read More) Nigeria’s new crude blend, Obodo, enters market – The Nigerian Upstream Petroleum Regulatory Commission says the first cargo of the new Obodo crude blend has been shipped. In a statement by the NUPRC Chief Executive, Gbenga Komolafe, on Tuesday, he congratulated Conoil Producing Limited on the successful shipment of the first cargo of the Obodo crude blend. Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports……(Read More) China, US to lift sweeping tariffs in trade war climbdown – The United States and China will lift sweeping tariffs on each others’ goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains. Washington and Beijing had agreed to drastically lower skyhigh tariffs in a deal that emerged from pivotal talks at the weekend in Geneva. US President Donald Trump said Washington now had the blueprint for a “very, very strong” trade deal with China that would see Beijing’s economy “open up” to US businesses, in an interview broadcast Tuesday on Fox News……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 12052025

FG, states add N57tn to debt in 18 months – Nigeria’s total public debt rose by N57.3tn within the first 18 months of the current administration, according to an analysis of data released by the Debt Management Office. The increase represents a 65.6 per cent surge in the debt stock, growing from N87.38tn recorded at the end of June 2023 to N144.67tn as of December 2024. President Bola Tinubu, who assumed office on May 29, 2023, inherited a debt portfolio that already reflected heavy domestic obligations, including a N22.7tn……(Read More) Crude shortage stalls 42% capacity utilisation of refineries – A continued shortfall in crude oil supply to domestic refiners has kept the capacity utilisation of refineries at just 57.8 per cent, leaving over 42 per cent of Nigeria’s installed refining capacity idle. Latest industry data reviewed by Sunday PUNCH showed that out of a combined capacity of 1,214,000 barrels per day across 10 refineries viewed as operational by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, technical constraints and inadequate crude feedstock remain the primary bottlenecks limiting improved petroleum production. The combined refining output from Nigeria’s state-owned, private, and modular refineries currently stands at 701,692 barrels……..(Read More)  Equity market gains N1.69tn as trading booms – Investors on the Nigerian Exchange Limited recorded a total turnover of 2.645 billion shares valued at N77bn in 86,110 deals last week, representing an increase from the 2.200 billion shares worth N75.4bn exchanged in 70,329 deals the previous week. This trading performance coincided with a bullish momentum on the local bourse, which added approximately N1.69tn in market capitalisation over the week. The market capitalisation settled at N68.339tn, up from N66.647tn, while the All-Share Index rose to 108,733.40 points. The Financial Services sector led the activity chart in terms of volume, trading 1.638 billion shares valued at N45.825bn in 37,843 deals……..(Read More) VFD Group Shareholders Approve N2.50 Dividend, 5-for-1 Bonus – The shareholders of VFD Group Plc have approved a dividend payment of N2.50 per share, amounting to a total payout of N3.17 billion for the 2024 financial year. The shareholders alongside the dividend payout approved, it also rewarded shareholders with a bonus share issuance of five new shares for every one held (5-for-1), a bold move underscoring the Group’s commitment to long-term shareholder value and investor confidence. The 9th Annual General Meeting (AGM) held virtually brought together shareholders and Board Directors to reflect on the Group’s 2024 performance and lay the groundwork for its ambitious continental expansion agenda…….(Read More) Nigeria’s crude output hits 2-month high, but short of OPEC quota –  Nigeria’s crude oil production climbed to a two-month high in April, signaling modest recovery efforts in Africa’s largest oil producer, but remained below the country’s official quota set by the Organisation of the Petroleum Exporting Countries (OPEC). Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed the country pumped an average of 1.486 million barrels per day (bpd) last month, up from 1.401 million bpd recorded in March. The April figure represents Nigeria’s best performance since February but still falls short of the 1.5 million bpd quota allocated by OPEC for the same period……..…(Read More) US, China make ‘substantial progress’ on deal to cut trade deficit – US Treasury Secretary Scott Bessent on Sunday reported “substantial progress” in U.S. talks with China’s top economic officials to de-escalate a damaging trade war but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva. Bessent told reporters that details would be announced on Monday and that U.S. President Donald Trump was fully aware of the results of the “productive talks.” U.S. Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as “a deal we struck with our Chinese partners” …..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 09052025

OPEC April oil output falls – Report – The Organisation of the Petroleum Exporting Countries’ oil output edged lower in April despite a scheduled output hike taking effect, a Reuters survey found. The decline was led by a cut in Venezuelan supply on renewed United States attempts to curb the flows and smaller drops in Iraq and Libya. The Organisation of the Petroleum Exporting Countries pumped 26.60 million barrels per day last month, down 30,000 bpd from March’s total, with cuts by some producers offsetting higher Iranian supply, the Reuters survey showed on Thursday. The reduction comes despite OPEC+, which comprises OPEC and its allies, including Russia, beginning in April to unwind its most recent layer of output cuts……(Read More) IMF confirms Nigeria’s full repayment of $3.4bn loan – The International Monetary Fund has confirmed that Nigeria has fully repaid the $3.4bn financial support it received under the Rapid Financing Instrument to cushion the economic impacts of the COVID-19 pandemic. In a statement sent to journalists on Thursday on behalf of Mr Christian Ebeke, the IMF Resident Representative for Nigeria, the Fund said the repayment was completed on April 30, 2025. The loan, disbursed in April 2020, was aimed at helping Nigeria address a sharp fall in oil prices, economic contraction, and fiscal pressures caused by the pandemic. “As of April 30, 2025, Nigeria has fully repaid the financial support of about $3.4bn it requested and received in April 2020 from the International Monetary Fund…….(Read More) NGX ends day in green with N240bn boost – The Nigerian Exchange closed in positive territory on Thursday, adding N240bn to its market capitalisation despite a slowdown in trading volume, turnover, and deal numbers. At the close of the session, the All-Share Index rose by 382.13 points or 0.35 per cent to settle at 109,231.96 points. This brought the market’s one-week return to 3.24 per cent, four-week return to 4.81 per cent, and year-to-date return to 6.13 per cent. The market capitalisation increased to N68.7tn. A total of 554.1 million shares valued at N14.3bn were traded in 16,704 deals, reflecting a six per cent drop in volume, a 23 per cent drop in turnover, and a five per cent decrease in deals when compared with the previous day’s performance…….(Read More) Despite clearing $3.4bn COVID-19 loan, Nigeria still owes IMF N190bn – The International Monetary Fund (IMF) on Thursday confirmed that Nigeria has fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrument (RFI). But despite the confirmation, the government is still indebted to the multilateral organisation to the tune of about $30m, which is the Special Drawing Rights (SDR) charges, Daily Trust can report. The $30m equivalent of N48.2bn would be paid annually over a period of four years as charges on the loan. This would amount to over N190bn. The SDRs are supplementary foreign exchange reserve assets defined and maintained by the IMF which represent a claim to currency held by IMF member countries for which they may be exchanged……(Read More) Dangote, NNPC pledge collaboration for national growth –  The President/Chief Executive Officer of the Dangote Group, Aliko Dangote, on Thursday paid a courtesy visit to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Bayo Ojulari, in Abuja. The high-level meeting, held at the NNPC Towers, focused on promoting mutually beneficial partnerships and fostering healthy competition between Dangote Petroleum Refinery & Petrochemicals and NNPC Ltd., with a shared vision of strengthening Nigeria’s energy security and accelerating economic prosperity. The national oil firm disclosed the meeting between both parties in a post on its official X handle on Thursday…….…(Read More) Chinese exports to US plummeted in April as Trump’s tariffs kicked in – China’s exports to the United States fell sharply in April after Donald Trump’s triple-digit tariffs took effect, in another sign of the damage the US president’s trade war is causing the world’s two largest economies as they prepare for de-escalation talks. Outbound shipments to the US stood at $33 billion last month, according to customs data released on Friday. It was a whopping 21% decline from the $41.8 billion recorded in April 2024, according to CNN’s calculation. However, China’s overall exports grew by 8.1% in US dollar terms last month, a figure that greatly exceeded the forecast from a group of economists polled by Reuters……….(Read More)

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