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Author: CFG Africa Team

CFG AFRICA MACROECONOMIC HIGHLIGHTS 16042025

Federation Account allocation falls third straight month to N1.57tn – The Federation Account Allocation Committee has reported a further decline in monthly disbursements to the Federal Government, states, and local government councils, with a total of N1.578tn shared as March 2025 revenue. This marks the third consecutive monthly drop in allocations this year, following N1.678tn shared in February and N1.703tn in January. This was disclosed in a press statement issued on Tuesday by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, following the April FAAC meeting held in Abuja. According to the statement, the N1.578tn shared was made up of N931.325bn from statutory revenue….(Read More)  Oil slump, Trump tariffs put Nigeria’s economy at risk — FG – The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, says the ongoing instability in global oil markets is negatively impacting Nigeria’s economy. He said while falling petroleum product prices may benefit consumers, the broader economic consequences are severe for Nigeria, which heavily relies on oil exports. “As consumers, we are happy that the price is coming down, but…as a nation, it’s not good for our economy because our revenue inflow is also impacted,” Ahmed told State House Correspondents at the Meet-the-Press briefing series organised by the Presidential Communications Team at the Aso Rock Villa, Abuja, on Tuesday…….(Read More)  Nigeria reaffirms strong ties with US amid global uncertainty – The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, has reaffirmed Nigeria’s long-standing strategic relationship with the United States, amid global uncertainty stirred by the imposition of tariffs by the US. Oduwole said this on Saturday as she received an award during the 65th anniversary of the Nigerian-American Chamber of Commerce, which also doubled as the inauguration of its new president, Sheriff Balogun. She noted that the NACC was critical to fostering a mutually beneficial relationship between both countries. She said, “The relationship between the Federal Republic of Nigeria and the United States of America is a long and strategic one….(Read More) 83 firms get refining licences as petrol imports drop – NMDPRA – The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has disclosed that the government has approved refining licenses to about 83 companies with a combined total refining capacity of 1,124,500. He explained that eight refineries have been issued Licenses to Operate (LTO), 30 refineries with Licenses to Construct (LTC) and 40 refineries with License to Establish (LTE). Addressing a press conference at the Presidential Villa, Abuja, on Tuesday, Ahmed said with the refineries, Nigeria has recorded a significant decline in the importation of Premium Motor Spirit (PMS), as local refineries begin to play a more active role in meeting domestic fuel demand…..(Read More) Nigeria’s Inflation Rate Hits 24.23% –  In March 2025, the headline inflation rate rose to 24.23 per cent relative to the February 2025 headline inflation rate of 23.18 percent, according to latest data by the National Bureau of Statistics (NBS). On a month-on-month basis, the headline inflation rate in March 2025 was 3.90 per cent. On a month-on-month basis, the core inflation rate was 3.73 per cent in March 2025 up by 1.21 per cent compared to February 2025 (2.52 per cent). Food inflation rate was 21.79 percent year on year in March 2025. The food inflation rate in March 2025 was 21.79 per cent on a year-on-year basis. However, on a month-on-month basis, the food inflation rate in March 2025 was 2.18 per cent, up by 0.50 per cent compared to February 2025 (1.67 per cent)…..…(Read More) China Q1 GDP growth beats expectations, but US tariff shock looms large – China’s first-quarter economic growth outstripped expectations, underpinned by solid consumption and industrial output, but analysts fear momentum could shift sharply lower as U.S. tariffs pose the biggest risk to the Asian powerhouse in decades. President Donald Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on U.S. imports that have raised the stakes for the world’s two biggest economies and rattled financial markets. Data on Wednesday showed China’s gross domestic product (GDP) grew 5.4% in the January-March quarter from a year earlier, unchanged from the fourth quarter, but beat analysts’ expectations in a Reuters poll for a rise of 5.1%….(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 14042025

NGX dips by N22 billion amid losses in Nestle, 23 stocks – The Nigerian Exchange Limited (NGX) has resumed trading on bearish note this week as capitalization declined by N22 billion amid losses in Nestle Nigeria Plc and other 23 stocks. At the close of trading yesterday, the all-share index (ASI) lost 33.72 points, representing a loss of 0.03 per cent to close at 104,529.62 points. Also, market capitalization shed N22 billion to close at N65.685 trillion. The downturn was driven by price depreciation in large and medium capitalized stocks amongst which are; Nestle Nigeria, Fidelity Bank, Oando, United Bank for Africa (UBA) and Africa Prudential.….. (Read More)  OPEC cuts global oil demand growth forecasts over US tariffs – The Organization of the Petroleum Exporting Countries on Monday slightly cut its forecast for oil demand growth, citing the impact of US tariffs on the world economy. A report by Reuters quoting the OPEC Monthly Oil Market Report for April said the Secretariat now sees demand growing by 1.3 million barrels per day in 2025, down from a previous forecast of 1.4 million bpd. Both forecasts are down 150,000 bpd from last month’s figures. The price of OPEC’s basket of twelve crudes fell to $66.25 a barrel on Monday, compared with $70.85 the previous Friday, according to OPEC Secretariat calculations….(Read More) We need strong, resilient banks to achieve $1trn economy — CBN – The Central Bank of Nigeria (CBN) has said that Nigeria would need strong, resilient and stable banks in its quest to achieve the $1 trillion economy target set by President Bola Tinubu against 2030 timeline.  In an address at the 36th CBN Seminar for Finance Correspondents and Business Editors, in Abuja, yesterday, the Deputy Governor, Corporate Services of the bank, Ms. Emem Usoro, said that the on-going banks’ recapitalization was aimed at achieving that goal…..(Read More) NGA to Showcase Nigeria’s Gas Reserve, Investment Opportunities in China – The Nigerian Gas Association (NGA) has confirmed its strategic participation at the 29th World Gas Conference (WGC2025) holding next month in Beijing, China and plans to showcase several attractive investment opportunities in Nigeria including the 210.54-cubit feet of gas reserve (tcf), the Decade of Gas initiative, and enabling policies, among others. At the conference scheduled for May 19–23, 2025, President of NGA, Mr. Akachukwu Nwokedi revealed that the association will host a Nigeria Pavilion at the prestigious triennial event, organized by the International Gas Union (IGU).  Nwokedi said the Pavilion will spotlight Nigeria’s gas sector progress, highlight investment-ready opportunities, and promote strategic interests under the Decade of Gas initiative…..(Read More) CBN seeks more competitive export market for Nigeria products –  Nigerian manufacturers can only stand a chance in the global market if their products can compete favorably with their counterparts abroad, the Central Bank of Nigeria (CBN) announced yesterday. Director, Consumer Protection and Financial Department, CBN, Dr. Aisha Olatinwo broke the news during the town hall meeting of the Bankers Committee in Lagos. Tagged, ‘Enhancing the competitiveness of Nigerian products; drew participants from the government functionaries, business community including manufacturers, bankers, auditors, tax consultants, amongst others.…(Read More) UK business confidence falls to lowest level in over two years, survey shows – UK business confidence has fallen to the lowest level for more than two years amid growing concern over tax rises and Donald Trump’s escalating trade war, according to a survey. Highlighting the risks to the economy, the Institute of Chartered Accountants in England and Wales (ICAEW) said the first quarter of the year had been “harrowing” for companies across Britain. The industry body for the accountancy profession said its survey of 1,000 chartered accountants found a sharp drop in business confidence, fueled by record high tax worries, rising cost pressures and slowing sales expectations……..(Read More)

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