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Author: CFG Africa Team

CFG AFRICA MACROECONOMIC HIGHLIGHTS 25/07/2025

Dangote refinery to hit 700,000bpd by December – Report – The nameplate capacity of the Dangote Petrochemical Refinery is projected to reach 700,000 barrels per day by December 2025, marking a major milestone in Nigeria’s refining capacity, a new report by Argus Media has revealed. According to the report, the increase represents a 50,000bpd boost from the current 650,000bpd capacity, driven by ongoing operational optimization and phased expansion plans at the multi-billion-dollar facility. The report read, “Industry sources said this could happen by as early as December.”….(Read More) New contractors invited to fast-track $2.8bn pipeline completion – NNPC – The Group Chief Executive Officer of Nigerian National Petroleum Company Ltd, Bayo Ojulari, has assured of the speedy delivery of the $2.8bn Ajaokuta–Kaduna–Kano Natural Gas Pipeline project, adding that the project will unlock economic prosperity when it comes on board. He said to fulfill this commitment; the oil company had to invite new contractors to ensure its speedy completion. The GCEO said this while giving an assurance to potential investors and stakeholders at NNPC Limited’s Gas Power & New Energy Directorate for the 2025 AKK Business Development Forum, monitored by our correspondent on Thursday…..(Read More) Airtel Africa grows profit by 408% with spike in data revenue – Airtel Africa has released its financial results for Q1 2025/2026, for the period ended June 30, 2025, recording a pre-tax profit of $273 million, representing a 269% year-on-year growth. This figure also accounts for 41% of the group’s total pre-tax profit for the full financial year ended March 31, 2025. Profit after tax rose significantly to $156 million, a 408% increase compared to the same period last year, and 48% of the prior full-year post-tax earnings…..(Read More) Market cap crosses N84trn as investors gain N406bn – The Nigerian Exchange (NGX) yesterday crossed N84 trillion in market capitalization as equity investors gained more than N406 billion. Daily Trust reports that the stock market extended its bullish run on Thursday even as the All-Share Index (ASI) rose 0.48% to 133,199.99 points, lifting year-to-date returns to 29.41%.Also, market capitalization surged by N406 billion to close at N84.26 trillion attributing largely to increased bargain hunting……(Read More) Dangote Sugar Posts N430.21bn Revenue In H1 – Dangote Sugar Refinery Plc has reported a revenue of N430.21 billion in the first half of the year ended June 30, 2025. The Company six months results released on the Nigerian Exchange Plc showed that revenue grew by 45.53 per cent from N295.62 billion earned in the same period in 2024 to N430.21 billion under the period review, while revenue for the second quarter rose by 25 percent to N216.28 billion compared to N172.90 billion in 2024. Cost of sales rose by 36.42 per cent to N378.535 billion from N277.486 billion, while gross profit rose by 184.91 per cent to N51.677 billion as against N18.138 billion achieved in H1 2024….…(Read More) ‘I’d love him to lower interest rates’: Donald Trump grills Powell to cut rates; spars over Fed renovation costs in rare headquarter visit US President Donald Trump took aim at Federal Reserve Chair Jerome Powell during a rare visit to the central bank’s headquarters on Thursday, criticizing the ballooning cost the historic buildings and renewed his demand for lower interest rates. During his visit to the Federal Reserve’s Washington site, just days before a key policy meeting, Donald Trump criticized the rising renovation costs, claiming the price had jumped to $3.1 billion. Despite recently calling Powell a “numbskull” for not slashing interest rates as the White House wanted and openly toying about firing him. Trump said he had no plans to fire him….(Read More)  

CFG AFRICA MACROECONOMIC HIGHLIGHTS 23/07/2025

Debt-to-GDP ratio drops to 39.4% after GDP rebasing – The Nigerian stock market extended its bullish trend on Tuesday, recording a gain of N396bn in market capitalization amid renewed investor interest across key sectors. The All-Share Index of the Nigerian Exchange Limited rose by 0.71 per cent to close at 99,793.71 points, compared to the previous close of 99,088.32 points. As a result, the market capitalization increased to N56.49tn from N56.09tn………(Read More) Bullish trend continues as stock market gains N396bn – The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy. The Comptroller General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform……….(Read More) Africa losing $90bn annually to imported substandard fuel – Dangote – The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has stated that Africa loses $90 billion annually to importation of substandard petrol fuel due to lack of refineries in the continent. Speaking during the ongoing West African Refined Fuel Conference held in Abuja, Dangote revealed that, due to the continent’s limited domestic refining capacity, Africa imports over 120 million tonnes of refined petroleum products annually……….(Read More) Oil prices drop as global uncertainties persist – The global uncertainty in the oil market has persisted as the prices of crude oil have once again dropped below $68 per barrel amidst demand and supply uncertainties. The development continues to put pressure on Nigeria’s fiscal targets. Reports say the markets are bracing for President Donald Trump’s US tariffs to take effect, with ratings agencies estimating that the global economy will underperform expectations……(Read More) External Reserves Rise By $200.3m To $37.938bn In 30 days – Nigeria’s external reserves rose by 0.53 per cent or $200.26 million within a one-month period, from $37.738 billion which it was on June 18, 2025, to $37.938 billion as at July 18, 2025, data from the Central Bank of Nigeria (CBN) showed. The 30-day moving average data between June 18 and July 18 showed that the reserves saw a consistent accretion, especially from early July. The most significant single-day increase occurred on July 14, when the gross reserve position jumped by $206.6 million from $37.43 billion on July 11 to $37.64 billion….…(Read More) Trump secures historic $550B trade deal with Japan: ‘Never been anything like it’  – A “massive” $550 billion trade deal has been reached with Japan, President Donald Trump said on Tuesday, adding that it will create hundreds of thousands of jobs. “We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote on Truth Social. “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it.” Trump said Japan will open its country to trade in things like cars, trucks, rice and other agricultural products…..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 21/07/2025

Analysts forecast 30 per cent stock market uptick in H2 – Analysts at Cowry Asset Management have projected a 30 per cent surge in the Nigerian equities market during the second half (H2) of the year, citing favorable macroeconomic indicators, sectoral momentum and sustained investor appetite as key drivers. The firm’s outlook highlights faster execution of banking sector recapitalization as a major catalyst, with capital injections and fresh equity issuances expected to deepen liquidity and stimulate broader market participation…….(Read More) Despite drop in inflation, food prices remain high- Survey – Shoppers and traders in some Lagos markets have expressed frustration that the recent drop in Nigeria’s headline inflation rate has not translated into any relief at the market, as the prices of staple food items remain significantly high. The National Bureau of Statistics (NBS) last week announced that the country’s headline inflation rate dropped to 22.41 percent in June 2025, down from 33.95 percent in May………(Read More)  Economists differ on Naira stability amidst $4.1bn CBN intervention – Mixed reactions have trailed the assertion by foremost economist Bismark Rewane’s assertion of naira stability and that the economy is bouncing back amidst intervention by the Central Bank of Nigeria (CBN) to keep the exchange rate at N1,500 to N1,560 in recent weeks. The CBN had intervened in the market to the tune of $4.1 billion in the first half of 2025, according to CSL Stockbrokers in its half year economic outlook report……..(Read More) High FAAC disbursements may fuel inflation – CBN – The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has raised concerns over the inflationary risks posed by rising liquidity levels in the banking system, warning that increasing statutory revenue disbursements through the Federation Account Allocation Committee could frustrate the bank’s disinflation efforts if not matched with tight monetary conditions. Cardoso, in his personal statement released after the 300th Monetary Policy Committee meeting held on May 20, 2025, and published on the CBN’s official website on Saturday, noted that while inflation has started to moderate, emerging risks from increased liquidity injections require careful monetary vigilance…….(Read More) Stock market sustains bullish sentiment as investors gain N3.4trn – The stock market consolidated its positive trend as investors gained over N3.4trillion despite trading for only four days as the public holiday in honor of the late former president, Mohammadu   Buhari, took a day off the trading week. Specifically, market capitalization, which represents the value of stocks listed on the Nigerian Exchange Limited, NGX, closed at N83.241 trillion from N79.803 trillion the previous week. Similarly, another major market performance indicator, NGX All Share Index, ASI rose by 4.3% to close at 131,585.66 points from 126,149.59 points the previous … (Read More) China embarks on world’s largest hydropower dam, capital markets cheer – China’s Premier Li Qiang announced construction had begun on what will be the world’s largest hydropower dam, on the eastern rim of the Tibetan Plateau, at an estimated cost of at least $170 billion, the official Xinhua news agency said. Commencement of the hydropower project, China’s most ambitious since the Three Gorges Dam on the Yangtze, was seized by Chinese markets as proof of economic stimulus, sending stock prices and bond yields higher on Monday……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 14072025

  OPEC warns of $14.9tn investment gap in upstream sector – The Organization of the Petroleum Exporting Countries has called for urgent and sustained investment in the global upstream oil sector, warning that a cumulative $14.9tn will be required between 2025 and 2050 to meet projected demand and prevent a future energy crisis. This investment figure, equivalent to $574bn annually, represents the bulk of the $18.2 trillion in total oil-related investments needed over the 25-year period….(Read More)  Stricter lending looms as CBN’s capital restoration deadline ends – As the deadline for the Capital Restoration Plan expires today, analysts warn banks may adopt stricter lending practices, though the policy is expected to stabilize the financial system in the long run, writes OLUWAKEMI ABIMBOLA. Experts have projected that the capital restoration plan mandated by the Central Bank of Nigeria to support banks’ exit from the forbearance regime would have a short-term credit-tightening impact but lead to stability in the long term……..(Read More)  Stock Market Records N3.46trn Weekly Gain, Highest Surge This Year – The Nigerian stock market recorded an impressive performance last week, returning its highest weekly gain of N3.46 trillion for the year so far. The market lit up the week, riding on the back of strong investor confidence, sector-wide momentum, and an influx of funds from a softening money market. The bullish rally reached new heights, as the NGX All-Share Index (ASI) surged by 4.26 per cent week-on-week, crossing the 126,000-point threshold for the first time to settle at 126,149.59 index points. Also, the overall market capitalization gained N3.46 trillion to close the week at N 79.803 trillion……..(Read More) Marketers back refineries’ sale, project lower fuel prices– Oil marketers and industry stakeholders have thrown their weight behind the proposed sale of Nigeria’s refineries under the management of the Nigerian National Petroleum Company Limited, calling for transparency, inclusiveness, and accountability in the process. They noted that the sale or privatisation of the Port Harcourt, Warri, and Kaduna refineries, which have gulped trillions of naira in rehabilitation and maintenance with little or no result, will finally open the downstream sector to competition, ensure better pricing, and stop what many described as a financial black hole……..(Read More) FPI Inflows Soar 134% in June, Boosting Confidence in Nigeria’s FX Market – Foreign portfolio investors (FPIs) ramped up their participation in Nigeria’s foreign exchange market in June, with inflows jumping by 133.6 per cent month-on-month to $2.73 billion, the highest level in 29 months. This surge reflects growing investor confidence in Nigeria’s reform drive, improved FX market transparency, and attractive yields on short-term instruments. According to data from FMDQ, FPIs accounted for the bulk of foreign inflows, which made up 56.3 per cent of total FX receipts in June……(Read More) Trump’s tariffs: What’s in effect and what could be in store? – US President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10 per cent on all imports to the United States, as well as additional duties on certain products or countries. Here is a list of targeted tariffs he has implemented or threatened to put in place. Product tariffs in effect. Steel and aluminum – 50 per cent Autos and auto parts – 25 per cent Product tariffs Copper – 50 per cent to take effect Aug. 1………..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 23062025

Naira strengthens over CBN intervention, FPI inflow – The naira strengthened at the official window in the past week to 1,547/$ from 1,549/$, supported by intervention from the Central Bank of Nigeria, which injected dollars into the market to ease corporate demand pressures. Analysts also alluded the development to the resilience of the naira to foreign exchange inflows from foreign portfolio investors. Cordros Capital Limited, in an investor’s note, revealed that FPIs brought in dollars to participate in the Open Market Operation auction by the CBN……(Read More) Nine banks’ interest expense jumps 43% to N1.9tn – Nine major Nigerian banks recorded a combined interest expense of N1.90tn in the first quarter of 2025, representing a 43.2 per cent increase from the N1.33tn posted in the same period of 2024, based on The PUNCH’s analysis of their unaudited financial statements. Over the same period, their total interest income stood at approximately N4.18tn. According to the Corporate Finance Institute, interest income is the amount paid to an entity for lending its money or letting another entity use its funds…..(Read More) DLM launches N30b sovereign bond-backed composite notes – DLM Capital Group, a diversified financial services institution, committed to delivering innovative funding solutions for businesses across key economic sectors, has unveiled its pioneering N30 billion Series-1 Sovereign Bond-Backed Composite Notes (SBCNs). The N30 billion Sovereign Bond-Backed Composite Note to be issued is a 10-year bond with a triple A rating based on sovereign bond-backed cash flows, and a 49.9 per cent Hold-to-Maturity (HTM) yield…….(Read More) Market Cap Appreciates by N1.75trn in One Week on Investors’ Confidence – The market capitalization of listed stocks on the Nigerian Exchange Limited (NGX) advanced by N1.75 trillion in one week, extending to its fourth consecutive week on renewed investor interest, in the Banking, Oil & Gas, and Consumer Goods sectors. The market cap increase in one week was driven by the Central Bank of Nigeria’s (CBN) forbearance directive—eased following clarifying disclosures from banks, while a softer May inflation prints further supported the improvement in overall market sentiment…….(Read More) Dollar advances as investors brace for Iran response to US attacks – The U.S. dollar firmed on Monday as anxious investors sought safety, although the restrained moves suggest markets were waiting for Iran’s response to U.S. attacks on its nuclear sites that have exacerbated conflict in the Middle East. The major moves were in the oil market, with crude prices hitting a five-month high, while global stocks slipped after the U.S. attacked Iran’s nuclear sites and President Donald Trump raised the idea of regime change in the Islamic republic.…(Read More) Iran weighs retaliation for U.S. strikes as Trump raises idea of regime change – Iran and Israel traded air, and missile strikes as the world braced on Monday for Tehran’s response to the U.S. attack on its nuclear sites and U.S. President Donald Trump raised the idea of regime change in the Islamic republic. Iran vowed to defend itself on Sunday, a day after the U.S. joined Israel in the biggest Western military action against the country since its 1979 Islamic Revolution, despite calls for restraint and a return to diplomacy from around the world……(Read More)

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