Category: Uncategorized

CFG AFRICA MACROECONOMIC HIGHLIGHTS 02052025

Nigeria to fully repay IMF loan by 2029 – Nigeria is on track to fully repay its International Monetary Fund Rapid Financing Instrument loan by 2029, according to findings by The PUNCH. The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency financial support of 2,454.50 million Special Drawing Rights, which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025. The RFI loan, disbursed in full on April 30, 2020, was granted to assist Nigeria in addressing urgent balance of payments needs …..(Read More) Trump’s 14% tariff not affecting urea export – Dangote – President of the Dangote Group, Aliko Dangote, said on Thursday he was “comfortable” with the effect of United States President Donald Trump’s tariffs on his company’s urea exports. He expressed confidence because rival exporter Algeria had been hit with even higher duties, potentially giving his products a competitive edge in the American market. The business mogul also revealed that the Dangote Group, a major player in cement production, is expected to grow its valuation to over $30bn next year, up from the projected $25bn for 2025. Recall that last month, Trump imposed a 14 per cent tariff on imports from Nigeria, Africa’s largest oil exporter, as part of widespread trade measures……(Read More) Petrol landing cost now N870, higher than Dangote’s price – The landing cost of Premium Motor Spirit (petrol) has now averaged N870 per litre, reports by the Major Energies Marketers Association of Nigeria have shown. This is even as the price offered by the Dangote Petroleum Refinery threatened the margins of fuel importers and marketers alike. According to MEMAN, the landing cost of petrol was N872 per litre on April 28 and N868 as of April 29. On April 23, the landing cost averaged N859 per litre, indicating that the cost of importing petrol has now risen above Dangote refinery’s announced ex-depot price of petrol of N835 per litre….(Read More) After N2trn losses in 2 years, MTN returns to profitability – MTN Nigeria has invested NN202.4billion on network infrastructure and made a profit after tax of N133.7bn in the first quarter of 2025. This is just as the company has finally returned to profitability after incurring losses between 2022 and 2024 owing largely to naira depreciation. Its foreign exchange-related losses following the unification of the exchange market were estimated at over N2 trillion. After the losses, the telecom giant appears to be bouncing back as the Q1 results indicated. The company said in the results that it invested 202.4bn in Q1 2025, a 159% increase year-on-year…..(Read More) AfDB commits $650m annually to drive Nigeria’s transformation –  The African Development Bank Group has approved a new five-year Country Strategy Paper for Nigeria, committing about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity. The Bank disclosed this in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners. The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic……(Read More) US to end shipping loophole for Chinese goods Friday – The United States is set to end tariff exemptions on Friday for goods shipped from China worth less than $800, a move which could have significant ramifications on consumers’ purchasing habits. US President Donald Trump’s decision to ban the so-called “de minimis” exemption from May 2 could affect some 4 million shipments every day, according to the White House. The move announced last month means that goods shipped commercially will soon be subject to new tariffs of 145 percent — the current level of levies imposed on goods coming from China. Items sent through the US Postal Service will be hit with duties of 120 percent of their value, or a $100, which will increase to $200 next month……(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 28042025

Dangote refinery denies shutting petrol processing unit for repairs – The Dangote Petroleum Refinery in Lekki, Lagos State, has denied shutting down its petrol processing unit for maintenance. A senior spokesperson at the company told The PUNCH on Sunday that “loading of Premium Motor Spirit (petrol) is ongoing as we speak.” A report by Bloomberg had said the fuel unit was undergoing repairs and had to be shut down pending the completion of the exercise. It said the gasoline-making unit at the Dangote refinery was being repaired. “A large fuel-production unit at Nigeria’s Dangote oil refinery is undergoing maintenance,” Bloomberg reports, quoting a person familiar with the matter….(Read More)  NGX gains N966bn in holiday-shortened week – The Nigerian Exchange Limited gained N966bn in market capitalisation, buoyed by improved investor sentiment and positive movements in key banking and consumer goods stocks. The market opened for four trading days following the Easter celebrations, after the Federal Government declared Friday, April 18, and Monday, April 21, 2025, as public holidays. At the close of trading activities on Friday, the All-Share Index rose by 1.46 per cent to close at 105,752.61 points, while market capitalisation appreciated by 1.47 per cent to settle at N66.465tn, compared to N65.499tn recorded at the end of the previous week…………(Read More)  Nigeria’s debt servicing costs rise to N8.9tn – Report – Nigeria’s debt servicing costs have surged to N8.9tn in the first nine months of 2024, surpassing the pro-rata budget of N6.2tn. In a recent report by Afrinvest, this increase is driven by the country’s rising debt profile, which ballooned from N97.3tn at the end of 2023 to N144.7tn in 2024. The N8.9tn spent on servicing debt in the period represents a significant 58.3 per cent of the nation’s total revenue, placing significant strain on fiscal resources. According to Afrinvest, the massive debt servicing burden, coupled with recurrent expenditure obligations, has limited the funds available…..(Read More) FG’s safety nets face setback on oil price slide – The World Bank said in its Africa Pulse report entitled ‘Improving Governance and Delivering for People in Africa’ that various safety nets targeted at easing the burden of the citizens may not be enough to lift millions off the poverty line. It predicted that Nigeria may likely see a rise in the levels of poverty over the next two years despite a moderate economic growth forecast. The multilateral lender noted that while non-resource-rich countries are expected to continue reducing poverty and grow faster, resource-rich countries like Nigeria may drag due to declining oil prices……….(Read More) GTCO shareholders approve N8.03 dividend payout –  Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved the payment of a total dividend of N8.03 per share for the financial year ending December 31, 2024. This decision was taken at the company’s fourth annual general meeting, which was held virtually on Thursday. The company had previously paid an interim dividend of N1 per share and would now make an additional N7.03 per share bringing the total dividend for the 2024 financial year to N8.03 per share. Chairman of GTCO, Mr Hezekiah Sola Oyinlola, emphasized the group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances… (Read More) Asian shares inch higher as uncertainty over US tariffs persists – Asian markets inched higher in cautious trading on Monday as investors watched to see what may come of negotiations over U.S. President Donald Trump’s tariffs. U.S. futures fell and oil prices were little changed. Shares in China fell despite more efforts by Beijing to boost the economy, as uncertainty persisted over the status of any talks between Washington and Beijing. The president says he’s actively negotiating with the Chinese government on tariffs — while the Chinese and U.S. Treasury Secretary Scott Bessent have said talks have yet to start…..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 23042025

Currency in circulation drops to N5tn – Report –  The total amount of naira in circulation decreased to N5tn as of March 2025, marking a decline from N5.04tn recorded in February 2025. This represents a further reduction from N5.24tn in January 2025, according to the latest money and credit statistics on the website of the Central Bank of Nigeria. Naira in circulation is the total amount of physical currency circulating in the economy, representing money that is available for daily transactions, investments, and savings. A decrease in currency in circulation can be part of efforts to reduce inflationary pressures and manage economic stability….(Read More)  Nigeria’s rebased inflation to hit 37% in 2026 – IMF – Nigeria’s headline inflation is projected to rise sharply to 37 per cent in 2026, according to the International Monetary Fund, which issued the forecast in its April 2025 World Economic Outlook report released on Tuesday. The IMF said the new projection follows the rebasing of Nigeria’s Consumer Price Index by the National Bureau of Statistics in January 2025, and warned that persistent price pressures and structural constraints would likely keep inflation elevated over the medium term. According to the Fund, inflation, which averaged 33.2 per cent in 2024, is expected to moderate slightly to 26.5 per cent in 2025 before surging to 37.0 per cent the following year……….(Read More)  NGX posts N318bn gain after Easter break – The Nigerian Stock Exchange market capitalisation rose by N318bn after resuming trading following the Easter break. The market ended the day’s session with a total market value of N65.8tn, an increase of 0.49 per cent compared to the previous trading day. The All-Share Index has gained 1.77 per cent year-to-date, with a slight 0.17 per cent rise over the past week, but a 0.16 per cent drop in the last four weeks. A total of 353,283,914 shares, valued at N7.2bn, were traded across 13,734 deals. While there was a 6 per cent drop in volume and a nine per cent decrease in turnover compared to the previous session, the number of deals surged by 23 per cent….(Read More) 60m barrels of crude oil unsold as local refineries suffer low supply – There is no end in sight to the challenges faced by local refineries in sourcing crude oil with more than 60 million barrels of Nigerian crude oil said to be reportedly stranded and unsold, documents sighted by Daily Trust revealed. The crude oil is said to be floating in the high seas while local refineries continue to struggle amidst low crude supply locally. Inside sources raised concern over the challenges faced by local refineries despite warning by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) that crudes meant for domestic refineries should not be exported. The NUPRC Chief Executive Gbenga Komolafe in a letter dated 2 February 2025, warned oil firms that crude designated for domestic refining must not be exported……..(Read More) IMF Lowers Nigeria’s 2025 Growth Forecast To 3.0% On Weakening Oil Price –  The International Monetary Fund (IMF) has revised downward Nigeria’s economic growth projections for 2025 and 2026, to 3.0 for 2025 and 2.7 for 2026 as global uncertainties grow and sustained weaknesses in oil prices impact the country’s economy. This is as it sees a growing probability of a recession from per cent in October to 40 per cent. The World Economic Outlook (WEO), for April released on Tuesday projected a slowing in global growth with Nigeria growth cut from 3.2 per cent and 3.0 per cent for 2025 and 2026 in the January issue of the WEO. The Fund attributed the downgrade to a mix of domestic challenges and worsening global conditions, including trade tensions, slowing demand from advanced economies, and a sharp decline in crude oil prices….…(Read More) Biggest US retailers, Walmart and Target, meet Trump over tariffs and bad US business – According to Bloomberg, President Donald Trump held a high-level meeting with American retailers on Monday. Retail businesses are grappling with the economic downturn caused by tariffs. Walmart Inc., Target Corp., Home Depot Inc., and Lowe’s Cos. executives were present at the White House to discuss alleviating trade tensions. The gathering came after a 90-day pause in Trump’s implementation of levies on imports from several trading partners, a window that foreign leaders and US corporations alike are using to renegotiate more favorable trade conditions. Retailers have been some of the hardest hit by Trump’s trade policies, particularly due to their reliance on global supply chains….(Read More)

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