Category: Uncategorized

CFG AFRICA MACROECONOMIC HIGHLIGHTS 22042025

NNPCL sells N336bn crude to Dangote, foreign refiners – Report-  The Nigerian National Petroleum Company Limited generated N336.37bn from crude oil sales in the first quarter of 2025, with Dangote Petroleum Refinery accounting for over 32 per cent of the transactions, according to findings by The PUNCH. The details were contained in internal documents from the NNPCL, submitted at the Federation Account Allocation Committee meetings, and obtained by The PUNCH on Monday. The documents showed that crude supplies to Dangote refinery amounted to N107.44bn within the three-month period. The crude was sold at unit prices ranging from $74.87 to $80.34 per barrel, using exchange rates between N1,501.22/$ and N1,562.91/$……(Read More) Marketers decry losses as NNPC drops petrol price to N880/litre – Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited reduced the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja. From N925, some NNPC retail outlets in Lagos changed their pump price to N880 on Easter Monday, while those in Abuja adjusted from N950 to N935. The NNPC price reduction came barely a week after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre. The $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the Southwest, N910 in the South-South, and N920 in the Northeast………(Read More) Dollar slides to lowest point since March 2022 – The US dollar depreciated on Monday to its lowest point since March 2022 as investor confidence in the United States economy took another hit. According to Reuters, the dollar suffered a decline due to President Donald Trump’s attacks on the Federal Reserve Chairman, Jerome Powell. Against a basket of currencies, the dollar slid as low as 97.923 on Monday. The currency also fell to a decade-low against the Swiss franc, while the euro broke above $1.15, its highest since November 2021. Sterling rose to its highest since September at $1.34 against the dollar, while the Australian dollar scaled a four-month high of $0.6430. The New Zealand dollar reclaimed the $0.6000 level for the first time in more than five months…….(Read More) Experts caution FG amidst IMF report on Nigeria’s economic uncertainty – Economic experts have reacted to a recent report by the International Monetary Fund (IMF) suggesting Nigeria’s economic outlook is marked by significant uncertainty. While agreeing with the report, experts called for a proactive step on the part of the government to hedge against the uncertainty triggered by declining oil prices and the ongoing tariff war. The IMF had hinged its report on “elevated global risk sentiment and lower oil prices” which, it noted, impact the Nigerian economy. The IMF’s statement was the observation of its staff who recently completed their 2025 Article IV Mission to Nigeria……(Read More) Indonesia May Reduce Oil, Gas Imports from Nigeria –  Indonesia is set to propose increasing its imports of crude oil and liquefied petroleum gas from the United States by around $10 billion and reducing imports from other countries as part of its tariff negotiations, Energy Minister, Bahlil Lahadalia, has said. A Reuters report quoted Kpler data as showing Indonesia imported 217,000 barrels per day of Liquefied Petroleum Gas (LPG) last year, around 124,000 bpd of which came from the US. Indonesia also imported around 306,000 bpd crude oil last year, with Nigeria, Saudi Arabia and Angola as the top suppliers, Kpler data showed. Around 13,000 bpd were imported from the US. Around 23,000 bpd were imported from Qatar, while the United Arab Emirates and Saudi Arabia each contributed around 20,000 bpd……(Read More) Trump approval rating dips: many wary of his wielding of power, Reuters/Ipsos poll finds – President Donald Trump’s public approval rating edged down to its lowest level since his return to the White House, as Americans showed signs of wariness over his efforts to broaden his power, a Reuters/Ipsos poll that closed on Monday found. Some 42% of respondents to the six-day poll approved of Trump’s performance as president, down from 43% in a Reuters/Ipsos poll conducted three weeks earlier, and from 47% in the hours after his January 20 inauguration. The start of Trump’s term has left his political opponents stunned as he has signed dozens of executive orders expanding his influence over both government departments and over private institutions such as universities and law firms…..(Read More)

CFG AFRICA MACROECONOMIC HIGHLIGHTS 17042025

NGX reverses gains as investors lose N445bn – The Nigerian Exchange reversed previous gains on Wednesday, April 16, as investors lost N445bn following a widespread decline in banking stocks, especially Guaranty Trust Holding Company and Zenith Bank. At the close of trading, the All-Share Index dropped by 708.14 points, representing a 0.68 per cent decline, to settle at 103,851.88 points. This downward movement also dragged the overall market capitalisation from N65.7 tn to N65.3 tn, reflecting a N445 bn loss in value. The decline in the market was primarily driven by sharp sell-offs in top-tier banks. Guaranty Trust Holding Company recorded the worst performance on the losers’ chart with an 11.94 per cent drop to close at N59.00 per share. Zenith Bank followed closely with an 11.65 per cent dip to close at N44.00 per share…..(Read More)  N800/litre petrol in sight as oil prices tumble – The drop in crude oil prices and the resumption of the naira-for-crude arrangement for local refiners may push the pump price of Premium Motor Spirit (petrol) further down to about N800 per litre in the coming weeks or months, oil marketers and industry analysts said on Wednesday. This comes as the Dangote Petroleum Refinery reduced its ex-depot price for PMS to N835 per litre, its second downward adjustment in less than seven days. The industry players, however, pointed out that the N800 per litre price could be achieved if crude drops further to $50 per barrel and marketers depend less on foreign exchange to buy products. Brent, the global benchmark for crude, was about $65 per barrel on Wednesday……..(Read More)  Fitch projects Nigeria’s external debt service to hit $5.2bn in 2025 – Fitch, a global rating agency, has projected that Nigeria’s external debt service bill will increase to $5.2 billion this year. According to the Debt Management Office (DMO), Nigeria’s external debt service was $1.07 billion as of December 2024. In its rating commentary on Nigeria, published on April 11, the credit rating firm said the service bill would rise further in 2025. “Government external debt service is moderate but expected to rise to USD5.2 billion in 2025 (with USD4.5 billion of amortisations, including a USD1.1 billion Eurobond repayment due in November 2025), from USD4.7 billion in 2024, and fall to USD3.5 billion in 2026,” Fitch said. Nigeria’s debt payments are growing much bigger this year…..(Read More) Access Holdings posts N642.2bn profit – Access Holdings Plc recorded a profit after tax of N642.2bn for the financial year ended December 31, 2024. This marked a four per cent increase from the N619.3bn reported in 2023. The group’s audited financial statement released on the Nigerian Exchange Limited on Wednesday showed that Access Holdings’ gross earnings jumped by 88 per cent to N4.88 tn in 2024, up from N2.59 tn in 2023. Additionally, profit before tax for the period stood at N867.0bn, representing a 19 per cent rise from N729.0bn in 2023. This was achieved despite an increase in operating expenses and impairment charges. Meanwhile, the group’s income tax expenses also rose sharply…..(Read More) African private capital falls to $1.6bn as mega deals shrink — Report –  Africa’s private capital market started 2025 on a quieter note, as the total disclosed deal value dropped significantly to $1.6 billion in the first quarter of the year, according to a new report. Data from Stears’s latest Private Capital in Africa Activity Report disclosed that this is a stark contrast to the $4.7 billion recorded in Q4 2024. “The drop in transaction value primarily reflects a shift in deal size composition, with investors moving away from mega transactions (valued above $75 million) towards more moderately sized large deals (ranging from $25 million to $75 million),” it said. Despite the value dip, deal activity remained strong, with 105 transactions tracked during the quarter broadly in line with the 106 transactions in the previous quarter and markedly higher than the 88 recorded in Q1 2024..…(Read More) China calls US extortionate tariff hikes ‘numbers game’ – Denouncing the use of tariffs as a “weapon” to “coerce and bully others,” Beijing on Thursday said the latest 245% levies on the Chinese imports by the US have become a “numbers game.” “You should probably ask the US side as to how they arrived at that figure,” the Chinese Foreign Ministry said in a statement in response to the White House’s latest tariffs hike on Chinese imports. “The US’ extortionate tariff hikes on China have become a numbers game, which economically does not make much actual difference anymore, except further demonstrating how the US weaponizes tariff to coerce and bully others,” the ministry said. The White House in a fact sheet Tuesday mentioned that Chinese imports face a maximum 245% tariffs….(Read More)

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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