Commercial paper market jumps 107% to N1.58tn – The value of new listings of commercial papers in the first seven months of 2025 more than doubled compared to the same period in 2024 to hit N1.58tn. The PUNCH analysis of the FMDQ Financial Markets Monthly report indicated that the CP market grew with significant highs in March, May, and July 2025 as businesses resort to short-term financing to ease funding pressure. According to Corporate Finance, commercial paper refers to a short-term, unsecured debt obligation that is issued by financial institutions and large corporations to finance their payrolls, payables, inventories, and other short-term liabilities……….(Read More) Africa Prudential posts 75% profit in H1 – Africa Prudential Plc has posted a 75 per cent year-on-year growth in Profit Before Tax to N1.98bn, compared to N1.13bn recorded in the same period of 2024. The unaudited results released in Lagos showed that Profit After Tax rose 73 per cent to N1.35bn from N779m in the corresponding period of last year. Net total income also increased significantly by 64 per cent to N3.3bn, against N2bn recorded in 2024. According to the unaudited results, total assets climbed to N41.35bn as of June 2025, representing a 38 per cent rise from N29.95bn, while shareholders’ fund grew by 15 per cent to N11bn, despite a N1.2bn dividend payout earlier in the year………(Read More) Dangote’s 1,000 trucks arrive, fuel distribution to begin from S’West – Barring any last-minute change in plan, the Dangote Petroleum Refinery is expected to start its direct fuel distribution scheme soon, as 1,000 Compressed Natural Gas-powered trucks required for the exercise have arrived in Nigeria. With the 1,000 trucks, the refinery would start distributing fuel directly to marketers in Lagos, Ogun, and other South-West states, pending the delivery of the remaining 3,000 trucks. Impeccable sources and officials at the $20bn Lekki-based plant, who did not want to be named due to a lack of authorisation to speak to the press………(Read More) DisCos rake in N1.10trn revenue in 6 months – The 11 electricity Distribution Companies (DisCos) collected N1.101trn as revenue from their customers in the first six months of 2025, analysis of the month factsheet of DisCos has shown. The factsheet which is produced by the Nigerian Electricity Regulatory Commission (NERC) said this is from the total N1.486trn worth of the electricity the DisCos billed their customers. This means that the customers failed to pay N385.43bn for electricity delivered to them….…..(Read More) Nigeria leads as Africa moves to add 1.2m bpd crude oil refining capacity – Africa is set to add 1.2 million barrels per day (bpd) of new refining capacity by 2030, marking one of the fastest downstream expansions globally, according to the newly released 2025 OPEC World Oil Outlook. This medium-term growth – led by landmark projects in Nigeria, Angola and Uganda – signals a turning point for the continent’s energy sovereignty and investment attractiveness. At the forefront of Africa’s refining expansion is Nigeria’s 650,000-bpd Dangote Refinery, which began operations in 2024 and is already reshaping regional fuel trade dynamics……..…(Read More) Fed Chair Jerome Powell signals possible rate cut, sending stocks sharply higher –  Federal Reserve Chairman Jerome Powell signaled a possible cut in interest rates in the near future, sending stocks soaring on Friday. Speaking to a gathering of economists and central bankers in Jackson Hole, Wyo., Powell said current economic conditions, including a marked slowdown in job growth, suggest a downward adjustment in the Fed’s benchmark rate may be warranted. Powell stopped short of promising a rate cut at the next Fed meeting in September, saying he and his colleagues will continue to monitor incoming data on both inflation and job growth…………(Read More)  

CFG WEEKLY MARKET REPORT_18TH_ AUG_2025 TO 22ND_AUG_2025

Pension managers target broader investments for N24tn fund – Players in the Nigerian pension industry have called for regulatory guidelines that would enable them to invest in export-orientated businesses, toll roads, real estate and high-growth unlisted companies so as to boost returns. According to a Bloomberg report on Thursday, this call comes as high inflation and currency depreciation erode value for the contributors to the nation’s pension scheme. The monthly data from the National Pension Commission has revealed that as of June, the pension funds stood at N24.63tn, with a majority of it invested in government-backed instruments………(Read More) Nigeria on track to hit 2.5mbpd oil output — FG – The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has declared that the country is firmly on course to ramp up crude oil output to 2.5 million barrels per day by 2026, following its strategy to unlock deepwater potentials, revive dormant fields, and accelerate approvals for new projects. It also announced the completion of a case-by-case review of the marginal fields licensing that are due for renewal……..(Read More) Despite meeting OPEC quota, price drop threatens Nigeria’s capital projects – The federal government’s ability to meet up with its targeted revenue of N41trn to foot the 2025 budget is becoming a tall order with the instability in the global price of oil. This is even as the government has met the production quota given by the Organisation of Petroleum Exporting Countries (OPEC) thrice during the year. Analysis showed that between April and August, the global oil price experienced a significant drop, influenced by a combination of factors including weakening demand and increased supply………(Read More) Nigeria’s FX reserves rise to $41bn – Nigeria’s foreign exchange reserves rose sharply to $41.00 billion on August 19, 2025, the highest level since 2021, Data from the Central Bank of Nigeria (CBN) indicated. Daily Trust reports that this was the first time the external reserves would witness this highest accretion since December 2021. Daily Trust reports that the month of August has witnessed consistent accretion with the reserve adding about $1.46 billion month-to-date, from $39.54 billion on 1 August before it hit $41.00 billion by 19 August….…..(Read More) Stock Market Sustains Profit-taking Momentum, Drops by N781bn – The Nigerian stock market yesterday continued its decline with a loss of N781 billion, driven by sustained sell-offs that negatively impacted performance. The Nigerian Exchange Limited  All-Share Index (NGX ASI) declined by 1,233.basis points or 0.87 per cent, to close at 140,332.44  basis points with the Month-to-Date and Year-to-Date returns settled at +0.3per cent and +36.4per cent, respectively. Also, the overall market capitalisation value lost N781 billion to close at N88.784 trillion. Market sentiment remained weak, with a negative breadth …….…(Read More) Trade War Tensions: China ‘opposes’ Trump’s 50% tariffs on India, hails Beijing & Delhi as ‘double engines of Asia’ – China has sharply criticised Washington’s decision to slap tariffs of up to 50% on Indian goods, warning that remaining silent in the face of “economic bullying” would only embolden the United States. Beijing has also pledged to stand firmly with New Delhi, framing the two neighbours as indispensable partners in shaping Asia’s economic and political future………..(Read More)

CFG_DMR_21-AUG-2025

Nigeria, California explores investment collaboration – Nigeria’s bid to deepen foreign investment received a boost as the California-Africa Climate and Economic Partnership delegation met with business leaders in Lagos to explore opportunities in the film industry, technology, renewable energy and climate cooperation. At a dinner in Lagos, the stabilising effects of key reforms in recent years and different sectors of the economy where Foreign Direct Investments were required were highlighted. According to Mr Kolawale Odunlami of PwC, Nigerian Exchange market capitalisation has surged to over N90tn, oil production has risen to 1.55 mbpd, and foreign reserves now stand at over $40bn…….(Read More)  Nigeria’s oil worth N341tn locked in undeveloped fields – Report – Over 3.5 billion barrels of oil and condensate reserves are locked in undeveloped fields across different basins in Nigeria, according to reports in a publication by the Nigerian Upstream Petroleum Regulatory Commission. At the current average price of $65 per barrel, the reserves are valued at about $227.5bn, translating to a staggering N341.25tn when converted at the exchange rate of N1,500 to a dollar……(Read More) FG’s reforms won’t deliver Nigeria envisioned in 5 years – NESG – The fuel subsidy removal and exchange rate unification – the twin policies of the Bola Ahmed Tinubu-led administration came under scrutiny yesterday. The Nigeria Economic Summit Group (NESG) said while the two policies gave breathing space and stabilised the macroeconomic environment, they cannot deliver Nigeria envisioned in 2030. Our correspondent reports that the federal government has a 2030 ambition of achieving a $1 trillion economy…….(Read More) Nigeria earns $400m from agro exports, imports gulp $10bn annually – FG – The Minister of Agriculture and Food Security, Abubakar Kyari, yesterday disclosed that Nigeria spends $10 billion annually on agro-imports. This is even as he said Nigeria earns less than $400 million from agro exports. Speaking on Tuesday at the FirstBank of Nigeria’s 2025 Agric and Export Expo in Lagos, Kyari said the imports include food such as wheat, rice, sugar, fish and tomato paste. The Minister who was represented by his Special Adviser, Ibrahim Alkali, expressed worry over the rising rate of agro-imports, and stressed the need for more financing of agro activities to boost local exports..…..(Read More) Equities Market Gains N59bn To Kick Off Week – The Nigerian equities market kicked off the week on a bullish note, with a gain of N59 billion on renewed positive sentiment. The All-Share Index (ASI) gained by 94.27 points, representing a growth of 0.07 per cent to close at 144,722.47 points. Also, market capitalisation appreciated by N59 billion to close at N91.561 trillion. Gains recorded in medium—and large-capitalised stocks impacted the upturn, including Dangote Sugar Refinery, Unilever Nigeria, Custodian Investment, Cadbury Nigeria, and Eunisell Interlinked….…(Read More) Putin deal unlikely, no US troop for Ukraine: Trump –  President Donald Trump on Tuesday offered his assurances that US troops would not be sent to Ukraine to defend against Russia, after seeming to leave open the possibility the day before. Trump also said in a morning TV interview that Ukraine’s hopes of joining Nato and regaining the Crimean Peninsula are “impossible.” Trump also said on Tuesday he hoped Russia’s Vladimir Putin would move forward on ending the war in Ukraine but conceded that the Kremlin leader may not want to make a deal at all, adding this would create a “rough situation” for Putin………(Read More)

CFG_DMR_19-AUG-2025

Stable naira, harvest season to ease inflation – Analysts – Analysts have projected a sustained deceleration in Nigeria’s inflation in the near term on the back of the ongoing harvest season, exchange rate stability, softer energy prices, and the base effect. The projections followed the release of the July 2025 Consumer Price Index, which saw the decline in inflation extended to the fourth month. According to the National Bureau of Statistics, the headline inflation rate slid to 21.88 from 22.22 per cent in June. On a month-on-month basis, the headline inflation rate in July 2025 was 1.99 per cent, which was 0.31 per cent higher than the rate recorded in June 2025 (1.68 per cent)…..(Read More)  Nigeria sustains oil production above OPEC quota – Nigeria’s average daily crude production rose to 1,507,000 barrels per day in July, according to a report by the Organization of the Petroleum Exporting Countries. This is a 7,000-barrel-per-day increase above the quota approved for Nigeria by OPEC. The latest oil output figures indicate that the country has sustained its crude production above the OPEC quota for the second consecutive month. According to the OPEC Monthly Oil Market Report for July, crude output increased marginally by 2,000 bpd, from 1.505 mbpd in June to 1.507 mbpd in the following month…………(Read More) Foreign investment in manufacturing dips as binding constraints persist – The binding constraints bedeviling Nigeria’s manufacturing sector seem to have dampened foreign investors’ interest as foreign direct investment (FDI) in the sector declined by 32.3 percent to $129.92 million in the first quarter of 2025 (Q1’25), compared to $191.92 million recorded in the corresponding period of 2024 (Q1’24). The Q1’25 manufacturing FDI figure represents a mere 2.3 percent of the total capital importation in the period under review.  Total capital importation in Q1’25 amounted to $5.64 billion indicating a significant 67.12% increase compared to $3.38 billion in Q1’24; and an increase of 10.86 percent compared to $5.09 billion in Q4’24…..(Read More)  NAICOM Sets July 2026 Deadline for New Insurance Capital Requirements – The National Insurance Commission (NAICOM) has granted insurers and reinsurers a 12-month window to meet the new Minimum Capital Requirements (MCR) introduced under the Nigeria Insurance Industry Reform Act (NIIRA) 2025. According to a circular issued by the Commission, all operators must comply with the revised MCR and applicable Risk-Based Capital (RBC) framework on or before July 30, 2026.The recapitalization exercise officially commenced on July 31, 2025, following the assent of President Bola Tinubu to the NIIRA 2025, which prescribes higher capital thresholds of N10 billion, N15 billion, N25 billion, and N35 billion for life, non-life, composite, and reinsurance companies, respectively.…..(Read More) Oil prices climb after US adviser says India’s Russian crude buying has to stop – Oil prices rose on Monday after White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Moscow’s war in Ukraine and had to stop. Brent crude futures rose 30 cents, or 0.46%, to $66.15 a barrel by 0629 GMT while U.S. West Texas Intermediate crude was at $63.19 a barrel, up 39 cents, or 0.62%.Navarro said in an opinion piece published in the Financial Times that if India wants to be treated as a strategic partner of the United States, it needs to start acting like one………(Read More) Fed’s Daly: Two rate cuts, more or less, appropriate this year – San Francisco Federal Reserve Bank President Mary Daly, in an interview following economic reports showing stronger-than-expected retail sales and an unexpected jump in wholesale prices last month, signaled that she is still on board for beginning to ease policy as soon as next month. A softening labor market, an economy that’s slowing but not slow, as weighed against inflation that is still above the Fed’s goal “would warrant a couple of cuts sometime this year,” Daly told Fox Business’ Maria Bartiromo in the interview, which aired late on Friday. “Of course, we will wait to see the data and maybe it’ll be fewer, maybe it’ll be more, but ultimately, I think two remains a good projection…….(Read More)

CFG WEEKLY MARKET REPORT_11TH_ AUG_2025 TO 15TH_AUG_2025

FG eyes $4.5bn oil savings, grows output by 400,000bpd – The Federal Government, through the Nigerian National Petroleum Company Limited, says it is taking aggressive steps to save the oil and gas industry about $3bn to $4.5bn in operational costs this year. Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this in Lagos on Thursday in a keynote address at the Nigerian Association of Petroleum Explorationists’ 50th anniversary celebration. Ojulari, who was represented by the company’s Executive Vice-President….(Read More) NUPRC eyes 40% share of Africa’s oil investments – The Nigerian Upstream Petroleum Regulatory Commission says it is taking bold steps to reclaim the country’s dominant position in Africa’s oil and gas investment space after its share of sub-Saharan Africa’s upstream inflows plunged from 44 per cent in 2014 to 30 per cent in 2022. Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists in Lagos, Commission Chief Executive, Gbenga Komolafe, said the agency’s newly unveiled Regulatory Action Plan is designed to serve both as a corrective and a catalyst for attracting fresh capital into Nigeria’s upstream sector………..(Read More) Nigeria’s Economy Stable, Now Needs Growth — Okonjo-Iweala – Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has declared that the Nigerian economy has achieved stability under President Bola Tinubu’s administration. Okonjo-Iweala however noted that the administration must now shift focus to achieving growth and expanding social safety nets to cushion the impact of reforms. Speaking to State House correspondents on Thursday after a meeting with the President at the Presidential Villa, Abuja, Okonjo-Iweala commended the government for stabilising the economy, stressing that no meaningful growth could occur without first achieving stability…….(Read More) $250bn African Pensions Fund To Address Gap In Oil & Gas Sector – The critical funding challenges facing oil and gas companies in Africa can be partially offset if the continent’s $250 billion pension fund assets are deployed to finance essential oil and gas projects. African leaders have also been urged to recapitalise the region’s over 1,000 financial institutions and national development banks to ensure their funds are kept in foreign countries to finance energy infrastructure, which requires $200 billion annually. According to Rene Awambeng, founder and managing partner of Premier Investment Solutions, who spoke at the African Refiners and Distributors Association (ARDA) Week Conference in Cape Town…..(Read More) Inflation to fall to 21.79% in July, naira to remain stable – Rewane – Nigeria’s inflation is projected to further drop to 21.79 percent in July as prices continue to moderate in Africa’s most populous nation after hitting its highest levels last year, according to Bismarck Rewane, the managing director of Financial Derivative Company (FDC). That would be the fourth consecutive deceleration in 2025 and the lowest in almost two years. Rewane attributed the likely decline to the appreciation of the naira, lower energy costs, and the harvest season. The disinflationary trend could pave the way for a likely rate cut of at least 25 basis points to 27.25 percent…..…(Read More) US producer inflation highest in three years in July – US producer price inflation bounced in July to its highest reading since 2022, data showed Thursday, as policymakers seek to gauge effects from President Donald Trump’s tariffs. The advance, which was markedly larger than analysts expected, came as a rise in services costs exceeded that in goods. Price pressures have been building up for businesses as they grapple with sweeping tariffs after Trump targeted most trading partners with a 10-percent levy this year, alongside steeper levels on sectors like steel and aluminum……(Read More)

CFG_DMR_14-AUG-2025