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CFG AFRICA MACROECONOMIC HIGHLIGHTS 20/08/2025
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 AFRICA MACROECONOMIC HIGHLIGHTS 18/08/2025
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 AFRICA MACROECONOMIC HIGHLIGHTS 15/08/2025
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 AFRICA MACROECONOMIC HIGHLIGHTS 13/08/2025
Petrol price drop imminent as Dangote slashes ex-depot cost – The pump price of petrol is expected to drop below N900 per litre as the Dangote refinery reduces the ex-depot price of the product from N850 to N820 per litre on Tuesday. A statement signed by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, disclosed the price cut on Tuesday. “Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, commonly referred to as petrol, by N30 from N850 to N820 per litre, effective from 12th August 2025…..(Read More) Market gains N111bn as insurance equities surge – The Nigerian equities market recorded a gain of N111bn on Tuesday, buoyed mainly by performances in the insurance sector. The Nigerian Exchange All-Share Index inched up by 175.10 points, or 0.12 per cent, closing at 146,055.87. This marked a one-week gain of 0.87 per cent and a year-to-date increase of 41.9 per cent. The current market capitalisation of the NGX stands at N92.4tn. A total of 77.2 million shares were traded in 31,146 deals, with a market turnover of N24.22bn………(Read More) First Securities Brokers leads NGX Trading in July with N414.46bn – First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, has emerged as the top performer in the Nigerian Exchange’s (NGX) Broker Performance Report for July 2025, ranking first in both trading volume and transaction value. The firm recorded a trading value of N414.46billion, representing 22.8% of the NGX’s total trading value during the month under review. This shows the company’s growing influence and competitive edge in Nigeria’s capital and equities market and this performance highlights the effectiveness of the integrated model promoted by First Holdco Plc…..(Read More) Nigeria surpasses OPEC’s target for second consecutive month – Nigeria’s average daily crude oil production rose to 1.507 million barrels per day (bpd) in July 2025. According to the Organization of the Petroleum Exporting Countries’ (OPEC) latest Monthly Oil Market Report. This means that the country surpassed OPEC’s target for the second month in a row. The report said the production figures were obtained through direct communication with Nigerian authorities. OPEC typically sources its crude oil output data from two channels: direct communication with member countries and secondary sources such as energy intelligence platforms…..(Read More) ABC Transport posts N465.5m H1 profit – ABC Transport Plc has recorded a profit after tax of N465.5m in the first half of 2025, a turnaround from the N191.5m loss reported in the same period last year. In its half-year financial statements filed on the Nigerian Exchange Limited recently, the company’s revenue rose sharply to N7.7bn in the six months ended June 30, 2025, up by 52 per cent from N5.1bn recorded in the corresponding period of 2024. Gross profit increased by 55 per cent to N1.8bn….…(Read More) Trump says he’ll know if Putin wants a peace deal with Ukraine in their meeting – US President Donald Trump said Monday that he expected to determine, moments into his meeting with Russian leader Vladimir Putin in Alaska this Friday, whether it would be possible to work out a deal to end the war in Ukraine. Speaking at a White House press briefing, Trump said, “At the end of that meeting, probably the first two minutes, I’ll know exactly whether or not a deal can be made”. He said he thought Friday’s sitdown with Putin in Alaska would be “really a feel-out meeting,” adding that “it’ll be good, but it might be bad”……(Read More)