The Nigerian equity market continued its positive trajectory on February 12, 2025, with investors gaining N426 billion as the market capitalization rose to N66.5 trillion. The All-Share Index (ASI) surged by 683.38 points, marking a 0.65% increase, closing at 106,574.71 points. This growth reflects a 1.7% gain over the past week, a 2.85% increase over […]
Month: February 2025
Senate Proposes N10bn for Capital Market Awareness to Boost Investor Participation
In a recent proposal, the Nigerian Senate suggested allocating N10bn to fund investor education in the capital market as part of the 2025 national budget. The move aims to address the critical issue of inadequate awareness, which has been identified as a significant barrier to increasing investor participation. The proposal was disclosed by Osita Izunaso, […]
Global Stocks Dip Amid U.S. Tariff Hike and Economic Outlook Concerns
Global stock markets experienced a decline on Tuesday as investors reacted to the implications of newly introduced U.S. tariffs and comments from Federal Reserve Chair Jerome Powell on the economy. President Donald Trump raised tariffs on steel and aluminium imports to 25%, up from 10%, removing country exceptions and product-specific exclusions. This move also hinted […]
Trump Imposes 25% Tariffs on Steel and Aluminium Imports to Boost U.S. Manufacturing
President Donald Trump has announced the imposition of a 25% tariff on steel and aluminium imports into the United States, a move that greatly expands previous trade restrictions. The new import taxes, which will take effect on March 12, 2025, will increase the cost of importing these metals into the country. Trump emphasized that the […]
Stabilizing Naira and Slower Price Increases Ease Business Costs in January
In January 2025, the Nigerian business environment saw a reduction in operating costs, primarily due to the stability of the naira and a slowdown in price increases. According to a report from the Nigerian Economic Summit Group (NESG), in collaboration with Stanbic IBTC, the cost of doing business index dropped from +50.32 in December to […]
NAICOM’s Reform Plans to Strengthen Nigeria’s $1 Trillion Economy
The Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, outlined plans for institutional reforms and a transformation roadmap aimed at derisking Nigeria’s $1 trillion economy, a target set by President Bola Tinubu for 2030. Omosehin made these remarks during the 2024 budget performance and 2025 budget defense held by […]
Dangote Refinery Set to Reach Full Capacity in 30 Days, Boosting Nigeria’s Economic Recovery
Nigeria’s Dangote Refinery, the largest in Africa, is set to operate at full capacity within the next 30 days, as confirmed by the refinery’s head, Edwin Devakumar. Currently processing 650,000 barrels per day (bpd), the refinery began production in January 2024, producing diesel, naphtha, and jet fuel, and expanded to petrol production in September 2024. […]
Apple and Google Remove 20 Apps Containing Data-Stealing Malware SparkCat
Apple and Google have removed 20 apps from their respective app stores after security researchers discovered that the apps were carrying a data-stealing malware called SparkCat. The malware had been active since March 2024 and was initially identified in a food delivery app used in the UAE and Indonesia. The malicious framework was later found […]
France Investigates Microsoft Over Bing Search Technology and Antitrust Concerns
France’s antitrust watchdog, the Autorité de la Concurrence, has launched an investigation into Microsoft, focusing on potential anti-competitive practices related to its Bing search technology. The inquiry seeks to determine if Microsoft is deliberately degrading search results for smaller companies that rely on Bing’s infrastructure. The investigation is particularly concerned with Microsoft’s influence over search […]
CBN Facilitates $5.63 Billion in International Payments Amid Economic Challenges in 2024
The Central Bank of Nigeria (CBN) facilitated $5.63 billion in international payments during the first nine months of 2024, marking a 2.7% increase from $5.48 billion in the same period in 2023. This growth comes amidst ongoing challenges such as the depreciation of the naira and inflation, highlighting the CBN’s efforts to manage the country’s […]
CBN Reschedules February 2025 MPC Meeting Amid CPI Release Delays
The Central Bank of Nigeria (CBN) has officially announced a new date for its 299th Monetary Policy Committee (MPC) meeting, shifting it from the initially scheduled February 17 and 18, 2025, to February 19 and 20, 2025. The CBN’s decision resolves ongoing speculations surrounding the original date, which arose due to delays in the National […]
Uganda’s Economic Outlook Remains Positive Amid Challenges and Global Uncertainty
Uganda’s economy has shown consistent growth in recent years, with 2023 marking a 5.0% increase in GDP. After a dip in 2020 due to the pandemic, the country’s economy rebounded in 2021 and 2022 with growth rates of 5.7% and 6.1%, respectively. According to Jeff Gable, the head of research at Absa Uganda, the country’s […]
Ghana’s IMF Talks Focus on Tax Cuts, Energy Debt, and Fiscal Reforms for 2025 Budget
The ongoing discussions between the Ghanaian government and the International Monetary Fund (IMF), running from February 10 to February 14, are centered on key economic issues including tax cuts, fiscal policy adjustments, energy sector debt management, and exchange rate stabilization. These talks are critical in shaping Ghana’s economic trajectory and policy direction for the 2025 […]
COMAC Demands Independent Audit of Gold-for-Oil Program Amid Financial Concerns-GHANA
The Chamber of Oil Marketing Companies (COMAC) is urging for an independent audit of the Bulk Energy Storage and Transportation (BEST) Company’s performance within Ghana’s Gold-for-Oil (G4O) initiative. This call comes as doubts rise regarding the program’s ability to stabilize fuel prices and alleviate foreign exchange pressures as originally intended. Despite the government’s goal of […]
VP Shettima Launches Committee to Drive Nigeria’s Trillion-Dollar Economic Vision by 2030
Vice President Kashim Shettima recently inaugurated the Presidential Committee on Economic and Financial Inclusion (PreCEFI) as part of the Nigerian government’s efforts to achieve a trillion-dollar economy by 2030. During the ceremony, Shettima reaffirmed President Bola Tinubu’s commitment to economic reforms that foster inclusive growth and close financial gaps. The event also featured the signing […]
MOFI Launches N100bn Series 2 Offering to Tackle Nigeria’s Housing Deficit
The Ministry of Finance Incorporated (MOFI) has launched a N100 billion Series 2 offering under the MOFI Real Estate Investment Fund (MREIF), aimed at addressing Nigeria’s housing deficit. This initiative is a critical component of the federal government’s efforts to provide long-term, affordable financing for housing developments and homeownership. With this new launch, total subscriptions […]
Naira’s Strong Rally Disrupts FX Market Amid Dollar Sell-off and Reform Uncertainty
The Nigerian naira has seen a notable appreciation, catching traders in the foreign exchange (FX) market off-guard, particularly within the parallel segment. The naira’s rise above the N1600/$ mark, after months of stagnation, has left parallel market traders worried about potential losses. With many holding large dollar reserves in anticipation of a seasonal dollar demand […]
Nigerian Stock Market Dips as Zenith Bank Leads Profit-Taking Activity
The Nigerian stock market opened the week on a mixed note, with the All-Share Index (ASI) declining by 0.04% due to profit-taking in Zenith Bank and 24 other stocks. Zenith Bank saw a 2.3% drop in its stock price, contributing to the overall decline in the ASI by 41.70 basis points, which closed at 105,891.33 […]
Elon Musk Makes $97.4 Billion Bid for OpenAI, Rejected by CEO Sam Altman
Elon Musk, the world’s richest person, made a bold bid of $97.4 billion to gain control of OpenAI, the organization behind ChatGPT. The unsolicited offer, submitted by Musk’s legal team to OpenAI’s board, was swiftly rejected by OpenAI’s CEO, Sam Altman, who humorously countered the proposal with a suggestion to buy Twitter instead. Musk’s bid […]
US-China Tariff Dispute Threatens to Worsen Nigeria’s Trade Deficit with China
The ongoing tariff war between the United States and China is predicted to negatively impact the Nigerian economy, particularly worsening the trade deficit between Nigeria and China. Analysts from Meristem Securities, in a recent macroeconomic update, highlighted the potential for increased imports from China as a result of the tariff war, further escalating Nigeria’s trade […]
Nigeria Set to Benefit from $4.4 Billion Investment in Agro-Industrial Zones
The African Development Bank (AfDB) has announced a significant $4.4 billion investment aimed at expanding the Special Agro-Industrial Processing Zones (SAPZ) across Nigeria. The initiative will cover all 36 states and the Federal Capital Territory, fostering economic growth through the transformation of the agricultural sector. AfDB President Akinwumi Adesina emphasized that agricultural transformation is essential […]
Nigeria’s Crude Oil Production Costs Spark Concerns as Expenditures Soar to N18tn Annually
Nigeria is facing growing concerns over the high cost of crude oil production, with industry experts warning that the country spends approximately N18 trillion annually on crude oil extraction. Data from sources such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows that the cost of producing a barrel of crude oil in Nigeria ranges […]
African Startups Raise $289M in January 2025, Marking a Strong Funding Rebound
In January 2025, African startups raised an impressive $289 million, representing a 240% increase compared to the same period in 2023. This marks a positive start to the year for the continent’s startup ecosystem, which had been struggling with funding challenges in the previous two years. January 2023 saw $85 million raised, the second-highest figure […]
Paris AI Summit Calls for Balanced Approach to Regulation as Global Leaders Gather
World leaders and technology executives gathered in Paris for the AI Action Summit on February 10-11, 2025, to discuss strategies for embracing artificial intelligence while managing its risks. With the growing influence of AI, there has been mounting pressure from businesses to avoid overly stringent regulations that could stifle innovation. The summit comes after previous […]
FBN Holdings Reports 154% Surge in Net Interest Income Due to Rate Hike
FBN Holdings experienced a significant 154.5% rise in its net interest income for the year 2024, largely due to the continuous increase in the Central Bank of Nigeria’s (CBN) monetary policy rate (MPR). The company’s unaudited financial statements revealed a sharp increase in interest income, which surged to N1.39 trillion in 2024, compared to N546 […]
Trump says tariffs coming on steel and aluminium
President Donald Trump has revealed plans to impose a 25% tariff on all steel and aluminium entering the United States. This decision is expected to significantly impact Canada, the largest supplier of aluminium to the US. Trump also hinted at reciprocal tariffs on countries that tax US imports, although he did not specify which countries […]
Ghana Government rejects GHS 2.9bn in T-Bill offers
The Ghanaian government has rejected GHS 2.9 billion in Treasury bill bids following a significant over-subscription of 40.5% during its latest auction. The government had initially aimed to raise GHS 7.3 billion, but the final amount accepted exceeded expectations, reaching GHS 7.7 billion. This oversubscription was driven by investor interest, with total bids amounting to […]
IFC invests $50 million in Lagos Free Zone to boost Nigeria’s industrial growth
The International Finance Corporation (IFC) has pledged a $50 million equity investment in the Lagos Free Zone (LFZ) to support Nigeria’s industrial growth and economic diversification. The announcement was made by Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, at a signing ceremony in Lagos. Khalifa highlighted that the investment would […]
CBN Unveils New Inflation Targeting Framework to Tackle Economic Challenges
The Central Bank of Nigeria (CBN) has initiated a new phase in combating inflation, implementing an inflation targeting framework designed to stabilize prices and strengthen the purchasing power of Nigerians. This framework, adopted by several African central banks, aims to enhance disposable income, stimulate demand, and encourage production. By shifting from the previous exchange rate […]
Baxter: Nigeria-UK Trade Now £7.5bn, Bilateral Trade Priority for Both Countries
The trade volume between Nigeria and the United Kingdom has soared to £7.5 billion, as revealed by Jonny Baxter, the British Deputy High Commissioner in Nigeria. Speaking at the launch of Westerfield College’s UK branch in Lagos, Baxter emphasized the growing economic ties between the two countries, noting that bilateral trade is a priority for […]