Commodities Archives

Halilu Underscores AMTDI’s Commitment to Advancing Technological Infrastructure, Innovation in Nigeria

by Olusegun Edwards
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The Executive Vice Chairman/CEO of the National Agency for Science and Engineering Infrastructure (NASENI), Mr Khalil Suleiman Halilu has conducted an inspection visit to the Advanced Manufacturing Technology Development Institute (AMTDI), an institute under NASENI, in Jalingo, Taraba State. The visit was to underscore NASENI’s commitment to advancing technological infrastructure and fostering innovation in Nigeria […]

Bloomberg Predicts Nigeria May Suspend Import Duties on Food to Bring Down Inflation

by Olusegun Edwards
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Nigeria government is said to be considering suspending import duties on staple food, drugs and other essential items for six months to slow inflation in Africa’s most-populous nation, Bloomberg reported yesterday. The government may also waive levies on fertilisers, poultry feed, flour and grains, according to a document seen by the news medium that has […]

Transcorp Power Posts 775% PBT Jump in Q1 2024 Along Impressive Revenue Growth

by Olusegun Edwards
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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024. The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in […]

NLC Rejects Tinubu’s Palliatives to Cushion Effects of Subsidy Removal; Insists On Protests

by Olusegun Edwards
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The Nigerian Labour Congress (NLC), on August 1st, 2023, dismissed policy measures unveiled by President Bola Tinubu in his national broadcast on Tuesday as falling short of expectations of Nigerian workers. It said that until workers see real commitment by government to do the needful and improve the lot of Nigerians and ameliorate the sufferings […]

SEC Post N2.5bn Half-Year Surplus

by Olusegun Edwards
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The apex regulator of the Nigeria capital market, theSecurities and Exchange Commission, (SEC), has announced a surplus of N2.5 billion in the first half of 2022. The Commission had projected an annual deficit of N1.6 billion for 2022 at the beginning of the year. Speaking at the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper, MTEF/FSP […]

LCFE, Heritage Bank, others Unlock N445trn Commodities Ecosystem for Economic Industrialization …as Exchange goes Live

by Olusegun Edwards
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Lagos Commodities and Future Exchange (LCFE), Heritage Bank Plc, Capital Market players and other stakeholders have unlocked the $1trillion (N445trn) commodities ecosystem as avenue to diversify the economy from a crude oil dependent economy to other critical economic sectors. This was revealed at the historic Commissioning Ceremony and Official Launch of Lagos Commodities & Futures […]

Oil Rebels Back Main Opposition Candidate In Nigeria Vote

Nigeria imported 1.4 bln litres of fuel worth ₦2.03 bln in 2 months

by NEWS AGENCIES
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Nigeria, in the last two months, imported a total of 986, 492 metric tons (mt) of petroleum products, representing 1,387,410,984.2 litres of fuel just as frozen fish tops import chart for the month of February 2019 with a total volume of 2.463million mt imported. The figures contained in the shipping position of the Nigerian Ports […]

Privatise Nigeria’s Oil Industry? Easier Said Than Done

Oil drops as China cuts economic growth target

by NAN
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Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support. U.S. West Texas Intermediate (WTI) crude oil futures were at 56.31 dollars per barrel at 0740 GMT, down 28 cents, or 0.5 per cent, from their […]

Sentiment, speculation, rumours are major forces driving oil market

by NEWS AGENCIES
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The Organisation of Petroleum Exporting Countries, OPEC, has identified sentiment, speculation and rumours as major determinants of developments in the global oil market. In his presentation at the Ninth IEA-IEF-OPEC Symposium on Energy Outlooks in Saudi Arabia, OPEC’s Secretary-General, Dr. Mohammad Barkindo stated: “Unfortunately, the oil market can often be subjected to forces which are […]

United Capital appointed issuing house for ₦8.5 bln NSP Green Bond

by NEWS AGENCIES
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The United Capital Plc has been appointed lead issuing house and financial adviser of the first ₦8.5 billion Corporate Green Infrastructure Bond offer by the North South Power Company (NSP). The Securities and Exchange Commission (SEC) has approved the 15-year tenor bond, which represented the longest tenured bond issued by a corporate in the country. […]

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FGNSB for February oversubscribed by ₦84 bln

by Aturu Julius
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The Federal Government’s bond for the month of February worth ₦150 bln which was offered on Wednesday was oversubscribed by over ₦84 bln. The Debt Management Office disclosed on Thursday that the trend of oversubscription at the FGN bond auctions for the year continued, after the three instruments for five, seven and 10-year tenors, with […]

CBN recorded $40.9 billion FX inflow in 9-month

by NEWS AGENCIES
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Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]