As Nigeria grapples with its debt dynamics, expert voices weigh in on the delicate equilibrium between issuance and investor sentiment. Thys Louw, seasoned portfolio manager at Ninety One, highlights the central concern: the divergence between debt issuance and inflows into dedicated funds. For high-yield issuers, this divergence poses a significant challenge. In a Reuters report, Read More…
Business
Dangote Fertiliser Gets Major Boost as Shell Commits to $2.5 Billion Gas Supply Facility
Africa’s richest man, Aliko Dangote, received a significant boost for his fertiliser plant today as Shell and its partners announced a final investment decision to build a dedicated gas supply facility. The $2.5 billion Dangote Fertiliser and Petrochemical Plant, the largest urea complex in Africa, will receive 100 million standard cubic feet of gas per Read More…
Shell’s exit sparks hope for Nigerian oil sector amid risks, analysts say
Shell’s recent departure from Nigeria’s onshore oil sector is seen as a pivotal moment, raising optimism among local firms to rejuvenate production in Africa’s largest oil exporter. Industry insiders and analysts emphasise the challenges faced by oil majors in the region but foresee opportunities for indigenous companies to reverse the output decline in the Niger Read More…
The new NNPCL is professional, says Professor Bart Nnaji
By Uzor Maxim Uzoatu The Nigerian National Petroleum Company Limited is now run professionally like an efficient private sector organisation, according to a former Minister of Power, Professor Bart Nnaji, who is also a major player in the energy industry. “When the Nigerian National Petroleum Corporation (NNPC) became the Nigerian National Petroleum Company Ltd (NNPCL) Read More…
PenCom earns top ethical rating in 2023, marking vindication for Nigeria’s pension administration
The National Pension Commission (PenCom) has achieved a significant milestone, securing the top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS) among 50 regulatory agencies in Nigeria. This accomplishment comes two years after the conviction of Abdulrasheed Maina, former chairman of the Pension Reform Task Team (PRTT), for money laundering and other offences Read More…
World Economic Forum: Oxfam highlights soaring wealth disparity as Nigerian VP joins global leaders
An Oxfam report revealed that the collective wealth of the world’s five richest individuals surged to $869 billion since 2020, doubling, while five billion people experienced increased poverty. The report coincides with the annual World Economic Forum (WEF) meeting in Davos, where business elites gather. Oxfam emphasised the rise of billionaires as key figures in Read More…
Microsoft briefly surpasses Apple in market valuation amid AI dominance
In a significant turn of events, Microsoft briefly overtook Apple) as the world’s most valuable company on Thursday for the first time since 2021. This shift occurred as concerns over demand impacted Apple’s shares at the start of the year. D.A. Davidson analyst Gil Luria highlighted the inevitability of Microsoft surpassing Apple, noting, “It was Read More…
Nigeria’s NNPC to supply 4 crude cargoes to Dangote Refinery as operations near commencement
Nigeria’s NNPC, the state oil company, is anticipated to provide four crude shipments from its February schedule to the Dangote refinery, set to begin operations following extensive construction delays, disclosed three sources familiar with the situation to Reuters. The highly-anticipated Dangote refinery, touted as Africa’s largest, is on the verge of commencing test runs and Read More…
Ikorodu Local Government pledges overseas agricultural training for youths
In Ikorodu, Lagos State, Mr. Wasiu Adesina, Chairman of the local government, announced plans to sponsor at least 50 youths on agricultural training abroad. The aim is to familiarise them with diverse production processes and modern farming techniques. Adesina emphasised the significance of this initiative, stating, “My administration is committed to empowering youths through education Read More…
Nigerian stocks hit record high, led by banks
Nigerian stocks extended gains for the fifth session on Monday, led by banks to push the main index past a psychological threshold of 80,000 points for the first time ever, according to LSEG data. The All Share Index closed 0.83% up at a record 80,328.58 points. “Stocks have leapt 6.5% in early 2024 trading, extending Read More…