Cost of funds rises as market liquidity drops to N96bn

Cost of funds rose significantly in the interbank money market last week following series of liquidity outflow which caused market liquidity to fall by 26 per cent to N96 billion, week-on-week (WoW). During the week, the interbank money market experienced outflow through treasury bills sale and foreign exchange sales by the Central Bank of Nigeria (CBN).

MRS commissions Africa’s largest jetty in Lagos

Foremost downstream oil company, MRS Oil Nigeria Plc, saturday commissioned a berthing terminal – Dantata Jetty, which has a capacity to berth vessels of 80,000–120,000 metric tonnes capacity at the Tin Can Island Port in Lagos.

FG to revive sale of 10 NIPP plants in new economic plan

The Federal Government has said it would conclude the sale of 10 brand new electricity generation plants built under the National Integrated Power Projects (NIPPs) by the Niger Delta Power Holding Company Limited (NDPHC) in line with its recently launched Economic Recovery and Growth Plan (ERGP).

Export of raw minerals to be banned soon – Fayemi

The Minister of Mines and Steel Development, Dr Kayode Fayemi, has said that government has put in place measures to stop exportation of raw solid minerals by October.

EFCC Inaction Causes Sinking of Petroleum Vessels

Revelations emerged on Sunday about how the delay by the Economic and Financial Crimes Commission (EFCC) to engage an auctioneer to dispose of petroleum products on several vessels forfeited to the federal government caused the sinking of at least two vessels with their content.

U.S. unemployment drops to 4.5%, lowest in decade

However, hiring slowed substantially in March, President Trump's second full month in office. America only added 98,000 jobs, according to the Labor Department.

It's a disappointment, given the U.S. added 219,000 jobs in February and averaged 187,000 new jobs a month last year. But economists are already calling it a one month "blip." It's common to see a weak month of hiring at some point during the winter. Most experts expect job growth to pick up again soon.

Fashola Raises Hope for Better Electricity Supply

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Sunday raised hope for improved electricity supply in the country, assuring Nigerians that power generation would ramp up to 4,000 megawatts within the next six days.

CBN Injects $418m to Oil Marketers, Others

In line with its avowed determination to ensure ample supply of foreign exchange (FX) in the market, the Central Bank of Nigeria (CBN) last Friday auctioned US$418 million through retail-Special Secondary Market Intervention Sales (SMIS), at a marginal rate of N310/$.

Oil Set for Longest Gain This Year as Libyan Field Said Shut

Oil headed for its longest run of gains this year as Libya’s biggest oil field was said to have suffered another outage while Russia signaled it’s weighing an extension of OPEC-led production cuts.

Futures gained for a fifth day in New York after advancing 3.2 percent last week following a U.S. military strike on Syria. Libya’s Sharara field stopped producing just one week after it reopened, according to two people familiar with the matter, although it wasn’t clear why. Russia’s energy ministry has been in discussions with oil companies regarding the need to prolong the six-month deal when it expires, Energy Minister Alexander Novak said Friday.

Rand Goes From World's Best to Worst on Zuma, Junk Status: Chart

South Africa’s rand, which had been the world’s best-performing currency in 2017, gave up all its gains in just a week after President Jacob Zuma recalled Pravin Gordhan from meeting investors in London and replaced him as finance minister in a midnight cabinet shuffle, spurring S&P Global Ratings and Fitch Ratings Ltd. to downgrade the nation’s debt to junk.

French Drugs Maker Targets Africa With Nigerian Acquisition

Biogaran SAS, a closely held French pharmaceuticals manufacturer, plans to tap into Nigeria’s $1.3 billion drugs market as a launchpad for its expansion into Africa, company President Pascal Briere said.

Buhari releases N54bn to settle pension backlog

The Muhammadu Buhari administration has released N54 billion to clear part of the backlog of accrued pension rights for the years 2014, 2015 and 2016. The Director of Information, Ministry of Finance, Mr Salisu Danbatta said on Wednesday that N41.5 billion has already been released to the National Pension Commission (PENCOM).

Naira Overvalued by 20%- IMF

LAGOS — Fund, IMF, ye The International Monetary Fund yesterday, said the naira is overvalued by 10 to 20 per cent. Head of IMF Mission in Nigeria, Gene Leon, stated this during a telephone media briefing on the IMF staff report on 2017 Article IV Consultation with Nigeria.

FEC approves $1.3bn loan request from World Bank, others for DBN

ABUJA —The Federal Government, yesterday, approved the request for three loans worth $1.3 billion for the newly established Development Bank of Nigeria, DBN, to kick off. The Federal Executive Council, FEC, formally granted the approval at yesterday’s meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. FEC also gave its nod for the registration of 200,000 personnel of the Nigerian military, cutting across the Army, Navy and Air Force into the Integrated Personnel Payroll Information System, IPPIS. Finance Minister, Mrs Kemi ADEOSUN This, the council did by approving the award for the procurement of project managers and verification consultants for a total cost of N550 million to bring the personnel onto the IPSS platform, hoping to bring in all the military by third quarter of 2017.

Oil prices fall on bloated U.S. market, but other regions tighten

Oil prices fell on Thursday as record U.S. crude inventories underscored that markets remain bloated, although traders said there were signs that other regions were gradually tightening.

Amazon acquires right to buy stake in fuel cell maker Plug Power

Hydrogen fuel cell maker Plug Power Inc (PLUG.O) said on Wednesday Amazon.com Inc (AMZN.O) had acquired the right to buy up to 23 percent of the company and that it would supply batteries to power forklifts used by the online retailer in its warehouses.

Oil hits one-month high near $55 on tighter supplies

Oil hit a one-month high near $55 a barrel on Wednesday as a fall in U.S. crude inventories raised hopes OPEC-led supply cuts were clearing a glut, while an outage at the largest UK North Sea oilfield lent support.

China's new construction project sends stocks soaring

China's plans to develop a huge region south of Beijing sent construction and real estate stocks surging on Wednesday

Markets in mainland China were closed for a national holiday for the past two days, so Wednesday was the first real opportunity for investors to react to Saturday's announcement of the new economic zone.

Dubbed the Xiongan New Area, the zone is 100 km (62 miles) south of downtown Beijing. It is meant to advance the development of the Beijing-Tianjin-Hebei region, according to state run news agency Xinhua.

IMF Sees Ugandan Growth Rebound in 2017-18 on Infrastructure

Economic growth in Uganda may accelerate in the coming fiscal year, underpinned by government spending on infrastructure and an anticipated recovery in lending to the private sector, according to the International Monetary Fund.

Global Shipping Fleet Braces for Chaos of $60 Billion Fuel Shock

Little more than 2 1/2 years from now, the global fleet of merchant ships will have to reduce drastically how much sulfur their engines belch into the atmosphere. While that will do good things -- like diminishing the threat of acid rain and helping asthma sufferers -- there’s a $60 billion sting in the tail.

That’s how much more seaborne vessels may be forced to spend each year on higher-quality fuel to comply with new emission rules that start in 2020, consultant Wood Mackenzie Ltd. estimates. For an industry that hauls everything from oil to steel to coal, higher operating costs will compound the financial strain on cash-strapped ship owners, whose vessels earn an average of 70 percent less than they did just before the 2008-09 recession.