Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 26-Apr-2024)

FRIDAY, 26 APRIL 2024

Telecommunication Sector | Crude Supply | Exchange Rate | Employment| Fuel Scarcity

Good Morning,

Here are your top 5 news items for the day.

Telecommunication Sector

MTN, Glo, others seek NCC nod for tariff hike"" Punch

Telecommunications operators in the country including MTN Nigeria and Globacom have asked for Federal Government approval through the Nigerian Communications Commission to raise their tariff. The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year. The telcos' proposal to raise their tariff came barely 24 hours after MultiChoice, a South African pay television company raised its tariff. Several companies including Discos and brewing companies have also raised their prices in recent times. Read more here

Crude Supply

Forex shortage delays crude supplies "" Punch

Chinese state energy major, PetroChina, has been waiting to unload a cargo of United States crude at Nigeria's giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data, Reuters reported on Thursday. The impasse highlights difficulties the $20bn plant funded by Africa's richest man Aliko Dangote faces in its aim to be the biggest refinery on the continent and in Europe when it reaches full capacity this or next year. Dangote aims to reverse the trend by which the oil-rich country exports its crude but almost totally relies... Read more here.

Exchange Rate

Dollar demand pushes naira to 1,420/$ "" Punch

The naira on Thursday continued its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign exchange market. According to currency traders at the popular Wuse Zone 4 market, operators bought the greenback note at N1,340 and sold it at N1,420, leaving a profit margin of N80. Read more here

Employment

FG targets 2.5M jobs with new initiative "" The Sun

The Federal Government says it aims to launch a new programme named the Labour Employment and Empowerment Programme (LEEP), with the potential to generate over 2.5 million jobs for Nigerians. The initiative, which is the brainchild of the Federal Ministry of Labour and Employment focuses on addressing hunger, poverty, economic growth, and job creation through six key strategies which include digital skills development, vocational entrepreneurship programmes, infrastructure improvements, NELEX enhancement for job acceleration, global remote work ... Read more here

Fuel Scarcity

NNPC blames logistics for worsening fuel queues "" Punch

The queues for Premium Motor Spirit, popularly called petrol, grew worse in Abuja and neighbouring Nasarawa and Niger states on Thursday, as the Nigerian National Petroleum Company Limited blamed the development on logistics issues, but was quick to state that it had been resolved. Petrol remained scarce on Thursday in the Federal Capital Territory and some other states in the North, forcing many filling stations to close shop, while the few ones that dispensed the commodity were greeted with heavy queues. The cost of the product was increased to an average .. Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 26-Apr-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 26-Apr-2024)