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Exchange Rate
Naira rebounds to 1,275/$ at parallel market "" Punch
The naira has demonstrated signs of strengthening against the United States dollar, appreciating by N125 to reach N1,275/$1 over the weekend. The new rate represents a 9.8 per cent increase when compared to N1,400 to a dollar it traded at the close of trading activity on Friday. This came as the Senate through its Committee on Finance called for concerted efforts by all relevant stakeholders to rescue and sustain its stability. The senate said there was an urgent need for concerted efforts to tackle the instability and continuous depreciation of the Naira. Read more here.
Seaport Investment
Tinubu Secures $600m Danish Investment to Expand Existing Seaports "" This Day
President Bola Tinubu secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports. Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, made the investment public during a meeting with Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh. According to Uggla, ...We believe in Nigeria, and we will invest $600 million in existing facilities and make.. Read more here
Manufacturing Sector
Credit to manufacturing sector up 39% to N7.73trn in 2023 "" Vanguard
In spite of numerous challenges confronted by manufacturers in Nigeria, the manufacturing sector's borrowings from the nation's banking sector rose by N2.17 trillion to N7.73 trillion from N5.57 trillion in 2022, representing an increase of 38.8 percent.. This apparently indicates the tenacity of Nigerian manufacturers and their frantic efforts to bolster industrial production against all odds. Data obtained from the Central Bank of Nigeria (CBN) shows the manufacturing sector was the second highest recipient of bank loans in 2023, trailing only the oil and gas sector. Read more here
Fuel Scarcity
Fuel crisis worsens as depots divert PMS to Abuja "" Punch
Despite claims by the Nigerian National Petroleum Company Limited that the logistic issues causing fuel scarcity had been addressed, Nigerians in Lagos and other parts of the country were still struggling to get Premium Motor Spirit as many filling stations remained under lock and key throughout the weekend. The Punch independently gathered that the situation might worsen in Lagos and other parts of the South-West like Ogun, Oyo, Osun and others because there was a directive by the NNPCL that fuel trucks must first service the Federal Capital Territory before any other place. . Read more here
Zenith HoldCo
Zenith HoldCo secures shareholders' approval "" The Guardian
Shareholders of Zenith Bank Pc unanimously approved the restructuring of the Bank to a holding company during a court-ordered extraordinary general meeting (EGM) held virtually from Zenith Heights, Zenith Bank Pic, Victoria Island, Lagos, on Friday. By the Scheme of Arrangement dated March 28, 2024, under Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank PIc to Zenith Bank Holding Company Pic.. Read more here. | 
