CSL Nigeria Daily - 03 April 2025

CSL Nigeria Daily - 03 April 2025
(Source: CSL RESEARCH, Date: 03-Apr-2025)

Dear Esteemed Client,

FGN fiscal deficit narrowed in Q4 2024

The Central Bank of Nigeria (CBN) recently released its Economic Report for the fourth quarter of 2024, providing an overview of key developments in the real, fiscal, financial, and external sectors of the Nigerian economy. In the fiscal sector, provisional data for Q4 2024 showed an increase in gross federation account earnings, primarily driven by higher oil revenue. Total receipts for the quarter amounted to ₦7,230.08 billion, reflecting a 5.31% rise from the ₦6,865.84 billion recorded in Q3 2024. However, this figure remained 19.67% below the budgeted target of ₦9,000.02 billion.

Click here to download full report: "‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹"‹CSL-Nigeria-Daily-03-April-2025-Government-Revenue.pdf"‹

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Media Highlights:

W'Bank lends Nigeria $1.08bn for education, nutrition, economic boost

The World Bank has approved three financing operations totalling $1.08bn to support education, nutrition, and economic resilience in Nigeria. According to a statement on the bank's website on Wednesday, the concessional loans are aimed at improving the quality of education, building household and community resilience, and enhancing nutrition for underserved groups. The statement read, ...The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing, to enhance education quality, build household and community resilience, and improve nutrition for underserved groups." The approved operations include $500m in additional financing for the Community Action for Resilience and Economic Stimulus Programme, $80m for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500m for the Hope for Quality Basic Education for All (HOPE-EDU) initiative. Read more here"‹

NNPCL increases petrol price to N950/litre

After holding back at first, the Nigerian National Petroleum Company Limited has raised the price of petrol to N925 per litre at its filling stations in Lagos and N950 per litre in Abuja. The new prices started on April 2, 2025. This is an increase of N65 from the previous price of N860 per litre in Lagos and N70 more than the N880 previously charged in the North. Last week, MRS and other independent fuel sellers had already increased their petrol prices to N930 per litre in Lagos and N960 for people living in northern Nigeria. Experts in the oil industry say this new price increase is happening because the Dangote refinery recently stopped selling petroleum products in naira. This price change reflects ongoing shifts in Nigeria's free-market fuel system and follows changes in market competition, supply costs, and global oil prices. Read more here"‹

Key details on Trump's market-shaking tariffs

After weeks of anticipation, US President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday, calling it a ...declaration of economic independence." A fresh ...baseline tariff" of 10 percent will apply to economies around the world, with steeper rates tailored to those that Washington deemed as bad actors. But there are some exemptions. Read more here"‹

JP Morgan Plans Entry into Nigeria, to Acquire Merchant Bank Licence

JP Morgan is set to expand its footprint in Nigeria by converting its Lagos representative office into a fully operational business branch. This development was disclosed in a report by Africa Intelligence, which stated that the US banking giant, which had been present in Nigeria since the 1980s, plans to apply for a merchant banking licence from the Central Bank of Nigeria (CBN) in the coming months. The report noted: ...Present in Lagos since the 1980s, US bank JP Morgan plans to transform its Nigerian representative office into a fully-fledged branch. ...The New York-based financial institution, managed in Nigeria by Dapo Olagunju, will apply to the Central Bank of Nigeria (CBN) for a merchant banking licence in the coming months." The report noted that JP Morgan declined to comment when contacted. Read more here"‹