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Coronation Research Daily Insights
(Source: Coronation Research, Date: 21-May-2024)

TUESDAY, 21 MAY 2024

Ways and Means Securitisation | Food Import | Oil Exploration | Congestion Charge | Port Harcourt Refinery



Good Morning,

Here are your top 5 news items for the day.

Ways and Means Securitisation


DMO raises N4.9trn for Ways and Means securisation "" Vanguard

The Debt Management Office (DMO) said it has raised N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation. Director General of DMO, Patience Oniha, disclosed this, yesterday, during an interactive session with primary dealers in the federal government securities market in Lagos. According to her, the domestic financial market remains a major source of funding for the federal government. She disclosed further that N4.5 trillion has been borrowed to partly finance the N6 trillion budget deficit, adding that the deficit will be covered.. Read more here
 

Food Import


Food imports hit N3tn over flooding, insecurity "" CBN "" Punch

The Central Bank of Nigeria released a total sum of $2.13bn to Nigerians for importing food products in 2023, Findings by The PUNCH have shown. According to the quarterly statistics of the Central Bank of Nigeria, the forex release showed that there was consistent demand from foreign countries despite being touted as the food basket of Africa. This came as the average price of imported food commodities to Nigeria rose to its highest level, reaching 34 per cent in one year between April 2023 and April 2024. The rise in food prices in sub-Saharan Africa, is partly due to global.. Read more here

Oil Exploration


FG, UAE plan new oil exploration deal "" Punch

The Federal Government, on Monday, urged the United Arab Emirates to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. It also stated that Nigeria and the UAE were on the same page concerning oil exploration as crude oil drilling would not be abandoned despite calls for its abandonment in some quarters. The Minister of State for Petroleum (Oil), Heineken Lokpobiri, disclosed this in Abuja while playing host to a delegation from the UAE led by the United Arab Emirates Ambassador.. Read more here
 

Congestion Charge


Nigeria's London embassy slammed £8.3m congestion charge "" The Sun

The UK Transport for , London (TfL)a local government body responsible for most of the transport network in the United Kingdom's capital city, has revealed that the Nigerian Embassy in London owes congestion charges totaling £8,395,055. Congestion charges are fees levied on drivers for entering a specific central zone of the city during certain hours. The aim is to reduce traffic congestion by discouraging unnecessary car use. The Nigerian Embassy, which ranked fourth among the UK's 48 foreign debtors in a list of ...stubborn minority" debtor..  Read  more here


Port Harcourt Refinery


Port Harcourt refinery begins operation July "" Punch

The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements. The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu. He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply. Last year in December, the Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off.. Read more here.

 

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