Global Market News

Wall Street drops on September worries, upcoming data"” Reuters

U.S. stocks slumped on Tuesday, at the start of one of the market's historically worst months, ahead of data likely to influence how much the Federal Reserve will lower interest rates. Click here for more.

Oil slumps about 5% as end to Libyan dispute in sight "”Reuters

Oil prices settled nearly 5% down on Tuesday at their lowest levels in nearly nine months on signs of a deal to resolve a dispute that has halted Libyan crude production and exports. Click here for more.

Macroeconomic News

Dangote Refinery launches Euro-V petrol "”The Sun

For the first time, Nigerians will gain a clear understanding of the country's actual fuel consumption, according to Aliko Dangote, President of Dangote Group. This announcement comes as Dangote officially confirmed the rollout of Premium Motor Spirit (PMS), commonly known as petrol, from the world's largest single-train refinery with a capacity of 650,000 barrels per day. Click here for more.

Banks extend N75.48tn credit to private sector "" CBN "” Punch

Banks' credits to the private sector rose by 34 per cent to N75.48tn in July, from N56.46tn in the prior year. This is according to the latest data on credit to the private sector obtained from the Central Bank of Nigeria.

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NEPC: Zenith Bank, First Bank, Fidelity handled 56% non-oil export transactions in H1 2024 "”The Sun

The Nigerian Export Promotion Council (NEPC) on Tuesday, disclosed that Nigerian banks played a pivotal role in non-oil export transactions, with Zenith Bank, First Bank, and Fidelity Bank collectively handling 56 percent of the total Non-Oil Export Proceeds (NXPs) in the first half (H1) of 2024. Click here for more.

Air cargo demand rises by 13.6% "" IATA "”Punch

The total global air cargo tonne-kilometres increased by 13.6 per cent compared to the same period in 2023, the International Air Transport Association has said. African airlines saw 6.2 per cent year-on-year demand growth for air cargo in July, the lowest of all regions and its lowest recorded figure in 2024. Click here for more.

Power generation hits 5,313MW, first time in three years "”Punch

Nigeria's power generation rose to a three-year high of 5,313 megawatts on Monday, the Federal Ministry of Power has declared. It declared this in a statement issued by the media aide to the power minister, Bolaji Tunji, adding that electricity distributors should ensure the distribution of the generated energy. Click here for more.

Outrage as NNPC Ltd, marketers peg petrol price at N885/litre, N1,000/litre "”The Sun

Mass lamentation reached a crescendo yesterday as Nigerians woke up to a rude shock to find the petrol pumps of the Nigerian National Petroleum Company Limited (NNPC Ltd) adjusted from N598 to N885/litre. Click here for more.

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