Global Market News

Stocks bounce, dollar slides with bond yields on Bessent pick"” Reuters

Asian stocks rallied with U.S. equity futures on Monday, while the dollar retreated against rivals as bond yields slid following the selection of fund manager Scott Bessent as the next U.S. Treasury secretary, with investors expecting he will be a voice for markets in Washington. Click here for more.

Oil holds at 2-week high as Russia, Iran tensions support prices"” Reuters

Oil prices hovered near two-week highs on Monday following 6% gains last week, as geopolitical tensions heightened between western powers and major oil producers Russia and Iran, raising risks of supply disruption. Click here for more.

Macroeconomic News

Domestic refiners opt for oil imports as naira-for-crude policy falters"” The Sun

The federal government's naira-for-crude policy, aimed at enhancing local refining capacity, appears to have stalled, leading domestic refiners to resort to importing oil. Click here for more.

Electricity subsidy hits N1.91tn in 11 months"” Punch

The monthly spending of the Federal Government on electricity subsidy obligation has reached N1.91tn in the first 11 months of 2024, a new report by the Nigerian Electricity Regulatory Commission has disclosed. Click here for more.

Cooking gas out of reach for Nigerians as prices soar 58.68% YoY"” This Day

Data published by the National Bureau of Statistics (NBS) showed that the average price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG), commonly called cooking gas, increased by 2.58% month-on-month, rising from N16,313.43 in September 2024 to N16,734.55 in October 2024. Click here for more.

Manufacturers decry $29bn revenue loss to inadequate electricity supply"” The Sun

The Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olusola Obadimu, has decried the $29 billion annual revenue loss to businesses due to inadequate power supply. Click here for more.

Capital expenditure suffers as FG services debt with N7.4tn"” Punch

The Federal Government's expenditure report for the first eight months of 2024 has laid bare the heavy toll debt servicing is taking on Nigeria's finances. Click here for more.

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