Global Market News

Wall Street slips after rally as earnings, data eyed"” Reuters

U.S. stocks dipped on Thursday as a jump in the prior session cooled, while investors eyed the most recent corporate earnings and gauged economic data to determine the path of Federal Reserve rate cuts. Click here for more.

Oil prices climb on supply fears, Fed rate cut hopes"” Reuters

Oil prices climbed on Friday, heading for a fourth weekly gain, driven by concerns over tighter supply following U.S. sanctions on Russian oil producers and signals from a Federal Reserve official of potential interest rate cuts. Click here for more.

Macroeconomic News

Oyedele eyes early enactment of tax reforms bill"” Punch

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, expects the Nigeria Tax Reform Bill to be enacted into law by the end of the first quarter of 2025. Click here for more.

Nigeria's crude oil production dropped marginally in December ""OPEC"” The Sun

Despite efforts to boost oil production by the Federal Government, the Organisation of Petroleum Exporting Countries (OPEC) has said that Nigeria's average daily crude oil production marginally declined to 1.485 million barrels per day (bpd) in December 2024. Click here for more.

2025 budget: N47trn inadequate to tackle infrastructure, power challenges ""PENGASSAN"” The Sun

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has criticised the proposed N47.9 trillion budget for 2025, describing it as insufficient to address the country's pressing economic and infrastructural challenges. Click here for more.

Dangote refinery projects 650,000bpd June, plans crude import"” Punch

The Dangote Petroleum Refinery is planning to import more crude oil as supply from the Nigerian National Petroleum Company Limited becomes insufficient for fuel production at the $20bn Lekki-based facility. Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year. Click here for more.

CBN launches digital solutions to transform government payments, document management"” The Sun

The Central Bank of Nigeria (CBN) has introduced two transformational digital initiatives aimed at elevating the country's financial landscape. They are Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. Click here for more. 

Abuja:

4 Misratah Street,

Wuse II

Abuja, Nigeria

Tel: +234 201 7100 4334

Email: research@cardinalstone.com

Website: www.cardinalstone.com