Nigeria stocks jump to 11-month high as bulls maintain dominance

*All-share index rising by 2.8%…  The Nigerian bourse sustained its bullish run Thursday as the benchmark index closed positive for the seventh consecutive trading session, driven by gains in banking and cement shares as investors take advantage of low valuation of some commercial lenders’ shares. The stock market all share index (ASI) rose 2.8 percent […]

Nigeria, Libya get OPEC soft landing on increased production

Ibe Kachikwu, Nigeria Minister of Petroleum Resources with Sanusi Barkindo, OPEC Secretary General

Nigeria and Libya have received a soft landing from the Organization of Petroleum Exporting Countries (OPEC) over both countries’ current overproduction that has seen market concerns as oil prices dropped lower early Thursday. The organisation is maintaining a strict implementation of an agreed production cuts, but has failed to state when cuts would be applicable […]

Oil price rises, as Trump decides on climate pact, yuan surges

Oil prices rose on Thursday, lifting energy company shares, on expectations the United States will withdraw from a global pact to fight climate change, while China’s yuan shrugged off weak factory data to hit a seven-month high against the dollar. Bank shares underperformed rising European stocks, after two major U.S. lenders warned on Wednesday that […]

Falling oil revenues, CBN support for naira deplete reserves to $30.49bn

Kemi Adeosun, the finance minister, Kemi Adeosun's Resignation

*Reserves fell 0.89% in a month Nigeria’s foreign exchange reserves fell by 0.89 percent to $30.49 billion on May 25, 2017 from $30.76 a month ago, the lowest level since April 18, 2017, according to data obtained at the Central Bank of Nigeria website Wednesday. However the current levels are still higher than what it was a year […]

Finally Osinbajo gives assent to 2017 Budget Thursday

Yemi Osinbajo Nigeria’s acting will Thursday sign into law the 2017 Budget, according to reports by the News Agency of Nigeria (NAN). The news agency claimed representatives of the presidency and the leadership of the National Assembly had concluded a meeting and agreed that the appropriation bill be signed into law on Thursday, June 01, […]

Nigeria could seize cheap deep-sea oil production moments

New projections suggesting deep-sea oil production costs are becoming cheaper and that oil at $50 per barrel would sustain such projects through 2018, appear to put Nigeria in a comfortable zone to push its international oil producing partners to ramp up activities in the country’s lucrative deep water offshore production fields, reports, using information […]