Market Intelligence Report

Surviving 24% Inflation: Strategies for Individuals in Nigeria

Inflation, characterized by a sustained increase in the general price level of goods and services, can pose challenges for individuals and households, impacting purchasing power and financial stability. This article provides practical strategies for navigating and mitigating the effects of 24% inflation in Nigeria. 1. Budgeting and Financial Planning:   – Review and adjust your budget …

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Ibadan Gemstone Market Is One-stop Shop For Local, Foreign Investors – Minister

Leadership The Minister of Mines and Steel Development, Olamilekan Adegbite, has stated that the creation of a gemstone market will enhance the diversification of Nigeria’s economic base. In a statement by the head Press Department, Ministry of Mines and Steel Development, Funmi Imuetinyan, the minister made the comment at the commissioning of the Ultramodern International …

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Cash Outside Banking System Rises To N3trn As Banks Rations Cash

Despite the scarcity of cash in the country which has seen banks limit the amount customers can withdraw from Automated Teller Machines(ATMs) and over the counter, latest data from the Central Bank of Nigeria (CBN) shows that nearly all the currency in circulation is already outside banks. Latest data shows that , of the N3.347 …

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Nigeria’s Crude Oil Output Surges 7.7%, Edges Closer To 2024 Budget Benchmark

Nigeria experienced a significant surge in its crude oil output, rising by 7.7% in December 2023, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Reports (MOMR) released on January 18, 2024. The country’s oil production reached 1.4 million barrels per day (mbpd) in December, reflecting a 100,000 bpd increase from the …

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Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism

The federal government is meticulously pursing its refinery rehabilitation deal with Saudi Arabia despite fears expressed by some analysts with industry knowledge. The deals included a pledge by Saudi officials to fix Nigeria’s four broken oil refineries, which haven’t worked in years, forcing the country to import all of its fuel. The federal government is …

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‘Currency Reforms Pose Challenges, Opportunities For Investment Banking’

The immediate past president, Association of Issuing Houses of Nigeria, Ike Chioke, has said, the ongoing currency reforms by the Central Bank of Nigeria come with challenges and opportunities for investment banking.  Chioke stated this at the Investment Banking Awards Night held in Lagos. He said the free floating of the naira and removal of …

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UBA Restates Commitment To Boosting Intra-Africa Trade

United Bank for Africa (UBA) Plc, has restated its commitment towards deepening Intra-Africa trade to attain self-reliance and economic development. Speaking at the Africa Day celebration at the  37th Lagos International Trade Fair, in Lagos, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said it is important for Africa to be deliberate about the economic liberation drive …

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Oando Signs $800m Loan Deal At Intra-African Trade Fair

Oando Plc, Nigeria’s leading indigenous energy solutions provider, and AfreximBank have signed a $800 million loan document to facilitate the energy giant’s acquisition of 100 per cent of the shares of the Nigerian Agip Oil Company (NAOC). On Monday, September 4, 2023, Oando Plc announced that it had reached an agreement with Eni, an Italian …

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Forex Transaction Gains Trigger 9 Banks To N2.29trn Profit

Gains from the foreign exchange transactions triggered nine financial institutions publicly-listed on the Nigerian Exchange (NGX) to a total profit before tax of N2.286 trillion in nine months of 2023. Data obtained from the Nigerian Exchange showed that; Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Holdings, FBN Holdings, Stanbic …

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