3rd May 2023 Africa Markets Roundup
Markets % Change YTD (%) NGX ASI 52,296.48 -0.2% 2.04% Brent Crude Oil 75.24 -5.13% -12.52% Natural Gas 2.22 -4.14% -46.34% I&E FX Window 462.33 -0.07% -3.19% Parallel Market 733.00 0.36% 0.95% Gold 1982.35 1.73% 11.15% Cocoa 3,130.00 -2.19% 20.12%
2 May 2023 Africa Markets Roundup
Markets % Change YTD (%) NGX ASI 52,403.51 0.32% 2.25% Brent Crude Oil 79.15 -1.14% -7.87% Natural Gas 2.31 -4.18% -43.7% I&E FX Window 463 -0.22% -3.44% Parallel Market 735.67 0.45% 0.59% Gold 1982.35 -0.39% 9.27% Cocoa 3,200.00 0.82% 22.80%
Why Nigeria’s Revenue from Solid Minerals is miserable
The Nigerian Extractives Industry Transparency Initiative (NEITI) stated that Nigeria made only US $1.4 billion from solid minerals in 13 years, a miserable average of about US $100 million per year. This was said at the launch of the initiative’s 2022–2026 Strategic Plan in Abuja recently.
All three economic recessions in Nigeria’s history were under President Buhari
After leaving office in May, President Muhammadu Buhari has the honour of being just one of two people that ruled Nigeria in two different times – the other being President Olusegun Obasanjo. But there is a record that only he has – He is Nigeria’s only President that has presided over the country’s periods of […]
Dangote Refinery does not mean an end to subsidies
After the inauguration of the 650,000 barrels of crude oil daily refining capacity Dangote Refinery, it is widely reported that fuel production will commence August 2023. While production has not started as planned, the excitement from the government is palpable, at least for two major reasons. First, it will mean the preservation of the foreign […]
Meta launches Threads to compete with Twitter
Meta, the parent company of Facebook and Instagram has now launched Threads, to directly compete with Twitter. The number of those using Twitter has fallen, compared to 2022 by about 4%. It is expected to fall further to 335 million in 2024, according to Obelo. There are currently 2.35 billion monthly active Instagram users. While […]
Price of Gold increased by 53% in 5 years but grow by 6% year to date
Over the past five years, the price of Gold has seen an increase of 53%. Starting from an average of US$1,240 in July 2018, it has climbed steadily to reach approximately US$1,900 in early July 2023. Gold Price in US $ July 2018 – Date Gold has exhibited a modest increase of approximately 6% year-to-date […]
Nigeria releases Surprising Inflation Numbers
Nigeria’s National Bureau of Statistics (NBS) released inflation figures for June yesterday, with surprising numbers after the removal of fuel subsidies at the start of the month. Inflation was 22.79% in June, a mere 0.38% from May figure of 22.41%, 4.19% points higher compared to last year. Though it is the sixth consecutive month of […]
Nigeria’s foreign reserves decline
According to data from the Central Bank, Nigeria’s external reserves have seen a decline from US $37 billion to US $33.9 billion as of July 2023, a decline of US $3.1 billion, following significant and rising macroeconomic risks – crude oil theft, weak foreign direct investment (FDI), and rising uncertainty. Meanwhile, demand and supply have […]
‘Security is affecting every area of our lives’: The Media is critical to awareness and solutions
In the last 15 years, security in Nigeria and West Africa started to receive considerable attention, following Boko Haram’s escalating atrocities in the North Eastern part of the country. At a point, this crisis threatened Nigeria’s indivisible existence since 1914. However, in the last decade, other dimensions have emerged in Nigeria’s worsening security situation, ranging […]