Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.
Here are the Headlines:
- Oil prices on course for third successive weekly gain
- Oil discovered in Benue Trough in commercial quantity – NNPC
- Nigeria to resume fuel importation from Niger Republic
- Naira weakens to N478 on parallel market
Oil prices moved up a little on Friday as they approached their third week of appreciation. However, fears of demand slump due to escalating COVID-19 infections and re-imposed lockdowns in several countries continued to stifle gains.
The optimism around the development of COVID-19 vaccine and expectation of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies curbing output had boosted oil markets this week. Brent crude futures rose 2 cents, or 0.05%, to $44.22 per barrel at 08:30 West Africa Time. Read more
The Nigerian National Petroleum Corporation (NNPC) confirmed on Thursday that the recently discovered oil in the Benue Trough was in commercial quantity.
The Group Managing Director of the NNPC, Mele Kyari, who disclosed this in a statement issued by the corporation’s spokesman, Kennie Obateru, said geologists were at the forefront of current exploration endeavours in the country. Read more
The Minister of State for Petroleum Resources, Timipre Sylva, said on Friday Nigeria would restart fuel importation from the neighbouring Niger Republic to meet local energy needs.
Sylva, who disclosed this in a statement by the ministry, said the two countries signed a Memorandum of Understanding (MoU) on petroleum storage and transportation on Thursday. Read more
Naira depreciated further against the United States dollar on Wednesday on the black market, exchanging at N478 as the momentum of increasing demand from traders and manufacturers for the greenback heaped pressure on the local currency.
It traded at N475 at the previous session, data from abokiFX, which collated data from street traders, showed and the decline meant naira lost 0.63% in value at the end of trade. On Monday, it shed N5 on Monday when it closed at N470, meaning the naira has not gained any ground against the dollar so far this week. Read more
On NSE ROUNDUP: Profit-taking and unimpressive company financials erode stocks by N471bn
Huge sell-offs of stocks that had accumulated gains over recent weeks of largely bullish trade disrupted that positive momentum this week as the Nigerian Stock Exchange (NSE) heaped up losses all through save for Wednesday.
Speculators, waiting to cash in on capital appreciation especially from the over N2 trillion gain posted the week before, issued orders to sell shares in their numbers that outweighed weaker demand for equities, laying the track for a loss in the neighbourhood of N471 billion. Read more
MEANWHILE, on the tech scene, this week, with news on products launch and startup expansion taking over the tech landscape; the country is, perhaps, on a ride to technological transformation.
Today, Nigerian crypto app, Bundle, launched operations in Ghana, increasing its users’ reach as it looks to expand its portfolio.
QuickBus, a Kenyan mobility startup, on the other hand, has announced its intention to launch into Nigeria as part of the ambitious expansion plan. Read full review.
Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.
- 122 fresh COVID-19 cases take Nigeria’s total to 67,960. Deaths, recoveries updated - December 3, 2020
- ‘Put 2023 ambition on hold, find solutions to Nigeria’s security challenges,’ Saraki tells politicians - December 3, 2020
- With N9.4bn bribes in two years, judiciary tops ICPC corruption index - December 2, 2020