Sugar prices bearish on weak global demand for cane sugar

Nigeria targets $700m yearly from sugar backward integration

By FDC Analysts   Brent fell by 4.54% to $63.03pb after a rally in the last few days. Traders are concerned about possible output increases by OPEC+ or rogue members. The meeting of Thursday will most likely leave output unchanged. The decline in Brent should help assuage fears of a rumored N200 per liter PMS price potential if the surge in crude prices continues. Nigeria’s main cocoa crop has received a major boost from a prolonged harvest in Ondo state (Nigeria’s largest producer) as the harvest season winds down. Extra…

Read more

Cracks In The Bond Market?

SEC targets $85bn global social bonds market

By Coronation Research Analysts From mid-March through to the beginning of this month, the Federal Government of Nigeria (FGN) bond market was a one-way bet, with yields tightening and prices moving up steadily. Two weeks ago the market cracked, with a brief sell-off, which was a reminder that prices can go down. However, it seems that institutional liquidity is set to increase, and more bond-buying may emerge in the weeks and months ahead. This is dangerous, in our view, and stores up trouble for the future. As we argue in…

Read more

Expected increased output overshadows OPEC+ weekend pact

Oil rally may brighten Nigeria’s outlook

 BusinessMetricsNG with wire report weakens Crude-oil futures Crude-oil futures turned lower Monday as investors focused on the prospect of increased output from some countries. This is coming even after Organisation of Petroleum Exporting Countries (OPEC) and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July. Overall compliance to the production-cut deal, which was a sticking point headed into the gathering, has been a consistent worry, experts said. A fear of a ramp-up in output from North…

Read more

Nigerian petroluem regulator bars debtors from bidding for marginal oil fields

Africa Oil & Gas

OIL firms indebted to the Nigerian Government will not be allowed to participate in the newly launched bid round for marginal oilfields as oil firms, the Department of Petroleum Resources, (DPR) has revealed. Sarki Auwalu, Director of the DPR, in a statement, said that the 57 oil fields which are listed for bidding were small oil fields that major oil companies considered unprofitable and auctioned to indigenous companies under a competitive bidding round. “We are so impressed by the responses so far. For so long the industry has been stagnant…

Read more