• Thursday, November 30, 2023
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Five things to know to start your Monday


Tinubu touches down in Berlin for G20’s ‘Compact with Africa’ conference

President Bola Tinubu has landed in Berlin for the G20 Compact with Africa (CWA) Conference, joining leaders to discuss economic cooperation.

The conference, aligned with the fourth G20 investment summit, aims to enhance investments in energy, trade, and infrastructure, gathering international heads and organisations for strategic measures.

Local rice production decline sends prices soaring

A recent report by AFEX revealed Nigeria’s rising rice consumption surpasses local supply, creating an annual deficit of 2 million metric tonnes.

The price surged over 37 percent in 2023 due to global factors like India’s export ban and potential production impacts from El Nino.

AFEX predicts a 4 percent increase in rice production but expects paddy rice prices to rise by 32 percent.

The Northwest region remains pivotal, contributing 72 percent of the country’s rice production.

NPA takes action against unauthorised container stripping

The Nigerian Ports Authority (NPA) warns against illegal container stripping at port access roads, threatening consequences for perpetrators.

Managing Director Mohammed Bello-Koko reinforced vigilance, stating that offenders risk delisting from the Eto platform.

NPA introduced Standard Operating Procedures for barge operators and plans to establish proper stripping yards, aiming to curb roadside stripping and ensure safer, more organised port operations.

Akwa Ibom and Jigawa lead as states make $910m forex gain

Thirteen states in Nigeria reported substantial foreign exchange gains totaling N71.59 billion within a three-month period, derived from the third quarter budget implementation report.

The profits stemmed from the naira’s depreciation against the dollar, currently at N791/$, compared to its previous rate of N461.50/$1.

Not all states disclosed their Q3 2023 earnings, limiting the reported gains to 13 states, with Akwa-Ibom and Jigawa leading with N10.2 billion and N7.23 billion, respectively.

Oil extends gains as OPEC+ mulls deeper cuts

Oil futures moved higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict.

Brent crude futures climbed 57 cents, or 0.7 percent, to $81.18 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was at $76.40 a barrel, up 51 cents, or 0.7 percent.

The front-month December contract expires later on Monday, while the more active January futures gained 55 cents, or 0.7 percent, at $76.59 a barrel.

Both contracts settled 4 percent higher on Friday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries and their allies including Russia, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26. (Reuters)