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Five things to know to start your Wednesday

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UK govt. pledges deeper investment relationship with NGX

The United Kingdom (UK) has said that it is committed to working with Nigeria’s stock exchange, called the Nigerian Exchange Ltd. (NGX), to create future investment opportunities. The UK’s Foreign, Commonwealth and Development Office (FCDO) said it aims to unlock Nigeria’s economic potential through collaboration with NGX.

The UK government has started a partnership called MOBILIST with NGX to encourage more investment in sustainable development in Nigeria through listed products on the Exchange. This investment will fuel economic activity, create jobs, and bring prosperity to the people of Nigeria.

James Cleverly, the UK Secretary of State, stressed the importance of dual listings, which means having companies listed on both UK and Nigerian stock exchanges.

Umaru Kwairanga, Chairman of NGX Group Plc, praised the UK’s commitment to climate neutrality and renewable energy sources. NGX is dedicated to strengthening its relationship with the UK and expanding digital transformation, capital flows, and sustainability in the capital market.

AfDB receives global recognition for inaugural hybrid capital issuance

The African Development Bank (AfDB) Group received global recognition for its first hybrid capital issuance, establishing the Bank as a leader in sustainable financing. S&P Global Ratings granted an AA-rating to this groundbreaking transaction, marking the highest rating for hybrid capital.

This unique issuance by a multilateral development bank will have a significant impact on the Bank’s financing capabilities. It will enable the issuance of additional green, social, and sustainable bonds to fund vital projects addressing crucial development challenges in Africa. These challenges include food security, water access, health services, and climate change.

AfDB’s President, Dr. Akinwumi Adesina, emphasized that multilateral development banks must change their business models to tackle climate change and accelerate development. He praised the Bank’s financial innovations and highlighted that issuing hybrid capital will allow them to obtain more financing from capital markets. This move will further boost Africa’s growth and development in response to global calls for financial reforms.

Read also: Insecurity: Borno, Benue tops 2,206 media reported deaths in Nigeria

Nigeria’s economic projections uncertain – NESG

Laoye Jaiyeola, the outgoing Chief Executive Officer of the Nigerian Economic Summit Group, has expressed concerns about Nigeria’s economic outlook from 2023 to 2025.

He shared these views during the inauguration of the Joint Planning Committee for the 29th Nigerian Economic Summit in Abuja.

Jaiyeola highlighted that the projections for this period show a discouraging picture, with expectations of only moderate economic growth. Unfortunately, such growth won’t be enough to address critical problems like unemployment, poverty, and other socio-economic challenges facing the country.

He warned that Nigeria may face economic challenges in the coming years, and the anticipated moderate growth won’t be sufficient to tackle the pressing issues affecting the nation.

Oil prices rise more than 1% after sharp drop in US crude stocks

Oil prices climbed more than 1 percent on Wednesday, reaching their highest level since April. This surge followed the release of industry data showing a significant and unexpected decrease in crude oil inventories in the U.S., which is the world’s largest fuel consumer.

In particular, Brent crude futures for October rose by 92 cents (1.1 percent) to reach $85.83 a barrel, and U.S. West Texas Intermediate crude increased by 84 cents (1.03 percent) to $82.21 a barrel at 0001 GMT.

Notably, both benchmark prices experienced a decline on the previous day, breaking a three-day streak of gains.

According to market sources citing American Petroleum Institute figures, U.S. oil inventories dropped by a substantial 15.4 million barrels in the week ending on July 28.

This figure vastly exceeded analysts’ expectations of a decrease by 1.37 million barrels. If the U.S. government figures, expected later on Wednesday, confirm this drawdown, it will be the largest decline in U.S. crude inventories on record since 1982.

Explosions, drone debris hit Kyiv, mayor, says officials

In the early hours of Wednesday, there were drone attacks on Kyiv, the capital of Ukraine. Anti-aircraft units quickly responded, working to shoot down the drones to protect the city. Fortunately, no injuries were reported, but drone debris fell in three districts, causing some damage.

According to Mayor Vitali Klitschko and military officials, the central Solomianskyi district experienced debris falling, which damaged a non-residential building. Emergency services were dispatched to the scene to manage the situation.

Additionally, debris also fell in the Svyatoshyn district, located further west, where a tree caught fire due to the impact.

The Holosiivskyi district, situated near the city center, also saw drone debris falling on a playground, leading to a non-residential building catching fire.

Authorities are closely monitoring the situation and taking necessary measures to ensure the safety and security of residents in the affected areas.