CAPITALDIGEST DAILY NEWS ,10/02/2025

OPEC OIL OUTPUT DECLINED IN JANUARY – REPORT

The Organisation of the Petroleum Exporting Countries’ crude production dipped for a second consecutive month in January as a drop in exports from Nigeria and Iran affected crude outputs. According to a report by Reuters on Wednesday, the development counteracted a recovery in the United Arab Emirates, where field maintenance had limited production in December. The report noted that oil-exporting countries pumped 26.53 million barrels per day last month, representing a reduction of 50,000 bpd from the amount produced in December 2024.The revised total analysing a survey disclosed that Nigeria and Iran posted the largest drops The modest decline in output came as the wider OPEC group is keeping production cuts in place until the end of March due to global demand concerns and rising output outside the group. OPEC on Monday decided to stick with its plan to start raising output in April. Specifically, the report said Nigerian production slipped by 60,000 bpd, the survey found, reflecting lower exports, although domestic usage is increasing as the Dangote refinery ramps up.

NIGERIA’S GDP PER CAPITA SHRINKS TO $835 —IMF

The International Monetary Fund has revealed that Nigeria’s Gross Domestic Product per capita declined to $835.49 in 2025 from $877.07 in 2024, indicating a 4.74 per cent dip. According to data from the IMF website on Thursday, there has been a sustained downtrend since 2014, when the GDP per capita had stood at a high of $3,220. Gross Domestic Product is the most commonly used measure of a country’s overall economic activity. It represents the total value at current prices of final goods and services produced within a country during a specified time divided by the average population for the same year. GDP per capita measures the average standard of living of a country’s citizens. The IMF, however, projects a rise in 2026 and 2027, with the GDP per capita expected to cross the $1,000 mark in 2028 at $1,040. The data also revealed that Nigeria and the majority of countries in sub-Saharan Africa are within the $500 to $2,500 GDP per capita band, with some below $500. This decline comes amid a rebasing of the GDP by the National Bureau of Statistics, which will bring new sectors of the economy into consideration.

NIGERIA LOST $10M TO EXPORT DISRUPTIONS IN FIVE DAYS- EXPORTERS

Exporters under the auspices of the Association of West African Exporters and Maritime Professionals have said that in the last five days, the country has lost over $10m due to the integration of the Central Bank of Nigeria’s Export Proceeds system with its innovative Truck Transit Park. The group added that the move has caused severe disruptions in the export sector in just five days. In a statement signed by its President, Olubunmi Olumekun on Friday, the group expressed displeasure with the development. The PUNCH reported on Thursday that Trucks Transit Parks Ltd, managers of the electronic call-up system, have announced the successful integration of the Central Bank of Nigeria’s Export Proceeds system with its innovative electronic call-up platform. In a notice, TTP stated that the move which became effective on Monday, would streamline Nigeria’s export processes. Reacting to the development, Olumekun called the attention of the Federal Government to the illegal imposition of NXP into the TTP “The imposition of NXP into the Truck Transit Park portal has caused severe disruptions in the export sector, leading to over $10m loss within just five days,” Olumekun said.

EQUITY MARKET GAINS N884BN IN ONE WEEK

The Nigerian equity market closed last week on a bullish note, recording a gain of N884bn as the All-Share Index appreciated by 1.38 per cent to settle at 105,933.03 points. Similarly, the market capitalisation rose by 1.37 per cent to close at N65.592tn. Trading data from the Nigerian Exchange Limited showed that a total turnover of 3.051bn shares valued at N98.350bn was recorded in 72,535 deals, compared to 3.245bn shares worth N69.198bn traded in 77,270 deals in the previous week. The Financial Services Industry led in trading volume with 2.260bn shares valued at N52.190bn in 33,724 deals, contributing 74.08 per cent and 53.07 per cent to the total equity turnover volume and value, respectively. The Consumer Goods Industry followed with 141.684m shares worth N4.018bn in 7,218 deals, while the Industrial Goods Industry recorded 104.862m shares valued at N3.300bn in 3,995 deals. Access Holdings Plc, FBN Holdings Plc, and Zenith Bank Plc led trading activity, accounting for 1.176bn shares worth N38.469bn in 9,506 deals. This represented 38.56 per cent and 39.11 per cent of total equity turnover volume and value, respectively. Market performance indicators showed that 58 equities appreciated, higher than 52 recorded in the previous week, while 34 equities declined, lower than 44 from the prior week. 58 equities remained unchanged, compared to 54 in the preceding week.

FG BEGINS 20-YEAR MORTGAGE FINANCING AT 12% INTEREST

In a bid to address the housing deficit and create a more accessible and sustainable homeownership system, the Ministry of Finance Incorporated Real Estate Investment Fund has launched a 20-year mortgage financing scheme at a 12 per cent interest rate.The fund was designed to provide low-cost mortgage options, particularly for pension account holders, enabling a broader segment of the population to own homes. The designated N1trn fund, which kicks off with an initial capital of N250bn is a 20-year-long mortgage with a 12 per cent interest rate. ARM Investment Managers, the managers of the fund, at a briefing in Lagos yesterday, said the fund aims to address Nigeria’s housing deficit and create a more accessible and sustainable homeownership system. Speaking on the initiative, the head of investment, MREIF, Oluiyi Adekunbi, said though the programme had been registered, the fund would be launched in series. He explained, “The first phase, a N150 bn fund, has already been registered and fully subscribed by the Ministry of Finance and Coordination, and the initial subscription is a concessionary fund designed to reduce interest rates.“The second phase targets commercial investors, with plans to raise an additional N100 bn. A significant portion of this funding is expected to come from Nigeria’s pension fund industry, which currently holds over N20 tn.