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Inflation, Naira and Oil in Focus

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By Lukman Otunuga is Senior Financial Market Analyst with FXTM

Some semblances of stability have returned to global markets after US recession fears created shockwaves last week.

Lukman Otunuga

Still, concerns over the health of the worlds largest economy linger with investors on high alert ahead of another busy week. With the US elections just months away, this negative development adds another layer of uncertainty. Much focus will be on the US CPI print, retail sales, and consumer confidence which are likely to shape expectations around how aggressively the Fed cuts rates.

Regarding the fourth largest economy in Africa, the man theme will be the latest CPI print. One of the key themes in Nigeria in 2024 has been runaway inflation which jumped to 34.2% in June – its highest level since 1996. However, the incoming CPI print is expected to show prices slowing in July, cooling to 33.2% compared to 34.2% in the previous month. Given the CBNs aggressive approach towards raising rates, signs of cooling price pressures will be a breath of fresh air for consumers. It is worth nothing that the Central Bank of Nigeria has raised rates by a whooping 800 basis points in 2024.

Looking beyond inflation, the next key event will be GDP published later this month. After expanding 3% in Q1, it will be interesting to see whether growth can be maintained in Q2. In the FX space, the Naira continues to gain against the dollar on the official exchange with the spot rate at N1589 as of Monday. 

Regarding oil, it has extended its first weekly gain since early July thanks to geopolitical tensions in the Middle East. Rising oil prices may have a positive knock-on effect for the economy, especially when factoring how a major chunk of revenues is acquired from oil sales. However, this could be cancelled out by the rising cost of fuel imports which is costing Nigeria $600 million per month.

Still, this is set to be another big week for the global commodity due to the monthly outlook from the International Energy Agency. Talking technicals, Brent has gained over 4% since the start of 2024 with prices trading above $80 as of writing. Key levels of interest can be found at $7, $82 and $82.80.


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NCC, ALTON, MainOne Back Oketola’s Book on Tech Evolution

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Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, has confirmed his participation as the immediate past Editor of The PUNCH, Dayo Oketola,  launches a book on Information and Communications Technology evolution.

The book, ‘The Catalyst: Nigerian Tech Evolution Through a Journalist’s Lens,’ will be launched on September 17, 2024, at an exaugural lecture to mark the end of Oketola’s time as Editor, The PUNCH and celebrate his nearly 20 years in journalism and leadership practice.

The Head, Media Relations at the NCC, Dr Omoniyi Ibietan, who communicated NCC’s support to the author, said, “It is a consequential work. Congratulations.”

Read Also: NCC Threatens to Fine Telcos over Poor QoS

Similarly, the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Engr. Gbenga Adebayo, and the CEO, MainOne, an Equinix Company, Ms. Funke Opeke, have also thrown their weight behind the book launch and exaugural lecture while congratulating the author.

“We would like to express our sincere gratitude for the invitation to your upcoming exaugural lecture and book launch. Congratulations on reaching this significant milestone,” MainOne said in a letter.

Former President Olusegun Obasanjo, GCFR, will be the Special Guest Speaker at the event.

Oketola said the evolution of Nigeria’s telecommunications sector, which began with the introduction of GSM in 2001 by Obasanjo, had attracted over $70bn in investments and created over 500,000 jobs in the country.

He highlighted the bold initiatives that opened the sector to private investment, from 450,000 telephone lines before 2001 to a vibrant market today, and also charts a path through which Nigeria can maximise its digital economic potential.

Oketola, now a senior member of the PUNCH Editorial Board, left as Editor of The PUNCH  in June.

While serving as editor, he won the Editor of the Year prize at the Nigeria Media Merit Awards (NMMA) in December 2023.

He also led the organisation to win the Newspaper of the Year at the same award ceremony.

Oketola, a consistent journalism prizeman, also won Editor of the Year Award at The Industry Awards 2022.

He is a two-time winner of the Zimeo Excellence in Media Awards in Johannesburg 2015 and Nairobi 2016, among numerous awards during his illustrious journalism career.

In a statement, Oketola said, “I am excited to announce the upcoming launch of my book, The Catalyst: Nigerian Tech Evolution Through A Journalist’s Lens, scheduled for September 17, 2024.

“On the same day, I will also be hosting an exaugural lecture to celebrate my tenure as Editor of The PUNCH and nearly 20 years in journalism.”

Speaking further, the former editor described his years in journalism as one that had driven advocacy and impacted different sectors of the economy.

“My 20 remarkable years of stewardship to the nation via media and leadership practices have driven advocacy and impacted areas such as business and economy, ICT, energy, agriculture, social inclusion, anti-corruption, drug trafficking prevention, and nation-building, a testament to the power of journalism in shaping our society,” Oketola remarked.

Read Also: NCC Unveils DMS to Protect Mobile Phone Users

Other influential guests hosted at the media event are a former Chief Executive Officer of MTN Nigeria, Michael Ikpoki, who will chair the occasion, and the Convener of the Centre for Social Media Research, Dr Akin Olaniyan, who will be the book reviewer.

The Minister of Information, Alhaji Mohammed Idris, will grace the occasion as the Chief Host.

Similarly, the Managing Director/ Editor-in-Chief of PUNCH Nigeria Limited, Mr. Adeyeye Joseph, is the host, while the President of the Nigerian Guild of Editors, Mr. Eze Anaba, is the co-host.


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DLM Asset Management Partners Your Study Path on “School is an Asset” Webinar

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DLM Asset Management, a subsidiary of DLM Capital Group, in collaboration with Your Study Path, is excited to announce the “School is an Asset” webinar, scheduled for September 19, 2024.

This engaging virtual event will spotlight the crucial role of education as a foundation for a prosperous future and spotlight the Child Education Plan designed to help parents secure their children’s educational opportunities.

The “School is an Asset” webinar will emphasize that education is not just a path to personal success but a significant investment with lasting benefits for individuals, families, and communities.

As the world evolves, the importance of education in fostering personal and professional growth cannot be overstated. This event aims to inspire students and parents to fully embrace and leverage their educational opportunities.

We are pleased to feature an esteemed lineup of speakers, including Egunjobi Daniel Ololade, CEO of Your Study Path; ThankGod Ojabugbe, Portfolio Manager at DLM Asset Management; Goziem Nancy Idonor, Business Development Manger at DLM Capital Group; and Gbotemi Kolowale, Digital Marketer at DLM Capital Group.

Each speaker will provide valuable insights into the significance of education and discuss the Child Education Plan designed to assist parents in financially planning for their children’s education. Attendees will also have the opportunity to engage with the experts during live Q&A sessions to receive personalized advice and answers to their questions.

The webinar will take place on September 19, 2024, from 11:00 AM (WAT). It will be hosted virtually, and free registration is available here.  Join us for the “School is an Asset” webinar and take an essential step toward securing a brighter future through education.

 


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Vale Finance Unveils New Business Banking App to Empower Nigerian Businesses

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Vale Finance has launched a new business banking web app. The app is designed to provide innovative financial solutions to empower businesses to thrive amidst the current economic landscape.

According to Sola Adeyinka, Managing Director and Co-founder of Vale Finance Limited, the company has positioned itself as a key partner to Nigerian businesses by launching the new web app. He noted that Vale Finance Limited became fully operational in January 2022 and has since demonstrated its resolve to be a bank that truly pays its customers.

Natasha Atirene, Head of Strategy, Innovation, and Products, emphasized that the Vale Business Banking app is designed to address the challenges faced by Nigerian businesses, particularly the lack of accessible financing options with competitive interest rates. She highlighted that the platform offers quick and easy access to low-interest loans, enabling businesses to secure the necessary capital for growth.

Ayodele Adebayo, Business Development Lead at Vale Finance Limited, stated that the company’s mission has always been to leverage technology to bring financial freedom to businesses and individuals. He added that the launch of Vale Business Banking is a crucial step towards empowering business owners across the country.

Segun Ojo, Chief Technology Officer and Co-founder, spoke about the app’s capabilities, stating that Vale Business Banking offers seamless transaction capabilities, ensuring that every business owner can manage their finances and customer interactions efficiently. He added that the web app provides a user-friendly interface, allowing businesses to easily register and set up accounts.

Patrick Osadebe, Director of Business Banking at Vale Finance Limited, concluded by saying that the launch is a testament to the company’s commitment to supporting Nigerian businesses. He emphasized that Vale Business Banking is providing businesses with the tools they need to overcome challenges and achieve sustained growth.

The Vale Business Banking web app is now available for registered businesses, marking a new era of financial empowerment for entrepreneurs across Nigeria.


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