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Stockbrokers to Brainstorm on National Economic Growth

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Nigerian Exchange Limited - Investors King
  • Stockbrokers to Brainstorm on National Economic Growth

Stockbrokers and other major stakeholders in the Nigerian economy will take a long view of the post-election period to chart ways for sustainable national growth and development.

At the 22nd annual conference of the Chartered Institute of Stockbrokers (CIS) scheduled for next week in Lagos, financiers and economic experts will dissect critical issues that must be addressed to attract both domestic and global investors to the Nigerian capital market and build a strong capital base for national growth.

Addressing capital market correspondents yesterday in Lagos, Chairman, Conference Committee of CIS, Mrs Lilian Olubi said this year’s conference was designed to address developmental issues that would move the market to the next level.

According to her, the growth of the Nigerian economy largely influences the growth within the capital market, thus key policies already designed by the government and associated authorities would be worthy of consideration.

“Nigeria and all stakeholders have cast focus to the 2019 general elections which is already fast approaching. The end of the election will either retain the incumbent who will be focused on improving his achievements in his first four years or produce a new government that may likely develop new framework to achieve his own ambition. Regardless of the outcome, it is apparent that focus would be on improving the Nigerian economy, thus we deem it fit to also channel discussions what the focus should be after 2019 elections,” Olubi said.

She added that regulatory approach to capital market architecture would also form a vital part of discussion at the conference noting that a digital economy has been a key driver of growth in major developments markets across the world.

“Digitization of activities and transactions has helped to boost market depth, investor participation and seamless operations. In Nigeria, FINTECHs are fast becoming a tool for pooling retail savings, executing similar technology to pool retail investments would help boost investor participation,” Olubi said.

First Vice President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe said the annual conference has remained a major platform where capital market regulators, top-level government functionaries and members of the Organized Private Sectors discuss issues that affect the economy and the way forward.

He noted that leaders of shareholders’ associations are usually invited to the conference for their inputs as part of stakeholders in the capital market ecosystem

Commenting on low level of product development by stockbrokers, a member of the Conference Committee, Mr Akeem Oyewale said it was not for lack of ideas or unwillingness but due to regulatory issues such as taxation and its effects on finance business in Nigeria.

He noted that the annual conference allows capital market operators and regulators to continually explore ways to resolve issues and ways to development the market and the economy generally.

Registrar and Chief Executive Officer, Chartered Institute of Stockbrokers (CIS), Mr Adedeji Ajadi said the annual conference has been contributing to national policy making pointing out that many government’s policies had emanated from the previous conferences of the institute.

Ajadi cited the concepts and ideas of debt resolutions and forbearance that led to the creation of the Asset Management Corporation of Nigeria (AMCON) as part of the gains of the annual conference.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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