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SATURDAY 3RD AUGUST2024

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S&P Report Anticipates Dangote Refinery to Shake up International Crude Oil Market when Fully Operational Peter Uzoho Nigeria's $20 billion Dangote refinery is set to shake up international crude flows when it reaches full capacity, having

already made an impact since coming online in January, trading sources and ship tracking data as shown. Nigeria is sub-Saharan Africa's largest oil producer, pumping 1.5

million b/d in June, according to the Platts OPEC Survey from S&P Global Commodity Insights. Until this year, all of the country’s oil was exported due to lack of

refining capacity, with gasoline, diesel and jet fuel imported for domestic use. In its first six months, the plant has scaled to 400,000 b/d and delivered

diesel, jet fuel, naphtha and fuel oil to both domestic and export markets, according to company sources and ship tracking data. Petrol should be produced in

Nigeria from mid-August. Nevertheless, the refinery has already affected crude flows, with Continued on page 5

CBN Moves to Tackle Growing Forex Demand with Retail Dutch Auction System...

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Saturday August 3, 2024 Vol 29. No 10706

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Kamala Harris Secures Enough Votes to Become Democratic Party Nominee...

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Protests: Nigerian Bonds Drop, Stock Market Records Mixed Performance Kayode Tokede with agency report Nigeria’s sovereign-risk premium surged to an eight-month high, and its dollar bonds were some of the worst-performing emerging-market assets yesterday, amid concerns that cost-of-living protests across the

country could derail the government’s economic reform plan. On the other hand, the stock market recorded mixed performance as the Nigerian Exchange Limited (NGX) depreciated on Thursday, the first day of the protest and appreciated on the second day.

This week’s unrest, comes soon after violent protests had forced another African nation, Kenya, to scrap crucial measures introduced to raise budget revenue. Some investors may fear a similar outcome in Nigeria, where reforms introduced by President Bola Tinubu

have inflicted pain on the population, according to Bloomberg. Political noise and “a challenging context for reform,” are weighing on Nigerian bond prices, according to Citigroup Inc. strategists Alexander Rozhetskin and Luis Costa. “The sovereign bonds have been

lagging over the last two months, particularly in the last weeks, as the noise around the cost-of-living protests is increasing,” they said in a note sent on August 1. Yesterday, the extra average yield investors demand to own Nigeria’s debt relative to Treasuries, rose 23

basis points to 647 basis points, according to indicative data from JPMorgan Chase & Co. If the spread closes at this level, it would be the highest since November. Nigerian Eurobonds Continued on page 5

Protests Continue in Lagos, One Killed, 4 Injured in Abuja It’s time to go home, Sanwo-Olu appeals Businesses reopen in Rivers as massive peaceful protest continue with tight security Tinubu, governors working to ease burden in Nigeria, says NGF chair Normalcy returns to north as police, NSCDC arrest over 600 suspected vandals in Kano, Sokoto, Bauchi Return stolen items to owners, Emir Sanusi tells looters Stop attacking journalists, IPI Nigeria warns security agencies I didn't lead Abuja protests, Senator Kingibe declares See story on page 5

DAY 2 OF END BAD GOVERNANCE PROTESTS IN LAGOS…


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