News and Insights

The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude. Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel. The rise in the cost of the commodity from the $72.88 recorded in December 2024 that fuel prices across Nigerian depots may be impacted. The increase in Brent price is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports. Supply concerns and seasonal demand fluctuations in colder regions have also contributed to the upward trend. Sources informed our correspondent that several fuel depots began reporting price increases for diesel on Friday, marking the start of a noticeable rise in fuel costs across various regions.

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Investors at the Nigerian stock market started the year on a high note, with stock gaining an impressive N1.13 trillion in market capitalization during the second week of trading in 2025. The benchmark Nigerian Exchange Limited All-Share Index (NGX ASI) surged by 1.8per cent, or 1,864.73 basis points, closing at 105,451.06 basis points up from 103,586.33 basis points at the week’s start. This bullish performance pushed market capitalization to N64.30 trillion, a growth of N1.13 trillion from N63.17 trillion, driven by positive sentiment and bargain-hunting in key stocks such as MTN Nigeria (+21per cent), Transcorp (+18.3 per cent), and Transcorp Hotels (+9.8 per cent). Investors responded positively to signals of a potential tariff hike in the telecommunications sector, while other sectors also recorded significant gains. Year-to-date returns for the market now stand at +2.5per cent, reflecting renewed confidence in domestic equities.

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The services sector is projected to constitute about 55 to 60 per cent of the rebased Gross Domestic Product data when launched. In the current GDP, the services sector constituted about 53 per cent, while the oil sector and agriculture comprise 5.57 and 28.65 per cent, respectively. However, post-rebasing projections by Meristem Securities in its 2025 Full Year Outlook titled ‘Mining Gold in the Grit’, indicated that services will range between 55 and 60 per cent of the rebased GDP. The oil sector will stay within 5 to 10 per cent while the contribution of agriculture is projected to decline to less than 25 per cent.The last rebasing in 2014 unveiled a much larger economy, with GDP rising by approximately 90 per cent to N80.22tn from N42.40tn. This increase was largely attributed to the inclusion of both new and previously under-represented sectors, such as information and communication, real estate, healthcare, social services, and professional services.

Read more: Punch News