AGP Executive Report
Last update: 10 hours agoOil & Gas: SAPETRO has agreed to buy a 40% stake in TotalEnergies’ offshore OPL257, where Egina South could be developed using nearby infrastructure. Nigeria’s refining capacity has risen to 682,000 barrels per day, and local refineries now supply about 74% of petrol demand. Manufacturing: October PMI stayed in expansion for a ninth month at 55.7, with manufacturing and agriculture adding jobs, though fuel costs drove sharper inflation. Industrial Finance: Afreximbank is backing Veenocks’ $145 million porcelain-tile expansion with an $81.9 million loan. Energy Finance: The $5 billion Africa Energy Bank has formally opened in Abuja, naming Egypt’s Helmy Ghazi as its first president. Trade: Nigeria’s second-quarter trade surplus reached $10.1 billion as exports climbed 29% to $20.1 billion, led by oil, gas and refined products. African Investment: Aliko Dangote is exploring investments in Egypt, potentially worth up to $15 billion, following talks with Egyptian officials. Industry Outlook: Lee Group plans a $1.8 billion Ogun industrial park with 29 factories and 2,500 jobs.
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