Daily Watch – Mahama begins second term, Nigeria crosses 1.5 mbpd threshold

Gunmen kidnapped at least 46 people, including women and children, in a raid on Gana town in Zamfara State, Reuters reported.  The attack occurred on Sunday, with dozens of gunmen on motorbikes unleashing a barrage of gunfire on the community and setting fire to several homes, businesses and silos containing foodstuff, residents said. Garba Haure, a traditional leader in Gana, said the intervention of government security forces prevented the assailants from setting the entire town ablaze. No lives were lost, he said. Bala Harauma, a resident, told Reuters the actual count of abducted individuals could be higher. Six people managed to escape while the armed gang moved the captives in the early hours of Monday, Harauma added. 

Nigeria has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 barrels per day to reach 1.51 million barrels per day, marking its highest production level in four years. Despite this achievement, Nigeria’s production still fell short of the 2024 budget projection by 500,000 barrels.  Meanwhile, Nigerian Eurobonds are off to a great start in 2025 as investor confidence in the country strengthens. Average yields on Nigerian Eurobonds declined for the first time in three weeks, the first time they have declined since the country returned to the Eurobond market in December 2024.

Ghana’s reelected President John Dramani Mahama began his second term with a poignant inaugural address, highlighting the shifting global landscape and its implications for Ghana. He noted the rising influence of BRICS, a bloc of emerging economies that now accounts for 40% of the global population and 35% of GDP. Mahama emphasized the need for Ghana to align its economic strategy with global trends to secure sustainable growth, particularly in light of the country’s growing economy, valued at $76.37 billion in 2023.

India’s largest steelmaker, JSW Steel, has been unable to complete its acquisition of a valuable coal mine in Mozambique due to a legal dispute. The Mozambican government revoked the mining lease of the company JSW Steel intended to buy, and instead granted it to another company, Stonecoal SA. Four out of five directors of Stonecoal SA are also employed by Jindal Steel & Power Ltd., a company headed by the brother of JSW Steel’s chairman. The company whose lease was revoked is now engaged in a legal battle with the Mozambican government, leaving JSW Steel on the sidelines. This situation arises amidst political instability in Mozambique, following disputed elections and subsequent violence.