Daily Business Headlines – August 9, 2022

August 9, 2022

Business Headlines


Nigerian Banks’ Credit to Private Sector Hits N5trn in 12 months

The Central Bank of Nigeria’s (CBN) commitment to boost private sector operators appears to be bearing fruits as commercial banks’ lending to the sector has grown by N5 trillion in one year. According to data obtained from the CBN’s website, the banks’ credit to the sector in the period under review rose to N26.8 trillion in June 2022 from N21.9 trillion recorded in the corresponding period of 2021, thereby adding N5 trillion in loan growth in one year… Read More


Rising Inflation, Power, Forex Shortages Undermine Consumer Goods Industry

Rising inflation, shortage of foreign exchange and overall harsh operating environment have continued to assail the operations of the Consumer Goods sub-sector (CGS) just as the bottom-line of the sector’s listed equities, in last few months remained subdued, with gloomy outlook. Specifically, the sector, which measures the performance of consumer companies quoted on the floor of the Nigerian Exchange Limited (NGX)… Read More

NMDPRA to Unveil Regulations for Downstream Oil Sector

Efforts are underway to ensure speedy issuance of midstream and downstream petroleum regulations, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said. This was disclosed in Abuja by the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, Ogbugo Ukoha, at the end of the stakeholders’ consultation forum on regulations…. Read More


NESG to Federal Government: Take Tough Choices, Tackle Insecurity, Remove Petrol Subsidy Now

The Nigerian Economic Summit Group (NESG) has made a passionate appeal to President Muhamadu Buhari to utilise the remaining 10 months in his administration to make tough choices and take decisive actions that would pull Nigeria from the brink of socio-economic collapse. These decisive decisions, according to the NESG should include addressing mounting insecurity challenge in the country and crude oil theft…Read More




Nigeria, Three Others Top World Bank Debtors’ List

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list. The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021… Read More


CBN to Fund Focal Commodities to Strengthen Naira

The Central Bank of Nigeria (CBN), has assured of its commitment to continue to fund 12 focal commodities that include cassava  through its Commodity Development Initiative (CDI).  The Director, Development and Finance Department, CBN, Mr Yusuf Yila, gave the commitment during the inauguration of the first cassava-based Sorbitol factory in Africa….Read More


MAN, LCCI to Federal Government: Rising Debt Threatening Economy

The Lagos Chamber of Commerce and Industry, LCCI, the Manufacturers Association of Nigeria, MAN, and economy analysts have warned the Federal Government over the rising debt profile and the deteriorating state of the economy, saying they were problematic to economic development. While LCCI noted that the nation’s debt profile had become a problem in the face of its dwindling revenue and unsustainable burden of subsidy payments…Read More



Nigeria Loses $2b Monthly to Oil Vandals, says NNPC
Nigerian National Petroleum Company (NNPC) Limited has disclosed that the country loses about $2 billion monthly to the activities of oil vandals, with its attendant effect on environmental degradation. The Group Chief Executive Officer (GCEO), Mele Kyari, disclosed this, yesterday, when a Federal Government delegation on anti-oil theft led by the Minister of State for Petroleum Resources…Read More


Audit Query: Senate Probes N1.7trn MDAs’ Service Wide Votes
The Senate has commenced investigation into the utilisation of over N1.7 trillion Service Wide Votes spent by federal agencies outside of their approved budgets between 2017 and 2021. The Chairman of the Senate Public Account Committee, Senator Matthew Urhogbide, made this known during the meeting between his panel and heads of the federal agencies that benefitted from the disbursement.… Read More



22,000 Subscribers Changed Telcos in Six Months

Twenty-two thousand three hundred and fifteen telecommunication subscribers switched network providers in the first six months of 2022 according to data from the Nigerian Communications Commission. This is 21,613 more than the 702 that switched their telecom provider in the corresponding period of 2021. Within the time under review, more subscribers (11,834) left Airtel than any other network… Read More