Daily Business Headlines – January 03, 2023

DAILY BUSINESS HEADLINES

NEW TELEGRAPH

Stocks Lower On Final Trading Day Of 2022

Stocks were falling on the final trading day of 2022, a fitting end to the most challenging year for investors in over a decade. Near 11:20 a.m. ET on Friday, the S&P 500 was off 0.9 per cent, the Dow off 0.8 per cent, while the tech-heavy Nasdaq fell closer to 1.1 per cent. Friday’s trading session will mark the last of a year investors … Read More

Marketers To Federal Government: Target 2mbpd Oil Production In Q1’23

Success Nwogu The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to intensify its security strategies to ensure that Nigeria achieves two million per day production of crude oil within the first quarter of 2023. The body stated that it would boost the revenue base of the FG and provide revenue… Read More

PUNCH

External Reserves Fell By $3.43bn In 2022 – Report

Nigeria’s external reserves fell by $3.43bn in 2022, according to figures obtained from the Central Bank of Nigeria. The CBN disclosed in its movement on external reserves figures that the reserves which stood at $40.52bn as of the end of December 31, 2021, ended December 29, 2022 at $37.09bn. At the last Monetary Policy Committee… Read More

GUARDIAN

New Year: High Stakes For Subsidy, Inflation, Insecurity

With a rising debt profile and fiscal deficit, Nigerians will, this February, decide the future of subsidy at the polls, after many years of expensive spending that crossed the N3 trillion-mark last year alone, just as inflation continues to sink many into poverty. With the general elections 53 days away, Nigerians will determine at the polls… Read More

ECONOMY HEADLINES

THE CABLE

World Bank: Federal Government’s Interest Payment On CBN Loans To Gulp 62% Of Revenue By 2027

The World Bank says interest payments on the federal government’s borrowing from the Central Bank of Nigeria (CBN) will gulp over 62 percent of revenue by 2027. The international financial organisation made the projection in the latest edition of its Nigeria development update (NDU) titled, ‘Nigeria’s choice’. The federal government… Read More

DMO Offers Two FGN Savings Bonds For Subscription At N1000 Per Unit

The Debt Management Office (DMO) has announced an offering for two federal government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit. The offer, which marks DMO’s first issuance for 2023, will be opened on January 3 and close by January 6. The FGN savings bond offer is tailored and targeted at retail investors… Read More

NEW TELEGRAPH

IMF Warns On Oil Revenues Decline In Nigeria, Other

Stories, Success Nwogu The International Monetary Fund has raised the alarm that Nigeria and other oil-producing countries in sub-Saharan Africa should expect a decline in oil revenue following the world’s transitions from fossil fuels to cleaner energy in the near future. It further advised oil exporters in sub-Saharan Africa to target… Read More

POLITICAL HEADLIINES

THE CABLE

Visibly Underage Persons Who Attempt To Vote Will Be Arrested, Says INEC

The Independent National Electoral Commission (INEC) says visibly underage persons who attempt to vote during the 2023 elections will be arrested. Festus Okoye, INEC national commissioner for information and voter education, said this on Monday during an interview on ‘The Morning Show’, a programme by Arise Television… Read More

2023: The Paradox Of Choice

2023 for Nigerians is about choice and with choice comes consequences. We face critical decisions on many issues that will define our future as a country and as citizens. The most obvious and consequential of this choice and consequence effect is the general elections. We will be voting at various levels and constituencies to elect leaders… Read More

TECHNOLOGY HEADLINES

PUNCH

Mobile Subscriptions Grow By 23 Million, Hit 218million

The number of mobile subscriptions in Nigeria grew by 23.48 million from January to November, 2022, the latest industry statistics from the Nigerian Communication Commission has shown. This pushes the total number of mobile subscriptions in the country to 218.61 million, a new record high. MTN remains the largest contributor to mobile… Read More