DAILY BUSINESS HEADLINES
NAIRAMETRICS
Airtel Investors Lose N507 Billion As Local Bourse Records First Drop In New Year
Investors of Airtel Africa Plc, one of the major telecommunications companies quoted on the Nigerian Exchange Group Plc (NGX) recorded a loss of about N507 billion at the end of Thursday’s trading session as the domestic bourse surrendered to selling pressure. The market witnessed its first loss since the beginning of the New Year and ended its thirteen-day winning streak… Read More
Nigeria To Earn Less Forex As Natural Gas Prices Fall In January 2023 – Expert
Nigeria will likely earn less foreign exchange as global natural gas prices have fallen by over 50% this January. Oluwatomi Mayowa, a senior analyst at Financial Derivatives Company, made this projection on Thursday while appearing on a Channels Television programme. Bear in mind that natural gas accounts for 14% of Nigeria’s exports with a… Read More
VANGUARD
Nigeria’s Trade Surplus Rises 69% To $11.58bn
Nigeria’s trade surplus rose year-on-year (YoY) by 69 percent to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. The Central Bank of Nigeria (CBN) in its Economic Report for October, 2022 released yesterday, showed that export receipts rose YoY by 14 percent to $54.21… Read More
DAILY TRUST
Nigeria Rebounds As OPEC Oil Production Rises 120,000 Bpd In December
The rise of 120,000 barrels per day (bpd) in the Organisation of Petroleum Exporting Countries (OPEC) oil production has been traced to a rebound in Nigerian oil production in December. In the month under review, OPEC pumped 29 million bpd, up by 120,000 bpd in November due to a recovery in Nigeria’s production from outages, according to a… Read More
ECONOMIC HEADLINES
NAIRAMETRICS
Nigeria’s Debt To GDP Ratio Tops 34.7% As Total Public Debt Stock Rises To N67.58 Trillion
Nigeria’s total public debt stock rose to N67.58 trillion as of September 2022 according to data compiled from the website of the Debt Management Office and the Central Bank of Nigeria. Nairametrics calculates the total adjusted public debt stock in the country by adding the debt management-issued debts and the credit extended to the federal government… Read More
PUNCH
Nigerians Kick As Banks Stop Naira-Denominated Cards For Foreign Transactions
Banks recently barred customers from performing international transactions with their naira-denominated debit cards. TEMITAYO JAIYEOLA examines the impact of this decision on bank customers. Guaranty Trust Bank Plc on Thursday, December 29, 2022, sent a mail notifying its customers that their naira-denominated Mastercard would no longer be… Read More
DAILY TRUST
Why Nigeria Must Accelerate Efforts In Attracting FDIS
As the Nigerian economy gradually recovers from recession and the effects of COVID-19 pandemic, the federal government has made several policies geared towards diversifying the economy and boosting growth. However, one of the critical areas of note according to analysts is the need to intensify efforts in attracting Foreign Direct Investments (FDIs)… Read More
POLITICAL HEADLINES
DAILY TIMES
FG Orders Security Forces To End Oil Theft Before May 29
Minister of State for Petroleum Resources, Timipre Sylva, has charged security agencies to end crude oil theft before the President Muhammadu Buhari-led administration ends on May 29. Silva gave the charge while addressing troops under Operation Delta Safe during his operational visit to military formations in Port Harcourt on Thursday… Read More
Collection Of Pvcs At Registration Areas/Wards To Begin Today – INEC
The Independent National Electoral Commission (INEC) says the collection of Permanent Voter Cards (PVCs) at registration areas/wards across the country would commence today (Friday). In a statement by its National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye on Thursday in Abuja, the commission… Read More
TECHNOLOGY HEADLINES
BUSINESS DAY
20% Lithium Battery Duty Slows Solar Energy Growth The price of lithium-ion batteries surged to a record high in 2022, leading to higher prices in electricity-starved markets like Nigeria. Operators say it would have been easier on consumers and boosted investors’ confidence if the government considers reducing or removing the 20 percent duty on batteries. The duty on the battery is not the only cost that… Read More