Daily Business Headlines – October 11, 2022

October 11, 2022

Business Headlines

PUNCH

Stock Market Bust Offers Opportunity for Nigerian Investors

From the US and the UK to Nigeria, different markets are experiencing massive decline, threatening global investments. Looming recession, high inflation, and high-interest rates are making things harder for businesses and individuals. The world seems to be nose-diving into an economic crisis. In one of its reports, the World Bank said that the world might be edging toward a global recession in 2023… Read More

GUARDIAN

Banks’ Stocks Dip by 4.5% in Q3, Amid CRR Cut Others

The volatility witnessed in the third quarter (Q3) amid rising interest rates, insecurity and other economic challenges, exacerbated by uncertainty in the global economy, caused bank stocks to shed 4.5 per cent during the period from 397.79 index points to 379.20 points. This is in addition to the sum of N838 billion in the Cash Reserve Ratio (CRR) debited from the deposit money banks by the Central Bank… Read More

Budget Deficit: Operators Fume as Federal Government’s Borrowings Undermine Real Sector

Excessive government borrowing from the capital market is posing a danger to the capacity of the real sector to create wealth and create employment, stakeholders have said. In separate interviews with The Guardian, they said this situation has been exacerbated by the worsening economy, which has continued to impact negatively on manufacturing firms, depressing their working capital… Read More

NEW TELEGRAPH

‘Nigeria In Need Of 120,000kms Of Fibre Optic Cables’

Nigerian Communications Commission (NCC) has reiterated that there is need to bridge the gap in the fiber optic cables needed to broaden the country’s broadband, stating that the country needs 120,000 additional kilometres of fibre optic cables to meet the New National Broadband Plan (NNBP) 2025 target. It added that there was need for massive investments in about 40,000 additional… Read More

ECONOMY HEADLINES

GUARDIAN

Federal Government’s Fiscal Deficit Grows over 10 Folds in Eight Years

Against drying revenues, the fiscal deficit of the Federal Government has jumped by close to 1000 per cent in the life of President Muhammadu Buhari administration. The fiscal deficit – the difference between earned revenue and expenditure – is estimated to reach N10.78 trillion next year as contemplated in the 2023 Appropriation Bill. The figure would take the growth deficit to 947 per cent from 2016… Read More

PUNCH

Federal Government Budgets N947bn for Infrastructure, Experts Kick

The Federal government has allocated the sum of N946.8bn to modernise infrastructure across the federation. This was revealed after an analysis of the 2023 appropriation bill presented by the President, Major General Muhammadu Buhari(retd.), to the National Assembly in Abuja on Friday. The sectors included in the budget are roads, railways, waterways, housing, electricity… Read More

THIS DAY

At 937,000bpd, 50% Drilling, Nigeria’s Oil Production Sinks to 30-year Low

There appears to be no respite for the significantly oil-dependent Nigerian economy as crude production slumped to a new low of 937,766 barrels per day in September. It would be the first time since at least 1990 that Nigeria would be producing that low quantity of the commodity from which the country generates majority of its foreign exchange revenue… Read More

POLITICAL HEADLINES

VANGUARD

Deal Sealed, ASUU Strike Over in Matter of Days — Gbajabiamila

Speaker of the House of Representatives Femi Gbajabiamila last night said that in a matter of days the Academic Staff Union of Universities, ASUU will call off the 7-month-old strike that had kept the citadel of learning under lock and keys. Rising from a meeting with the ASUU leadership led by its President, Professor Emmanuel Osodeke called at the instance of the lawmakers… Read More

THE SUN

2023 Budget: Buhari to Spend N1.633bn on international travels, N1.9bn on Rent, Food

If the 2023 appropriation bill currently with the National Assembly is passed as proposed, the Presidency would be spending N1,977,909,924 on sewage disposal, water, internet, books, newspapers, foodstuff and refreshments among other items during the year. According to the document presented to the joint session of the National Assembly by President Muhammadu Buhari… Read More

TECHNOLOGY HEADLINES

THIS DAY

E-payment Transactions Decline to N32.84trn on Network Glitches, Worsening Economic Downturn

Banks network malfunction, among other factors, contributed to N396.18billion or 1.19 per cent decline in Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment Platform (NIP) to N32.84 trillion in September 2022 from N33.2 trillion reported by NIBSS in August 2022. The latest data released by the NIBSS revealed that total value of transactions worth N271.56 trillion were performed… Read More