Daily Business Headlines – October 18, 2022

October 18, 2022

Business Headlines


Federal Government, Manufacturers Explore Sustainable Non-Oil Export Incentives

To improve earnings from non-oil export, the Federal Government and local manufacturers are exploring sustainable incentives to encourage non-oil exporters for improved productivity and export. Indeed, the Federal Ministry of Industry, Trade and Investment has assured manufacturers and exporters of the federal government’s resolve to make foreign exchange available for businesses… Read More


Moody’s Plans Nigerian Banks’ Downgrade, Experts Differ

Moody’s Investors Service has placed on review for downgrade the long-term deposit ratings, as well as long-term issuer and senior unsecured debt ratings, where applicable of nine Nigerian banks. The global rating agency disclosed this in its report titled ‘Rating action: Moody’s places the long-term ratings of nine Nigerian banks on review for downgrade’… Read More


Sell-Offs On Airtel Africa Shares Dip Market By 2.5%, As Investors Lose N652.8bn

Equities trading at the Nigerian Exchange Limited (NGX) opened the week sharply lower, eroding prior week gains as the All-Share Index lost 2.52 per cent to settle at 46,368.65 points, the lowest point since 28 January. Notably, the sentiment was negative as investors dumped part of their holdings in telecommunications heavyweight, Airtel Africa leaving it with 10.0 per cent depreciation… Read More


External Reserves Drop To $37.95bn

Nigeria’s external reserves fell to $37.95billion as of October 12, 2022, maintaining their downward trend in recent weeks, data obtained from the Central Bank of Nigeria (CBN) shows. This means that the reserves have dropped below $38billion for the first time in over a year. The external reserves which stood at $40.53billion as at the end of December 2021… Read More



Inflation Hits 20.77%, Food Supply, FX Crises Worsen

Nigeria’s Inflation hit a new high of 20.77 per cent in September as food supply, foreign exchange crisis, and increases in import costs worsened, according to the National Bureau of Statistics. In August, the nation’s inflation rose to 17 year high of 20.52 per cent which has now been broken by September’s figure. The statistics body disclosed this in its ‘Consumer Price Index’ report which was released… Read More


Nigeria Now Fourth Highest Crude Producer in Africa as Oil Rigs Count Declines by 35.5%

The active oil rigs in Nigeria declined in September, amid a record low production of 938,000 barrels per day (bpd) for the month, about 35,000 bpd lower than the 972,000 bpd in August. With the country still struggling with crude oil production challenges, a THISDAY analysis of the latest data from the Organisation of Petroleum Exporting Countries (OPEC) showed that the total rigs count fell… Read More


Oil Theft: September Crude Oil Production Drops by 24.73%

Nigeria’s crude oil production crashed by 24.73 percent in September 2022 to 937,766 barrels per day, compared to 1.246 million barrels per day recorded over the corresponding month in 2021, the latest data from the Federal Government has shown. According to data released by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, crude and condensate production for September 2022… Read More



Buhari Gives Self Pass Mark

President Muhammadu Buhari, yesterday, said he had met the yearnings and expectations of Nigerians with high-impact projects. He stated this amid opposition parties accusing his administration of poor handling of security challenges and the economy. They claimed these have left dire impacts on quality of life, the purchasing power of the naira and cost of staple foods like rice, beans, garri, wheat… Read More


Tinubu, Atiku, Obi Test Strengths in Kaduna

Kaduna State, the political headquarters of Northern Nigeria, was the centre of political activities, yesterday, as the leading presidential candidates with their supporters stormed the Arewa capital in a test of strength, hurling verbal missiles at each other. Presidential candidate of All Progressives Congress (APC), Asiwaju Bola Tinubu, fired the first salvo… Read More



ICT Budget Declines by 71% Amid Rising GDP

Despite its sustained contribution to Gross Domestic Product, the budgetary allocation to the communications and digital economy declined by 70.93 per cent year-on-year in the recently released 2023 appropriation bill. According to the bill presented by the President, Major General Muhammadu Buhari(retd.), to the National Assembly, the Federal Ministry of Communications… Read More