Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week of November 19th–26th, 2022.
130m Nigerians Citizens Are In Poverty – NBS
130 million Nigerians, according to the National Bureau of Statistics (NBS), are considered to be poor. According to the bureau’s 2022 Multidimensional Poverty Index Survey, which was published in Abuja on Thursday, the statistic corresponds to 63% of the country’s population.
Shareholders Fume At CBN Over N453bn Levy Imposed On Banks
The Independent Shareholders Association of Nigeria (ISAN), has fumed against the imposition of the levy on financial institutions in the country by the Central Bank of Nigeria (CBN). BizWatch Nigeria understands that CBN imposed a 0.5% levy on commercial banks to fund the Asset Management Corporation of Nigeria (AMCON).
IMF To Nigerians: Brace-up For Higher Food Prices
The International Monetary Fund (IMF), has encouraged Nigerians to brace up for higher food prices next year (2023). In its ‘Nigeria: Staff Concluding Statement of the 2022 Article IV Mission’ report cited by BizWatch Nigeria, IMF said the food prices would be driven by the recent flooding that ravaged some parts of the country.
Nigeria Down To Seventh On OPEC Production List
According to the organization’s Monthly Oil Market Report for November, which looked at oil production results in October, Nigeria is now ranked seventh among countries that export crude oil. Nigeria’s production in October was a paltry 1.014 million barrels per day, placing it sixth overall after Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Angola, and Algeria.
Nigeria’s Food Insecurity Worsens Despite UN Funding
To fight food insecurity and malnutrition, the nation has received humanitarian help from the UN totaling $28.5 million. Despite the investment, over 19.5 million Nigerians already experience extreme food insecurity as a result of high inflation rates, among other things.
People In Govt Are Collaborating With Oil Thieves -NNPC
Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, has stated that government officials in the country are collaborating with oil thieves. Speaking on Channels TV, where he made this known, Kyari said aside from government officials, security operatives in the country are also working with thieves to steal Nigeria’s crude oil.
Nigeria Records $2bn Loss To Oil Theft -Senate Committee
Nigeria lost $2 billion to oil theft between January and August 2022. This is according to the ad-hoc committee set up by the Senate to investigate oil theft and consequent damage to the nation’s economy. It would be recalled that on Thursday, April 14, the Senate constituted a 13- member Ad – Hoc Committee on Oil Lifting, Theft, and the impact on Petroleum Production and Oil Revenues under the chairmanship of Senator Akpan Bassey, who is also the chairman, of the Senate Committee on Petroleum ( Upstream).
CBN Increases Interest Rate From 15.5% to 16.5%
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has increased the monetary policy rate to 16.5% from 15.5%, while all other parameters remained constant. CBN Governor Godwin Emefiele made the announcement during the apex bank’s Monetary Policy Committee monthly meeting in Abuja on Tuesday. Emefiele also stated that the new naira notes will be issued tomorrow, Wednesday, November 23, rather than the previously announced date of December 15, 2022.
Buhari Launches Oil, Gas Refinery In Bauchi, Gombe
President Muhammadu Buhari has officially launched the Kolmani Integrated Development Project (KIPRO), which is located on the border of Bauchi and Gombe states. The KIPRO is an Oil Prospecting Licence (OPL) 809 and 810 at the Kolmani field site in the Upper Benue Trough’s Gongola Basin.Several dignitaries attended the ceremony on Tuesday, including Bola Tinubu, the All Progressives Congress presidential candidate (APC).
FG, States, LGCs Share N736.782bn For October
The three levels of government received N736.782 billion from the Federation Account Allocation Committee (FAAC) as Federation Allocation for the month of October. The Ministry of Finance, Budget, and National Planning released a statement on Wednesday from Mr. Phil Abiamuwe-Mowete, Director (Information/Press). In addition to oil revenue, the N736.782 billion also comprises gross statutory revenue, value added tax (VAT), exchange gain, and augmentation from non-oil revenue.
Why Fuel Scarcity Hit Lagos – Oil Marketers
Oil marketers in the country, have blamed the fuel scarcity in Lagos on the 163% hike in the cost of renting daughter vessels to move products from mother vessels. According to the marketers, the hike had significantly reduced the purchasing power of many dealers. BizWatch Nigeria understands that since Tuesday, November 22, 2022, motorists have been spending hours in filling stations across Lagos State, queuing to buy petrol.
BREAKING: Buhari Unveils New Naira Notes
President Muhammadu Buhari on Wednesday, November 23, 2022, unveiled the new N200, N500, and N1,000 notes. The release of the new naira denominations was originally scheduled for mid-December, but Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), stated that Buhari had graciously accepted to unveil them today.
Low Oil Production Caused GDP To Dip In Q3 – NBS
Nigeria’s GDP grew by 2.25 percent year on year in Q3 2022, down from 3.54 percent in Q2. The National Bureau of Statistics (NBS) stated this in its most recent GDP report for the third quarter of 2022. The slow growth was caused by the country’s low oil production, which fell to 1.20 million barrels per day. According to the NBS, the slow growth is due to the residual effects of the recession and the difficult economic conditions that have hampered productive activities.
Price Of Brent Falls Below $87 On Demand
As investors balanced continuing demand worries against constrained global supply, Brent oil futures fell more than 2% to below $87 per barrel amid rising economic uncertainty. Market analysts noted that a deteriorating outlook for global demand has been keeping markets on edge, with advanced economies—primarily the US and Europe—observing a decline in economic activity due to tightening financial conditions and China—the world’s top importer of crude—possibly facing tighter coronavirus-induced restrictions in the wake of rising infections.