Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week of November 27th–4th December, 2022.
‘Export Of Raw Gold Will Be Another Crude Oil Mistake’
Should the Federal Government (FG) consider exporting raw gold like crude oil, it will be another crude oil mistake. This is Olamilekun Adegbite, the Minister of Mines and Steel Development. Adegbite made this submission during an interview held in Abuja, on Sunday, November 27, 2022.
FG Lends N24tn From CBN Despite Fiscal Risks
In ten months, the Federal Government borrowed N6.31 trillion from the Central Bank of Nigeria through Ways and Means Advances. As a result, the Federal Government’s borrowing from the CBN has increased from N17.46 trillion in December 2021 to N23.77 trillion in October 2022.
Nigeria Skills Development Plan To Strenghten $420bn Economy
The Federal Government of Nigeria has vowed to maintain skill acquisition programs across the country in order to deepen the economy, which is valued at $420 billion. Speaking at the ITF-NECA Technical Skills Development Project (TSDP) Stakeholders’ Dialogue Forum in Abuja, Minister of State for Industry, Trade and Investment, Mariam Katagum, said nations faced poverty, soaring unemployment, and other challenges with skills acquisition, and that Nigeria must do the same.
Nigerian Investors Lose N62bn In Stock Market Dip
On Tuesday, equity investors in Nigeria’s stock market lost roughly N62 billion as the local bourse fell after selloffs in small and mid-cap stocks. Profit-taking operations resumed at the start of the week reducing market capitalization by 0.24%. The year-to-date return then dropped to 10.78% as investors rebalanced their portfolios in response to shifting market conditions, while there was a robust rise in the previous week despite a 1% hike in the benchmark interest rate.
Nigeria Earned $4.99bn From Exports
Following an effort to diversify the local economy away from predominantly hydrocarbon revenue, Nigeria raked in about $5 billion in non-crude oil exports in nine months, Godwin Emefiele, Central Bank Governor, revealed on Tuesday in Lagos while delivering a keynote address at the second edition of the RT-200 Bi-annual Export Summit.
CBN Reinburses N81bn Refund To Non-Oil Exporters
The Central Bank of Nigeria (CBN), has revealed that in order to diversify foreign currency revenue creation, it gave N81 billion in refunds to non-oil exporters in the country. The CBN Governor, Godwin Emefiele, made the announcement on Tuesday during the second edition of the RT200 Bi-annual Conference in Lagos, titled “RT200 Non-Oil Export Program: The Journey So Far.”
Nigeria-UK Trade Volume Hits £5.5bn
Nigeria and United Kingdom’s (UK) trade volume hit £5.5b billion at the end of the fourth quarter of 2022. UK’s International Trade Secretary, Kemi Badenoch, made this disclosure at the 8th Economic Development Forum (EDF). Her words: “Nigeria is Africa’s largest economy and I’m delighted to see our trade and investment links grow, already worth £5.5 billion.”
Kerosene Price Surpasses N1,000 Per Litre – NBS
The average price at which Nigerians purchased kerosene surpassed N1,000 per litre in October 2022. This is according to the National Bureau of Statistics (NBS). In its “National Household Kerosene Price Watch” for October, which was cited by BizWatch Nigeria, the average price of kerosene during the month under review was N1, 041.05 per litre, which represented a 9.90% increase when compared to the N947.30 per litre Nigerians bought kerosene in the previous month (September).
FG Rules Out Plan To Increase Fuel Prices
The Federal Government (FG), has ruled out the plan to increase fuel prices, at least during the Yuletide period. The government’s comments came amid the worsening fuel scarcity across the country. BizWatch Nigeria understands that due to the persistent fuel scarcity, which has seen long queues returned to filling stations, the cost of petrol has risen to as much as N285 per litre.
NGX Soares High As Banking And Telecom Stocks Rally
Following strong purchasing activity in mid and big company shares on the home market on Wednesday, the Nigerian Exchange’s (NGX) equity section increased significantly, erasing two days of losses. Investors earned N184 billion or 0.71 percent as a result of today’s haggling, closing at N25.959 trillion as opposed to N25.775 trillion on Tuesday.
Depots Sell N220/litre, Marketers Predict N350/litre Pump Price
Given the continuous shortage of the commodity, Premium Motor Spirit, often known as gasoline, might reach N400 per litre at the majority of gas stations by the end of this year, according to oil marketers on Tuesday. The pump price will have increased by more than 100% as a result throughout the time period.
Two Billion Litres Of Petrol In Stock – NNPC
The Nigerian National Petroleum Company Limited claims to have two billion liters of gasoline on hand (NNPC Ltd). This was said in a statement by Adeyemi Adetunji, the executive vice president of NNPC (downstream). The inventory of more than two billion liters, in Mr. Adetunji’s estimation, is enough for more than 30 days. According to him, the NNPC planned ships and trucks to reach unconstrained depots while closely monitoring massive loadouts from depots to states in order to eliminate petroleum lineups.
CBN Supports Naira With $11.24bn In Seven Months
From January 2022 through July 2022, the Central Bank of Nigeria pumped $11.24 billion into the economy to stabilize the value of the naira. This information was found in the monthly economic reports on foreign currency market trends published by the banking regulator. According to the study, the naira was stabilized with the help of $7.6 billion in the year’s first five months.
Debt: FG To Increase Number of Foreign Investment
The Federal Government (FG) said it is working hard to increase the number of foreign investors in the country’s various sectors of the economy while also reducing its reliance on debt. Speaking to state house correspondents today after meeting privately with President Muhammadu Buhari in his office, Saratu Umar, Executive Secretary of the Nigerian Investment Promotion Commission, explained that the government is looking to improve its investment master plan in order to develop the economy.