Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week, of 16th – 22nd October 2022.
World’s Largest Stock Exchanges List Over 450 New Companies In 2022 Despite Recession Fears
The global economy is staring at a possible recession as inflation continues to wreak havoc across the stock market. Despite the conditions, the leading global stock exchanges by the number of listed companies are attracting new firms as investors anticipate a return to normalcy.
Nigerian Stock Investors Gain N119bn In One Week
The equities at the Nigerian Stock Exchange concluded the week on a positive note, with investors registering N119 billion in one week, after a rise of 46 basis points (bps) or 0.4% week-to-date.
Power Grid Fails 98 Times Under Buhari Despite N1.52tn Bailout
Despite the Federal Government investing over N1.51 trillion in the power industry since the current administration took office in 2015, Nigeria’s available generating capacity decreased by 981.8 megawatts between 2015 and August 2022. This occurred at a period when the national grid failed 98 times under the presidency led by Muhammadu Buhari was president.
Nigeria’s Refineries Hand N4.93bn In Car Loans To Staff Despite N202.7bn Loss
Nigeria’s three refineries have handed a total sum of N4.93 billion to their staff as personal and car loans. This is despite the fact that they recorded a combined operating loss of N202.7 billion in 2021. It was disclosed in the audited financial results of the companies published by the Nigerian National Petroleum Company (NNPC) Limited, that the loans came with zero interest.
Agora Policy Disagrees With DMO, Says Nigeria’s Debt Is Unsustainable
Agora Policy, an Abuja-based think tank set up to find practical solutions to urgent national challenges, has disagreed with the Debt Management Office (DMO) on Nigeria’s increasing debt, saying it is not sustainable. It would be recalled that the DMO defended Nigeria’s debt profile, which it noted was about to reach N45 trillion.
We Are On Track To Increase Electricity Supply – Buhari
President Muhammadu Buhari has stated that the goal of increasing electricity generation to 25,000 Megawatts in six years is still on track. He made the remark while chairing the third ministerial performance review retreat for ministers, permanent secretaries, and top government functionaries on Monday in Abuja.
More Hardship For Nigerians As Hike In Airfares Loom
Nigerians are likely to face more hardship in the coming weeks. This is as a hike in airfares across the country looms.Aviation experts hinted that a hike in airfares is imminent considering that carriers have shut down their global distribution services in Nigeria. According to them, this was in spite of the Central Bank of Nigeria’s (CBN) disbursement of $265 million trapped funds belonging to foreign airlines.
Nigerians Pay N1.23tn Tax To 36 States
In 2021, Nigerians in the 36 states that make up the federation paid N1.23 trillion in taxes, a 19.19% increase over the N1.03 trillion paid in 2020. This is in accordance with information from the National Bureau of Statistics’ most current Internally Generated Revenue report for the States. The figures show that tax receipts made up 64.88 percent of N1.89 trillion in 2021 and 66.16 percent of the state’s IGR (N1.56 trillion) in 2020.
OCP Unveils $13.4 Ultramodern Blending Plant in Kaduna
As part of efforts aimed at solving the looming food crisis in the continent, OCP Africa, one of the leading fertiliser-producing companies, has unveiled a a blending plant in Kaduna State, to make fertiliser readily available and affordable for farmers in the country.
Nigeria Needs More Taxes To Reduce Debt Burden – Minister
The nation’s huge debt load can only be reduced, according to Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, if more taxes are collected and income leaks are effectively stopped. This was said by the minister during a workshop on tax spending that was held in Abuja by the ECOWAS Commission as part of the rollout of the PATF (Support Programme for Tax Transition in West Africa).
NCC Orders Cancellation Of 10% Tariff Increase On Tariff, Data Services
The Nigerian Communications Commission (NCC) has ordered the cancellation of the recently approved 10% tariff increase for voice and data services. The implementation of the tariff increase has been halted, despite the fact that it “was in line with the Commission’s mandates as provided by the Nigerian Communications Act, 2003, and other extant Regulations and Guidelines.”
FG To Open N30trn Govt Assets for Investment, Restructuring of MOFI
A restructuring of the Ministry of Finance Incorporated (MOFI), the federal government’s investment entity, has been authorized by President Muhammadu Buhari as part of broader efforts to resuscitate almost N30 trillion in non-performing assets and increase government income.
Nigeria Records N5.33tn Budget Deficit In Eight Months
The Federal Government of Nigeria recorded a budget deficit of N5.33 trillion between January and August 2022 despite Nigeria’s limited budgetary capacity. Out of the N11.55tn pro rata estimated spending for the period, the government spent N9.56tn from January to August 2022.
CWG Leads NGX-ASI To Its First Gain This Week
The NGX benchmark index increased 3bps to settle at 44,332.21 points, giving the local stock exchange its first positive week result. As a result, the market’s Year-to-date (YTD) return decreased, on Thursday, marginally from 3.8% on the previous trading day to 3.7%.
Nigeria Has Lost Her Most-Valued Crude Oil Customers – FG
The Federal Government said on Thursday that Nigeria has lost some of its most valuable crude oil clients and that some of its gas purchasers now compete with it in the same market. It further claimed that as the movement for renewable energy sources genuinely gained traction, international oil giants were turning their attention in large part to alternative fuels.
CBN To Examine eNaira Implementation After A Year
The Central Bank of Nigeria has announced a calendar of events to reflect on and mark the one anniversary of the introduction of the eNaira, the first Central Bank Digital Currency in Africa. This information was provided in a statement titled “CBN honors 1 anniversary of eNaira” by Osita Nwanisobi, Director of Corporate Communications. He mentioned that on October 25, 2021, President Major General Muhammadu Buhari (ret.) officially unveiled the eNaira.
