Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week of November 6th–12th, 2022.
Transport Ministry Seeks More Loans After Securing N52bn
The ministry of transportation has sought multi-billion dollar loans from Chinese, Portuguese, and Turkish financial institutions.The credit facilities, according to the Minister of Transportation, Mu’azu Sambo, would be used to complete ongoing rail projects across the country.
Bloomberg Says Naira Is Now Among Worst Currencies In The World
Nigeria’s currency, the naira is now among the worst-performing legal tenders in the world. This is according to Bloomberg, which cited the parallel market as the reason. Noting that while naira could be doing well officially since 2022 began by just 4% down against a strong United States Dollar, ahead of the Canadian dollar and the Swiss franc, Bloomberg, in its report, stated that ordinary Nigerians are suffocating under a 37% drop on the widely-used black market, which most have accepted as a better measure for the local currency.
NGX: Investors Lose N3.28tn In Three Months
Between August 1 and October 31, 2022, tick market participants on the floor of the Nigerian Exchange Limited lost N3.28 trillion of their investment. The market capitalization of the trading operations decreased by 12.09 percent, or N3.28 trillion, during the course of the three months under consideration from its peak of N27.163 trillion in August to N23.88 trillion as of October 31, 2022.
Nigeria Needs N834tn To Meet Net Zero Target
Nigeria would need $1.9 trillion, or N834 trillion, according to the Federal Government, in order to achieve net zero by 2060 as part of its support for the international battle against climate change and in order to fulfill the country’s Energy Transition Plan.
Nigeria’s Six-Month Expenditure Surpasses Revenue By N6tn
Nigeria’s expenditure in the first six months of 2022 exceeded its revenue by N6.23tn, the latest figures obtained from the Central Bank of Nigeria (CBN) has revealed. According to the second quarter economic report on fiscal sector development compiled from the OAGF and CBN staff estimates, the Federal Government recorded N3.2tn and N2.74tn fiscal deficit in the first and second quarters of 2022.
FG Invests $457m For Off-Grid Electrification Projects
The Nigerian Government has released a total of $64.8m and invested the sum of $392m for the development of all off-grid electrification projects in the 36 states of the federation and the Federal Capital Territory.
Tough Times For Nigerians As Petrol Hits N200/litre
Premium Motor Spirit, often known as petrol, has climbed to as high as N200/litre at depots, implying that motorists should brace themselves to pay more than N200/litre for PMS at filling stations. On Monday, it was learned that private depot owners had raised PMS prices, which had lately ranged from N178 to N185/litre, due to a reduction in supply by the Nigerian National Petroleum Company Limited, among other operational difficulties.
MTN, Airtel, Others Appointed By FIRS To Withhold VAT Charged To Them
MTN, Airtel, as well as Deposit Money Banks (DMBs) in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold the Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service. This is contained in a Public Notice the FIRS issued on the 7th of November, signed by its Executive Chairman, Muhammad Nami, where it explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of VAT.
Nigeria’s Oil Production Deficit Hits 184.1m Barrels In Nine Months
Nigeria’s estimated oil output of 468.8 million barrels in the first three quarters of 2022 was just 284.70 million barrels at the end of September according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The gap between the government’s oil output and its oil benchmark of 1.88 million barrels per day in the 2022 budget suggests that the country only produced almost 60% of its overall expectation for the time.
UK Govt To Release £95m For Nigerians
At least, four million Nigerians would benefit from the £95 million Propcom+ investment, a United Kingdom’s (UK) intervention in increasing productivity and adapting to the effects of climate change, as well as reducing emissions.
Naira Redesigning: Nigerians Deposit N52bn In 2 Weeks
No less than N52 billion have been deposited in financial institutions across the country since the Central Bank of Nigeria (CBN) disclosed its plan to redesign some naira notes. As reported on BizWatch Nigeria, the CBN had said that on Thursday, December 15, 2022, the redesigned N100, N200, N500, and N1,000 notes would be launched.
Petrol Stock Plunges By 5.48m litres, Fuel Scarcity Persist
According to industry statistics issued, the Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, often known as petrol, fell by 5,481,239 litres. According to data received from the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday, NNPC’s total PMS stock as on November 6, 2022 was 1,912,725,464 litres. According to NMDPRA statistics as of November 7, 2022, this fell to 1,907,244,225 litres, a reduction of 5,481,239 litres, with a total days’ sufficiency of 30.84.
Elon Musk Records N1.73tn Loss As Tesla Share Value Drops
American billionaire, Elon Musk, on Wednesday, November 9, 2022, lost $3.9 billion (N1.73 trillion) following the sale of part of his shares owned in Tesla. The world’s richest man’s wealth fell below $200 billion by -1.94% to $197.4 billion, indicating the aforementioned loss as at the time of filing this report.
NNPC Seeks Petrol Price Increment
The Nigerian National Petroleum Company (NNPC) Limited, has frowned against the current prices of petrol, saying it’s no longer sustainable. Mele Kyari, the Group Managing Director (GMD) of NNPC, who made this submission, cited landing cost as the primary reason for why the current petrol prices across the country are not sustainable.
FG To Invest $21m To Improve Pilots’ Capacity
The Federal Government has announced a $21 million commitment to purchase a Boeing 737 simulator in order to increase pilot capacity. Hadi Sirika, the Minister of Aviation, announced this while submitting his ministry’s scorecard in Abuja on Thursday, saying that the government has bought an automated fire simulator.
Nigeria’s Oil Production Surpasses 1 Million bpd, Fights Oil Theft
Nigeria’s crude oil output surpassed one million barrels per day for the first time since July of this year, according to numbers provided on Thursday by the Nigerian Upstream Petroleum Regulatory Commission.
Nigeria Eyes Over 6% Unemployment Rate, Economic Growth
By 2050, the Federal Government hopes to achieve a 6.3% unemployment rate, 7% economic growth, and a 0.3% poverty rate. Clem Agba, Minister of Budget and National Planning, announced this during a pre-National Economic Summit news conference in Abuja on Wednesday.
