Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week, of 2nd – 8th October 2022
NNPC Increases Petrol Retail Outlets To 1,500
The Nigerian National Petroleum Company Limited (NNPC) has increased its petrol retail outlets to 1,500. This is following the acquisition of the downstream assets of OVH-Oando. In a statement cited by BizWatch Nigeria, the corporation said the acquisition of Oando’s downstream assets would position it as the largest petroleum products retail network in Africa.
Nigerian Foreign Portfolio Deficit Decreases By N14.5 Billion
During the first eight months of 2021 and the first eight months of 2022, Nigeria’s foreign portfolio deficit fell by N14.5 billion. According to figures from Nigerian Exchange Limited, the deficit fell from N15 billion in the first eight months of 2021 to N1.43 billion between January and August 2022.
NGX ASI Hits 14.77% Despite Interest Rate Hikes
The Nigerian Exchange Limited’s All Share Index (ASI) has rebounded to a high, reaching 14.77 per cent year to date, according to NGX statistics. Despite three consecutive interest rate rises by the Central Bank of Nigeria (CBN), the market remained resilient, according to a study of daily trade data.
FG Fines Oil Firms N127bn For Gas Flare
The Federal Government has fined oil and gas companies operating in the nation $294 million, or roughly N127 billion, for gas flaring. According to the National Oil Spill Detection and Response Agency’s (NOSDRA) most recent data, the fee was for gas flared between January and August 2022. According to the EPA, 147 billion standard cubic feet were flared in the review period, costing $515 million (approximately N222 billion).
Nigeria Port Authorities Remits N490bn Into FG Coffers
Between 2011 and 2022, the Nigerian Ports Authority deposited N490.229 billion into the Federal Government’s Consolidated Revenue Fund. NPA’s Managing Director, Mohammed Bello-Koko, told media at the agency’s main office in Marina, Lagos, over the weekend that NPA remitted N92.967 billion in 2022 alone. He stated that the 2022 remittance includes N28.3 billion deposited as the ending balance of audited reconciled financial years from 2019 to 2022.
N3.92tn Fuel Subsidy Payments Higher Than Spendings On Health, Education, Others
The N3.92 trillion paid as subsidy on Premium Motor Spirit, often known as gasoline, from January 2020 to June 2022 is greater than the sum of individual federal budgets for health, education, and defence for the same time period. According to the findings, Nigeria has spent more on gasoline subsidies in the last 30 months than on the ministries of health, defence, and education combined.
Debt Servicing On Nigeria’s Eurobonds Increases By 86%
Nigeria’s spending on servicing Eurobonds and Diaspora bonds climbed by 85.67% between the first and second quarters of 2022. Nigeria paid $246.16 million in foreign debt service payments in the first quarter of 2022, according to a review of data from the Debt Management Office on genuine external debt service payments. By the second quarter of the same year, the total debt service cost on these loans had grown to $457.01m.
Stanbic IBTC PMI: Output Growth Quickens To Five-month High
The end of the third quarter of 2022 saw growth gather momentum in the Nigerian private sector. Sharper rises in output and new orders were recorded, while there were emerging signs of capacity pressures. Cost inflation remained elevated, in large part due to currency weakness, while business confidence waned.
Nigeria’s Crude Oil Revenue Rises To N11tn
According to the latest statistics from the National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022, Nigeria’s crude oil earnings increased to N11 trillion in the first six months of 2022. According to the research, this represents an 83% rise in crude oil earnings from N6tn in the first half of 2021. A breakdown of crude oil exports in the first half of 2022 revealed that the country exported crude oil worth N5.6tn in the first quarter of the year, increasing to N5.9tn in the second quarter.
BREAKING: ARCON Drags Meta To Abuja Court
The Advertising Regulatory Council of Nigeria (ARCON), has dragged Meta Platforms Incorporated (owners of Facebook, Instagram, and WhatsApp platforms) and its agent AT3 Resources Limited, to the Federal High Court, Abuja Judicial Division. In a statement cited by BizWatch Nigeria on Tuesday, October 4, 2022, ARCON accused Meta Platforms Incorporated of continued exposure of unvetted adverts, which it noted had led to a loss of revenue to the Federal Government.
BREAKING: NNPC Discloses N674bn Profit In FY-2021
The Nigerian National Petroleum Company (NNPC) Limited, on Tuesday, October 4, 2022, declared a profit after tax (PAT) of N674 billion for the year ended 2021. According to Mele Kyari, the Group Chief Executive Officer (GCEO), NNPC Limited, who made this disclosure, the N674 billion profit is an increase of 134.8% when compared to the figure recorded in 2020.
Buhari To Present ₦19.76trn 2023 Budget To NASS On Friday
President Muhammadu Buhari will present the National Assembly with the ₦19.76 trillion 2023 budget on Friday in Abuja. The presentation of the budget will begin at 10 a.m. in the House of Representatives’ temporary chamber.
Emefiele To Fintechs: Bring N25bn And Become A Bank
Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has advised financial technology companies (fintech) in the country to come forward with N25 billion and secure the licence to become deposit-money-taking institutions.
MAN: Dangote Cement Invasion Will Discourage Investors
The Manufacturers Association of Nigeria (MAN), has condemned the invasion of Dangote Cement plant in Kogi State, saying it would discourage investors. BizWatch Nigeria understands that on Wednesday, October 5, 2022, security operatives, including the vigilantes, on the order of Governor Yahaya Bello of Kogi, invaded the Dangote Cement factory in the state, leaving several workers in the facility with various degrees of injuries.
NNPC Discovers 4km Illegal Pipelines In Operation Since 2013
Mele Kyari, Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPC), announced the discovery of an illegal 4km pipeline from forcados in Delta State, Southern Nigeria. According to Bizwatch Nigeria, Kyari stated that the illegal pipeline and loading port had been operational for the past nine years.
