Good morning Nigeria, welcome to the BizwatchNigeria business news roundup of top newspaper headlines in Nigeria for 12-17 September 2022.
NBS Reports 17.28% Q2 Growth In The Insurance Sector
According to figures obtained from the National Bureau of Statics’ (NBS) GDP, the insurance sector grew by 17.28 per cent in the second quarter of 2022. The NBS stated in the report that, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.1 per cent and 10.9 per cent of the sector respectively in real terms in Q2, 2022.
FG Loses Oil Barrels Worth N603.64bn In 2022
A review of the monthly reports of Nigeria’s crude oil and condensate output indicated that between January and August of this year, the government lost around 13.21 million barrels of crude oil, valued at an estimated N603.64 billion. According to data in the reports, which were received on Sunday from the Nigeria Upstream and Downstream Petroleum Regulatory Commission in Abuja, the nation’s oil output only rose in two months while falling in others.
NNPC Deploys Digital System To Curb Theft, Vandalism
The Nigerian National Petroleum Company Limited has stated that it has put together a number of computerized control systems to reduce the theft of crude oil which costs 470,000 barrels per day (BPD), particularly when it occurs in the oil-rich Niger Delta area.
Production Fell Short By 3.4m bpd In August- OPEC
Only 30,000 BPD more was produced by quota-bound oil producers in August, falling 3.4 million BPD short of their total objective. The Organisation of Petroleum Exporting Countries (OPEC) alliance was supposed to have finished unwinding the 9.7 million bpd production cutbacks it committed to in April 2020 in response to the Covid-19 outbreak last month, but several countries have found it difficult to resume supply.
Lawmakers Probe Oil Theft As Nigeria Loses N700m Monthly
The Senate Adhoc Committee on Oil Theft has disclosed that said it had begun investigations into oil theft and illegal bunkering activities in the Niger Delta region. This is as Nigeria continues to lose N700 million monthly due to the criminal act.
US Plans $12bn For Climate Change Action In Nigeria
The Federal Ministries of Environment, Petroleum Resources, and Agriculture and Rural Development and the United States Government signed a number of agreements on Tuesday about steps to lessen the threat caused by climate change in Nigeria and throughout the world.
Elon Musk Loses N3.62tn As Twitter Investors Approve $44bn Sale
American billionaire, Elon Musk has seen his wealth nosedive with a record loss of N3.62 trillion. This development emerged as Twitter shareholders approved the $44 billion sale of the social media giant.
NNPC Signs 7,000km Gas Pipeline Contract With West African Countries
A Memorandum of Understanding (MoU) on a gas pipeline project will be signed by the Nigerian National Petroleum Company Limited (NNPCL), the National Office of Hydrocarbons and Mines of Morocco, and the commission of the Economic Community of West African States tomorrow (Thursday) (ECOWAS).
Senate Finance Committee Rejects ₦6trn Tax Waiver
The Senate Finance Committee has voted against a N6 trillion tax and duty waiver in the proposed budget for 2023. The committee made the announcement on Tuesday during a panel meeting in Abuja with Zainab Ahmed, minister of finance, budget, and national planning, and heads of revenue-generating agencies.
Companies Pay N1.25tn Tax Despite Forex, Energy Crises
The Federal Government received N1.25 trillion in tax revenue from Nigerian businesses in the first half of 2022, despite their severe energy and foreign exchange problems. According to data issued over the weekend by the National Bureau of Statistics, corporation income tax increased from N697.71 billion in the first half of 2020 to N864.84 billion in the same time of 2021, and to N1.25 trillion in the same period of 2022.
Nigeria, Morocco Sign MoU, Commence 5,600km Gas Pipeline Project
Nigerian National Petroleum Company Limited (NNPC) and the Office National des Hydrocarbures et des Mines of Morocco signed a Memorandum of Understanding to begin work on a 5,600-kilometre gas pipeline between the two countries.
ICPC Uncovers N400bn Fraud In 2021, 2022 Budgets
The Independent Corrupt Practices and Other Related Offences Commission revealed on Thursday that the various Ministries, Departments, and Agencies had duplicated projects worth N300 billion to pad the N13.59 trillion 2021 budget.
Nigeria’s Inflation Skyrockets At 20.52% As Bread, Transport Costs Soar
The National Bureau of Statistics (NBS) released a report that the consumer price index (CPI), which measures the rate of change in goods and services prices, increased to 20.52 per cent in August 2022, up from 19.64 per cent the previous month on Thursday.
Nigeria Generates Over N1.6tn From Crude Oil Exportation
According to OPEC figures, Nigeria earned N1.6 trillion in July from the sale of crude oil. According to its August report, the nation exported 1.084 million barrels per day of crude oil in July. For 31 days, crude oil was exported at a rate of 1.084 million barrels per day, or around 31 million barrels overall.
Nigerian Bank Deposits Increases By 24%, Valued At N42tn
From N33.85 trillion at the end of June 2021 to N42.03 trillion in the same time of 2022, the total deposits in the banks increased by 24.17 percent. In her personal statement at the most recent MPC meeting, Aishah Ahmad, the Deputy Governor of the Financial Systems Stability Directorate, revealed this.
Nigeria Completes N104bn Electricity Agreement With EU, Others
The Northern Corridor Project, an electrical project co-funded by the European Union, AFD, and the Transmission Company of Nigeria, has a grant agreement worth €25 million that was signed on Thursday by the Federal Government and the French Development Agency.
