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Daily Business News Brief | Thursday December 16, 2021.

16
Dec

Prices continue to soar as NBS says inflation dropped in Nov – Thisday

The inflation rate in Nigeria fell in November to 15.40 per cent (year-on-year), the lowest since December last year, according to the National Bureau of Statistics.  The NBS, in its Consumer Price Index report on Wednesday, said the inflation rate fell by 0.59 per cent from 15.99 per cent in October.  The drop in headline inflation began in April when it fell to 18.12 per cent from 18.17 per cent in March.  The NBS said on a month-on-month basis, the headline index increased by 1.08 per cent in November, which is 0.10 per cent higher than the rate recorded in October.  “The percentage change in the average composite CPI for the 12 months period ending November 2021 over the average of the CPI for the previous 12 months period was 16.98 per cent, showing 0.02 per cent point from 16.96 per cent recorded in October 2021,” it said……………… read more

FG debt servicing gulps N2.49tn in nine months – DMO report – Punch

Nigeria spent N2.49tn on debt servicing payments in the first nine months of 2021, data obtained from the Debt Management Office have shown.  Between January and March 2021, Nigeria spent N612.71bn on domestic debt servicing, while it spent $1bn (N410.83bn) on external debt servicing, giving a total of N1.02tn.  From April to June 2021, the country spent N322.7bn on domestic debt servicing and $299m (N122.83bn) on external debt servicing, showing a total of N445.53bn.  From July to September 2021, Nigeria spent N808.49bn on domestic debt servicing and $520.78m (N213.95bn) on external debt servicing, giving a total of N1.02tn……………..read more

World Bank announces $93bn package for Nigeria, 73 others- Daily Independent

The World Bank announced on Wednesday a $93bn replenishment package of the International Development Association to help 74 low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.  The Bretton Woods institution said in a statement that the financing brought together $23.5bn of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.  It described the financing package, agreed over a two-day meeting hosted virtually by Japan, as the largest ever mobilised in IDA’s 61-year history………………..read more

Nigeria’s oil production increases by 2.55 million barrels – OPEC- Thisday

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Monday announced that NNPC was currently increasing the supply of Liquefied Petroleum Gas, popularly called cooking gas, in a bid to force down its price.  Kyari, who announced this at the inauguration of a 120-metric tonnes LPG storage and bottling plant by Emadeb Energy Services Limited in Abuja, however, explained that the hike in cooking gas price was an international issue…………..read more

We’ll toll roads to repay infrastructure debts – Emefiele – Punch

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said most of the roads constructed in the country will be tolled to repay the loans used to fund them. Emefiele said this on Wednesday while answering questions after the two-day retreat of the Bankers’ Committee in Lagos. He said, “Most of those roads will be tolled and we know that in many other countries in the world, roads are tolled because those projects are commercially viable. “They can be refunded with tolls so that maintenance can be done on a regular basis, and people will pay for it and enjoy good roads, and enjoy good facilities because that is the only way we can fund the infrastructure of this country, which is the large amount of money that is needed……………………read more

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