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Daily Business News Brief |  Monday, January 31st,  2022.

31
Jan

Banks, Others Borrowing from CBN Drops by 26.5% in January on Economic Uncertainty – Thisday

As a result of slow business activities and uncertainty surrounding the nation’s economy, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) dropped by 26.5 per cent Year-on-Year (YoY) to N313.43billion from N426.7billion in January of 2021.  Banks and merchant banks often access the CBN’s Standing Lending Facility (SLF) window to borrow funds, subject to certain eligibility requirements, in order to temporarily address their short-term liquidity obligations……………… read more

MTN Delights Investors With Historic N400bn Profit – Punch

Historically, MTN Nigeria Plc crossed N400billion mark in profit before tax in audited result and accounts for full year ended December 31, 2021 on the backdrop of improved revenue and effective cost management.  The telecommunication giant sources of revenue are Voice, Data, Digital, FinTech and Other service revenue……………. read more

Insecurity, Forex Illiquidity Poses Threat to Nigeria’s Short-Term Growth IoD Warns- Punch

The president and Chairman Governing Council, Institute of Directors (IoD), Mrs. Ije Jidenma, has warned that the rising security, lingering forex illiquidity, low level of vaccination rate and lack of will to follow through critical reforms by the fiscal authorities would constitute the major downside risks to Nigeria’s short-term growth prospect. …………… read more

Transport fares jump by 283% amid rising fuel subsidy – NBS report – Daily Independent.

A National Bureau of Statistics report shows that intra-city transport fares in Nigeria have increased by 283 per cent on the average amid the rising cost of fuel subsidy to the Federal Government, SAMI OLATUNJI reports.   The average cost of bus transportation within Nigerian cities rose from N122.83 in.  January 2017 to N470.83 in December 2021, reports have shown.  This means that the cost of intra-city bus transportation has risen by 283 per cent or N384 in four years…………..read more

AFEX: Inflationary Pressures Will Drive Agro Commodities Prices in 2022 – Punch

A report by one of Nigeria’s leading commodities players, AFEX, has predicted that high food prices, which have been caused by inflationary pressure, would continue to spike in 2022.  AFEX in its annual commodities outlook report 2022 said a combination of rising inflationary pressure, a possible naira devaluation in the parallel market, and increased demand pressure on commodities in the country, would increase the price of grains during the new 2021/2022 trading season……………read more

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Refineries rehabilitation gulped N100bn in 2021, says NNPC-  Punch

The Nigerian National Petroleum Company Limited has said it spent N100bn on refineries’ rehabilitation in 2021 and that funds were pumped into revamping the facilities on a monthly basis last year.

It disclosed this in a report on the funding performance of the oil firm from January to December 2021, which was seen in Abuja on Sunday.

Although no refinery was mentioned in the report, Nigeria’s refineries had been under the management of NNPC, as the rehabilitation of one of the facilities, Port Harcourt Refining Company, had been ongoing…………….read more

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