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Daily Business News Brief |  Tuesday, February 1st,  2022.

1
Feb

‘Rising Oil Prices Could Trigger $500bn in Stranded Assets’- Thisday

Major oil companies could get caught in a stranded asset trap worth as much as $500 billion if the current high oil prices tempt them to invest massively in hydrocarbons, environmental think tank, Carbon Tracker, has said. In a report, the organisation warned that spike in demand and prices could be short-lived, seeing freshly sanctioned megaprojects coming online just as demand starts to fall……………… read more

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

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

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

Amid Rising Subsidy Payments, Decreasing Oil Production, NNPC Posts 78.4% Deficit Remittance to Federation Account in 2021 –  Punch

With a whopping deficit of approximately N2 trillion out of its projected N2.511 trillion, the Nigerian National Petroleum Company (NNPC) Limited, was unable to remit roughly 80 per cent of its projected contribution to the Federation Account in 2021. …………….read more

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