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Daily Business News Brief |  Wednesday, February 16th,  2022.


Inflation drops to 15.6%, food prices soar, experts advise FG on forex, others – Punch

Consumer Price Index commonly referred to as headline inflation declined slightly to 15.60 per cent in January.  The decline follows an increase in December 2021 to 15.63 per cent after an eight-month decrease between April and November 2021.  The National Bureau of Statistics attributed the change in the declining trend recorded in December to the increase in prices of goods and services as a result of upsurge in their demand during the festive season.  The latest inflation rate was disclosed on Tuesday by the Statistician-General of the Federation, Simon Harry, during a press briefing……………… read more

Marketers resolve to blend dirty fuel, scarcity persists in states- Thisday

Oil marketers have resolved to start blending the over 100 million litres of adulterated Premium Motor Spirit, popularly called petrol, which was imported into Nigeria over two weeks ago.  It was gathered on Tuesday that the Nigerian National Petroleum Company Limited had yet to recall all the contaminated PMS, as the commodity had been occupying spaces in the tanks of filling stations.  As a result, marketers said the situation had made it difficult for filling stations to take delivery of new products to sell to their customers, a development that worsened the scarcity of petrol, resulting in massive queues in Abuja, Lagos, Port Harcourt, Niger, Nasarawa and many other states………….. read more

Access Bank, ETI, Zenith, 10 Others Generates N5.96trn from Loans to Customers in 3 Years – Punch

With the growing lending to private and individual customers, a total of 13 banks have generated N5.96trillion interest income from loans to customers between 2020 and 2018.  This has demonstrated banks’ drive to support the Central Bank of Nigeria (CBN) aggressively lending to support the real sector and boosting banks’ earnings…………….. read more

FG gross debt to grow by 92%, hits N136tn in 2026, says IMF- Daily Independent.

The Federal Government’s gross debt profile is projected to grow by 92.11 per cent from N70.85tn in 2022 to N136.11tn in 2026, according to the International Monetary Fund. The Washington based lender made this projection in a report titled ‘Nigeria Staff Report for the 2021 Article IV Consultation.” According to the Fund, the gross debt figures of the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria, promissory notes and AMCON debt. This means debt including Ways and Means have been factored into the total debt profile of the government……………..read more

Insurance firms earned N630.36bn, paid N238.05bn claims – NAICOM – Punch

Insurance companies in the country earned N630.36bn premium in 2021 and paid N238.05bn as claims, the National Insurance Commission said on Monday.  The Head, Corporate Communications and Market Development, National Insurance Commission, Rasaaq Salami, disclosed this in the commission’s unaudited result for 2021.  According to the commission, the total gross premium income earned by the insurance companies in 2020 was N520bn.  NAICOM said the total asset of the underwriting companies in 2021 was N2.14tn while net claims paid was N238.05bn……………… read more

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