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Daily Business News Brief |  Friday, March 4th,  2022.

4
Mar

Stocks to record gains amid higher debt yields –- Punch

FBNQuest Research, the investment banking and asset management subsidiary of FBN Holdings Plc, has projected modest gains for equities amid higher debt yields in the Nigerian economy in 2022.  The company said in a statement that the projections were released at a webinar held to elaborate on its 2022 outlook report published in January 2022.  It said, “With regards to asset values, FBNQuest forecasts another positive year for equities in 2022, projecting gains between five and 10 per cent.  “A number of banks, as well as non-financial stocks, are expected to outperform in 2022. These include Access Bank, Zenith Bank, GT Bank, Seplat, Presco, and MTN Nigeria.”……………… read more

Rising oil price: NNPC subsidiary foresees demand growth – Vanguard

The price of crude oil continued its rise on Thursday, increasing to $113.06/barrel at 5.40pm Nigerian time, as the National Petroleum Investment Management Services projected that the demand for oil would continue to increase till 2050.  NAPIMS, a subsidiary of the Nigerian National Petroleum Company Limited, is the corporate services unit of NNPC mandated to manage the company’s upstream business.  The PUNCH reported on Wednesday that Brent, the crude against which Nigeria’s oil is priced, rose to $111.03/barrel. On Thursday, the commodity moved up further to $113.06/barrel, as the war by Russia in Ukraine entered its first week…………….. read more

Dangote Cement Record 44.2% Increase in PBT, Declares N20 Dividend – Punch

Dangote Cement Plc has announced 44.2 per cent increase in profit before tax to N538.4billion in 2021 audited result and accounts for period ended December 31, 2021 from N373.3billion reported in 2020. The cement manufacturing company in its financials for 2021 disclosed that the group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt………………. read more

CBN e-valuation: Clearing agents insist on strike despite Customs intervention – Punch

EFFORTS by the management of the Nigeria Customs Service, to get striking clearing agents back to work seem to have failed as the meeting between the two parties has ended in a deadlock.  The freight forwarders operating at both the Tin-Can Island as well as the Ports & Terminal Multipurpose Limited commands of the Customs had last week begun an indefinite strike following the expiration of a 72-hour ultimatum given to the Federal Government to review the electronic valuation system for imported vehicles and cargoes………………. read more

Nigeria failed to increase export diversification overtime –IMF – Thisday.

The International Monetary Fund says Nigeria has failed to diversify exports at an “extensive margin.” The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation with Nigeria.   According to the report, the country has not implemented much export diversification over the years.  It read in part, “Nigeria has achieved little export diversification over the past decades. Diversification can be attained by including new commodities in the export portfolio (extensive margin) and changing the share of existing commodities (intensive margin)…………….. read more

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