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Daily Business News Brief | Friday, April 1st, 2022.

1
Apr

Stock Market Shrugs Off Insecurity Worries, Gained N3.02trn in Q1 – Punch

Precisely, the market capitalisation gained N3.02 trillion to close on March 31, 2022, at N25.312 trillion, higher than the N22.297 trillion it opened for trading activities on January 4, 2021.  The NGX All-Share Index (ASI), which tracks the general market movement of all listed companies on the Exchange, also rose by 9.95 per cent to close at 46,965.48 basis points in the first Q1 2022………………read more

External reserves loses $313m as oil price fluctuates – Vanguard

NIGERIA’S external reserves fell by $313m in March, according to figures obtained from the Central Bank of Nigeria on Thursday.  The CBN’s figures showed that the foreign exchange reserves, which commenced March 1, 2022, at $39.86bn, fell to $39.55bn as of March 30, 2022.  Following the invasion of Ukraine by Russian forces, crude oil prices have continued to fluctuate as the global energy sector continues to experience disruptions……………. read more

174 million lack access to cooking gas in Nigeria – Daily Independent

About 174 million people in Nigeria lack access to the use of Liquefied Petroleum Gas, popularly called cooking gas, the Federal Government stated on Thursday.  It said this was because of the high level of energy poverty in Nigeria, stressing that the promoters of global energy transition must adequately consider factors such as energy security and economic development.  The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this in Abuja at the 2022 Oloibiri Lecture Series and Energy Forum, with the theme, “Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry.”………………..read more

OPEC raises Nigeria’s oil quota amidst low production – Punch

The Organisation of Petroleum Exporting Countries on Thursday raised Nigeria’s oil production quota from the 1.735 million barrels per day target approved in April 2022 to a new target of 1.753 million barrels per day for May 2022.  OPEC’s increased oil production quota for Nigeria came as the Federal Government called for an inclusive energy transition that would be beneficial to not just Nigeria but to other countries in Africa. The Vice President, Prof. Yemi Osinbajo, made the call at the Domestic Gas Summit 2022, organised by the Abuja Chamber of Commerce and Industry, with the theme, “Building a Sustainable Gas Economy.”………………….read more

BoI Eyes $10bn from Foreign Investors, Disbursed N1.2trn in Seven Years -Punch

President Muhammadu Buhari, yesterday commended the board and management of the Bank of Industry (BoI) for contributing to the growth and industrialisation of Nigeria. Buhari made the commendation when he unveiled the bank’s second edifice in Abuja. He said the structure would boost BoI’s Internally Generated Revenue (IGR) potential. …………………….read more

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