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Daily Business News Brief | Tuesday, April  19th, 2022.


Food prices jump over insecurity, fuel scarcity in Q1 – Punch

It said the ingredients include, rice, curry, thyme, seasoning, groundnut oil, turkey/chicken (poultry), beef, pepper, tomatoes, salt, and onions.  SBM stated that the average cost of making a pot of jollof rice for a family of five increased by a 7.3 per cent from N8007.50 in the third quarter of 2021 to N8595 in Q1, 2022.  It added in the face of limited production due to insecurity, storage problems, and a growing population, the importation of food would increase, and at higher costs, because of restrictions on forex and the high black-market rates………………read more

CBN Debits 10 Banks N7.02trn Over CRR Violation – Thisday

The Central Bank of Nigeria (CBN) in 2021 debited 10 banks a whooping N7.02 trillion over failure to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold.  According to audited financial statements of these banks, the apex bank had debited them a sum of N6.71trillion in 2020 for not meeting its monetary requirement. The CRR is the minimum amount banks and merchant banks are expected to retain with the CBN from customer deposits and it carries no interest and is not available for use by the banks in their day-to-day operations…………………read more

Oil earnings drop by N75.9bn despite monthly price hike – Thisday

Nigeria’s earnings from crude oil plunged by about N75.9bn in February and March this year despite the increase in global oil prices for the third consecutive month in March 2022.  The latest data from the April 2022 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that while oil prices had been on the increase since January this year, Nigeria’s production had been on the decrease……………….. read more

Vandalism, others push oil firms’ bank borrowing to N5.68tn – Vanguard

The combined bank borrowing of oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry rose from N5.19tn in January 2021 to N5.68tn in December 2021, showing an increase of N490bn. Operators in the downstream, natural gas and crude oil refining subsectors had borrowed N290bn from Nigerian banks in 2021 amid the significant rise in global crude oil prices.  The debt owed by the oil and gas companies rose to N4.21tn in December from N3.92tn in January 2021, according to the data obtained from the Central Bank of Nigeria……………read more

Imported vehicles: Dealers threaten shutdown over 15% levy – Daily Independent

As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week.  The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which didn’t go down well with clearing agents in the country’s maritime sector.  The agents argued that the NAC levy is mostly meant for new vehicles, questioning the rationale behind the introduction of the duty on used vehicles………………………..read more

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