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Daily Business News Brief | Friday, May 6th, 2022.

6
May

Nigeria made $565.5m from oil in Q1 – NNPC- Punch

Nigeria made $565.5m in crude oil and gas export sales in the first quarter of 2022, according to data from the Nigerian National Petroleum Company Ltd. According to the data, the nation made $177.86m from crude oil exports and $387.72m from gas feedstock to Nigeria LNG Limited which amounted to  The NNPC data indicates that in January 2022, the nation earned $75.88m from crude oil and $84.45m from gas; in February, the nation earned $13.05m from crude oil and $159.58m from gas………………..read more

Subscribers reject planned tariff hike, vow to oppose telcos – Thisday

Telecommunication subscribers under the aegis of the National Association of Telecoms Subscribers have rejected the planned 40 per cent tariff hike by telecommunication operators, vowing to oppose the telcos’ move to introduce a new price regime for data, calls and SMS.  The telecom consumer group said it was insensitive for any organisation to consider a tariff increase at the current state of the economy.  The President of the association, Adeolu Ogunbanjo, stated that the association is against any move by the government to increase prices in the cost of calls, SMS, and data…………..read more

Telecom firms’ diesel cost jumps by 233%, hits N360bn – Thisday

THE cost of powering telecommunication services with diesel has jumped by at least 233.33 per cent in recent months to N30bn monthly, according to analysis and computation of data from Nigerian telecoms operators. The development brings the annual cost of powering telecoms services with diesel to N360bn. The operators under the aegis of the Association of Licensed Telecoms Operators of Nigeria said the cost of diesel, which is required to power network towers, base stations, and offices, rose from N225 in January 2022 to over N750 in March 2022……….read more

Forex remittances crash by 48% amid dollar shortage – CBN report – Daily Independent

The country’s total direct remittances dropped by $119.4m to $130.12m as of January 2022 from $249.52m as of December 2021, figures obtained from the Central Bank of Nigeria have revealed. The development indicates a 48 per cent over a period of one month.

According to the CBN’s record on weekly international payments, the country recorded $217.7m, $51.74m and $ 224.24m in total direct remittances in November, October and September, respectively……………… read more

OPEC raises Nigeria’s oil production quota despite low output – Thisday

The Organisation of Petroleum Exporting Countries on Thursday raised the crude oil production quota approved for Nigeria again, as it increased it from 1.753 million barrels per day in May 2022 to 1.772 million barrels per day in June. OPEC had earlier 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 despite the country’s persistent failure to meet these monthly targets. On Thursday it maintained the upward oil production quota approvals for Nigeria at its 28th OPEC and non-OPEC Ministerial Meeting……………read more

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