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Daily Business News Brief | Wednesday, May 18th, 2022.

Home   /   Daily Market Reports   /   Daily Business News Brief | Wednesday, May 18th, 2022.
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May 18, 2022
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Nigeria’s Q1 trade deficit rose by 175%, hit $764m – Thisday

The value of Nigeria’s international trade deficit rose by 175.13 per cent from $152.94m in January 2022 to $420.79m in March 2022, according to data from the Central Bank of Nigeria.  The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022, with imports at $14.77bn and export at $14.01bn, showing a total trade deficit of N764.69m……………..read more

Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%- Punch

Nigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to findings by The PUNCH.  According to the International Monetary Fund’s 2021 Article IV estimates, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021……………….read more

No hike in electricity tariffs – NERC – Thisday

The Nigerian Electricity Regulatory Commission, NERC has clarified that reviews do not automatically translate into an increase in electricity tariffs.  The electricity market regulator made this known in a statement titled ‘Notice of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licenses’ published on Tuesday. According to the NERC, where the impact of improved efficiency in operating parameters for individual licensees exceeded the impact of changes in macroeconomic parameters, end-users might be reduced as exhibited in some tariff classes under the Multi Year Tariff Order, MYTO 2022. ………….read more

At 26.61%, Banks Maximum Lending Rate Drops to 5-year Low – Daily Independent

Amid rising inflation rate that is expected to hike operating cost and plud profitability, banks have reduced maximum lending rate to 26.61 per cent, an over five-year low, the latest data by the Central Bank of Nigeria (CBN) on banks’ deposit and lending interest rates has revealed. ……………. read more

Nigeria’s Rigs Count Remains Stunted as Oil Sector Investments Wane – Punch

With investment waning and oil production declining, Nigeria’s overall oilrigs count, which generally mirrors the measure of activities in the upstream sector, has continued to stagnate, a THISDAY analysis has shown. ……………read more

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