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Daily Business News Brief | Monday, May 24th, 2022.


Stock Market Begins Week on Negative Note as Profit-taking Dominates Activity – Thisday

Trading activities on the  stock market of the Nigerian Exchange Limited (NGX) yesterday opened trading for the week on a bearish note with N37 billion decline amid positive increase in Nigeria’s Gross Domestic Product (GDP). The National Bureau of Statistics (NBS) reported a 3.1 per cent year-on-year (YoY) GDP growth in first quarter (Q1), 2022, the highest first-quarter growth since 2015. …………….read more

Nigeria’s GDP grew by 3.11% in first quarter -NBC – Punch

Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022, released on Monday. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020…………….read more

Oil sector growth dropped by 26% in Q1 – NBS report – Thisday

Real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022, indicating a decrease of 23.83 per cent points relative to the rate recorded in the corresponding quarter of 2021, figures by the National Bureau of Statistics have revealed.  In a report titled “Nigeria Gross Domestic Product Q1 2022,” the NBS said growth decreased by 17.99 per cent points when compared to Q4 2021 which was –8.06 per cent. Quarter-on-Quarter, the oil sector recorded a growth rate of 9.11 per cent in Q1 2022…………….read more

Nigerians losing confidence in naira, prefer to keep dollar – Daily Independent

Naira value has fallen significantly at the official and parallel markets. What is responsible for this?

You know, in every operation in each market, there is a season. So, this is a season of naira attrition in retrospect. Election year comes with pressure on that naira, which is why we have seen that premium exists between the official and the unofficial markets. On a fundamental basis, you know, this is just like a symptom, not the cause…………….. read more

e-Naira Will Ensure Fraud-free Transactions, Says CBN – Punch

The Central Bank of Nigeria (CBN) has urged Nigerians, and the business community in particular, to embrace its e-Naira initiative because of its numerous benefits including acting as foolproof against fraudulent transactions. Asaba CBN Branch Controller, Mr Goodwin Okafor, who was represented by Bright Orji, Head of Customer Service, stated this at a sensitization/elightenment for traders at Ogbeogonogo Market in Asaba, Delta State, describing the digital platform as effective as it was accessible, flexible and free of hidden charges………………read more

Again, NERC Set to Review Electricity Tariffs from July 1

Again, the Nigerian Electricity Regulatory Commission (NERC) will from July 1, 2022 review electricity tariffs, about six months after carrying out a similar exercise In a memo marked: “Notice Of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licensees,” the power sector regulator said that the adjustment will cover among others, changes in relevant macroeconomic indices………………..read more

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