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Daily Business News Brief |Tuesday, June 7th, 2022


Stock Market Crosses 53,000 Basis Points to Begin Week on Positive Note – Thisday

Starting the week, the stock market of the Nigerian Exchange Limited (NGX) yesterday extended gains from prior trading session as the All-Share Index crossed 53,000 basis points over renewed bargain hunting by investors. ……………..read more

Amid Cash Crunch, NNPC Records $.92bn Project Funding Deficit in Four Months – Thisday

The Nigerian National Petroleum Company Limited (NNPC) recorded $920 million (about N386.4 billion) deficit in its planned funding for priority projects in the first four months of 2022, latest data from the national oil firm has shown. …………..read more

Crude oil exports jump by 194%, hit N5.6tn in three months – Punch

Amid increasing calls for diversification of the economy, Nigeria’s crude oil exports jumped to N5.6trn in the first quarter of 2022, reflecting nearly 200 per cent increase when compared to the same period in 2021.  The figures, contained in the Foreign Trade Report of the National Bureau of Statistics, said Nigeria’s total merchandise trade stood at N13 trillion in the first quarter of 2022, indicating an increase of 11.05 per cent over the value recorded in the fourth quarter of 2021 and 65.41 per cent higher when compared to the value recorded in the first quarter of 2021…………..read more

E-payment: Nigerians’ spending on utility bills soars by 387% – Punch

The amount Nigerians spent on electronic bills such as power and other utilities grew by 387.19 per cent from N189.50bn in the first four months of 2019 to N923.24bn in the corresponding period of 2022, indicating an increase in the use of e-channels by Nigerians.  According to the Nigeria Inter-Bank Settlement System, e-bills payment includes everyday bill payments and is an accessible and seamless account-based e-bill payment channel, with online real-time transaction reporting, biller notification, and easy reconciliation…………..read more

BDCs can help CBN end multiple exchange rates – ABCON boss – Daily Independent

The President, the Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has urged the Central Bank of Nigeria, CBN, to use the Bureaux De Change operators to end multiple rate practices and usher in stability in the foreign market.  He noted that the CBN’s operational manual defined BDCs as small retail end institutions licensed to carry on the business of selling Personal Travel Allowances, Business Travel Allowances, school fees and medical bills payment abroad, among other roles, at the criteria retail end of the foreign exchange market……………..read more

FDI crashes by 78% in three months amid worsening dollar crisis – Punch

Foreign Direct Investment in Nigeria has crashed by 78 per cent in three months amid a worsening foreign exchange crisis in the country.  Figures obtained from the National Bureau of Statistics showed that the country’s FDI fell from $698.78m in the fourth quarter of last year to $154.97m in the first quarter of 2022, indicating a decrease of 78 per cent of $543.81…………..read more

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