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Daily Business News Brief | Thursday, June 9th, 2022


Stock Market Down 0.14% on Sell-off in FBN Holdings, 17 Others -Thisday

Trading activities in the stock market of the Nigerian Exchange Limited (NGX) yesterday depreciated by 0.14 per cent, following investors sell-off in FBN Holdings (FBNH) and 17 others stocks.
In summary, the NGX All-Share Index (ASI) declined by 76.90 basis points or 0.14 per cent to close at 53,193.98 basis points from 53,270.88 basis points it opened for trading. ……………….read more

Tier-1 Banks Witnessed Hike in CIR on Inflationary Pressure, Others  – Punch

Against the backdrop of inflationary pressure, Tier-1 banks operating in Nigeria reported a hike in Cost-to-Income Ratio (CIR) in 2021, to underline the harsh operating environment.  But Access Bank Plc, FBN Holdings Plc reported a drop in CIR while other Tier-1 banks, Guaranty Trust Holding Plc (GTCO), United Bank for Africa Plc (UBA), and Zenith Bank Plc reported a hike last year……………..read more

MAN tackles CBN over N1tn low-interest loan – Thisday

Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and other critical sectors. According to them, the loans have structural framework problems and are almost never accessed in banks at five per cent. They added that banks were more open to giving manufacturers loans at their official market rates……………read more

Metered customers rise to 4.7million, registration stalls at 10million – Punch

Electricity distribution companies’ customer registration exercise has been stagnant at 10 million for the past two years, findings by our correspondent showed. Further findings also show that about 47 per cent of registered power users (4.7 million) have been metered.  Statistics sourced from the Association of Nigerian Electricity Distributors indicated that the 10 million registered customers and 47 per cent metered power users were recorded as of the fourth quarter 2021………….read more

Nigeria’s public debt climbs by N2.04tn in Q1 – DMO– Punch

The Debt Management Office said on Tuesday that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021.  This shows an increase of N2.04tn within a period of three months.  The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory…………..read more

Insecurity: Foreign investment in agric sector tumbles by 99% – Daily Independent

Capital importation into Nigeria’s agriculture sector tumbled by 99.23 per cent from $237.83m in the fourth quarter of 2021 to $1.76m in the first quarter of 2022.  This means that there was a 99.23 per cent decline within three months.  This was contained in the Nigerian Capital Importation report for Q1 2022 released by the National Bureau of Statistics……………..read more

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