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Daily Business News Brief – August 15th, 2022


Stock investors lose N571bn in one week – Punch
Investors lost N571bn at the end of trading on the floor of the Nigerian Exchange Limited last week.  The NGX All-Share Index and market capitalisation of equities listed on the NGX depreciated by 2.09 per cent to close at 49,664.07 and N26.787tn last week.  All other indices finished lower with the exception of The NGX Insurance, NGX Consumer Goods and NGX Growth Indices which appreciated by 6.00 per cent, 3.00 per cent and 1.56 per cent while, The NGX ASeM index closed flat……….Read More
Nigeria’s Domestic, External Debt Service Gulps N15.22trn in 10 Years – Thisday
Nigeria in the past 10 years has spent a whopping sum of N15.22trillion to service its domestic and external debts, data gathered by THISDAY on the official website of Debt Management Office (DMO) has revealed. THISDAY analysis of the DMO numbers showed that domestic debt service contributed 88.7per cent or N13.5trillion, while external debt interest/service contributed 11.35 per cent or N1.73 trillion ($5.3 billion) out of the N15.1trillion total debt services between 2012 and 2021……...Read More
Seven-month cashless transactions rise 41%, hit N210tn – Punch
Cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System, NIBSS.  From January to July 2022, N210.08tn was processed on the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), which explain how cashless transactions are monitored on the NIBSS.  This is N60.73tn higher than the N149.36tn value in the corresponding period of 2021………..Read More
Q1 2022: Insurance Sector Records 6.2% Growth, 15% Market Size Expansion – Punch
The National Insurance Commission (NAICOM), has said that in spite of macro economic challenges which has bedeviled businesses in Nigeria, insurance sector recorded a year-on-year growth rate of 6.2 per cent at the end of March, 2022.  The commission also said the market size of the sector also grew at 15 per cent in the same period, thus standing out as one of the fastest sectoral assets expansion in Nigeria during the period………Read More
Cooking gas price jumps 105% in 12 months – Daily Independent
The average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased by 105 per cent within the last twelve months, findings by The PUNCH have revealed.  This follows an increase from N2200 in August 2021 to N4500 in August 2022, indicating a 105 per cent increase over the period.  The exponential increase in the price of cooking gas also follows a similar trend with other deregulated petroleum products such as kerosene and diesel, which have also recorded significant spikes this year………..Read More
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