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Daily Business News Brief – August 30th, 2022

30
Aug

Stock Market Decline on Profit-taking in NB, GTCO – Thisday
The stock market commenced this week on a negative note, dropping by 0.01 per cent as investors’ profit-taking in Nigerian Breweries (NB), Guaranty Trust Holding Plc (GTCO), seven others  undermined the market’s performance.  Specifically, the NGX All-Share index was down by 5.40 basis points or 0.01 per cent to 49,676.75 basis points from 49,682.15 basis points, as the market capitalisation dipped by N2.91billion to close at N26.794trillion from N26.797trillion the stock market opened for trading this week…………..Read More
Dangote to cut sugar import by 40% – Punch
The management of Dangote Sugar Refinery Plc has said it is set to reduce the importation of sugar into the country by 40 per cent. The President, Dangote Group, Aliko Dangote, said in a statement that it was embarking on Phase II of its sugar project, which would cover over 100,000ha to make the sugar plant the largest in Africa, paving the way for employment of over 30,000 youths………...Read More
Families suffer as kerosene price rises by 99% – Punch
Consumers of household kerosene, also known as cooking kerosene, paid 99 per cent more to purchase a gallon of the product in the last one year. This is according to data from the Nigerian Bureau of Statistics, NBS. The statistics agency said the average retail price per gallon of cooking kerosene paid by consumers rose by 99 per cent in July 2022 from N397 in July 2021…………..Read More
Nigeria Pays N2.8trn Petrol Subsidy in 17 Months as H1,2022 Cost Nearly Equals Total 2021 Value – Thisday
Nigeria has paid over N2.802 trillion as petrol under-recovery sums between February 2021 when the payment of petrol subsidy fully resumed and June 2022, a period of 17 months.  However, while the monies paid for fuel subsidy in the whole of 2021 was N1.43 trillion, between January and June of 2022, the country has almost equalled that amount, with subsidy hitting N1.372 trillion in the first six months of this year…………..Read More
‘18.44% ICT Contribution to GDP in Q2, Highest Ever’ – Daily Independent
The Nigeria Labour Congress (NLC) has urged the federal government to urgently review downwards the operating licences of media organisations in the country in response to the prevailing harsh economic condition.  The Nigerian Broadcasting Commission (NBC) recently notified the management of 52 electronic media organisations in the country of its decision to withdraw the licences of 52 media houses for their inability to pay for their license renewal…….…..Read More
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