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Daily Business News Brief – September 2nd, 2022


Foreign Capital Importation Fell to $1.54bn in Q – Thisday
The total value of capital importation into the country declined by 2.40 per cent to $1.54 billion in the second quarter of the year (Q2 2022) compared to $1,57 billion in the preceding quarter, the National Bureau of Statistics (NBS) said yesterday.  However, when compared to the corresponding quarter of 2021, when capital importation was recorded at $875.62 million, it represented an increase of 75.34 per cent…………..Read More

NNPCL’s Total Outstanding Petrol Subsidy Debt Hits N1.04trn, N448.7bn Deducted in July  – Thisday
With total spending on the controversial petrol subsidy now exceeding oil revenue, the Nigerian National Petroleum Company (NNPCL) outstanding debt on what it terms under-recovery hit N1.044 trillion in July.  Data from the National Oil Company (NOC) released late yesterday indicated that in July, the firm also deducted N448.7 billion for the purpose, a record high since the re-emergence of subsidy payment early last year ……….Read More

Nigeria’s Total Debt Profile Now N41.60trn, Says DMO – Thisday
The Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha yesterday confirmed that Nigeria’s total debt profile as at March, 2022 stood at N41.60 trillion.  Oniha said this during her appearance at the ongoing engagement on the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper held by the House of Representatives Committee on Finance yesterday. She attributed Nigeria’s high debt profile to shortfall in revenues and the deficit in the annual budget as approved by the National Assembly. These, according to her, increased the debt stock of the country………….Read More

Households groan under skyrocketing cooking gas, kerosene prices – Punch
The country was thrown into an uproar with newly released reports by the Nigerian Bureau of Statistics that prices of cooking kerosene and cooking gas rose by 99 per cent and 122 per cent respectively, OpeOluwani Akintayo writes  For Mrs Jane Okebiorun, a petty trader at Jakande Estate area of Lagos State, coping with the constantly increasing cooking kerosene prices is becoming unbearable for her and her six-member family………….Read More

Manufacturers borrow N450bn from banks amid rising rate – Punch
The Nigeria National Petroleum Corporation Limited will have the first right of refusal to supply the Dangote refinery with about 300,000 barrels of crude oil per day for the next 20 years.  The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, disclosed this to journalists when he appeared at the 49th Session of the State House Ministerial Briefing organised by the Presidential Communications Team, at the Presidential Villa, Abuja……..…..Read More

Banks lend N3.38tn to firms at single-digit rate – Daily Independent
A 2022 market report by Pierrine Consulting, has revealed that residents of northern Nigeria spend N322 billion monthly on personal care products.  The CEO of Pierrine Consulting, Mr. Seyi Adeoye, said the report was aimed at providing an informed view of the northern market opportunity from consumers’ behavioral dynamics. Additionally, the market value estimations speak to the entire 19 states under the northern market cluster……..…..Read More
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