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Daily Business News Brief – September 9th, 2022


Fuel sales push Nigeria’s foreign trade to N25.84tn – Punch
Increased crude oil sales have pushed Nigeria’s foreign trade by 47.07 per cent year-on-year to N25.84tn in the first half of 2022, according to foreign trade data from the Nigerian Bureau of Statistics.  In the first half of 2021, total foreign trade was N17.57tn, with crude exports at N6.12tn. Total imports for the first half of 2021 was N9.57tn and export was N8.01tn with a trade deficit of N1.56tn…………..Read More

PENGASSAN threatens 30-day shutdown, Nigeria risks N1.37tn loss – Punch
Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta.  Members of the union staged protests in various parts of Nigeria including Abuja, Warri in Delta State, Kaduna and Port Harcourt in Rivers State………...Read More

UBA grows H1 profit by 12.6% to N85.7bn – Punch
Africa’s Global Bank, United Bank for Africa’s profit before tax rose by 12.6 per cent to N85.7bn in the first half of 2022 from N76.2bn recorded in the same period of 2021.  The bank disclosed this in a statement on its audited financial results for the half year ended June 30, 2022………..Read More

Customs seize rice, back economic growth – Thisday
Crude oil prices fell yesterday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred worries of a global economic recession and lower fuel demand.  Brent crude futures fell $1.35, or 1.5 per cent, to $91.48 a barrel earlier , after slipping 3 per cent in the previous session. The contract hit a session low of $91.35, the lowest since February 18, this year……………Read More

Local Oil Refiners Seek CBN, NNPC’s Intervention to Address Funding, Feedstock Challenge – Vanguard
Indigenous oil refiners under the aegis of Oil Refiners Association of Nigeria (CORAN) have appealed to the Central Bank of Nigeria (CBN) to create crude refinery intervention fund similar to the agricultural credit fund or the pharmaceutical fund domiciled at the apex bank to drive effective business operations in the country.  They also called on the Nigerian National Petroleum Company (NNPC) Limited to consider taking equity or grant loans to modular refineries via the provision of reformer and other requirement units to ensure adequate production of petrol based on agreed offtake conditions…………..Read More
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