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Daily Business News Brief- October 7th, 2022


Fuel scarcity: NNPC warns against panic buying, blames flooding – Nairametrics
Nigeria’s National Petroleum Company Limited warned Nigerians in the federal capital and flood-ravaged areas in Kogi state to desist from Panic buying, citing that it has enough PMS in stock.
 This was disclosed in a statement by NNPC on Thursday evening.  They blamed the queues in the North Central area on flooding affecting delivery…………Read More

Despite Economic Hardship, Airfares Hike, Nigeria Records High Outbound Flights – Thisday
Despite the outrageous fares that foreign airlines charge Nigerian passengers, coupled with the economic hardship in the country, Nigeria still records high outbound flights, THISDAY investigation has revealed.  Some foreign airlines operating in Nigeria, who confirmed the development, said many citizens were still leaving the country adding that they recorded full load-factor in their outbound flights in recent times………….Read More

NGX Group Announces Kwairanga as New Chairman – Thisday
The Nigerian Exchange Group Plc (NGX Group) yesterday announced that its Board has appointed Umaru Kwairanga as the new Chairman at a meeting held in Lagos.  Prior to Kwairanga’s appointment as the substantive chairman, Mr Ikpobe Apollos, a Non-Executive Director of NGX Group was on Friday, September 30, 2022 elected as the Acting Chairman……….Read More

Nigeria ranks low on budget per capita among countries in Africa – Punch
Among the 20 largest economies in Africa, Nigeria currently runs the fourth lowest budget per capita, better only than the Democratic Republic of Congo, Sudan, and Ethiopia. Budget per capita is an indicator of how much government expenditure impacts each individual in a country’s population. It is calculated by dividing a country’s budget by its population in a given fiscal year..   ………….Read More

Stock investors record N860bn one day loss – Punch
The losses recorded by Airtel Africa, MTN Nigeria Communication, Nigerian Exchange Group, and others dipped the market capitalisation by N860bn at the close of trading on Thursday.  The market furthered its losing streak on Thursday by 3.23 per cent or N860bn, following sell offs in Airtel Africa Plc and 22 others.  Airtel Africa led the laggards after its share price moved down from preceding day from N2,000 to N1,800, losing N200 or N10 per cent……….…..Read More
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