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Daily Business News Brief – March 27th, 2023


Stock investors record N13bn loss in one week – Punch
The Nigerian Exchange Limited closed lower last week as investors took stock of the hike in the Monetary Policy Rate by the Monetary Policy Committee of the Central Bank of Nigeria and continued with their profit-taking… …………. ……………..……..Read More

Deregulation: Brace for N750/Litre Petrol When Subsidy is Removed, Stakeholders Tell Nigerians – Thisday
As the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, stakeholders in the sector have told Nigerians to be ready to pay as much as N750 per litre of petrol at filling stations. This was the highpoint of stakeholders’ interventions during an online workshop, with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After.”…. .. ….. …….. …………….……..Read More

Nigeria hits record net domestic borrowing of N70 trillion _ Nairametrics
Nigeria’s government and private sector debt rose to an all-time high of N70trillion representing a 38% increase year on year. This is according to data from the central bank of Nigeria for the month of February 2023.. .. …. ….. ,…. ………………..……..Read More

Stakeholders seek increased youth investment in stocks – Punch
The Securities and Exchange Commission has expressed concerns on the average age of investors in the capital market and the consequences for the market, Oluwakemi Abimbola reports. Shareholders and other young Nigerians have expressed diverse views on investment in the stock market. This came as the Securities and Exchange Commission expressed concerns about the average age of investors in the capital market and the consequences for the market….. . ….. . … …………….……..Read More

Nigerian Breweries Profit Plunges on FX Losses, OPEX – Thisday
With higher costs in production influenced by double-dight inflationary environment, devaluation of the naira, and high-energy prices, Nigerian Breweries Plc reported decline in profit before tax in financial year ended December 31, 2022. The multinational brewery marker reported a significant increase in revenue but the other financial parameters such as cost of sales, operating expenses and foreign exchange losses impacted the Group’s overall performance in the year under review…… . ….. . … …………….……..Read More

‘Risks to financial stability high’ – Punch
International Monetary Fund chief, Kristalina Georgieva, has warned on Sunday that risks to financial stability has increased following the recent turmoil in the banking sector.
Speaking at the China Development Forum in Beijing, the IMF managing director said she expected 2023 to be another challenging year, with global growth slowing to below 3.0 per cent due to the war in Ukraine, monetary tightening and scarring from the pandemic. She also stressed the need for vigilance. ….. . ….. . … …………….……..Read More

Budget 2023: Fears as oil price drops 3% to $73.87 per barrel – Vanguard
There were fears, weekend, as the price of Nigeria’s premium oil grade, Bonny Light, dropped to $73.87 per barrel, from $76.37, recorded last week, indicating a fall of three per cent.The Federal Government had benchmarked the 2023 budget at $75 per barrel and 1.8 million barrels per day, bpd, including condensate, which Nigeria has the capacity to produce between 300,000 – 400,000 barrels per day, bpd. . ….. . ….. . … …………….……..Read More
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