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Nigeria in 1min: Economic, Business and Financial Headlines - 050123

Jan 05, 2023   •   by   •   Source: Proshare   •   eye-icon 427 views


The Nigerian Oil Sector in Retrospect - Numerous challenges faced the Nigerian oil sector in 2022. The country’s oil revenues fell drastically due to a decline in production occasioned by crude oil theft and pipeline vandalism. Nigeria failed to take advantage of the high crude oil prices induced majorly by the Russia-Ukraine war. Source CSL Research Read more

Petrol Scarcity May Worsen as NUPENG Accuses Security Agents of Destroying Tankers - The scarcity of premium motor spirit (PMS), also known as petrol, may worsen following a claim by tanker drivers that security agents destroyed products they had lifted from refineries. Source TheCable Read more

2023: Manufacturing Contribution to GDP May Drop from 8.2% – LCCI - The Lagos Chamber of Commerce and Industry (LCCI) has predicted that the contribution of manufacturing to gross domestic product (GDP) may fall from the 8.2 percent recorded in the third quarter of 2022. Source Sun Read more



Spotlight on Palladium as Global Commodity Markets Stay Bullish - As global commodity markets remain bullish in the short term; analysts see palladium as one of several non-oil export opportunities in Nigeria. With global markets preparing for greater diversity in supply chains, the African continent has been identified as a honey pot for rare metals. Source Proshare Research Read more

Monetary Tightening and Fiscal Regulation Invert Nigerian Yield Curves - Nigeria’s fixed income market in August 2022 had the mild pleasure of climbing a seesaw. The month saw yields rise slowly as selloffs kicked with investors swinging toward other preferred investments. Tighter monetary policy pulled interest rates up and bond prices down. Risk-free bond instruments saw negative returns despite the upward adjustment in coupon rates. Source Proshare Research Read more

Investors Gain N33.71bn as NGXASI Advances Further by 0.12%; Overnight Rate Closes Flat at 9.83%; BDC Advances to 743 - The NGX All-Share Index advanced by 0.12% to close at 51,657.56 basis points as against a 0.67% gain recorded previously to close at 51,595.66 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N33.71bn gain. YTD, the NGXASI Stands at +0.79%. Source Proshare Research Read more


Broadcasting Business in Nigeria Threatened by Extremely High Energy Cost - The Broadcasting Organisations of Nigeria (BON) has indicated that poor electricity supply, the continued collapse of the national grid, and the high cost of procuring diesel and Premium Motor Spirit (PMS) are factors responsible for stifling the performance of Broadcast stations in the country. Source Broadcast Media Africa Read more

Oil Prices Rebound After Opening the Year With Steep Losses - Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady. Source Reuters Read more

25 Buyers Invited for Polaris Bank Sale – CBN - The Central Bank of Nigeria has said 25 firms were invited to participate in the sale process of Polaris Bank Limited via the execution of a non-disclosure agreement. Source Punch Read more



Amazon CEO Says Job Cuts to Exceed 18,000 Roles - Inc's (AMZN.O) layoffs will now increase to more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday. Source Reuters Read more



Fed Govt pays N13.89b accrued pensions to last year’s retirees - The Federal Government has released N13.89 billion for the payment of accrued rights for the Contributory Pension Scheme (CPS) to those who retired last year. Source The Nation Read more

Kenya: Shares in Troubled Kenya Airways on Hold for Another Year - Trading in Kenya Airways shares has been suspended for another year, the local stock exchange said Wednesday, as the troubled national carrier battles to return to profitability. Source The Africa Report Read more


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