Headline news – First Ideas Limited

Headline news

Nigeria earns twice more from gas than oil in Q1

Nigeria’s gas revenue outpaced its earnings from crude oil, the lifeblood of Africa’s biggest economy, in the first quarter of 2022, in keeping up with a trend that first emerged in December 2020.

Shopping sales hit N9.76tn as COVID-19 curbs ease – Euromonitor

The easing of the COVID-19 restriction measures has led to a recovery in the general sales of new and used goods (shopping) as its value increased year-on-year by 9.3 percent to N9.76 trillion in 2021, a new report shows.

EU plans to ban all Russian oil imports

The European Union has announced plans to totally ban Russian crude oil for the next six months and refined fuels by the end of the year as part of the sixth round of sanctions aimed at putting more pressure on Vladimir Putin over his invasion of Ukraine.

Truckers write Lagos govt, decry harassment by traffic agencies

Truckers under the auspices of the Association of Maritime Truck Owners (AMATO) have written to the Lagos State Government, complaining of the incessant harassment of members of traffic managers in the state.

Subsidy deprives Nigeria of fiscal gain from oil rally – IMF

Nigeria needs to curb fuel subsidy for it to derive fiscal gain from higher oil prices, the International Monetary Fund (IMF) has said. The rise in oil prices was buoyed by the ongoing war between Ukraine and Russia which has also caused a surge in food prices, thereby threatening many economies.

Nigerians cut down on protein as inflation bites

The hike in food prices has forced many Nigerians to take meat and other sources of protein off their menu as the cost of home-cooked meals has jumped in recent months amid shrinking disposable incomes.

NFIU, SEC draft separate regulatory proposals for Nigeria’s crypto market

New rules for the virtual assets service providers (VASPs) are being put together separately by the Nigerian Financial Intelligence Unit (NFIU) and the Securities and Exchange Commission (SEC).

Rents rise for serviced apartments, benefits drop

Inflation and high diesel prices have hit Nigeria’s rental market as tenants in short-let and serviced apartments now pay higher rents but get less services, experts have said.

Cooking gas price rises on Europe’s supply crisis

Cooking gas prices in Nigeria are seen rising further as Russia’s decision to turn off the supply of natural gas to some European countries has triggered a price surge in Europe.

Conoil grows Q1 profit by 31% to N557.2m

Conoil Plc, a marketer of refined petroleum products in Nigeria, has reported a 31 percent increase in profit after tax to N557.2 million in the first quarter (Q1) of 2022 from N423.9 million in the same period of last year.

Union Bank reports 8.8% decline in Q1 pretax profit

Union Bank of Nigeria Plc has released its unaudited financial statements for the quarter (Q1) ended March 31, 2022. The bank’s financial highlights show gross earnings went up by 18percent to N42.9billion (N36.4billion in Q1 2021), driven by strong earning assets from on-lending to key sectors in the Nigerian economy. 

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