Equities market dips by 0.14% in week ended June 24
In the trading week ended Friday, June 24 the Nigerian stock market decreased by 0.14percent or N40billion. The market closed the week in red despite four (4) days of positive closes as against one day in red. Except NGX Banking Index (+0.33percent) and NGX Oil & Gas Index (+0.32percent),all other key sectoral.
Petrol scarcity, diesel hike hit schools, parents hard
Many parents and schools in Lagos State are faced with difficult times as the ongoing petrol scarcity and diesel hike bite harder on the economy and social life of citizens. Diesel now sells for over N800 per liter in some parts of the country as against the N165 per liter previously sold. And this is causing widespread worry.
Petrol scarcity, diesel hike hit schools, parents hard
Many parents and schools in Lagos State are faced with difficult times as the ongoing petrol scarcity and diesel hike bite harder on the economy and social life of citizens. Diesel now sells for over N800 per liter in some parts of the country as against the N165 per liter previously sold. And this is causing widespread worry.
Recession hit global streaming market
Global streaming platforms such as Spotify and Netflix are laying off workers and freezing hiring as a means to address the impact of the recession ravaging industries across the world. Netflix laid off 300 workers on Thursday citing declining streaming numbers. Spotify on the other hand has reportedly capped…
Nigeria’s middle class shrinking as prices surge
With the cost of everything from food to stationeries going through the roof, a chunk of Nigeria’s middle class is said to have been wiped out as their purchasing power has taken a dive. A new report by SB Morgen, titled ‘Nigeria’s History of Inflation: A Tale of the
Pensioners hard hit as inflation erodes monthly pay
Pensioners are among the hardest hit by the high inflation rate in Nigeria as soaring prices of goods and services are eating into their fixed monthly pay. Pensioners who spoke to BusinessDay said the value of their monthly pension incomes has gone down by ove
How sesame tumbled as Nigeria’s top non-oil export product
Sesame seeds, which had led non-oil exports in Nigeria for many years, lost its top spot to urea in the first quarter of this year. Data obtained from the National Bureau of Statistics show that sesame seeds ranked the fourth-biggest non-oil export product in the first..
Nigeria’s oil sector looks as robotics adoption picks up
The world is prepping for an oil and gas industry where completely unmanned assets are operated, inspected and maintained with digitisation and artificial intelligence (AI), a message Africa’s biggest oil-producing country is yet to come to terms with.
Electoral offences, entrepreneurship bank bills suffer setback in NASS
The bills seeking to establish the National Electoral Offences Commission and the Electoral Offences Tribunal as well as the Entrepreneurship Development Bank of Nigeria were on Thursday stepped down by the House of Representatives.
Lagos State Government Issues Public Notice on the Chargeability of Capital Gains Tax on Gains from the Disposal of Securities
Gains accruing from the disposal of financial securities of Nigerian Government securities, stocks and shares have enjoyed an exemption from capital gains tax, pursuant to section 30 of the Capital Gains Tax Act (CGTA). Source Lagos State Government Read More
Kerosene, Gas Prices Rise 88% in One Year – NBS
Primary cooking fuels, kerosene and Liquefied Petroleum Gas, otherwise referred to as cooking gas, recorded an 88 per cent price increase within in one year. Source Punch Read More
MOMAN: FG Must Deregulate Downstream to Address Fuel Supply Challenges
As petrol scarcity in Lagos, Abuja, and other cities persists, petroleum products marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have said the most viable solution to the supply and distribution challenges is full deregulation of the downstream oil and gas sector. Source THISDAYLIVE Read More
Domestic and Foreign Portfolio Participation in Equity Trading – May 2022
On a monthly basis, Nigerian Exchange Limited (“NGX”) polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 May 2022, total transactions at the nation’s bourse increased by 195.05% from N205.88billion (about $494.26million) in April 2022 5 to N607.45billion (about $1.45billion) in May 20226. Source NGX Read More
Boris Johnson Announces ‘Preferential Trade System’ for 65 Developing Countries
British prime minister Boris Johnson says his country will support the development of clean energy among Commonwealth nations, announcing a package with a potential to create over 180 000 jobs and cut carbon emissions. Source Africa News Read More
Fuel Scarcity: Marketers Rally Against NNPC’s Monopoly
Oil marketers have urged the Federal Government to put an end to the monopolistic privilege enjoyed by the Nigerian National Petroluem Corporation, NNPC. Source Punch Read More
NLNG Commits to Supplying all LPG Produced for Domestic Market
Nigeria LNG Limited has reiterated its commitment to 100 per cent of its Liquefied Petroleum Gas (LPG) production to the domestic market to support the growth of LPG utilisation in the country and help reduce the health, safety and environmental risks associated with the use of other domestic fuel sources. Source The Guardian Nigeria Read More
More African Central Banks Are Exploring Digital Currencies
Several sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria’s October introduction of e-Naira. Nigeria was the second country after the Bahamas to roll out a CBDC. Source IMF Read More
Reps Demand Integration of NIN to Identify Gaming Customers, Prevent Money Laundry
The House of Representatives has called on the National Lottery Regulatory Commission to ensure that all gaming operators in the country integrate the National Identity (NIN) in their data collection. Source Daily Trust Read More
Mobile Broadband Penetration Hits 83.37m as Impact of Ban on New Sim Wanes
After a drop in mobile broadband penetrating to as low as 75.57 million subscriptions, equivalent to 39.59 per cent penetration in May 2021, following the ban on new sim registration by the federal government, Nigeria’s broadband penetration picked up again, one year after, to reach 83.37 million subscriptions, equivalent to 43.67 per cent penetration in May 2022. Source THISDAYLIVE Read More
Pension Assets Rise 0.7% to N14.2trn
Total Pension Fund assets of the Contributory Pension Scheme, CPS, increased by 0.71 percent Month-on-Month, MoM, to N14.2 trillion in May 2022 from N14.1 trillion recorded in April 2022. Source Vanguard Read More
