Telcos risk losing revenue on planned airtime price hike
Telecommunication companies in Nigeria are seen losing revenue if their plans to raise airtime price on the back of rising operating costs materialize. The telecommunication industry has made gains since the beginning of the year, with more than 7 million subscribers.
Tech startups battling rising energy cost, inflation
As Nigeria’s energy crisis continues to bites deeper, technology startups in the country are battling to curtail inflationary pressures eroding profitability margins, according to BusinessDay’s findings. In Africa’s biggest economy, many tech startups are on death throes..
Nigerian banks can absorb $6bn credit losses without breaches – Fitch
Nigerian banks can absorb up to $6 billion of credit losses without breaching minimum regulatory requirements for Capital Adequacy Ratio (CAR), according to Fitch Ratings, a global provider of credit ratings, commentary and research for global capital markets.
Property developers edgy as rising material costs cripple projects
Rising costs in Nigeria are increasingly hitting the construction industry hard, with many projects put on hold and developers and contractors on edge. While households are contending with soaring food prices and energy costs, the construction industry is choking
New Customs valuation system pegs age limit of cars at 9 years
Contrary to the initial agreement to peg the age limit of imported used cars at 12 years, the new vehicle identification number (VIN) valuation system has reduced the age limit to nine years, provoking fresh concern among Nigerians. Given this development, the adoption of the VIN valuation system by the Nigeria Customs…
Rent default rises 20% in 6 months as inflation erodes consumers’ income
Since the last quarter of 2022, the rental market has seen an average of 20 percent increase in the house rents paid by residential housing occupiers at various locations, estate agency practitioners have revealed. The default increase which cuts across various segments of the market – low, middle and high – is a…
Market starts holiday-shortened week on a negative note
Nigeria’s equities market lost N90billion or 0.32percent on Wednesday July 13, the first trading day this week after a two-day public holiday marking this year’s Eid-el-Kabir celebration. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s..
Access Bank Economic Intelligence Unit Forecasts Inflation Rate of 18.51% for June 2022
Access Bank’s Economic Intelligence Unit forecasts headline inflation for June 2022 to rise to 18.51% from 17.71% recorded in May 2022. The faster rise in the general price level is due to several factors. Firstly, imported inflation arising from the ongoing Russia-Ukraine war. Source Access Bank Economic Intelligence Unit Read More
Oil Prices Crash by More Than 7% on Demand Destruction Fears – OIR 120722
The triple whammy of demand destruction, high inflation, and recurrent Covid woes in China sent oil prices crashing this morning, with WTI falling more than 7%. Source Proshare Read More
With 614,000bpd June Underperformance, Nigeria’s Oil Losses Exceed $2bn
Out of the 1.772 million barrels per day crude oil allocated to the country by the Organization of Petroleum Exporting Countries (OPEC) in June, Nigeria was only able to produce 1.158 million bpd, the latest Monthly Oil Market Report (MOMR) by the organisation has indicated. Source THISDAYLIVE Read More
Oil Edges Higher; Market Wary of U.S. Inflation Data
Oil edged up on Wednesday, a day after it fell through $100 a barrel for the first time since April, while traders looked towards U.S. inflation data that could weaken the market. Source Reuters Read More
H2, 2022: ASHON Chairman Urges Investors to Take Sound Investment Decisions and Risk Management
The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sam Onukwue, has urged investors to take advantage of opportunities that abound in the Nigerian financial market despite the continuous uncertainty. Source ASHON Read More
The Nigerian Financial Market H1:2022 Review and H2:2022 Outlook – Deeper into the Rabbit Hole
Drawing the curtain for the first half of 2022, the domestic bourse sustained the positive momentum from 2021 with a YTD return of 21.3% – outperforming our bull case projection of 13.7%. Source Afrinvest Read More
Manufacturing Records Second Contraction in Two Months – Report
Reports released by the CBN said, the Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, stated that, “Continued interventions especially in growth enhancing sectors is, thus, critical to sustain momentum in economic activity and stimulate aggregate demand. Source Punch Read More
IATA: Africa’s Aviation Sector to Lose $0.7bn This Year
The International Air Transport Association (IATA) says Africa’s aviation sector could lose about $0.7 billion in 2022 due to slow COVID-19 vaccination rates. Source TheCable Read More
Nigeria Loses N130bn Annually as Foreigners Take Over 90% Freight Forwarding Jobs
From Available Indications An Estimated 10,000 Indigenous Freight Forwarding jobs are now at stake as oreign shipping lines may have taken over freight forwarding businesses in the country. Source The SUN Read More
NNPC’s N200b Initial Capital Raises Stakes on Oil & Gas Investments
The Nigerian National Petroleum Company (NNPC) Limited, now a Companies and Allied Matters Act (CAMA)-regulated enterprise, was floated with an initial capital of N200 billion to provide better returns to shareholders, enhance oil industry operations and improve Nigeria’s revenue base. Source The Nation Read More
U.S. Treasury Seeks Information on Digital Asset Risks
The U.S. Treasury on Tuesday said it was seeking comment on the on the risks and opportunities posed by digital assets as it seeks to prepare a report for President Joe Biden on the implications of developments such as cryptocurrencies. Source Reuters Read More
Banks Must Seek Approval for e-Payment Product Development, says CBN
The Central Bank of Nigeria (CBN) has issued a notice of warning to deposit banks to ensure full compliance with the e-payment product guidelines. The Apex bank noted that ignoring the rules guiding e-payment product development will henceforth attract sanctions. Source TechEconomy Read More
FIRS, JTB Commence ‘Full-Scale’ Enforcement on VAIDS Defaulters
The Federal Inland Revenue Service (FIRS) says it has commenced a “full-scale” enforcement on defaulting taxpayers who did not leverage on the voluntary assets and income declaration scheme (VAIDS). Source TheCable Read More
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