Business

National Bureau of Statistics, NBS, has disclosed that Nigeria spent N1.51trillion on the imports of premium motor spirit, known as petrol, in the first quarter of 2022. This was disclosed in the Foreign Trade in Goods Statistics report of the NBS. According to the reports, this was 25.54 per cent of the total imports for this quarter, and an increase of 17.05 per cent when compared to the N1.29trillion spent […]

The World Bank has ranked Lagos ports as 358th out of 370 ports assessed globally. This is according to the latest Container Port Performance Index 2021 report. According to the reports, the assessment was on ports with a minimum of 20 valid port calls within the 12-month period of the study.

Nigeria attracted a total of $1.57 billion in capital inflows in the first quarter of 2022, falling by 28.1% compared to $2.19 billion recorded in the previous quarter. According to the National Bureau of Statistics, Nigeria’s capital importation declined by 17.46% from $1.91 billion received in Q1 2021. The largest amount of capital importation by type was received through Portfolio Investment, which accounted for 60.87%.

The Nigerian exchange posted losses in three consecutive trading sessions. The All-share Index depreciated by 0.03% from 52,990.28 basis points to close at 52,974.15 basis points. In the same vein, the market capitalization also lost 0.03% to close at N28.55 trillion.

The Nigerian Exchange Limited has said it will continue to support its employees with necessary training and career development programmes. Chief Executive Officer of NGX, Temi Popoola, who stated this during an event on Tuesday, commended the Institute of Chartered Accountants of Nigeria, ICAN, for its leading role in producing world-class chartered accountants and enhancing ethical standards in the interest of the capital market and the Nigerian economy.

Central Bank of Nigeria, CBN, has agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. According to CBN, the decision followed the resolution of the Monetary Policy Committee to increase benchmark interest rate to 13 per cent from 11.5 per cent.

The International Monetary Fund has warned that debt servicing may gulp 100 per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation. IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic Outlook report on Monday in Abuja. According to Aisen, based on a macro-fiscal stress test that was conducted on Nigeria, interest […]

The Nigerian Exchange started the trading week bearish, on the back of three consecutive days of gains from last week. The All-share Index depreciated by 0.58% from 54,085.30 basis points to close at 53,772.14 basis point. Market Capitalization also lost 0.58% to close at N28.99 trillion, losing approximately N169 billion worth of capitalization into the market in one day.

Crude oil price rose to over $121 per barrel as the increasing price of diesel, persists in Nigeria, with the average cost of the product selling for N780 per liter. The international benchmark, Brent crude, hit $122.20 per barrel, the highest in months and about a $100 per barrel increase from March 2020, representing an increase of $120.50 per barrel that it sold on Monday. The high cost of the […]