Nigeria in 1min: Economic, Business and Financial Headlines

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Tuesday, March 29, 2022 / 5:51 AM / By News Aggregator / Header
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PROSHARE ECONOMY

How Soaring Shipping Costs
Raise Prices Around the World – The sea carries more than 80 percent of the
world’s traded goods, most of which sail inside 40-foot-long steel containers
stacked by the thousands atop some of the largest vessels ever built. Source
IMF Read
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Global
Supply Lines Brace for ‘Menacing’ Economic Storm to Widen – Global supply strains
that started to ease in early 2022 are worsening again as headwinds strengthen
from the war in Ukraine and China’s Covid lockdowns, threatening slower growth
and faster inflation across the global economy. Source Bloomberg Read
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Oil
Extends Losses on China Demand Concerns Ahead of OPEC+ Meet – Oil kept falling after
capping the biggest loss in almost three weeks on concern that a virus flare-up
in China will weigh on global demand. Source Bloomberg Read
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Electricity:
NBET Pays GenCos N39bn For January Cycle – The Nigerian Bulk Electricity Trading Plc
(NBET) on Sunday disclosed that it has paid power generation companies (GenCos)
N39 billion for power generated in January. NBET said at the weekend that the
GenCos would be paid another N9 billion from the Power Sector Reform Programme
soon. Source LeadershipNG Read
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PROSHARE MARKETS

Investors Lose
N37.93bn as NGXASI Dips by -0.15% to Open the Week Negative – Equities market closed on a negative note, as
NGXASI depreciated by -0.15% to close at 46,893.86 basis points as against
+0.01% appreciation recorded previously. Its Year-to-Date (YTD) return
currently stands at +9.78%. Source Proshare Markets Read More

Palm Oil Prices to Decline Gradually as Output Rises –
Fitch Ratings expects higher output over the next year to drive a gradual
decline in crude palm oil (CPO) prices, which rose to a record of over USD1,900
per tonne (t) in Malaysia in early March 2022. Source Fitch Ratings Read
More

DMO and CSL Stockbrokers Awareness Seminar on FGN
Securities to hold in Enugu on March 31, 2022 – Debt Management Office
(DMO) in conjunction with CSL Stockbrokers Ltd (CSLS) will again engage key
stakeholders involved in issuance of FGN Securities as well as investors
interested in this asset class in Enugu on March 31, 2022. Source CSL
Stockbrokers Read
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PROSHARE BUSINESS

20 Years After, FG Raises Panel to Review
Nigeria’s Trade Policy – The committee constituted officials from the Federal Ministry
of Industry, Trade and Investment; Nigeria Office for Trade Negotiation;
Nigeria Customs Service; Corporate Affairs Commission, Central Bank of Nigeria;
National Association of Nigerian Traders, among others. Source Punch Read
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BDCs Seek Return to Mainstream FX Business as
Naira Nears N600/$ –
Eight months after the Central Bank of Nigeria (CBN) stopped funding Bureaux de
Change (BDCs) operations, the Association of Bureaux de Change Operators of
Nigeria (ABCON) is seeking the return of its members to mainstream foreign
exchange (FX) business. Source Guardian Nigeria Read
More

Bakers ‘Shutting Down Operations’ Over Hike in
Diesel Price, FX Scarcity – Bakers under the aegis of the Premium Breadmakers Association
of Nigeria (PBAN) say the hike in diesel price and exchange rate volatility has
caused many of its members across the country to shut down their business
operations. Source TheCable Read
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PROSHARE TECHNOLOGY

Nigerians
Drop 24.38 million Gsm Lines in Two Years – NCC – The number of GSM lines
abandoned by Nigerians has grown by 24.38 million in two years, according to an
analysis of industry statistics from the Nigerian Communications Commission. In
January 2020, there were 83.81 million unused lines in the nation. Source Punch
Read
More

Ukrainian
Telecom Company’s Internet Service Disrupted By ‘Powerful’ Cyberattack – Ukraine’s state-owned
telecommunications company Ukrtelecom (UTLM.PFT) experienced a disruption in
internet service on Monday after a “powerful” cyberattack, according
to Ukrainian government officials and company representatives. Source Reuters Read
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PROSHARE MSME

FG Should
Provide Waivers, Special Interventions to Save SMEs – The Federal Government was urged to provide
special interventions to save Small and Medium Enterprises (SMEs) from
collapse. Mr. Ayo Bankole-Akintujoye, the Convener, Lagos SME Bootcamp,
suggested this while assessing the “Rising Cost of Diesel: Implications
for SMEs in Nigeria.” Source Ottoabasi Abasiekong for WebTV Read More