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Media Highlights 29-09-2022
(Source: CardinalStone Research, Date: 29-Sep-2022)

 

Global Market News

 

U.S. goods trade deficit shrinks on weak Imports; Q3 growth estimates raised "" Reuters

The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing domestic demand as the Federal Reserve aggressively tightens monetary policy to tame inflation. Click U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raised | Reuters for more.

 

Bank of England intervenes in bond market after historic sell-off - Reuters

ot The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government's so-called mini-budget. Click Bank of England delays bond sales, launches temporary purchase program (cnbc.com) for more.

 

World Bank President Malpass warns of stagflation in Europe - Business-standard

World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation. Click World Bank President Malpass warns of stagflation, recession in Europe | Business Standard News (business-standard.com) for more.  

 

Political News

 

4,000 APC Members Join PDP in Kwara "" This Day

Ahead of next year general election, about 4,000 members of All Progressives Congress(APC) in Kaiama and Ilorin west local government councils of Kwara State have dumped the party for the opposition Peoples Democratic Party(PDP). Click 4,000 APC Members Join PDP in Kwara "" THISDAYLIVE for more.

 

Obaseki did not endorse Peter Obi "" Aide "" Punch

The Edo State Governor, Godwin Obaseki, did not endorse the presidential candidate of the Labour Party, Peter Obi, for the 2023 presidential election, the Special Adviser to the Edo State Governor on Media Projects, Crusoe Osagie, said Wednesday. Click Obaseki did not endorse Peter Obi "" Aide (punchng.com) for more.

 

2023: PDP will win South-East "" Okowa "" Punch

The People's Democratic Party's vice-presidential candidate and Governor of Delta State, Ifeanyi Okowa, has said that the PDP will win the five South-East states of the country. Okowa, who was speaking during the inauguration of the presidential campaign council on Wednesday, said the calibre of people that gave their support at the stakeholders meeting in Enugu, gave him the assurance. Click 2023: PDP will win South-East - Okowa (punchng.com) for more.

 

Macroeconomic News

 

Nigeria loses 37% oil rig capacity "" Punch

Nigeria's ability to increase its crude oil production dropped by 37% in less than three years, according to industry statistics. Data from the Organisation of the Petroleum Exporting Countries' September 2022 Monthly Oil Market Report revealed that the country's oil rig count dropped to 10 in August 2022, from 16 recorded in 2019. Click Nigeria loses 37% oil rig capacity (punchng.com) for more.

 

Banks' credit to economy up 2.2 % to N61.2 trillion "" Vanguard

Commercial banks' credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation, CiC, increased by 0.9 percent to N3.24 trillion in August, from N3.21 trillion in July. Click Banks' credit to economy up 2.2 % to N61.2trn - Vanguard News (vanguardngr.com) for more.

 

Dollar hits N735/$ as the political campaign begins "" Punch

The dollar hit N735 in the parallel market on Wednesday as political campaign activities began in the country. According to Bureau De Change operators in Lagos and Abuja, dollar prices had increased from N718 "" N720 to N728-N735 in the last one week. A BDC operator at Amuwo-Odofin in Lagos, Bala Usman, said, ...It is N728. I can't go less than that." . Click Dollar hits N735 as political campaign begins (punchng.com) for more.

 

Indian rice exporters to Fed Govt: Extend export ban deadline "" The Nation

Indian rice exporters have urged the Federal Government to extend the export ban deadline as their stocks are still queuing at several ports waiting to be exported. The exporters are discontented as uncertainty looms large as to whether they will be able to send their consignments amid a government ban on rice export. Click Indian rice exporters to Fed Govt: Extend export ban deadline The Nation Newspaper (thenationonlineng.net) for more.

 

CBN: N3.7 trillion Out of N9 trillion Intervention Funds Recovered, N5 trillion not yet due  "" This Day

The Central Bank of Nigeria (CBN) yesterday clarified that out of the N9 trillion interventions it had disbursed in critical sectors of the economy, about N3.7 trillion had so far been repaid by beneficiaries, while about N5 trillion was not yet due for recovery. Click CBN: N3.7trn Out of N9trn Intervention Funds Recovered, N5trn Not Due "" THISDAYLIVE for more.

 

Sugar production: FG plans $350 million savings, 100,000 jobs "" Punch

The Federal Government, on Wednesday, approved Phase II of its 10-year National Sugar Masterplan with the goals of saving $350 million yearly and creating 110,000 new jobs. The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this to State House correspondents shortly after the weekly Federal Executive Council meeting presided over by the President. Click Sugar production: FG plans $350m savings, 100,000 jobs (punchng.com) for more.

 

NNPCL to open 740 LPG distribution centres "" The Nation

The Nigerian National Petroleum Company Limited (NNPCL) yesterday said it would in the next three years, deploy 740 Liquid Petroleum Gas (LPG) cooking gas Micro "" Distribution Centers (MDCs), 37 Filling Plants and skids in its 541 stations. Its Group Chief Executive Officer (GCEO), Malam Mele Kyari, broke the news at the India-Nigeria LPG Summit in Abuja. Click NNPCL to open 740 LPG distribution centres The Nation Newspaper (thenationonlineng.net) for more.

 

 

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