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Media Highlights 29-09-2022
(Source: CardinalStone Research, Date: 30-Sep-2022)

 

Global Market News

 

China factory activity ekes out growth in Sept, weakening global demand weighs "" Reuters

China's factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat private manufacturing survey pointed to further cooling as the economy grapples with COVID-19 curbs and softening export demand. Click China's factory, services surveys suggest economy struggling to rebound | Reuters for more.

 

World is 'edging into' a recession, warns WTO chief Okonjo-Iweala - Business-standard

The head of the World Trade Organization (WTO) added her voice to a growing chorus of observers who see the global economy headed into a recession. ...The indicators are not looking good," WTO Director-General Ngozi Okonjo-Iweala said during an interview in Geneva Tuesday. Click World is 'edging into' a recession, warns WTO chief Ngozi Okonjo-Iweala | Business Standard News (business-standard.com) for more.

 

Political News

 

Adeleke wins at Supreme Court, hometown, PDP celebrate "" Punch

Residents of Ede, the hometown of Osun State Governor-elect, Senator Ademola Adeleke, erupted in jubilation on Thursday, as the Supreme Court dismissed a case by an ex-governorship aspirant on the platform of the Peoples Democratic Party, Mr Dotun Babayemi, challenging Adeleke's candidature. Click Adeleke wins at Supreme Court, hometown, PDP celebrate (punchng.com) for more.

 

2023: Atiku, Obi, others sign peace accord as Tinubu is absent "" Premium Times

Presidential candidates of all political parties have signed a peace accord committing themselves to a peaceful campaign for the 2023 election. All the candidates and the national chairman chairmen of their parties signed the accord organised by the National Peace Committee in Abuja on Thursday. Click 2023: Atiku, Obi, others sign peace accord as Tinubu is absent (premiumtimesng.com) for more.

 

Scandal rocks PDP NWC as members return N122.4 million "" The Nation

Barely 24 hours after launching its campaign, the crisis that has hit the Peoples Democratic Party (PDP) escalated yesterday as some members of the National Working Committee (NWC) returned N122.4 million rent stipends paid into their account. Click Scandal rocks PDP NWC as members return N122.4m The Nation Newspaper (thenationonlineng.net) for more.

 

Macroeconomic News

 

Power sector loses N420 billion annual revenue "" Gencos "" Punch

The monthly shortfall in revenue remittances to the power sector stands at N35bn, the Executive Secretary of the Association of Power Generation Companies, Joy Ogaji, said on Thursday. This amounts to N420 billion yearly. APGC is the umbrella body of Nigeria's power generation companies. Click Power sector loses N420bn annual revenue "" Gencos (punchng.com) for more.

 

FG, Indian Firm, others collaborate on deployment of 20 million Gas Cylinders "" ThisDay

The Nigerian National Petroleum Company Limited (NNPCL) and the Indian Oil Company (IOC) are in talks that may see the deployment of about 20 million gas cylinders to enhance the use of Liquefied Petroleum Gas (LPG) nationwide in five years. Click LPG Penetration: FG, Indian Oil Firm, Others to Collaborate on Deployment of 20m Gas Cylinders Nationwide "" THISDAYLIVE for more.

 

Insecurity, others drive up Agric imports to N4.6 trillion "" Punch

Amid an unending insecurity crisis that has negatively impacted farming activities in many parts of the country, the total value of agricultural products imported into Nigeria within the last two years rose to N4.6 trillion, findings by The PUNCH have revealed. Click Insecurity, others drive up agric imports to N4.6tn (punchng.com) for more.

 

Edo government demolish buildings, recovers 1,229 hectares of land "" Vanguard

THERE was anxiety among residents and land owners along the Irhirhi-Obazagbon ""Ogheghe road in Benin city as not less than five bulldozers were sighted demolishing structures and buildings in the area which the state government said it is to make room for the development of a new town project. Click Vanguard News (vanguardngr.com) for more.

 

Import dependence worsening food crisis in Nigeria "” IMF "" Punch

The International Monetary Fund has said that the food crisis currently ravaging Nigeria and other sub-Saharan countries has been exacerbated by over-reliance on imported foods. In a new report titled, ...Africa Food Prices Are Soaring Amid High Import Reliance," the Washington-based lender said staple food prices in sub-Saharan Africa surged by an average 23.9 per cent in 2020 to 22%. Click Import dependence worsening food crisis in Nigeria "” IMF (punchng.com) for more.

 

Banks customer deposit rates to rise to 30% of MPR "" CBN "" Vanguard

The Central Bank of Nigeria, CBN, has indicated that banks would increase interest rates on customers' deposits to between 10% and 30% of the Monetary Policy Rate, MPR. Disclosing this during a virtual media briefing yesterday, the Director of Monetary Policy, Dr. Hassan Mahmoud, explained that the interest rate hikes were in line with the global trend. Click Banks customer deposit rates to rise 30% above MPR - CBN - Vanguard News (vanguardngr.com) for more.

 

States to get $750 million W'Bank loan in December "" Punch

States in Nigeria are to get the first tranche of a $750m World Bank loan by December 2022, The PUNCH has learnt. In the final report for State Action on Business Enabling Reforms, which is available on the World Bank's website, it was disclosed that about $0.5m to $4m would be released to Nigerian states based on certain criteria. Click States to get $750m W'Bank loan in December - Punch Newspapers (punchng.com) for more.

 

 

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