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Media Highlights 04-10-2022
(Source: CardinalStone Research, Date: 30-Sep-2022)

 

Global Market News

 

Tax U-turn lifts pound as borrowing costs fall "" BBC

The pound has climbed after the chancellor reversed his controversial decision to scrap the top rate of tax. Click Tax U-turn lifts pound as borrowing costs fall - BBC News for more.

 

Mortgage rates rise sharply as squeeze tightens - BBC

Major mortgage lenders are increasing the cost of home loans, with the average two-year fixed rate now close to 6%, new figures show. Click Mortgage rates rise sharply as squeeze tightens - BBC News for more.

 

IMF to consider $1.3 billion in emergency funding for Ukraine "" Aljazeera

The International Monetary Fund's (IMF) executive board will consider Ukraine's request for $1.3bn in additional emergency funding on Friday as Russia's war against the country continues, according to two sources familiar with the matter. Click IMF to consider $1.3bn in emergency funding for Ukraine | Russia-Ukraine war | Al Jazeera for more.

 

OPEC+ may take back control of the oil market with a major output cut - CNN

Major oil producing states are bracing the world for the biggest cut in oil production since the pandemic. Click OPEC+ may take back control of the oil market this week | CNN Business for more.

 

Political News

 

PDP crisis: BoT convenes emergency meeting to rescue Atiku's campaign "" Punch

Barring any last-minute change of mind, the Board of Trustees of the People's Democratic Party will this week meet to deliberate on the crisis rocking the party. Click PDP crisis: BoT convenes emergency meeting to rescue Atiku's campaign (punchng.com) for more.

 

Anger wells up in APC over party leaders wooing Wike "" Vanguard

Stakeholders of the All-Progressives Congress, APC, in the South-South, especially in Rivers State, including candidates for the 2023 elections, have called on the presidential candidate of the party, Asiwaju Bola Tinubu, and governors of the South-West to stop hobnobbing with Governor Nyesom Wike. Click Anger wells up in APC over party leaders wooing Wike - Vanguard News (vanguardngr.com) for more.

 

Macroeconomic News

 

Debt servicing on Nigeria's Eurobonds rises by 86% "" Punch

The amount spent by Nigeria on servicing Eurobonds and Diaspora bonds has risen by 85.67 per cent between the first and the second quarter of 2022. Click Debt servicing on Nigeria's Eurobonds rises by 86% (punchng.com) for more.

 

Nigeria's crude oil revenue jumps to N11 trillion "" Punch

Nigeria's crude oil revenue jumped to N11tn in the first six months of 2022, according to the latest data from the National Bureau of Statistics' Foreign Trade Statistics for the second quarter of 2022. Click Nigeria's crude oil revenue jumps to N11tn (punchng.com) for more.

 

MPR: Expect higher prices, unemployment, manufacturers tell FG "" Punch

The Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture have warned the Central Bank of Nigeria that the recent increase in base lending rate will trigger higher prices of products. Click MPR: Expect higher prices, unemployment, manufacturers tell FG (punchng.com) for more.

 

REA to leverage mini-grids for energy access expansion "" The Guardian

As part of measures to improve energy access, the Rural Electrification Agency (REA) has unveiled plans to leverage the Africa Minigrids Programme and also complete part of the 1,994 abandoned rural electrification projects scattered across the country. Click REA to leverage mini-grids for energy access expansion "” Business "” The Guardian Nigeria News "" Nigeria and World News for more.

 

Nigeria to benefit from $86 billion global seed trade "" The Guardian

The National Agricultural Seed Council (NASC) has trained seed certification officers in line with the Organization for Economic Cooperation Development (OECD) standards as part of its efforts to ensure the country benefits from the $86 billion global seed trade. Click Nigeria to benefit from $86 billion global seed trade "” Business "” The Guardian Nigeria News "" Nigeria and World News for more.

 

N120 billion CBN intervention: experts seek focus on local meter manufacturing "" Thisday

Various stakeholders in the Nigerian power sector have lauded the intervention of the Central Bank of Nigeria (CBN) over its recent N120 billion intervention to close the wide electricity metering gap in the country. Click N120bn CBN Intervention: Experts Seek Focus on Local Meter Manufacturing "" THISDAYLIVE for more.

 

NUPRC re-launches programme to reduce, convert gas flare for economic use "" Thisday

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has re-launched the Nigerian Gas Flare Commercialization Programme (NGFCP) 2022, to reduce the flaring of the resource and ramp up its deployment for economic use. Click NUPRC Re-launches Programme to Reduce, Convert Gas Flare for Economic Use "" THISDAYLIVE for more.

 

PMI shows private sector rebound despite naira fall "" The Nation

The Purchasing Managers' Index (PMI) report for last month showed rebound in business despite consistent depreciation of the naira. Click PMI shows private sector rebound despite naira fall The Nation Newspaper (thenationonlineng.net) for more.

 

Company News

 

Firm boosts Agric production with over 250,000 oil palm trees "" The Guardian

To tackle the problem of food insecurity in Nigeria, an indigenous firm, Norsworthy Agro Allied Company Limited, in collaboration with the Delta State government, has completed the construction of a multi-billion-naira agro-allied industrial palm plantation built on a 1,400 hectare of land. Click Firm boosts agric production with over 250,000 oil palm trees "” Business "” The Guardian Nigeria News "" Nigeria and World News for more

 

 

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