BUSINESS ROUNDUP: Nigeria’s oil manufacturing drops to new low; Inflation rises to 6 months excessive; Different tales…

Hiya, and welcome to Enterprise Roundup this week. Right here, we carry you highlights of

Hiya, and welcome to Enterprise Roundup this week. Right here, we carry you highlights of occasions that occurred throughout the week -from the capital market to the mainstream enterprise actions, whereas not forgetting the tech/economic system construct up.

Listed here are the Headlines:

  • Nigeria’s oil manufacturing drops to new low
  • Nigeria’s inflation rises to 6 months excessive
  • Nigeria’s Port Harcourt refinery to refine crude from Q1 2023
  • World Financial institution raises Nigeria’s 2022 progress forecast to three.8%

Abstract:

One step ahead, two steps backward. The Nigerian economic system has at all times been in a mercurial scenario. Ripples Nigeria reported how this has affected inflation.

Nigeria’s inflation determine, throughout the week, was reported to hit 15.92%, the very best it ever has within the final six months.

The Nationwide Bureau of Statistics (NBS) introduced that Nigeria’s inflation rose to fifteen.92 per cent in March 2022.

NBS said this in its newest shopper value index, (CPI) revealed on Friday. March’s inflation determine is the very best degree since October 2021 and makes it the second consecutive month of improve within the value of products and providers within the nation.

Maybe, Nigeria is in for an additional spherical of election baits as leaders are starting to push ahead fancy dates to 2023. What did Chief Timipre Sylva say about Nigeria refining oil in Port Harcourt subsequent yr?

The Federal Authorities on Wednesday introduced that the Port Harcourt Refinery would start operations by the primary quarter of 2023.

The Minister of State for Petroleum Assets, Chief Timipre Sylva, who gave the announcement stated the Port Harcourt refinery would have the ability to refine 60,000 barrels of crude oil per day from subsequent yr.

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The contract price for the rehabilitation of the Port Harcourt refinery was put at $1.5 billion. Throughout a one-day facility tour of the Port Harcourt Refining Firm in Eleme Native Authorities Space of Rivers State, Sylva assured that the federal authorities stays dedicated to creating the refinery work.

If the report from the World Financial institution is something to go by, Nigeria is predicted to maneuver few factors ahead by way of progress. However past books and paper slides, how a lot of this progress can this noticed in sensible phrases?

The World Financial institution, throughout the week, issued a recent prediction on Nigeria’s economic system for 2022, elevating its progress to three.8%, up from 2.5% projected earlier within the yr.

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The Bretton Wooden establishment in its January 2022 International Financial Prospects report projected a 2.5 per cent financial progress for Nigeria.

The brand new progress forecast is contained within the World Financial institution’s newest version of its Africa’s Pulse report titled, “Boosting resilience: The way forward for social safety in Africa.”

The oil market is now not yielding. With the continued conflict between Ukraine and Russia, economists had initially thought Nigeria would profit. However the actuality is the alternative. 

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) oil output dropped to a mean of 1.24 million barrels per day (bpd) from 1.25 million in February 2022.

NUPRC disclosed this in its newest crude oil and condensate manufacturing information for March 2022.

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In response to the NUPRC determine, this represents a 0.80 per cent lower from the earlier month — representing the bottom manufacturing capability up to now within the yr.

On NSE ROUNDUP: Meyer leads gainers as buyers splash N22.3bn on 1.2bn shares

Traders on the Nigerian capital market splashed N22.372 billion on 1.247 billion shares in 23,406 offers in 4 days this week.

This surpassed the N10.812 billion which exchanged fingers for 1.137 billion shares in 23,471 offers final week.

The Monetary Sector retained the highest spot as the perfect performing business after buyers traded 975.776 million shares valued at N10.678 billion in 13,097 offers.

Client Items Trade traded 65.187 million shares value N1.752 billion in 2,725 offers, adopted by Providers Trade the place merchants parted with N135.745 million for 42.614 million shares in 1,172 offers.

On the tech scene, Kudi, PAL, Rapido, Opay, Techstar, Umba, Spoilz Video games, Simpu, and Kippa had been a few of the names that made the headlines this week.

Simpu, a Nigerian buyer engagement startup, raised a $1 million pre-seed funding spherical to assist manufacturers ship higher buyer engagement experiences.

Additionally, immediate messaging platform, WhatsApp, throughout the week, launched a brand new function designed to assist customers to affix non-public communities.

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