Start your day with information of key news development in Nigeria and around the world courtesy thenewsbeam.com.
Global Market News
Dollar rises following red-hot U.S. inflation– CNBC
The U.S. dollar rose on Tuesday, hitting a fresh high since May 2020 as key inflation data reinforced bets of aggressive monetary tightening and signaled to investors inflation could be at its peak. Click here for more
China’s lockdowns could trigger a logistics snarl that may ‘dwarf’ 2020 and 2021– CNBC
Many goods are stuck in China right now as a result of the Covid lockdowns and it could become a “big problem” for the global economy, according to business consultant Richard Martin. Click here for more
Japan’s Feb machinery orders fall for second month, adding to growth fears – Reuters
Japan’s core machinery orders posted their biggest monthly fall in nearly two years in February, official data showed on Wednesday, dragged down by a steep drop in demand from IT and other service firms to extend their decline into a second month. Click here for more
Political News
UN expresses anxiety over preparation for 2023 election – The Nation
The worry of the world body was among the issues discussed at a meeting in Abuja, yesterday, between the delegation of the UN Electoral Needs Assessment Mission and 18 political parties under the umbrella of the Inter-Party Advisory Council (IPAC). Click here for more
Adamu, Kyari read handwriting on the wall, resign from Senate – Guardian
The sudden resignations of the national chairman of the All Progressives Congress (APC), Senators Abdullahi Adamu and his deputy, Abubakar Kyari from the senate yesterday have been considered a deft move that have saved them from litigations by some lawyers. Click here for more
Macroeconomic News
NBET to secure additional 40MW – The Nation
The Nigerian Bulk Electricity Trading Plc. (NBET), in the consultative forum with industry stakeholders, yesterday moved to secure additional 40MW of grid distributed electricity. Click here for more
High food prices: FG directs release of 40,000mt of grains to Nigerians – This Day
President Muhammadu Buhari has given the go-ahead for the release of 40,000 metric tons of assorted grains to needy Nigerians from the nation’s Strategic Grains Reserve (SGR). Click here for more
‘Manufacturers to face higher pressure over diesel, raw materials’ – The Guardian
With key inflation drivers still under pressure, analysts and members of the organised private sector (OPS) have expressed worry that rising diesel prices and expensive raw materials are notable concerns for local manufacturers this year, especially those in the fast-moving consumer goods segment (FMCG). Click here for more
Nigeria’s oil production crashed by 744,000 barrels in March – OPEC – Punch
Nigeria’s crude oil production crashed by 744,000 barrels in March 2021 when compared to what the country produced in the preceding month of April, figures released on Tuesday by the Organisation of Petroleum Exporting Countries, showed. Click here for more.
LCCI Predicts Nigeria’s debts may hit N45 trillion in Q4 2022 – This Day
According to the President, LCCI, Mr. Michael Olawale-Cole, who spoke at a press briefing on the state of the nation, the country’s debt stock was expected to increase following the federal government’s plan to borrow an additional N1.6 trillion, while the 2022 debt target for domestic borrowing was pegged at N2.57 trillion. Click here for more
President Seeks Senate’s approval to raise 2022 Subsidy payment to N4 trillion – This Day
The Senate yesterday received a request from President Muhammadu Buhari to approve adjustments in the 2022 fiscal framework, including to raise the amount the federal government would expend on fuel subsidy this year to N4 trillion. Click here for more
Japan to support deep blue project with $2.4 million – Guardian
The Japanese government has pledged $2.4 million to support Nigeria’s security infrastructure ‘Deep Blue Project’ to combat piracy in the Gulf of Guinea (GoG)”. Click here for more
‘Manufacturers to suffer shocks in Q2 over aggravated challenges’ – Guardian
With lingering concerns bordering on the rising cost of diesel, logistics, foreign exchange illiquidity, domestic inflationary pressure and weakening purchasing power of consumers, the Lagos Chamber of Commerce and Industry (LCCI) has predicted tougher times for the nation’s manufacturing sector in the second quarter. Click here for more
Company
Union Bank’s gross loans rise to N899.1 billion – Punch
Union Bank has said its gross loans rose by 22 per cent to N899.1 billion as of the end of 2021, from N736.7bn in December 2020. Click here for more
NB Plc to increase export capacity beyond one per cent – Guardian
To improve its foreign exchange earnings, Nigerian Breweries Plc has stated that it plans to improve export contributions to its business beyond the one per cent profile, adding that the strategy had always been to satisfy the domestic market. Click here for more
