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Insurance Industry Total Assets Hit N2.3tn In Q3
The National Insurance Commission has disclosed that the total assets of Nigeria’s insurance industry stood at N2.3 trillion at the end of the third quarter of 2022. This was contained in a report in ‘Statistics department quarterly synopsis of the insurance market third quarter, 2022’. The commission stated, “The industry recorded a total asset of…
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NGX Retail Transactions Rise By 10.7%
Data from the Nigerian Exchange has shown that retail transactions in Nigerian Exchange increased by 10.69 per cent. This is an increase to N26.62 billion in the month of November according to the data from the country’s local bourse. The data showed that retail transactions added N26.62bn in the month from N24.05bn in October 2022.…
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Banks’ Earnings Rise To N621bn
Nigerian banks have generated N620.89 billion in the third quarter of this year, Q3’22 from fees and commission income. This represents 21.5 per cent higher than the N510.99 billion they made under the same income line in the corresponding period of 2021. The banks include Zenith Bank Plc, Access Bank Plc, First Bank, Stanbic IBTC…
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Oil Production Hits 1.18mbpd In November
The latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission have shown that Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022. This represents the highest output by the country in the past seven months. Also, the country’s output increased by 171,119 barrels per day in November…
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Net Forex Inflow Falls To 54%
Analysis of monthly economic reports of the Central Bank of Nigeria has shown that net foreign exchange inflow to the economy fell 54 per cent, year-on-year, YoY to $15.86 billion in eight months to the end of August. The decline was driven by a 37 per cent fall in forex inflow into the economy which…
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Cashless Transactions Hit 41.8% In 11 Months
According to new industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria have risen by 41.75 per cent. This is an increase to N318.66 trillion in the first 11 months of 2022. The N318.66 trillion amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals,…
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Nigeria’s Import From Russia Falls By 92%
The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 has shown that only N1.71 trillion worth of goods were imported from Russia in the quarter. This is coming after Nigeria’s imports from Russia crashed significantly, hitting their lowest this year, as the war in Ukraine continues. This was…
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Debt Servicing To Gulp 123% Of 2023 Revenue
The latest projection by the World Bank has shown that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. The projection was made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, in a document entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and…
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FG’s Deficit Spending Rises By 7%
The Central Bank of Nigeria has said that the Federal Government recorded deficit spending of N593 billion in August in 2022. This represents seven per cent higher than the N554.21 billion recorded in the previous month. The increased deficit was driven by a 4.2 per cent, month-on-month MoM, increase in capital expenditure which moderated…
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E-payment Transactions Rise By 52%
Findings from the e-payment data released by the Nigeria Interbank Settlement System showed that the volume of electronic payment transactions in Nigeria rose YoY by 14.8 per cent. This is to 1.06 billion in November 2022 from 922.65 million in the corresponding period of 2021. Also, the value of e-payment transactions rose year-on-year (YoY) by…