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Banks’ Borrowing From CBN Rises By 12%
Data from the Central Bank of Nigeria Financial Statistics for September 2022 has shown that deposit banks’ borrowing from the apex bank rose year-on-year (YoY) by 12 per cent to N2.02 trillion in September 2022, under the Standing Lending Facility (SLF) and Repo lending. The CBN has two short term lending windows for banks namely…
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In Nine Months, Nigerians Spend N2tn On E-bills
According to data from the Nigeria Inter-Bank Settlement System, Nigerians spent N2.18 trillion on electronic bills such as power, PayTV, and other utilities in the first nine months of 2022. This is a 30.84 percent increase from the N1.67 trillion that was spent in the corresponding period of 2021. According to the NIBSS data, this…
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Nigeria’s Special Projects Spending To Rise By 68%
Nigeria’s spending on special projects targeted at stimulating economic growth is projected to rise to N7.7 trillion by 2025. This is about 68.1 percent from N4.58 trillion in 2021. The funding programme will be by sovereign guarantees under a Public-Private Partnership (PPP). The cost is tied to funding projects, including the Federal Capital Development Authority’s…
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Insurers Pay 47.3% Of Premium Income In Q2’22
The insurance companies paid 47.3 percent of all premiums generated as claims in the second quarter of 2022, Q2’22. This is following improved underwriting capacity of the insurance companies. This shows a moderate improvement from Q1’22 where 48.7 percent of all premiums generated were paid as claims. Accordingly, gross premium income increased by 64.9 percent…
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Oil Sector Loses 97% Foreign Investment
According to data sourced from the Nigerian Bureau of Statistics, the foreign investment inflows into Nigeria’s oil sector have dropped by 97 percent. NBS said this in its Nigerian Capital Importation Report for the second quarter of 2022 noting that the inflows of foreign investments into the oil and gas industry which stood at $68.6m…
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Equity Investors Gain N4.15trn In Q3’22
In the last nine months, investors in Nigeria’s stock market have gained over N4.15 trillion. This is coming amidst inflationary pressure which stood at 20.52 percent. On monthly performance, the investors lost over N324 billion in the month of September 2022, as a result of sell-off pressure arising from the rising inflation rate, increased Monetary…
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All-commodity Terms of Trade Rises By 0.11%
The National Bureau of Statistics has disclosed that the All commodity Terms of Trade (ToT) rose quarter-on-quarter (QoQ) by 0.11 percent in the second quarter of the year (Q2’22). This shows a positive growth when compared with the -14 percent decline recorded in Q1 ’22. NBS said this in its All-Commodity ToT reports for Q2’22…
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Banks’ Credit To Economy Up By 2.2%
Findings from the Money and Credit data of the Central Bank of Nigeria has shown that commercial banks’ credit to the economy rose by 2.17 percent to N61.2 trillion in August from N59.9 trillion in July, even as currency-in-circulation. This increased by 0.9 percent to N3.24 trillion in August, from N3.21 trillion in July 2022. …
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FG, States, LGs Share N673.137bn For August
The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion,…
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Customers Pay N45.9b As Account Maintenance Fees
Findings from the fees and commission data has shown that customers of leading commercial banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22). This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021. The…