Summary of Business News Today 12 December 2022

Summary of Business News Today 12 December 2022
Here is Newspaper Summary of Business News today with highlights on debt servicing, franchise industry, oil production, acquisition of Sigma Pensions, Hibiscus export, and global inflation.

Debt servicing to gulp 123% of 2023 revenue

The World Bank has projected that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. This was according to a presentation made by the new World Bank Lead Economi, st for Nigeria, Alex Sienaert, in November 2022, which was obtained by our correspondent.

The document was entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’ The document projected that debt servicing would gulp 100.2 per cent of Federal Government revenue by the end of 2022 – PUNCH.


FG eyes $100bn franchise industry annual revenue

In view of the United States of America’s 2019 Department of Commerce report which projected that Nigeria has the potential of earning $100bn annually from franchising, the federal government has set the ball rolling to position the country as a gateway for franchise development in Africa.

Speaking at the launch of the pilot programme of “Franchising as an Investment Alternative for Lagos MSMEs” in Lagos recently, the Minister of State, Federal Ministry of Industry, Trade and Investment, Ambassador Mariam Katagum explained the government’s plan to tap into the vast population for franchise development – PUNCH.


Oil production hits 1.18mbpd, highest in seven months

Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022, representing the highest output by the country in the past seven months.

Latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission on Sunday showed that the country’s output increased by 171,119 barrels per day in November when compared to what was recorded in the preceding month – PUNCH.


Sigma, First Guarantee merge into Access Pensions

Following the completion of the acquisition of Sigma Pensions and First Guarantee Pension by Access Corporation, both companies have consolidated, merged and rebranded as Access Pensions – GUARDIAN.


FG to Earn $3bn Annually from Hibiscus Export to Mexico

The Comptroller General, Nigeria Agricultural Quarantine Service (NAQS), Dr. Vincent Isegbe, has said the country is expected to earn about $3 billion annually from hibiscus exports to Mexico.

Both NAQS and its Mexican counterpart body, SENASICA, signed a phytosanitary protocol in November to stabilise and grow the export of Nigerian hibiscus flowers (zobo) to Mexico _ THIS DAY


Japan's wholesale inflation near steady at 9.3% as commodity prices ease

Japan's November wholesale prices rose 9.3% from a year earlier, data showed on Monday, a rate of increase that was almost unchanged from the previous month and showed initial signs of an inflation peak amid easing global commodity prices – REUTERS.


U.S. inflation will be much lower by end of 2023, Yellen says

U.S. Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock – REUTERS.

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