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Screenshot of chart showing NGX performance in 2022 (Image: NGX Group)

The NGX Industrial index also performed well, Speaking to Nairametrics, Onukwue stated
growing by 19.67% or 394.94 basis points to that the world is still reeling from shocks in geo-
close at 2,403.24 index points from the opening politics, energy and economics, with soaring
figure of 2,008.30 in January. food and energy costs fuelling the highest rates
Despite the positive performance in 2022, the of inflation since the 1980s in many countries.
outlook for the global economy in 2023 is uncer- He added that global inflation, increase in inter-
tain due to ongoing geopolitical tensions and the est rates, global recession, and reduction in pur-
ongoing effects of the COVID-19 pandemic. chasing power will all have persistent impacts
According to Sam Onukwue, the Chairman and shocks on the Nigerian economy in 2022
of the Association of Securities Dealing Houses and beyond.
of Nigeria (ASHON), the oil and gas indus- Despite these challenges, the banking sec-
try will continue to thrive with the expected tor in Nigeria will continue to flourish and the
increase in international oil prices, but other growth of electronic transactions will further
sectors may face challenges. improve bottom lines, Onukwue said. ™

PERFORMANCE
Nigeria set to achieve self-sufficiency in

motor fuel production in 2024, Sylva says

NIGERIA NIGERIA’S Minister of State for Petroleum
Resources Timipre Sylva said on January 9 that
the country is on track to become self-sufficient
in the production of refined fuels next year.
The primary factor driving Nigeria’s shift
from dependence on imported petroleum
products to self-reliance will be the launch of
the Dangote Refinery, Sylva explained. He was
speaking at the 16th session of the PMB Admin-
istration Scorecard Series (2015-2023), an ongo-
ing cycle of discussions hosted by the Federal
Ministry of Information and Culture to high-
light the achievements of President Muham-
madu Buhari.
The minister noted that the Dangote Refin-
ery, which will be the largest single-train oil-pro- Nigeria is still dependent on imported petroleum products (File Photo)
cessing plant in the world, was scheduled to
come on stream before the end of 2023. The full capacity of 570,000 bpd and ramp up gradually.)
design capacity of the refinery, which bears a This project will benefit the public directly
price tag of $25bn, will be 650,000 barrels per even though it is being led by the privately
day (bpd), Sylva stated. (According to previous owned Dangote Group, since the state is a share-
reports, the facility will begin operating at a holder, he stressed.

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