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Nigerians ‘spent N3 billion in cinemas for first half of 2019’

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Nigerians spent nearly 3, 124, 026, 959 billion Naira to watch box office movies at Nigerian cinemas between January and June.

News Agency of Nigeria (NAN) reports that the figures are according to data provided by cinemas and gathered by the Cinema Exhibitors Association of Nigeria (CEAN).

The year opened with ‘Aquaman’, ‘Chief Daddy’ and ‘Up North’ sitting on the top three of the chart, with estimated combined earnings of 168, 263, 512 million Naira.

The movies maintained their positions until the fourth week when ‘Glass’ debuted at number one with ‘Aquaman’ taking second place and ‘Chief Daddy’, third booting ‘Up North’ to fourth place.

This led to combined earnings of 91, 409, 100 million Naira which fell to N77.2 million as January closed with Kevin Hart’s ‘The Upside’ kicking ‘Chief Daddy’ to fourth place.

NAN reports that earnings remained low for February, making it the lowest grossing month with a total of N291.8 million.

Top spots were alternated between ‘Alita’, ‘Cold Pursuit’, ‘What Men Want’, ‘Escape Room’ and ‘The UpSide’.

By March, viewership picked up steadily and the earnings were almost doubled from that of February leading to a total of 434, 432, 431 million Naira.

‘What Men Want’, ‘Alita’, ‘Hire A Woman’, ‘She Is’, ‘Us’ and ‘Babymamas’ enjoyed a relatively good run in March but a chunk of the earnings and viewership went to Marvel’s flick ‘Captain Marvel’.

At the beginning of April, ‘HellBoy’, ‘Shazam’, ‘Little’ and ‘Us’ continued to share the top spot with ‘Captain Marvel’ until the release of the much anticipated ‘Avengers: Endgame’.

NAN also reports that with ‘Avengers: Endgame’, earnings from April climbed from 186, 929, 188 million Naira in its third week to 342, 382, 389 million Naira in its final week.’

The month, which is the highest grossing in 2019, closed with estimated total earnings of 734, 151, 060 million Naira due to (a) major boost from Disney’s ‘Endgame’.

In May, there was a massive dip in earnings similar to that experienced in February. With ‘Endgame’, ‘The Intruder’ and ‘Longshot’, it earned a total of 367, 498, 554 million Naira.

The fall in viewership is usual after a global holiday such as Christmas for December/January and Easter for April.

The numbers picked up in June with ‘John Wick’, ‘Godzilla’ and ‘Aladdin’ leading the numbers. They were supported by ‘Anna’, ‘Men In Black’, ‘Dark Phoenix’ and ‘Bling Lagosians’.

June opened with 161, 132, 714 million Naira but closed with 100, 663, 647 million Naira leading to a total earning of 576, 322, 779 million Naira.

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Crude oil prices approach $70 after US attack on Iranian general

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Crude oil prices spiked by 4% on Friday upon news that a top Iranian general was killed in an airstrike by the United States military. 

Brent crude futures, the international benchmark for crude oil, stood at $69.01 per barrel, an increase of 4.17%.

US West Texas Intermediate (WTI) also stood at $63.34 per barrel, a 4% increase.

The Pentagon said the attack was carried out on the order of President Donald Trump to deter “future Iranian attack plans”.

It added that Soleimani was killed because he “was actively developing plans to attack American diplomats and service members in Iraq and throughout the region”.

The airstrike comes days after an Iran-backed militia and its supporters breached the US embassy in Baghdad.

Iraqi Popular Mobilisation Forces (PMF) confirmed that Abu Mahdi al-Muhandis, deputy head of the force, was also among those “martyred by an American strike”.

In September, oil prices increased by 14% after coordinated attacks were carried out on Saudi Arabia’s oil facilities which cut off 5% of global oil supplies.

Working in Nigeria’s good

Although world leaders are holding their breath awaiting Iran’s next action, the situation is working in favour of oil producing nations like Nigeria.

Already, Brent crude price is $9 above Nigeria’s crude oil budget benchmark.

A reprisal attack by Iran could send oil prices as high as $100 as global crude supply could be threatened.

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Sylva: FG making plans for fuel at N97 per litre

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Timipre Sylva, minister of state for petroleum resources, says the federal government is working to make fuel available at N97 per litre, using the compressed natural gas (CNG) as an option to premium motor spirit (PMS).

CNG is a fuel that can be used in place of gasoline, diesel fuel and liquefied petroleum gas (LPG). It is used in traditional gasoline/internal combustion engine automobiles or specifically manufactured vehicles.

Fielding questions from reporters at his office in Abuja on Thursday, the minister said the common man would not notice that subsidy on PMS has been removed when they have CNG as an option.

“If we are thinking of reducing pump price for fuel? I could easily say yes and I’m sure all of you wonder why I am saying that,” he said.

“We are thinking of giving the masses an alternative. Today we are all hooked on PMS, what we want to do going forward is to see that we are able to move the masses to CNG gas.

“CNG unit for unit costs less than even the subsidised PMS. Per litre the subsidised rate of PMS is N145/l. CNG will cost N95 to N97/l that is why I could say we want to reduce the cost of fuel, that way when we are given an alternative Nigerians will not notice when the subsidy on PMS is removed.”

The minister said he is hoping that the petroleum industry bill (PIB) will be passed by the national assembly before May.

According to him, the PIB “has taken us back for too long.”

“We are very ambitious about the PIB and we are hoping that it will pass before May this year which is the first anniversary of this administration and second tenure of this government,” he said.

“We are counting on the excellent relationship between the executive and the legislature but I must say that it is a hope and that is why I am mobilising the support of all of you. We are also mobilising the support of the national assembly and everybody else in the industry.

“Let us build a consensus around the PIB because the PIB has taken us back for too long, it has held us down for too long and we need to get it passed quickly. It is taking us a while to tidy up because we want to take every interest on board.”

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Inflation hits 11.98% — highest in 19 months

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The consumer price index, which measures inflation, stood at 11.98% in December 2019.

This is 0.13 percentage points higher than the 11.85% recorded in November.

This is the highest point the index has reached in 19 months.

“On month-on-month basis, the headline index increased by 0.85 percent in December 2019, this is 0.17
percentage points lower than the rate recorded in November 2019 (1.02%),” the report, which was released by the National Bureau of Statistics on Friday, read.

“The urban inflation rate increased by 12.62 percent (year-on-year) in December 2019 from 12.47 percent
recorded in November 2019.

“The rural inflation rate increased by 11.41 percent in December 2019
from 11.30 percent in November 2019.

“The composite food index rose by 14.67% in December 2019 compared to 14.48% in November 2019.

“Core inflation, which excludes the prices of volatile agricultural
produce stood at 9.33% in December 2019, up by 0.34% when compared with 8.99%
recorded in November 2019.”

According to the report, the rise in the food index was caused by increases in prices of bread, cereals, meat, fish, O
Oils and fats, potatoes, yam and other tubers.

On a year-on-year basis, food inflation was highest in Sokoto (17.75%), Ogun (17.37%) and Plateau (16.75%), while Bayelsa (13.26%), Delta(12.72%) and Bauchi (12.19%) recorded the slowest rise.

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