Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week, of 9th – 15th October 2022.
MTN And Airtel Increase Cost Of Data For Their Users
MTN Nigeria Communications Plc and Airtel Nigeria, have both increased the prices for their internet data services. The telecommunication firms increased their data cost by about 10 per cent. BizWatch Nigeria understands that the 10 per cent hike is still less than the 40 per cent increase in the cost of calls, SMS, and data, which was initially proposed by telecommunication companies under the aegis of the Association of Licensed Telecommunication Operators of Nigeria (ALTON).
Insurance Industry’s Six-Month Pay Peaks At N174bn
In the first half of 2022, the gross claims paid by the nation’s insurance providers to customers increased by 0.2%. This information was provided by the National Insurance Commission in its “Bulletin of the Insurance Market Performance” report for the first financial quarter of 2022.
FG Proposes N854.8bn For Pensions In 2023
In the budget for 2023, the Federal Government proposes to spend N854.8 billion on pensions, gratuities, and retiree benefits. This information was provided by President Muhammadu Buhari at the Friday joint session of the National Assembly in Abuja while he was introducing the 2023 appropriation bill.
EXCLUSIVE: How Nigerians Can Leverage Selar To Create Wealth – Founder, Douglas Kendyson
Amid the rising inflation and unemployment rates in the country, wealth creation has never been more important for Nigerians. Inspired by the challenges creators are faced with, Douglas Kendyson floated Selar, an eCommerce store builder designed to monetise users’ knowledge, content, or skill digitally. Creators on Selar typically sell ebooks, courses, training, e.t.c.
FG, Huawei To Sign Agreement To Increase Electronic Border Surveillance
The Federal Government (FG) says it is “on the verge” of reaching an agreement with Huawei for electronic border surveillance. The minister of interior, Rauf Aregbesola, stated this in Abuja during a forum hosted by the News Agency of Nigeria (NAN). According to Aregbesola, the electronic surveillance posts will strengthen existing immigration checks and increase the country’s security.
Nigeria’s Non-Oil Export Hits $2.6bn In Six Months
According to Dr Ezra Yakusak, Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nigeria’s non-oil export industry generated $2.6 billion in revenue in the first half of 2022. To expand the non-oil export sector of the economy, he announced the Federal Government’s commitment to the start of several programs and initiatives. To expand non-oil export in the nation, NEPC “will not slack on its oars to guarantee that every section of society is brought along,” he added.
NNPC To Make Final Investment Decision On $25bn Gas Pipeline Project
The Nigerian National Petroleum Company Limited (NNPC), has promised to make Final Investment Decision (FID) on the $25 billion Nigeria-Morocco gas pipeline project in 2023. In an interview with Bloomberg, where this promise was made, the Group Chief Executive Officer of the NNPC, Mallam Mele Kyari assured that the project is on course and remains one of the most critical for the company.
NGX Targets $20bn Tech Sector With Specialised Board
The Nigerian Exchange Limited (NGX) has stated that it is aiming to target the $20 billion technology sector with the specialized listing board on the exchange as part of its effort to increase the variety of the capital market by reframing it as an appealing destination for technology businesses.
BUA Cement Drives Stock Market Up By N116.05bn
Following the Eid-ul-Mawlid holiday, trading resumed yesterday, and the Nigerian Exchange Limited (NGX) stock market saw a market capitalization increase of N116.05 billion, mostly due to a surge in BUA Cement Plc. The market capitalization increased to N25.908 trillion, increasing investor value by N116.05 billion. The All Share Index (ASI) increased by 214.49 basis points, or 0.45%, to end at 47,55.92 basis points.
FG Rules Out Plan To Sell Power Transmission Company
The Federal Government, FG, has ruled out the plan to sell the Transmission Company of Nigeria, TCN. BizWAtch Nigeria understands that there had been media reports claiming that there was a plan to privatise the TCN. Enjoining the public to dismiss statements regarding a non-existing plan to privatise the government-owned power firm, the Federal Ministry of Power, in a statement, said some of the reports falsely claimed that the reported privatisation was going to take place in the coming months.
CBN Lists Treasury Bills Prices at 13% To Investors
The Central Bank of Nigeria (CBN) auctioned long-dated Treasury notes to fixed-interest income investors at 13% in order to increase subscription levels at the main market auction held on Wednesday. Spot rates and yields on government securities have had to be repriced as a result of limited market liquidity and interest rates that have crept up to 14% by 400 basis points. To offset their exposure to the growing inflation rate, investors are requesting higher rates. However, the naira has continued to decline along with the inflation rate.
Naira Reclaims Value As Nigeria Mulls Eurobond Raise
Although still not spectacular for a nation that feeds more than 200 million people mostly through imports, the Nigerian naira gained value in the official window on Wednesday. The Naira was exchanged at the Investor’s and Exporters’ window for the dollar at N440.67 as the pressure on dollar demand lessened. In comparison to Tuesday’s exchange rate of N441.17 to the dollar, the local currency increased by 0.11 per cent.
BREAKING: Dangote Reaches Agreement With Kogi Govt On Obajana Cement Plant
Dangote Industries and the Kogi State Government have reached an agreement to reopen Obajana Cement Plant. Disclosing this development, the Minister of Police Affairs, Mohammed Dingyadi said Ibrahim Gambari, the Chief of Staff to President Muhammadu Buhari supervised the agreement.
Aso Rock To Consume Internet Worth N14bn
The Presidential Villa aims to spend N14.8bn, which is part of the estimated expenditures for the Federal Government in the 2023 budget, on things like Internet service, stationery, and phone expenses, among other things. The budget included N67.1 million for the Villa’s internet connection, while N79 million was set aside for stationery and computer supplies.
BREAKING: Sanwo-Olu Secures Approval Letter For Lekki Airport
Governor Babajide Sanwo-Olu of Lagos, on Tuesday, October 11, 2022, received the approval letter for the construction of Lekki airport. Sanwo-Olu received the letter from Hadi Sirika, the Minister of Aviation, at the Ehingbeti Lagos Economic summit. Speaking at the event, Sirika said the airport will link Nigeria to the world, and open Lagos to more international economic partnerships.
