Good day, here are the latest business news headlines updates in Nigeria for the week, August 21-27, 2022, on Bizwatch Nigeria.
US, FG Sign Agreement To Return $23m Abacha-loot
The US government has reached an agreement with the federal government to return $23 million in Abacha loot to Nigeria. The agreement was signed on Tuesday at the office of Abubakar Malami, the federation’s minister of justice and attorney-general.
World Bank, US Invest $3bn In Nigeria’s Energy Transition Plan
According to reports, the World Bank and the US Export-Import Bank (EximBank) would invest more than $3 billion in Nigeria’s energy transformation strategy. The pledge was made by the international organizations on Wednesday at Yemi Osinbajo, vice presidentofficial ,’s global launch of the Energy Transition Plan.
Nigeria Imports $11bn Plastics, Pharmaceuticals, Sugar
Data from the International Trade Center show that Nigeria imported plastics, medications, and sugar worth $10.98 billion between 2020 and 2021. The country spent $1.82 billion on sugar goods, $4.21 billion on medicinal items, and $4.95 billion on plastic products during the period under study.
From Mechanic Back To School: How ‘Omo Ibo’ Obinna Helped Tajudeen Back To School
Obinna Gabriel, a youth corper who served in Ayegbami community, Oyo State has narrated how he was able to help a young local dropout, Tajudeen back to school.
Nigeria Retreives N86.2bn Stolen Oil In A Month
In August, various government security organizations working throughout the nation recovered stolen oil worth N86.2 billion. On Monday, it was reported that members of the Nigeria Security and Civil Defence Corps (NSCDC) in Cross River had recovered 16, 000 litres of diesel worth N800 per litre (N12.8 million).
FAAC Allocates ₦954.085b In July To FG, States, LGAs
The Federation Account Allocation Committee (FAAC) has allocated ₦954.085 billion in Federation Account Revenue for July 2022 to the Federal Government (FG), States, and Local Government Councils (LGAs).
Nigerians Now Snub ‘Tokunbo’ For Accidental Vehicles, Here’s Why
Many Nigerians are no longer going for foreign used vehicles otherwise known as Tokunbo, as they now prefer to buy imported accidental ones.This development follows the astronomical rise in the cost of Tokunbo vehicles, which has gone up by at least 100% in the last six months as a result of the new policies on importation of used cars.
Why Artisanal Refineries Cannot Be Legalised -NNPC
The Nigerian National Petroleum Company (NNPC) Limited, has stated that it would not be right for the government to legalise artisanal refineries that operate within the shores of the country, saying they are mere ‘cooking pots’.
REVEALED: Chelsea, Man City, Others Spend £1.5bn On Summer Transfer
Premier League clubs, including Chelsea, Arsenal, and Man City, have so far spent £1.5 billion on their summer transfers. According to sports finance experts at Deloitte, a big four accounting firm, Chelsea, Arsenal, Man City, and 17 other clubs in the Premier League spent the money which is tantamount to $1.7 billion.
Fashola Backs Buhari For Increasing Nigeria’s Debt To N41.6trn
Babatunde Fashola, Minister of Works and Housing, has thrown his weight behind President Muhammadu Buhari, stating that his reason for incurring more debt, such that Nigeria’s public credit facilities have soared to N41.6 trillion is justifiable.
About $3.65bn Abacha Looted Funds Recovered By FG In 24 Years
According to estimates, $3.65 billion in plundered money has been recovered from the late head of state General Sani Abacha during the last 24 years with data acquired from the federal government, the World Bank, and Transparency International, an infographic was created to demonstrate this.
Nigeria’s GDP Grows By 3.54% In Q2 2022 – NBS
According to the National Bureau of Statistics (NBS), Nigeria’s GDP increased year over year by 3.54 percent in the second quarter of 2022. This information may be found in a statement made by Prince Semiu Adeniran, Statistician-General of the Federation and Director-General of the National Bureau of Statistics (NBS).
Relief To Foreign Airlines As CBN Releases $265m
To stop an impending catastrophe in the nation’s aviation industry, the Central Bank of Nigeria (CBN) disbursed $265 million on Friday to airlines that operate there. There have been significant objections and comments over the hundreds of millions of dollars that international airlines operating in the nation earned but were unable to remit home owing to issues with currency shortages.
FG Launches 6year Policy To Boost Agriculture, Investments
To boost agribusiness in the country, the Federal Government (FG) has launched a six-year National Agricultural Technology and Innovation Policy (NATIP) from 2022 to 2027. The six-year policy aims to achieve long-term development of national technological and innovative capacity in order to accelerate import substitution.
British Airways Restricts Agents From Selling Flight Tickets
British Airways (BA) has closed inventory on Nigeria in the Global Distribution System (GDS), resulting in a $464 million loss for foreign airlines, according to the National Association of Nigeria Travel Agencies (NANTA). Susan Akporiaye, President of NANTA, stated this on Friday. A Global Distribution System (GDS) is a computerized network system that is owned or operated by a company and facilitates transactions between travel industry service providers, primarily airlines, hotels, car rental companies, and travel agencies.
