Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of December 15th–21st, 2024.
Lekki Free Trade Zone Boosts Economy With 53 Businesses And 4,000 Jobs
The Lekki Free Trade Zone (LFZ) currently hosts 53 businesses, providing employment to approximately 4,000 workers. This is according to John Zhao, a representative of the China Civil Engineering Construction Corporation (CCECC), who shared the update on Monday. Zhao highlights the zone’s critical role in driving Nigeria’s foreign exchange earnings and enhancing economic growth.
Dangote Refinery Expands Fuel Exports To Three African Countries
In recent weeks, Dangote Refinery has successfully exported Premium Motor Spirit (PMS) to several African countries, including Cameroon, Angola, Ghana, and South Africa, marking a significant achievement for the company.
ATIDI, African Solidarity Fund Sign Deal To Promote Investment, Trade In Africa
African Trade & Investment Development Insurance (ATIDI) and African Solidarity Fund (ASF) have signed a framework cooperation agreement, paving way for further strategic collaboration to promote economic development and mitigate the risks associated with investment and trade in Africa.
Interbank Rates Ease As Signature Bonus Enhances Liquidity
Interbank rates in the money market eased slightly at the start of the week following a moderate inflow of funds and the injection of a signature bonus, which helped improve the balance in the financial system.
Africa Needs $74 Billion To Service Debt in 2024 – AfDB
The African Development Bank (AfDB) reports that African nations will require $74 billion in 2024 to meet their debt servicing obligations. Prof. Kevin Urama, AfDB’s Chief Economist and Vice President for Economic Governance and Knowledge Management, makes this known during the launch of the Debt Management Forum for Africa (DeMFA) in Abuja on Monday.
Nigeria’s Inflation Projected To Hit 35.20% By December Amid Economic Pressures
Nigeria’s inflation rate is expected to climb further, with analysts and investment firms forecasting a year-end figure of 35.20% as persistent price instability continues to grip the economy.
Africa Accounts for 22.76% Of Nigeria’s Foreign Capital Inflow In Q3 2024
The National Bureau of Statistics (NBS) reports that African investors contribute 22.76% of Nigeria’s foreign capital inflow in the third quarter of 2024. This amounts to $285.11 million, underscoring Africa’s significant role in Nigeria’s capital importation.
National Assembly Extends 2024 Budget Timeline To June 2025
The National Assembly approves the extension of the 2024 budget implementation period to June 30, 2025, ensuring uninterrupted fiscal operations and smooth execution of ongoing government projects.
Global Oil Prices Fall Amid Concerns Over 2025 Demand
Global oil prices decline on Friday as concerns about demand growth in 2025 intensify. This trend poses potential economic challenges for countries like Nigeria, which may face heightened financial pressures.
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CBN Approves Weekly FX Purchases Of $25,000 For BDCs During Festive Season
The Central Bank of Nigeria (CBN) grants Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 in foreign exchange (FX) weekly from the Nigerian Foreign Exchange Market (NFEM). This policy addresses increased seasonal demand for FX during the holiday period and remains in effect from December 19, 2024, to January 30, 2025.
