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Home Sectors BUSINESS & ECONOMY Latest Business News Roundup In Nigeria October 23rd – 29th 2022

Latest Business News Roundup In Nigeria October 23rd – 29th 2022

Top Business Stories For The Week

Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week of October 23rd-29th, 2022.

FG’s Income From Spectrum Sales To Hit $1.09bn

The sale of four 5G spectrums is expected to generate at least $1.09 billion (N476 billion) for the Federal Government of Nigeria through the Nigerian Communications Commission (NCC). This comes after the NCC said that it has set the reserve price for two more 5G spectrum licenses at $273.60 million each in a new “Information Memorandum on 3.5 GHz Spectrum Auction.”

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Nigerians Lament As Kerosene Price Soars By 118%

Poor Nigerians may no longer be able to afford household kerosene due to the commodity’s price increase of 118% over the previous year. The average retail price per litre of the product increased by 118% to N947 from N434 in September 2021, according to the Nigerian Bureau of Statistics’ (NBS) National Household Kerosene report for September.

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FG Accelerates Oil Theft Probe, Resumes Prosecution

The Federal Government has reportedly stepped up its probe into the massive crude oil theft in the Niger Delta because anybody found guilty will face punishment, according to a statement by the Nigerian National Petroleum Company Limited.

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Buhari Orders Minister Of Water Resources To Create Flood Prevention Plan

President Muhammadu Buhari has given Suleiman Adamu, Minister of Water Resources, 90 days to develop a comprehensive plan of action for flood disaster prevention in Nigeria. According to a statement issued on Monday by presidential spokesman Garba Shehu, the President’s directive was conveyed to the minister in a letter signed by his Chief of Staff, Ibrahim Gambari.

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Nigeria Loses Over Three Million Oil Barrels Monthly – FG

The Federal Government stated on Monday that its newest results found that about 1.2 million barrels of crude oil were constantly shut in by producers across various oil wells in the Niger Delta owing to the industry’s rampant oil theft. According to current data, the volume of oil lost to theft in Nigeria is around 100,000 barrels per day, equating to an estimated three million barrels per month. At a press conference in Abuja, the government revealed through the Nigerian Upstream Petroleum Regulatory Commission that the country’s gas reserves had increased to 208 trillion standard cubic feet.

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Nigeria’s External Debt Rises To $40bn Under Buhari

Nigeria’s total external debt has increased from $10.32 billion on June 30, 2015, to $40.06 billion on June 30, 2022. According to the Debt Management Office’s (DMO) external debt stock statistics, this represents a 288.18 percent growth in seven years.

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Digital Industry Created Jobs, Increased Revenue – NCC

Umar Danbatta, executive vice chairman of the Nigerian Communications Commission (NCC), said that the country’s adoption of digital technologies has allowed for greater economic diversity and revenue generation. Danbatta stated this on Monday at the Abuja Cyberchain Conference.

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IPMAN Explains Why Nigeria Is Experiencing Petrol Scarcity

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has explained that Nigeria is currently experiencing petrol scarcity due to an increment in private depot prices. According to Dele Tajudeen, the Chairman of IPMAN, Western Zone, there had been an increase in the depot price of fuel from N148.17 per litre to N178 per litre since last week.

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NGX-ASI Strengthens By 73 Basic Points

The NGX-ASI rose 73 basis points to close at 44,788.14 points on Tuesday. As a result, the market’s year-to-date (YTD) return increased to 4.9% from 4.1% on the previous trading day. BUACEMENT (+10.0%), SUNUASSUR (+9.4%), and JAIZBANK (+9.0%) were the market’s top gainers. The biggest losers were ROYALEX (-9.6%), MULTIVERSE (-8.5%), and MAYBAKER (-6.7%).

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Islamic Bank Approves $1.8bn To Finance Nigerian Projects

The Islamic Development Bank has approved $1.8 billion in financing for several key projects in Nigeria to spur economic growth. Dr. Mohamed Jasser, President of the Saudi-based bank, revealed this during a meeting with Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, on Monday in Abuja.

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Fuel Scarcity Grounds All Vehicles In Lagos, Ogun And Abuja

Petrol scarcity struck various parts of Nigeria on Tuesday, forcing motorists to spend hours battling for the product at filling stations. In many parts of the country, black marketers had a field day, selling a litre of fuel for N300-N400. Many motorists were compelled to use them because the unappealing alternative was to wait for hours in filling stations. In Lagos, amid long lines and long waits, some filling stations sold a litre of Premium Motor Spirit for N200, as opposed to the approved price of N180-N185/litre.

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CBN To Change Naira Notes, Reveals Why

The Central Bank of Nigeria (CBN), has disclosed its plan to redesign naira notes. In a statement obtained by BizWatch Nigeria on Wednesday, October 26, 2022, CBN said new naira notes would be launched on Thursday, December 15, adding that only N1,000, N500 and N200 notes would be redesigned.

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FEC Approves ₦17.4bn For Broadband Infrastructure In Six Geo-zones

The Federal Executive Council (FEC) has approved a ₦17.4 billion budget for the procurement of broadband infrastructure across the country’s six geopolitical zones. The approval was given by the council on Wednesday during a meeting presided over by Vice President Yemi Osinbajo.

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Nigeria Finalizes MoU With Daewoo For Renovation Of Kaduna Refinery

The Nigerian National Petroleum Company (NNPC) Ltd has signed a memorandum of understanding (MoU) with Daewoo Group, a South Korean company, for the renovation of the Kaduna refinery.

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Petrol Subsidy, Falling Oil Revenue Hampers Full Implementation Of 2022 Budget – Finance Minister

Oil revenue shortfalls and petrol subsidy deductions, according to Zainab Ahmed, minister of finance, budget, and national planning, are posing challenges to the full implementation of the 2022 budget. Ahmed stated this on Wednesday, when she appeared before the House Committee on Finance to present the performance of the fiscal year 2022 budget.

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FG, States, LGs Share N700bn In September

The Federal Account Allocation Committee (FAAC) has distributed N700.235 billion to the three tiers of government as federation allocation for the month of September 2022.

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