Here are the seven top business stories to monitor for the week of September 11th to September 15th,TheCable reports.
1. Inflation and Domestic Debt Report: The Nigerian Bureau of Statistics (NBS) is set to release a report on Nigeria’s daily energy generation and distribution for the third quarter (Q3) of 2023. Additionally, they plan to publish a report on the country’s domestic and foreign debt for the second quarter (Q2) of the year. On September 15th, NBS will also release a report on the Consumer Protection Index (CPI) and the inflation report for August 2023. In July, Nigeria’s inflation rate increased to 24.08 percent.
2. NERC Raises Prepaid Meter Prices: The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in the prices of prepaid electricity meters. The new charges took effect on September 6, 2023, with a single-phase meter now costing N81,975.16k, and a three-phase meter priced at N143,836.10k.
3. Oil Price Reaches $89 Per Barrel: Last week, oil prices surged, nearly reaching the $90 per barrel mark. Brent crude, the global oil benchmark, reached $89.03, the highest level in 10 months, while US West Texas Intermediate rose to $85.95 a barrel. Rising oil prices are attributed to production cuts by OPEC leaders like Saudi Arabia and Russia.
4. Nigeria Records N2.2 Trillion Trade Surplus in H1 2023: According to the National Bureau of Statistics (NBS), Nigeria achieved a trade surplus of N2.22 trillion in the first half of 2023, with exports totaling N13.5 trillion and imports at N11.3 trillion. This trade surplus indicates a positive trade balance where exports surpass imports.
5. NCC to Prosecute Telemarketers Accessing Customer Data Illegally: The Nigerian Communications Commission (NCC) issued a warning to telemarketers engaging in the illegal acquisition of customer telephone numbers for commercial purposes. NCC will take action against those falsely claiming to obtain numbers from the regulator or through SIM registration databases.
6. Nigeria Receives $14 Billion Investment Pledges from Indian Firms: Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria. This commitment was made during the Nigeria-India presidential roundtable and conference, with President Bola Tinubu expressing confidence in the returns on these investments.
7. Nigeria’s Losses to Crude Oil Theft: Speaker Tajudeen Abbas of the House of Representatives revealed that Nigeria lost about $46 billion (N16.25 trillion) to crude oil theft over 11 years. An ad hoc committee has been inaugurated to investigate this issue and its impact on the country’s oil production, urging relevant agencies to address the problem promptly.