Victor EzejaHere we present to you the top 10 Business stories from Nigerian newspapers today, 21 December 2023.
1. Pension Asset under management Rises to N17.7 trn in October
The total assets under the Contributory Pension Scheme rose to N17.66tn as of the end of October 2023.
According to the National Pension Commission report, N11.42 trillion of the assets were invested in Federal Government securities.
The assets were also invested in state government securities, corporate debt securities, money market instruments and mutual funds, among others.
2. Naira Fall: House of Reps Pushes For Use Of Chinese Yuan
In its quest to mitigate the impact of Naira’s depreciation, Nigeria’s House of Representatives on Wednesday called for the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside other major international currencies.
3. Public debts Rise to N87.91trn
Nigeria’s public debt rose to N87.91 trillion at the end of the third quarter of 2023. This is a marginal increase from the N87.38 trillion it was in the second quarter.
According to a third-quarter 2023 public debt report by the Debt Management Office (DMO), the total external debt stock declined by $1.57 billion during the period from $43.16 billion to $41.59 billion.
4. Nigerian Govt Targets to Triple Non-oil Revenue in 18 Months
Nigerian Export Promotion Council (NEPC) has restated the Federal Government’s commitment to triple revenue generation in the non-oil sector in the next 18 months.
Executive Director of NEPC, Nonye Ayeni, who made this known while addressing exporters and other stakeholders in Kano, said the Federal Government was making efforts to tackle all impediments to exports, especially agro products.
5. Oil Marketer Urges NNPCL To Create Fair Market Conditions
The Managing Director and Chief Executive Officer of Petrocam Trading Nigeria Limited, Patrick Ilo, has called on the Nigerian National Petroleum Company Limited to improve its pricing strategies to create an equitable and competitive business environment.
6. AIICO Acquires 5% Stake in InfraCredit
AIICO Insurance Plc has acquired a five per cent shareholding in Infrastructure Credit Guarantee Company Limited (InfraCredit).
According to InfraCredit, AIICO is now the second domestic institutional investors to be admitted by the infrastructure credit guarantee institution. The first was Leadway Assurance Plc.
7. Reps Probe NNPCL JV Deals, $60bn Revenue Loss
The House of Representatives has expressed readiness to investigate the loss of over $60 billion in revenue due to alleged inflated cash calls by the Nigerian National Petroleum Company Limited Joint Venture Agreements.
Following the resolve, the House mandated the relevant committees to conduct a thorough probe of all the NNPCL Joint Venture operations to determine income and cash call costs due to each partner, especially the federation and also whether due process and diligence were followed.
8. Port Harcourt Refinery Begins Operations Today
The Port Harcourt Refinery is set to begin operations today. The Federal Government through the Nigeria National Petroleum Company Limited (NNPCL) had promised that the refinery would come on board latest December 2023.
9. Egbin Power To Shut Operations Over Gas Supply Constraints Force
Africa’s biggest power thermal station Egbin Power, has been forced to shut operations following issues around gas supply to the station.
The Power Station was shut down by the Transmission Company of Nigeria TCN) to fix a leaking gas pipeline.
READ ALSO: Nigeria’s Gas Flare Commercialisation Programme To Boost GDP By Over $1bn – NUPRC
10. Flared Gas Worth N696bn can Power millions of Households
Natural gas estimated at N696 billion and capable of powering millions of households was flared in Nigeria within the first 11 months of this year, according to BusinessDay findings.
Data obtained from the Nigeria Gas Flare Tracker, a satellite-based technology, created by the National Oil Spill Detection and Response Agency (NOSDRA), showed the country flared about 241.1 billion standard cubic feet of gas worth $843 million (N696 billion using an exchange rate of N824/$) from January to November.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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