Victor EzejaHere we present to you the top 10 business stories from Nigerian newspapers today, 15 December 2023 set off your day.
1. Nigeria, others spend $441bn on debt servicing – W’Bank
Nigeria and other developing countries have spent about $441 billion on servicing debts in the past 40 years, a new World Bank report revealed.
The World Bank International Debt Report for 2023 also disclosed that Nigeria received $2.9 billion and topped the recipients of its fresh loans in 2022.
According to the report, Nigeria was followed by Tanzania, which got $2.7bn in the same year
2. Petrol Price: NLC Warns Nigerian Govt Against Heeding W’Bank N750/litre Proposal
Nigeria Labour Congress, on Thursday, warned the Federal Government against heeding the advice of the World Bank to increase the pump price of Premium Motor Spirit popularly called petrol to N750/litre.
3. Power Industry Cash Flow Rises to N900bn
The Federal Government said that Nigeria’s electricity industry now has N900 billion in liquidity, up from N282 billion in 2015. It also noted that the industry’s financial burden has been lowered by around N373 billion.
This was revealed on Thursday by the Nigerian Electricity Regulatory Commission during the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Policy.
4. Jumia Shuts Food Delivery Operations in Nigeria
The e-commerce giant Jumia Technologies’ food delivery service, Jumia Food, has declared that it would be closing its doors in Nigeria this December.
Jumia said that, in order to concentrate on expanding its main online retail business, it would stop its food delivery operation by the end of the year in Nigeria and six other countries in which it operates.
5. 50 Directors Of Aviation Agencies Sacked, As EFCC Questions NCAA Chiefs
The Federal Government has sacked all the directors of aviation agencies in the Ministry of Aviation Aerospace Development, barely 24 hours after President Bola TInubu fired the heads of five aviation agencies and suspended the Director-General of the Nigerian Civil Aviation Authority, Captain Nuhu Musa.
Tinubu, who on Wednesday sacked Mr Kabir Mohammed of the Federal Airports Authority of Nigeria; Mr Tayib Odunowo of the Nigerian Airspace Management Agency; Akinola Olateru of the Nigerian Safety Investigation Bureau; Prof. Mansur Matazu of the Nigerian Meteorological Agency; and Alkali Modibbo, of the Rector of the Nigerian College of Aviation Technology, approved appointments for their replacement.
6. Naira Scarcity: POS Agents Hike Charges
Point of Sale (POS) agents have again cashed in on the current naira scarcity across the country by increasing their charges for transactions.
Despite assurances by the Central Bank of Nigeria (CBN) of having enough cash in circulation and the Supreme Court judgement declaring that the old naira notes will continue to serve as legal tender beyond December 31, 2023.
7. 22 German Firms To Invest In Nigeria As Trade Volume Hits £3bn – NIPC
The Nigerian Investment Promotion Commission (NIPC) says it is partnering with investors from Germany to shore up the country’s investment drive as trade volume between the two countries hit over £3 billion Euros.
8. 45% of Nigerians use digital services – Report
The percentage of Nigerians utilizing digital services increased from 34% in 2020 to 45% in 2023.
According to a paper by EFInA titled “Unlocking insights to accelerate financial and economic inclusion” and headed “A2F 2023 Survey – Key.”
According to the survey, the proportion of individuals who utilised digital financial services and had a transactional account increased to 83% from 60% in 2020.
9. Nigerian Govt Raises N5.85trn from Bonds Market as Interest on 30-year Paper Drops to 17.15%
The federal government, through the Debt Management Office (DMO), has raised an incredible amount of N5.85 trillion in the bond market thus far in 2023 in response to the need to close the budget deficit.
In 2022, the FGN Bond market brought in N3.06 trillion for the federal government through the DMO.
Due to investors’ propensity to place their money in risk-free securities, the total amount of subscriptions to FGN bonds, according to reports, was at N7.43 trillion in 2023.
10. GDP: NASS Targets 20% Contribution from Maritime Industry in 2024
The National Assembly said it is targeting 20 per cent contribution from the nation’s maritime sector to the nation’s Gross Domestic Product (GDP) in 2024 through legal backing as an important industry.
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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