Victor Ezeja
Here we present to you the top 10 business stories from Nigerian newspapers today, 18 December 2023 to set off your day.
1. Cash Scarcity lingers As Banks grapple with long Queues
Join our WhatsApp ChannelAhead of the Christmas season, cash scarcity has continued to bite harder with long queues seen at Automated Telle Machine (ATM) points of different bank branches across the country.
This recent development is gradually bringing back memories of the cash scarcity that ravaged the entire country earlier in the year due to the redesign of N1,000, N500, and N200 notes by the Central Bank of Nigeria (CBN).
The CBN has assured that there is adequate cash for circulation there seems to be no respite yet, as customers embark on panic withdrawals and hoarding of cash.
2. Nigerian Govt Incurred N204bn Electricity Subsidy In Q3 2023 – NERC
The Nigerian Electricity Regulatory Commission (NERC) report revealed that the Federal Government incurred a subsidy obligation of N204.59 billion in the third quarter (Q3) of 2023.
The report explained that the subsidy expenses were incurred due to the lack of cost-reflective tariffs across all electricity distribution companies (DisCos).
3. Airlines, MAN Discuss With Dangote For Jet A1, Diesel Supply
As Dangote Petrochemical Refinery gets ready to come on stream with its first set of refined petroleum products, there are indications that Nigerian airlines and local manufacturers under the aegis of the Manufacturers Association of Nigeria initiated moves aimed at getting the Refinery to supply JetA1 and diesel to local carriers and manufacturers.
This comes one week after reports emerged that the Dangote refinery’s diesel and aviation fuel would hit the market by January 2024.
The refinery was reportedly supplied with about one million litres of crude oil recently.
4. Only 1.5 million Households paid in Nigeria’s cash transfer programme
Only 1.5 million households have been paid so far out of the targeted 15 million in the Federal Government’s recently launched cash transfer of N25,000 per month.
This represents 0.1 percent of the total targeted households.
Under the scheme, the Federal Government recently launched a cash transfer of N25,000 per month.
5. Global Crude Oil Demand in Q4/2023 Drops to 101.7 mbpd – IEA
The demand for crude oil worldwide is expected to decline to 101.7 million barrels per day in the fourth quarter of 2023. As indicated in the preview of the Oil Market Report by the International Energy Agency (IEA).
The organization says the increase in demand for crude oil is decreasing. The fourth quarter of 2023 is predicted to see a decline from the third quarter’s 2.8 million barrels per day (mb/d) growth to 1.9 mb/d.
6. Lagos Govt Launches Palliative Scheme To Support Low-income Traders
The Lagos State Government has launched a palliative scheme tagged “Lagos Market Trader Money” to support 15,000 traders across the 57 local council development areas (LCDA) in the state with N50,000.
7. Maritime Stakeholders Advocate Increased Gas Utilisation in Nigeria
Stakeholders in the nation’s maritime industry have stressed the need for Nigeria to maximize the use of its huge gas resources to drive the federal government’s marine and blue economy mandate.
Nigeria is one the countries in the world with huge gas reserves but largely unutilised as a lot of it has been wasted in the flaring of gas as a byproduct for oil exploration and exploitation.
This was raised at the Maritime Business Roundtable Breakfast Meeting tagged, “Maximising the Utilisation of Gas in Nigeria’s Blue Economy.”
8. Kwara Disburses over N229m Non-interest Loans to Young Entrepreneurs
The Kwara State Government has given over N229 million in interest-free loans to over 360 young entrepreneurs in Ilorin, the state capital, as part of its efforts to boost economic growth and generate jobs.
Dr. Wasiu Tejidini, the acting general manager of Kwara State Social Investment Programs (KWASSIP), who revealed this at the government’s fourth Kwapreneur program during the weekend, said the loans ranged from N3 million to N5 million and that the initiative would curb social vices and generate jobs in the state.
According to him, the fund’s purpose is to support young, fledgling businesses in order to stimulate the state’s economy.
9. Poor Export Drive Deepens Forex Crisis, Six Months After Reform
Persistent weak non-oil exports among other factors have continued to weaken the value of the local currency, the naira, six months after the decision of the Central Bank of Nigeria to unify windows of foreign exchange in the country.
The currency exchange windows unification, as part of FX reforms, led to the devaluation of the naira.
10. IOC’s, Indigenous Firms identify $55.2bn investment Opportunity in oil, gas sector
The Federal Government has said engagements with leading international and independent oil and gas companies in Nigeria have identified projected massive investment opportunities for the energy sector estimated at $55.2 billion by 2030.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
