Victor Ezeja
Here are the top 10 stories on business from Nigrerian newspapers today, 13th December 2023.
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1. Tinubu Promises Increased Funding to Improve Health Sector
President Bola Tinubu says his administration is prioritising and improving Nigeria’s health sector through massive investments and the allocation of increased funds to the sector in the proposed 2024 budget.
The president made this declaration at the unveiling of Nigeria’s Health Sector Renewal Investment Initiative and the signing of the Health Renewal Compact by Federal, State Governments, and Development Partners in Abuja on Tuesday.
2. Inflation will Continue to Rise in 2024 on Market Reform
Managing director and chief executive officer of Financial Derivatives Company Limited Bismarck Rewane has predicted that early 2024 inflation would climb further as a result of market changes and ongoing currency volatility on the black market.
Nigeria’s inflation rate hit 27.33 percent in October 2023, a 5.5 percent rise from 21.82 in January this year.
3. Multinational’s Exit Threatens FDI, Nigeria’s $1trn GDP Economy Target
There are fears that the recent exit of foreign companies from Nigeria recently could affect inflow of Foreign Direct Investment (FDI) into the economy and also threaten the target of achieving a $1 trillion GDP in 2030.
4. Nigeria Optimistic In Achieving 1.7mpd Crude Despite November Output Drop
The Federal Government said on Tuesday that, in spite of a slight decrease in oil output in November 2023, Nigeria will reach and exceed the benchmark for the 2024 crude oil budget of 1.7 million barrels per barrel.
The Nigerian Upstream Petroleum Regulatory Commission announced new data on Tuesday, which indicated that the nation’s crude oil output fell to 1.25 million barrels per day last month, excluding condensates.
Nigeria produced 1.351 million barrels of crude oil per day (excluding condensates) in October, up slightly from the 1.346 million barrels per day it produced in September of this year and above the 1.181 million barrels per day recorded in August.
5. UK Plans Set to Invest $15m IN Nigeria’s Agric Sector
The British International Investment, an impact investor and development finance organization based in the United Kingdom, has completed plans to invest $15 million in equity into Valency International, a trading house for agricultural commodities with its headquarters in Singapore.
The investment will be used for the development of processing and warehousing facilities in Nigeria.
The group states that the acquisition is anticipated to conclude in early 2024, subject to regulatory approval.
According to the company, after two years of finishing its first investment, BII has the opportunity to contribute an additional $35 million in stock to Valency, on top of its $15 million pledge.
6. We Need Extra N81bn For Abuja Airport Second Runway – Keyamo
Minister of Aviation and Aerospace Development, Festus Keyamo, has said an extra N81 billion would be needed for the completion of the second runway of the Nnamdi Azikiwe International Airport, Abuja.
Keyamo stated this on Tuesday during his appearance before the 10th National Assembly joint Committee on Aviation Technology for the 2024 Ministry of Aviation budget defence.
He expressed the danger associated with having only one runway for a capital city like Abuja.
7. To Spend N600bn On Electricity Subsidy In 2023
The Nigerian government might have to pay N600bn as electricity subsidy in 2023.
Chairman/CEO of the Nigerian Electricity Regulatory Commission (NERC), Engr. Sanusi Garba made the disclosure Tuesday in Abuja at the ministerial retreat on the Integrated National Electricity Policy and Strategic Implementation Plan.
READ ALSO: Nigeria @63: Power Sector Woes Continue To Stagnate Industrial Growth
8. Transport Sector Critical To N1trn Economy Target – Shettima
Nigeria’s Vice President, Kashim Shettima, says the country’s transport sector will play a critical role in the country’s aim to achieve its N1 trillion economy target by 2026.
The vice president stated this on Tuesday in Abuja at the ongoing National summit on transportation organised by the Chartered Institute of Transport Administration of Nigeria (CIoTA) with the theme “Emerging National Governance Challenges and Prospects in Transport Modes,”
9. BPE to List Eleme Petrochemicals Stock Capital Market in 2024
The Bureau of Public Enterprises (BPE) plans to take the Eleme Petrochemicals Company Limited (EPCL) to the capital market in 2024.
The BPE Director-General, Mr. Alex Okoh, who disclosed this in Abuja on Monday said the decision was to enable the Nigerian public buy into its ownership and give Nigerians a sense of belonging in the privatisation exercise.
10. Powerful Nigerians Involved in Illegal Mining Sponsor Banditry, Terrorism, Other Criminalities – Alake
The Minister of Solid Mineral, Mr Dele Alake, has alleged that powerful Nigerians involved in illegal mining were responsible for other criminal activities and involved in sponsoring banditry and terrorism in the country.
READ ALSO: Nigerian Minister Seeks U.S. Partnership To Boost Mining Sector Financing
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.
