Here are the top seven business stories in Nigeria to keep an eye on this week, from August 19 to August 24.
1. FG Launches $500M Domestic Bond Auction Today
The federal government is set to issue its dollar-denominated domestic bond today. Gbadebo Adenrele, managing director of investment banking at United Capital Group, announced this during a hybrid investor roadshow organized by the Debt Management Office (DMO) on August 15. The bond will offer periodic repayments in dollars and full repayment of the principal at the end of a five-year term, and it will be listed on the Nigerian Stock Exchange.
2. Nigeria’s Inflation Rate Declines to 33.4% – First Drop in 19 Months
The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate fell to 33.4% in July, down from 34.19% in June. This marks the first decline in 19 months. The Consumer Price Index (CPI) report released on Thursday showed a 0.8% decrease in the inflation rate, with July’s headline inflation rate being 0.3% lower than that of June 2024.
3. Customs Implements Duty Waiver on Food Imports
The Nigeria Customs Service (NCS) has begun implementing a zero percent import duty and VAT exemption on basic food items, following President Bola Tinubu’s approval. The duty waiver took effect from July 15 and will run until December 31. However, the importation of rice through land borders remains prohibited, according to NCS Comptroller-General Bashir Adeniyi.
4. Dangote Refinery to Begin Petrol Supply in August as Planned
Dangote Petroleum Refinery has confirmed that it will begin supplying petrol in August, dismissing reports of a postponement. Anthony Chiejina, chief branding and communications officer of Dangote Group, stated on Wednesday that the refinery is on track to start petrol production as scheduled.
5. NMDPRA to Suspend Licences of Stations Selling Petrol to Black Marketers
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned filling stations against selling petrol to black marketers. The agency announced on August 15 that non-compliance could result in the suspension of retail licences. The NMDPRA emphasized that it is cracking down on the illegal sale of petroleum products, particularly petrol in jerrycans.
6. SEC Approves All Recapitalisation Offers from Banks
The Securities and Exchange Commission (SEC) has approved all offers received from commercial banks as part of the ongoing recapitalization efforts. Emomotimi Agama, SEC’s director-general, announced this during a press conference following the Capital Market Committee (CMC) meeting on August 15. Agama highlighted that the capital market has played a significant role in supporting the Central Bank of Nigeria’s recapitalization initiative for banks.
7. Nigeria’s Crude Oil Production Rises to 1.3M BPD in July
The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s average daily crude oil production increased to 1.3 million barrels per day (bpd) in July. This represents a 2.36% increase from the 1.27 million bpd recorded in June. OPEC’s monthly oil market report, released on Monday, indicated that the data was obtained through direct communication with Nigerian officials.
