As the week of August 26 to August 30 unfolds, here are the top seven business stories you should keep an eye on:
NBS to Release Q2 GDP Report
The Nigerian Bureau of Statistics (NBS) is scheduled to release the Gross Domestic Product (GDP) report for the second quarter of 2024 on August 26. This report will provide insights into the country’s economic performance, following a 2.98 percent GDP growth in the first quarter of the year.
Additionally, the NBS plans to publish reports on telecom data, including active voice and internet subscriptions by state, porting activities, tariff information, and capital importation for the same period.
DMO Offers $500 Million Dollar Bond
The Debt Management Office (DMO) has announced the availability of a $500 million federal government bond for subscription. Priced at $1,000 per unit, this bond offers a 9.75 percent annual interest rate and is set to mature in 2029.
The subscription window opened on August 19 and will close on August 30, with the settlement date slated for September 6.
SEC to Begin Licensing Cryptocurrency Firms
The Securities and Exchange Commission (SEC) of Nigeria is preparing to issue licenses to providers of virtual assets, including cryptocurrency companies. This move aims to capitalize on the growing adoption of digital assets while ensuring investor protection.
According to SEC Director-General Emomotimi Agama, the first licenses for digital service and tokenized asset providers are expected to be issued this month. The SEC is also addressing challenges related to unclaimed dividends by improving investor identification through technology.
Edo Refinery Receives Operational License
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted an operational license to Edo Refinery and Petrochemical Company Limited, located in Ologbo, Edo State.
This license marks the final regulatory approval needed for the refinery to commence full operations. The certificate was presented to AIPCC Energy Limited, the parent company of Edo Refinery, during a ceremony on August 20.
NNPC Acknowledges Government Debt on Petrol Subsidy
After previously denying the reintroduction of petrol subsidies, the Nigerian National Petroleum Company (NNPC) Limited has confirmed that the federal government owes it ₦7.8 trillion for petrol subsidies.
During a briefing on the company’s 2023 audited financial statements in Abuja, Umar Ajiya, NNPC’s Chief Financial Officer, stated that the company has been covering the shortfall between the landing cost of petrol and the government-mandated pump price.
Ajiya also mentioned that the government will allow NNPC to offset ₦2.2 trillion of its debt against the subsidy amount owed.
July Remittance Inflows Surge to $553 Million
The Central Bank of Nigeria (CBN) reported that remittance inflows reached $553 million in July, representing a 130 percent increase compared to the same period in 2023.
This surge follows the CBN’s decision to grant eligible international money transfer operators (IMTOs) access to trade on the official foreign exchange window, enabling them to access naira liquidity in the official market.
NCC Orders Quick Blocking of Stolen SIM Cards
The Nigerian Communications Commission (NCC) has directed telecommunications companies to block stolen SIM cards within five minutes of receiving a report from the affected subscriber. The NCC also stated that any further usage of the stolen SIM card should not incur charges for the consumer from the moment the report is filed.
Additionally, the NCC’s recent publication, titled “Quality of Service Business Rules,” requires telcos to ensure that subscribers are attended to within 30 minutes upon arrival at a service centre.
