Stay informed with these key developments shaping Nigeria’s business landscape this week:
1. CBN Holds Final MPC Meeting of the Year
The Central Bank of Nigeria (CBN) will convene its 298th Monetary Policy Committee (MPC) meeting on **November 25 and 26**, marking the last session for 2024.
– At the previous meeting in September, the **Monetary Policy Rate (MPR)** was raised by **50 basis points**, pushing it to **27.25%**.
2. NBS Set to Release Key Economic Reports
The **National Bureau of Statistics (NBS)** will unveil Nigeria’s **Q3 2024 GDP report**, along with data on:
– **Company Income Tax (CIT)**
– **Capital Importation**
In Q2, the GDP grew by 3.19%, surpassing Q2 2023’s 2.51% and Q1 2024’s 2.98%.
3. Nigeria Saves $20 Billion from Subsidy Reforms
Finance Minister Wale Edun announced that Nigeria saved **$20 billion** through the removal of petrol subsidies and the floating of the naira.
– Edun highlighted that these measures had previously cost **5% of GDP**, emphasizing their economic impact during a ceremony in Abuja.
4. Nigerians to Pay for New National ID Cards
The **National Identity Management Commission (NIMC)** confirmed that citizens will need to pay for the new multi-purpose **national ID cards** due to funding constraints.
– Peter Iwegbu, head of card management services, explained that this decision ensures cards are issued only to those who need them, avoiding past mistakes where millions of free cards went uncollected.
5. Dangote Refinery Reduces Petrol Price
The **Dangote Petroleum Refinery** has cut its ex-depot price of petrol from **N990 to N970** per litre.
– This reduction offers oil marketers a saving of **N20 per litre**, potentially easing supply costs across the market.
6. National Assembly Approves $2.2 Billion Loan Request
The **National Assembly** has granted President Bola Tinubu’s request for a **$2.2 billion loan** to address the **N9.1 trillion deficit** in the 2024 budget.
– Using the current exchange rate of **N800 per dollar**, the loan is valued at **N1.7 trillion**.
7. Crude Sale in Naira Faces Challenges
The federal government’s naira-based crude oil sales scheme is reportedly faltering, according to **Dangote Refinery Vice President Edwin Devakumar**.
– The refinery, requiring **650,000 barrels per day**, receives insufficient supply from **NNPC Ltd**, with deliveries falling far below the agreed **385,000 barrels per day**.
Bonus Story: Tech Sector Watch – Rise in Local Startups
As Nigeria’s tech ecosystem continues to expand, keep an eye on emerging startups leveraging **AI** and **blockchain technology**. These innovations are projected to attract significant investments in the coming months, bolstering economic growth.
Stay tuned for more updates throughout the week as these stories unfold!
