Here are the seven top business stories you need to track this week — August 19 to August 24.
FG LAUNCHES $500m DOMESTIC BOND
The federal government is set to issue a dollar-denominated domestic bond today, according to United Capital Group’s Managing Director of Investment Banking, Gbadebo Adenrele. The five-year bond will offer periodic dollar repayments and be listed on the Nigerian Stock Exchange.
NIGERIA’S INFLATION RATE DROPS FOR FIRST TIME IN 19 MONTHS
The National Bureau of Statistics (NBS) reported a decline in Nigeria’s inflation rate to 33.4% in July, marking the first decrease in 19 months. The consumer price index (CPI) fell by 0.8%, indicating a slowdown in price increases.
CUSTOMS BEGINS IMPLEMENTING FOOD IMPORT DUTY WAIVER
The Nigeria Customs Service (NCS) has started enforcing a zero percent import duty and VAT exemption on basic food items, as directed by President Bola Tinubu. However, rice importation through land borders remains prohibited.
DANGOTE REFINERY REASSURES AUGUST PETROL SUPPLY DEADLINE
Dangote Petroleum Refinery has dismissed rumors of a delay in its August petrol supply, affirming its commitment to the original timeline.
NMDPRA THREATENS TO SUSPEND LICENSES OF PETROL BLACK MARKETERS
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned filling stations against selling petrol to black marketers, threatening to suspend licenses of non-compliant stations.
SEC APPROVES ALL BANK RECAPITILIZATION OFFERS
The Securities and Exchange Commission (SEC) has approved all recapitalization offers submitted by commercial banks, highlighting the capital market’s role in supporting the Central Bank of Nigeria’s initiative.
NIGERIA’S CRUDE OIL PRODUCTION RISES TO 1.3m BPD
OPEC reported an increase in Nigeria’s average daily crude oil production to 1.3 million barrels per day (bpd) in July, representing a 2.36% growth from the previous month.
