Here are the seven top business stories you need to track this week — August 12 to August 16.
Inflation Update Expected
The Nigerian Bureau of Statistics (NBS) is set to release the consumer price index (CPI) and inflation report for July 2024. Following a June increase to 34.19% from 33.95% in May, Nigerians await the latest figures.
Lagos Unveils Electronic Tax Platform
Lagos State is launching its online tax platform, the Lagos Revenue Portal (LRP), on August 15. Special Adviser on Taxation and Revenue, Abdul-Kabir Ogungbo, announced the platform, which Governor Babatunde Sanwo-Olu will officially launch.
CBN Auction Yields Mixed Results
The Central Bank of Nigeria (CBN) sold $876.26 million in foreign exchange (FX) to 26 banks at N1,495 per dollar on August 8. The auction aimed to ease FX market pressure. However, six banks were disqualified for late bids or incorrect templates, losing out on $313.69 million in bids.
Tax Breaks for Job Creation
The federal government plans to offer tax breaks to companies that increase their workforce. Finance Minister Wale Edun revealed this during an August 6 interview, stating that the incentives will be part of the Inflation Reduction Act.
Port Harcourt Refinery: August Deadline Looms
The Independent Petroleum Marketers Association of Nigeria (IPMAN) believes the Nigerian National Petroleum Company (NNPC) can meet its August deadline for the Port Harcourt refinery’s commencement of operations. Despite a missed March deadline, IPMAN’s Zarama Mustapha expressed optimism about full production.
Dangote Refinery Seeks More Crude
The Dangote Petroleum Refinery is urging the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intervene in securing its full crude oil requirement. Despite processing 50 million barrels since full operations began, with 60% sourced from the NNPC, the refinery claims it has not received its full allocation.
Arik Air Resumes Operations
The federal government has lifted the suspension on Arik Air’s operations. A dispute with Atlas Petroleum led to the grounding of the airplane’s planes, but the issue has now been resolved, according to the Nigerian Civil Aviation Authority (NCAA).
