Business News in Brief

Communications Commission says consultation on-going for 5G deployment

The Nigerian Communications Commission (NCC) recently published the Draft Consultation Document on the Deployment of Fifth Generation (5G) Mobile Technology in Nigeria.

It also draws the attention of the general public to the fact that the Commission has not concluded plans for the deployment of fifth Generation (5G) network. 

Money Market: Rate Trends Lower in Secondary Market

This past week, the OBB and OVN rates opened the week at 6.2% and 6.3% respectively, lower than 9.0% and 9.8% recorded at the close of the previous week despite system liquidity falling to ₦134.2bn from ₦1.4tn. On Wednesday, the OBB and OVN rate fell to 1.0% and 1.6% due to increased system liquidity from OMO maturities. Furthermore, on Friday, the OBB and OVN rate closed the week at 1.0% and 1.3% respectively as system liquidity rose to ₦699.7bn.

Money Market: Bullish Outing in Secondary T-bills Segment

OBB and OVN rates opened the week at 0.9% and 1.6% respectively from last week’s close of 1.0% and 1.6% as system liquidity rose to ₦1.4tn. On Wednesday, OBB and OVN rates declined to 0.8% and 1.4% respectively as system liquidity lowered to ₦386.3bn. By the close of the week, OBB and OVN rates surged to 4.0% and 4.9% respectively as system liquidity settled at ₦1.1tn.

FG urges stakeholders to implement local contents order

The Federal Government has urged stakeholders in the advertising industry to implement the nation’s laws and policy promoting the use of local contents for at least 40 per cent of advertisement contents.

The Director General, Bureau of Public Service Reforms (BPSR), Dr Dasuki Arabi, made the plea on Saturday in Abuja, while receiving the management of the Advertising Practitioners Council of Nigeria (APCON), led by its Registrar, Dr. Olalekan Fadolapo, which was on a working visit.

BUA selects France's Axens for 200,000 bpd refinery project

Nigerian conglomerate BUA Group has selected France’s Axens for a multibillion-dollar 200,000 barrel per day (bpd) refinery and petrochemicals plant in Nigeria, the French company said in a statement on Tuesday, according to Reuters’ report.


Axens, which makes systems to convert oil and biomass to cleaner fuels, said it will provide technology for the greenfield project designed to produce Euro-V fuels and polypropylene targeted at domestic and regional markets.


Oyo Government woos investors with support

The Oyo State Government has reiterated its commitment to partnering with investors who want to come to the State to operate, adding that needed support that would guarantee success would also be made available.


The Government also called on business owners, especially independent petroleum marketers, to ensure they conduct their businesses in the State in line with government policies in the overall interest of the people and the State as a whole.


FG lauded for reciprocity in airlines operation

The Chairman of Air Peace, Allen Onyema, has lauded the Federal Government’s decision to enforce the principle of reciprocity, stating that the move would reduce the stigmatisation of Nigerian airlines.

This was disclosed in a recommendation letter sent to the Minister of Aviation, Hadi Sirika on Friday in Lagos by Mr. Allen Oyema

Onyema said the decision would elevate the image of the country in the comity of nations and send signal to international airlines that it was no more business as usual.

PenCom to review Pension Reform Act

The National Pension Commission has said it will review the Pension Reform Act 2014.

This was made known in a statement published on Friday titled ‘An initiative to review the Pension Reform Act 2014’, which was obtained on Friday.

The commission said this step initiated was to address implementation challenges and introduce improvements to the Contributory Pension Scheme.

Forex: Traded volume turnover falls by 6% to $937m

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market dropped by 6 per cent to $937.27 million last month from $992.12 million in June, 2020.

In July, the exchange rate of the window rose to N389.25 per dollar from N386.50 while naira also depreciated by N2.75 kobo.

Minister suspends new NIPOST charges for courier services

The Minister of Communications and Digital Economy, Dr Isa Ali Pantami has directed the Nigerian Postal Services NIPOST to suspend the new tariff on registration of courier services in the country.

Reacting to complaints by Nigerians on the new hike, the Minister under whose purview the supervision of NIPOST falls, took to his Twitter handle to reiterate the position of the Federal Government on the increament. He tweeted;