Business News in Brief

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;

COVID-19: FCTA loses 50% outdoor advertisement revenue

The Nigerian Federal Capital Territory Administration, FCTA, says it has lost more than fifty percent revenue accruing from outdoor advertisement and signages as a result of the dreaded Coronavirus pandemic.

The Director, Department of Outdoors Advertisement and Signages in the FCT, Dr Babagana Adam revealed this to journalists in Abuja Nigeria’s capital.

Investment Authority records ₦36.15b comprehensive income

The Nigeria Sovereign Investment Authority (NSIA) recorded a Total Comprehensive Income (TCI) of N36.15 billion in 2019, Ms Stella Ojekwe-Onyejeli, said on Friday.

Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual news conference in Abuja.

Ojekwe-Onyejeli said the 2019 income was less when compared to the TCI for 2018 which was N44.34 billion.

Federal Government reopens school for graduating classes

The Presidential Task Force on COVID19 has announced reopening of schools in Nigeria  for graduating classes which are Primary six, J.S.3, and SS3.

The National Cordinator of the Presidential Task Force on COVID 19 , Dr Sani Aliyu, made this known while announcing the extension of the eased lockdown which now comes with some modifications.

According to Aliyu,Schools will reopen nationwide only for graduating classes which are Primary Six, JS3, and SS3.

He added that all primary and daycare centers remain closed until further evaluation.

May 2020 CPI Report: Inflation Rises to a 25-Month High of 12.4%

The Consumer Price Index report published recently showed that headline inflation rose to a 25-month high of 12.4% y/y in May 2020, from 12.3% in the prior month. This was despite the sustained upward pressure on consumer prices as headline inflation rose 1.2% m/m from 1.0%, the highest since June 2018.