New Telegraph’s Weekly Business News Roundup

The Nigerian government may be facing a significant financial burden as it considers spending around N236 billion monthly to subsidize petrol imports. This subsidy is necessary for the Premium Motor Spirit, commonly known as petrol, which is imported through the Nigerian National Petroleum Company (NNPCL) and from the Dangote Petroleum Refinery.

In other news, the Central Bank of Nigeria (CBN) has reported a substantial increase in bank loans to the government, reaching N31.15 trillion in August 2024. This represents a significant rise from the previous month’s figure of N19.83 trillion.

Furthermore, the Nigerian National Petroleum Company Limited (NNPCL) and other entities have uncovered 161 illegal refineries and pipeline connections in the Niger Delta region. This discovery highlights the ongoing issue of oil theft and illegal activities in the area.

Additionally, Nigeria’s economy is reportedly losing N80 billion annually due to the poor state of road maintenance. The President of the Commonwealth Association of Surveying and Land Economy (CASLE) expressed concern over the country’s road infrastructure and its impact on the economy.

Amidst these developments, the Central Bank of Nigeria (CBN) has approved the sale of $20,000 to eligible Bureau De Change (BDC) operators at a rate of N1,590 per dollar. This move aims to support the foreign exchange market and ensure stability in the currency exchange rate.

In the oil and gas sector, Nigeria earned $38.907 billion in oil revenue over the past two years, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). This revenue generation is crucial for the country’s economy and highlights the importance of the oil industry.

Furthermore, BUA Foods Plc has been in the spotlight, with its Chairman attributing rising food prices in Nigeria to the greed of distributors and producers. The company has also signed an agreement with an Italian firm to expand its pasta production facility, aiming to enhance food production and address food insecurity.

Lastly, Dangote Petroleum Refinery has advocated for the removal of petrol subsidies, a move that could potentially lead to a significant increase in petrol prices to as high as N1,800 per litre. This development could have far-reaching implications for consumers and the economy at large.

Overall, these latest developments in the Nigerian business landscape highlight the challenges and opportunities facing the country’s economy and key industries. Stay tuned for more updates on these and other important news stories.