Nigeria

Business

Inflation erodes N8.4tn telecom sector gain

Inflation eroded the N8.44 trillion gain the telecommunication sector made in 2023 despite its improving contribution to economic growth. In 2023, the telecoms sector contributed N25.22 trillion to the country’s Gross Domestic Product (GDP) in nominal terms (at current prices). This was an N8.44 trillion increase from the N16.78 trillion the sector recorded in 2022. At current prices, the telecom sector grew by 50.28 percent in 2023. However, when adjusted for inflation (GDP at 2010 constant basic prices), telecoms contributed N11.03 trillion, a N901.52 billion increase from the N10.13 trillion it recorded in 2022. When adjusted for inflation, the telecom sector grew by 8.90 percent in 2023.

Marketers await Dangote fuel, four weeks after production take-off

Oil marketers, on Monday, declared that they were still awaiting the supply of refined petroleum products from the $20bn Dangote Petroleum Refinery, four weeks after the launch of production at the multi-billion dollar plant. On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1. The President, Dangote Group, Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project. Dangote also thanked the Nigerian National Petroleum Company Limited, Nigerian Upstream Petroleum Regulatory Commission, NMDPRA and Nigerians for their support and belief in the historic project, as he revealed that the facility would pump out diesel and aviation fuel in January, subject to regulatory approvals.

MAN fears fresh factory shutdowns as FX crisis worsens

The Manufacturers Association of Nigeria has said that the protracted foreign exchange crisis in the economy may trigger factory shutdowns if the situation continues to worsen.The Director-General of the Association, Segun Ajayi-Kadir stated this in a recent interview with AIT. According to him, manufacturers are unable to source up to 20 per cent of their forex needs at the official market, leaving them at the mercy of the parallel market. With the rapid depreciation of the naira in recent weeks, the MAN D-G said manufacturers have continued to grapple with high production costs which has led to decreased capacity utilisation. He said, “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year.

Economy

Foreign investors hit brakes on Nigeria over volatile naira

Foreign investors are holding off on new investments into Nigeria until the naira finds some stability. A fresh inflow of around $700 million was expected to come but that has now been suspended as investors grow cold feet and fear losses piling over the naira volatility. “Foreign investors that thought the peak of the exchange rate would be N1,550/$ and came in have now picked mark-to-market losses on the currency,” a source familiar with the matter told BusinessDay. “They are touching their stop losses and are reversing their inflows. And we don’t have the liquidity to support that,” the source said. Over a billion dollars of foreign inflows greased the foreign exchange market two weeks ago after the Central Bank of Nigeria (CBN) began to push through long-awaited pending reforms in the market.

CBN sells over $300m to banks as naira gains

The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members, a copy of which was obtained by The PUNCH. The memo read in part, “We are sure you must have been following up on activities in the foreign exchange market, with rates at the official market going as high as N1850/$. “If you are not aware, kindly note that the CBN last week sold over $200m to the banks below N1,500/dollar.

Analysts foresee interest rate hike as MPC holds meeting

The Monetary Policy Committee of the Central Bank of Nigeria may raise the Monetary Policy Rate, otherwise known as the benchmark interest rate at the end of the meeting on Tuesday, according to financial analysts. The MPC began its two-day meeting on Monday, a few days after the National Assembly screened and okay new members of the MPC. MPC meeting this week became the first meeting since the new CBN Governor, Olayemi Cardoso, assumed the leadership of the apex bank. There had been concerns over the failure of the MPC to meet. With rising inflation and the naira experiencing volatility against the United States dollar, there are reports the MPC may raise the benchmark interest rate.

Politics

Tinubu reduces 263 MDAs to 161 as FEC adopts Oronsaye’s report

The Federal Executive Council (FEC), on Monday, approved the adoption of the Orosanye Report, aimed at the reduction of cost of governance, for implementation. Minister of Information and National Orientation, Mohammed Idris, disclosed this while briefing State House correspondents at the end of the FEC meeting, presided over by President Bola Tinubu, at the Council Chamber, Presidential Villa, Abuja. The minister explained that with the adoption of the report, it means that some agencies, commissions and departments of government have been scrapped, some merged, some subsumed under some others and others moved under new ministries where they are supposed to perform better. “In a very bold move today, this administration, under the leadership of President Bola Ahmed Tinubu, consistent again with his courage to take very far-reaching decisions in the interest of Nigerians, has taken a decision to implement the so called Orosanye Report.

Ghana

Business

Nana Akuoko Sarpong appeals to Communications Minister, NCA to reopen Salt FM

The Omanhene of the Agogo Traditional Area in the Ashanti Region, Nana Akuoko Sarpong, has appealed to the Minister of Communi­cations and Digitalisation, Mrs Ursula Owusu- Ekuful, to direct the National Communication Agency (NCA) to reopen Salt FM 95.9MHZ. The NCA on February 6, closed down Salt FM 95.9MHz in Agogo due to the FM station’s failure to renew their licence on time. “It is understood based on the information I received from the management of the station that the licence in question expired on Saturday, December 23, 2023. I therefore plead with your hon­ourable office to be considerate and allow Salt FM 95.9MHz to operate while they take positive steps to renew their licence with­in the shortest possible time,” stated Nana Akuoko Sarpong who is also the President of the Agogo Traditional Council.

Economy

NDC to establish $50m fintech growth fund to support digital economy – Ex-President Mahama

The next Nation­al Democratic Congress (NDC) administration shall establish a fintech growth fund with an initial seed capital of US$50 million to support indigenous companies in fostering the growth of the digital economy, former President John Dramani Mahama, has announced. He said Ghanaians interested in coding will have the opportunity to participate in the ‘Coding for Em­ployment Programme’ targeted to train one million coders with in-de­mand digital skills for the growing Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) ecosystems. Former President Mahama was speaking at the closing of a two-day NDC LAB Policy Dialogue themed “Towards the 2024 Manifesto: Consolidating Our Thematic Group Policy Proposals”, from Thursday to Friday here at Peduase.

Politics

Alan takes campaign to markets …as he sells GTP to traders in Accra

Leader and founder of the Movement For Change, Alan John Kwadwo Kyerematen, on Friday took his campaign to some major markets in Accra to propagate his message of the Great Transformational Plan (GTP). The markets the former Trade and Industry Minister visited include Okaishie, Makola, Tudu, TS, Kwasiadwaso, Abossey Okai, Kaneshie and Kokompe. Momentarily, business activities came to a halt as the traders left their wares to catch a glimpse of the man who has been in charge of their industry for the past seven years. Accompanied by his wife and some top echelons of the Move­ment, Mr Kyerematen’s first stop was the palace of the late Okaishie­Mantse, Nii Tetteh Kwao I, where he commiserated with the family and asked for their blessing as he seeks to lead the country in the highest office.

Kenya

Business

Gas prices up by Sh200 amidst state crackdown on illegal dealers

Cooking gas prices have risen over the past few weeks as a result of the government’s move to pursue a crackdown on gas storage and refilling depots early this month. The decision to go after the illegal operators was triggered by the Embakasi gas filling station explosion on February 2, a tragedy that left at least five people dead and more than 280 injured. It was later established that the station was operating on an illegal license. A price spot check by The Star across different estates in the country's capital established the prices of 6 and 13kg fully refilled Liquefied petroleum gas (LPG) cylinders have increased by about Sh150 and Sh200, respectively in three weeks.

Economy

KCB's contribution towards conservation efforts

In 2015, KCB embraced sustainable finance initiative guiding principles under the aegis of the Kenya Bankers Association. The initiative provides a compass for financial institutions, harmonising business objectives with economic development and socio-environmental considerations. The Star's Gilbert Koech spoke to head of corporate and regulatory affairs Judith Sidi on the strides made. We have the Linda Miti Initiative as one of the ways for the bank to contribute towards reducing carbon emissions. We are investing Sh12 million every year. KCB will have invested about Sh60 million in five years under the initiative.

Politics

I'm grateful! Raila says after Museveni's endorsement for AU Commission job

Azimio leader Raila Odinga has said that he is grateful for Ugandan President Yoweri Museveni's endorsement for the African Union Commission job. In a statement after the meeting, Raila said he is also grateful for President William Ruto's full support, as he goes for the job. The Azimio leader said the joint meeting with Museveni and President Ruto, was at the invitation of the Ugandan president. The former Prime minister said that they also discussed other issues related to the strengthening of East African integration. "Several days ago, I accepted an invitation from President Kaguta Museveni of Uganda for a joint meeting with President William Ruto today to discuss the deepening of regional integration within the East African Community.