$10bn diaspora fund, petrol scarcity… top business stories to track this week

Here are the seven top business stories you need to track this week — April 29  to May 3.

TINUBU APPROVES CUSTOMER CREDIT SCHEME

President Bola Tinubu has approved the takeoff of the first phase of the consumer credit scheme.

In a statement on April 24, Ajuri Ngelale, presidential aide, said in line with Tinubu’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (Credicorp) has launched a portal for Nigerians to express interest in the scheme.

Ngelale said the scheme was conducted in partnership with financial institutions and cooperatives across the country to broaden consumer credit availability.

He said the scheme, which aims to broaden consumer credit availability, will be rolled out in phases, starting with civil servants, then extended to the general public.

MULTICHOICE HIKES SUBSCRIPTIONS FOR DSTV, GOTV PACKAGES

Multichoice Nigeria has announced an increase in the cost of subscriptions for its DStv and GOtv packages.

The new rates would take effect from May 1, Multichoice said in an email to customers seen by TheCable.

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.

TELCOS CONSIDERING INCREASING PRICES FOR DATA, VOICE SERVICES

Telecommunications operators in Nigeria say their services are overdue for price increments as they have not raised rates in the last 11 years.

The operators spoke in a joint statement by the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON), on Thursday.

The telecommunications sector, according to the statement, is the only industry that has not reviewed its prices despite the country’s rising inflation rate as well as other economic realities that warrant increment.

They attributed the lag to the regulatory limitations preventing them from setting prices appropriately.

‘PETROL SUBSIDY REMOVAL NECESSARY FOR NIGERIA NOT TO GO BANKRUPT’

President Bola Tinubu says the removal of the petrol subsidy was necessary to prevent Nigeria from going bankrupt.

Tinubu had announced the removal of the subsidy on May 29, 2023 — a development that immediately led to a spike in the price of the product and stoked inflation across the board.

Speaking during the opening plenary of the World Economic Forum (WEF) in Saudi Arabia, the president said the decision was to reset the economy and create a pathway for growth in the country.

He acknowledged the difficulty associated with the decision, stressing that it was in the best interest of the people.

FG ANNOUNCES $10BN DIASPORA FUND TO ATTRACT INVESTMENT

The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad.

In a post on X on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said the federal government is seeking bids from asset managers to set up the fund.

The initiative, the minister said, is expected to support critical sectors including infrastructure, health care and education, to grow the economy.

Uzoka-Anite said the fund will be guided by an advisory board comprising limited partners, calling on eligible firms to express their interest in its management.

NNPC SAYS PETROL SCARCITY DUE TO LOGISTICAL PROBLEMS

The Nigerian National Petroleum Company (NNPC) Limited says the prices of petroleum products are not changing.

The NNPC asked Nigerians to avoid panic buying in a statement on Thursday by Femi Soneye, its spokesperson.

The national oil firm said the limited availability of petrol in certain regions of the nation is a result of logistical problems.

However, the company said the challenge has been fixed.

Meanwhile, Dangote Petroleum Refinery, on April 23, announced another reduction in the prices of both diesel and aviation fuel to N940 and N980 per litre, respectively.

The development comes days after the refinery reduced diesel price to N1,000 per litre.

NNPC, PRIVATE FIRM SIGN AGREEMENT TO BUILD 100,000 BPD FACILITY IN PORT HARCOURT REFINERY 

The Nigerian National Petroleum Company (NNPC) Limited says it signed a deal with the African Refinery for a share subscription at the Port Harcourt refinery.

The African Refinery Port Harcourt Limited is a special purpose vehicle (SPV) incorporated as the legal entity and the bid winner for the Port Harcourt collocation project.

The agreement, signed on April 25, will see the co-location of a 100,000 barrels-per-day refinery within the Port Harcourt refinery complex.