August inflation, Nigeria’s debt profile… 7 top business stories to track this week

Here are the seven top business stories you need to track this week — September 11 to September 15.

INFLATION, DOMESTIC DEBT REPORT

The Nigerian Bureau of Statistics (NBS) is expected to release a report on Nigeria’s daily energy generated and sent out for the third quarter  (Q3) of  2023.

The bureau also intends to publish a report on the country’s domestic and foreign debt for the second quarter (Q2) of the year.

Additionally, NBS, will on September 15, release a report on the consumer price index (CPI) and inflation report for August 2023. 

In July, Nigeria’s inflation rate rose to 24.08 percent — up from 22.79 percent in the previous month.

The bureau will also publish its data on national household kerosene and premium motor spirit (petrol) price watches for August 2023.

NERC HIKES PRICE OF PREPAID METER FROM N58k to N81k

The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in the prices of prepaid electricity meters.

NERC, in a circular marked NERC/2023/020, and jointly signed by Sanusi Garba, the commission’s chairman, and Dafe Akpeneye, its commissioner, legal, licencing, and compliance, said the new charges took effect on September 6, 2023.

The commission said a single-phase meter will now cost N81,975.16k, instead of the previous price of N58,661.69k.

Similarly, the price of a three-phase meter was increased to N143,836.10k from N109,684.36k.

OIL PRICE HITS $89 PER BARREL

Oil price, last week, rose to a record high, nearly hitting the $90 a barrel mark.

Brent crude, the global oil benchmark, rose to $89.03 — the first time in 10 months; while US West Texas Intermediate rose to $85.95 a barrel.

The increasing oil prices have been said to be driven by cuts from Saudi Arabia and Russia — Organisation of Petroleum Exporting Countries (OPEC) leaders — which are expected to announce their next line of action in the coming days.

Saudi Arabia has taken the lead in efforts to maintain global oil prices, making large voluntary output cuts.

NIGERIA RECORDS N2.2TRN TRADE SURPLUS IN H1 2023 

Nigeria recorded a N2.22 trillion trade surplus between January and June of 2023, according to the National Bureau of Statistics (NBS).

The bureau stated this in its recent foreign trade report for the second quarter (Q2) of 2023.

In the first half of the year, according to the bureau, Nigeria’s exports totalled N13.5 trillion and total imports stood at N11.3 trillion — which gives a trade surplus of N2.22 trillion.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

While the country recorded N6.49 trillion from foreign trade exports for Q1 2023, the NBS said total import value was N5.56 trillion. 

The NBS added that the balance of trade in Q2 2023 was N1.29 trillion.

NCC TO PROSECUTE TELEMARKETERS ILLEGALLY ACCESSING CUSTOMERS’ DATA

The Nigerian Communications Commission (NCC) has warned telemarketers to desist from illegally accessing the telephone numbers of customers for their commercial activities and gains.

Telemarketing is a direct advertising method that involves contacting customers over the phone or via email.

In a statement signed by Umar Danbatta, executive vice-chairman of NCC, the commission said the telemarketers falsely claim that they obtain telecom consumers’ phone numbers from the regulator.

NCC said it would punish defaulters who also claim they are given access to the numbers through the subscriber identity module (SIM) registration database.

NIGERIA GETS $14BN INVESTMENT PLEDGES FROM INDIAN FIRMS

Four Indian conglomerates, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, have pledged to invest $14 billion in Nigeria.

The investment commitments were made on Wednesday during the Nigeria-India presidential roundtable and conference, according to a statement by Ajuri Ngelale, special adviser to the president on media and publicity.

Speaking at the meeting, President Bola Tinubu applauded the Indian companies, assuring the foreign investors that their investments in Nigeria would yield fruitful returns.

NIGERIA LOST N16.25TRN TO CRUDE OIL THEFT IN 11 YEARS,  SAYS REPS

Tajudeen Abbas, speaker of the house of representatives, last week, said Nigeria lost about $46 billion (N16.25 trillion) to crude oil theft in 11 years.

Abbass spoke while inaugurating an ad hoc committee to investigate crude oil theft.

He said the committee would look into the loss of revenue and the menace caused by crude oil theft between 2009 and 2020.

Oil theft, according to Abbas, has drastically hampered the growth of the country’s oil production, with Nigeria losing between 5 percent and 30 percent of daily production.

The committee also called on government agencies and bodies concerned to look for ways to tackle the menace without further delay.