Blackout in Abuja, Warri refinery… business stories to track this week

Here are the seven top business stories you need to track this week — January 6 to January 10.

ABUJA TO EXPERIENCE BLACKOUT IN JANUARY OVER RELOCATION OF TRANSMISSION TOWERS

The Abuja Electricity Distribution Company (AEDC) says power supply in Abuja will be disrupted from January 6 to 21.

In a statement on Friday, the AEDC said the expected blackout is due to the Federal Capital Development Authority’s (FCDA) plan to relocate feeder and transmission line towers along the outer southern expressway.

According to the DisCo, some of the areas to be affected by outages during the period include Lugbe and environs, Airport Road, Kapwa, NNPC, Games Village, Parts of Apo, Parts of Gudu, Gbazango and environs, Parts of Kubwa, Bwari and environs, Parts of Jahi, Parts of Jabi, Karu, Nyanya, Mararaba, Keffi and environs, and other parts of Abuja.

TELCOS ASK NCC TO CONSIDER INCREASING TARIFFS BY Q1

The Association of Telecommunications Companies of Nigeria (ATCON) has urged the Nigerian Communications Commission (NCC) to consider reviewing call tariffs upwards by the first quarter (Q1) of 2025.

Tony Emoekpere, president of ATCON, said the hike is necessary to enable its members to improve the quality of their services.

Emoekpere said the biggest challenge in the industry is currency depreciation which has negatively affected the quality of service.

FG TO ESTABLISH CREDIT GUARANTEE COMPANY IN 2025

President Bola Tinubu says his administration will establish a National Credit Guarantee Company before the end of the second quarter (Q2) of 2025.

Tunubu, who spoke on January 1, said his administration would consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

‘WARRI REFINERY HAS STARTED PRODUCTION — BUT REHABILITATION NOT COMPLETE’

Mele Kyari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, says the Warri Refining & Petrochemicals Company (WRPC) in Delta, is now operational.

Kyari said the refinery is not fully completed but is producing 125,000 barrels per day.

Also, Tinubu said the WRPC now operates at 60 percent capacity, commending the NNPC for reviving the plant.

FG TARGETS 3 MILLION BPD CRUDE OIL PRODUCTION BY 2025

Heineken Lokpobiri, minister of state for petroleum resources (oil), says the federal government has plans to achieve a target of three million barrels per day (bpd) in crude oil production by 2025.

Lokpobiri spoke during the launch of the second phase of Operation Delta Sanity II (OPDS II) by the Nigerian Navy in Port Harcourt.

‘WE’VE MADE ADEQUATE BUDGETARY PROVISIONS TO MEET DEBT OBLIGATIONS’

The Debt Management Office (DMO) has assured that Nigeria has made adequate budgetary provisions to meet its debt obligations following the issuance of $2.2 billion eurobonds.

In a statement on January 1, the DMO said Nigeria has consistently serviced its external and domestic debts promptly, leading to increased investor interest in federal government bonds.

According to the DMO, the country’s ability to meet its debt obligations is supported by effective planning and allocation through the medium-term expenditure framework (MTEF) and annual budgets.

X TO LAUNCH PAYMENT SYSTEM IN 2025

Linda Yaccarino, the chief executive officer (CEO) of X, formerly Twitter, has announced that the social media platform will launch a payment system called X Money in 2025.

In a statement on X on Tuesday, Yaccarino said 2025 will connect X users in ways never thought possible.