eNaira USSD code, Nigeria’s energy transition plan… 7 top business stories track this week

Here are the seven top business news you need to track this week — August 22 to August 26

NIGERIA’S CAPITAL IMPORTATION DATA FOR Q2

The National Bureau of Statistics (NBS) will release a report on Nigeria’s capital importation for the second quarter (Q2) of 2022.

The bureau will also release a report on the domestic and foreign debt for the fourth quarter (Q4) of 2021 and a report on pension assets and membership data for 2022.

It also intends to release a report on the Nigerian gross domestic product by output (Q2 2022).

NIGERIA’S ENERGY TRANSITION PLAN

On Wednesday, Nigeria will launch Energy Transition Plan to showcase the pathway to achieving net-zero emissions by 2060.

Vice-President Yemi Osinbajo will officially launch the plan as well as announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility, according to details posted on seforall.org.

MORE SHIPS LEAVE UKRAINE WITH FOOD

Four more ships carrying grain have left Ukraine’s ports.

According to Reuters, Turkey’s defence ministry disclosed this on Sunday.

The development brings the total number of vessels to leave Ukraine’s Black Sea ports under the United Nations in a move to avert a global food crisis.

Last week, a shipment conveying over 23,000 metric tonnes of wheat left the Ukrainian port for Ethiopia.

FG PLANNING CONFERENCE ON REMOVAL OF PETROL SUBSIDY

Zainab Ahmed, minister of finance, budget and national planning, has disclosed that plans are underway for a national conference on the removal of petrol subsidy.

Ahmed said the federal executive council (FEC) has approved the summit and will take place soon.

The minister added that the federal government would halt the costly petrol subsidy by June 2023.

CBN ROLLS OUT USSD CODE FOR ENAIRA

This week, the Central Bank of Nigeria (CBN) said Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by dialling *997# from their phones

Godwin Emefiele, CBN governor, said the aim is to deepen the payment infrastructure in the country.

BRENT CRUDE AT $95 A BARREL

Last week, oil prices fell as weak economic data from China, a top crude importer, renewed fears of a global recession.

The oil price had previously increased above $120 a barrel due to the ongoing Russia-Ukraine war.

Over the weekend, Brent crude futures stood at $95 a barrel, while West Texas Intermediate crude futures dipped to $88 a barrel.

GALLOPING INFLATION RATE

Russia’s war against Ukraine continues to cast a long shadow over global economies, driving a galloping inflation rate and weighing on economic growth and consumer confidence.

In the United Kingdom (UK), inflation jumped in the last 12 months to 10.1 percent in July — up from 9.4 percent in June.

Ghana’s inflation hit nearly 30 percent — the highest in the last two decades.

In Nigeria, it surged to 19.64 percent in July 2022 — the highest in 17 years.