FX codes, Tinubu to flag off five LNG plants… business stories to track this week

Here are the seven top business stories you need to track this week — January 27 to January 31.

TINUBU TO FLAG OFF CONSTRUCTION OF FIVE LNG PROJECTS IN KOGI

The Nigerian National Petroleum Company (NNPC) Limited and partners will kick-start the construction of five mini liquefied natural gas (LNG) plants in Ajaokuta, Kogi state.

The groundbreaking ceremony, scheduled for January 30, will be performed by President Bola Tinubu.

The five LNG plants are prime LNG, NGML/Gasnexus LNG, BUA LNG, highland LNG, and LNG Arete).

NIGERIA’S PUBLIC DEBT ROSE TO N142 TRILLION IN Q3 2024

The Debt Management Office (DMO) says Nigeria’s total public debt has reached N142.3 trillion as of September 2024.

Nigeria’s total public debt increased by N8 trillion or 5.97 percent, compared to the N134.3 trillion reported in June 2024.

The public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).

CBN PROJECTS 4.17% GDP GROWTH RATE FOR 2025

The Central Bank of Nigeria (CBN) says Nigeria’s gross domestic product (GDP) is projected to grow at 4.17 percent.

Muhammad Abdullahi, deputy governor of the CBN’s economic policy directorate, spoke on Tuesday at the 11th edition of the ‘National Economic Outlook: Implications for Businesses in 2025,’ held in Lagos.

Abdullahi said the economic projections remain optimistic as ongoing fiscal and monetary reforms are already paying off, with GDP expected to increase from the 3.36 percent recorded in 2024.

CBN TO LAUNCH FX CODE FOR AUTHORISED DEALERS

Also, the CBN said it will launch the Nigerian foreign exchange (FX) code as a guideline to promote the conduct of authorised dealers in the forex market.

The CBN had recently announced that it approved the release of the code, which would be formally launched on January 28 at its headquarters in Abuja.

The code is part of CBN’s efforts to reform the FX market.

‘TELECOMS TARIFF WILL BE REVIEWED PERIODICALLY’

Wale Edun, minister of finance and the coordinating minister of the economy, says the tariff in the telecommunications sector will be reviewed periodically.

Edun spoke to Arise TV on Thursday at the ongoing 2025 World Economic Forum (WEF) in Davos, Switzerland.

According to the minister, the tariff adjustment was essential for sustaining the sector amid rising operational costs and inflation.

Bosun Tijani, minister of communications, innovation and digital economy, had also said the federal government approved the 50 percent tariff hike to sustain the industry.

BANKS BEGIN IMPLEMENTATION OF PoS WITHDRAWAL LIMIT

Nigerian banks have commenced the implementation of daily withdrawal limits on point-of-sale (PoS) terminals.

According to a notice by Union Bank, the implementation followed a directive by the CBN on December 17, 2024, limiting the daily withdrawal limit on PoS to N100,000 per customer.

Union Bank, in an email to customers seen by TheCable, said implementation of the daily withdrawal limit has commenced and customers are limited to a weekly withdrawal of N500,000 on PoS.

NNPC INCREASES PETROL PRICE TO N960 PER LITRE IN LAGOS 

The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets in Lagos.

On January 21, TheCable observed that the petrol price at NNPC retail outlet along College Road, Ogba, Lagos, has increased from N925 to N960 per litre.

However, a Mobil filling station opposite the NNPC outlet reduced its petrol price from N990 to N980 per litre.