GDP rebasing, telecoms tariff… business stories to track this week

Here are the seven top business stories you need to track this week — January 13 to January 17.

NIGERIA RECEIVES BROWN RICE FROM THAILAND UNDER DUTY-FREE POLICY

The Nigerian government has reportedly received a shipment of 32,000 tons of brown rice from Thailand as it seeks to alleviate the impact of rising food costs.

According to a Bloomberg report, the consignment — the first in a decade — arrived in Lagos and was facilitated by Ducat, a maritime logistics and delivery company.

The logistics company told the publication that rice from Thailand was shipped after the federal government issued a tariff moratorium on wheat, corn, rice, and other food crops last year.

NBS WEBSITE STILL DOWN THREE WEEKS AFTER HACK

The website of the National Bureau of Statistics (NBS) — www.nigerianstat.gov.ng — has remained inaccessible for more than three weeks after it was hacked.

TheCable’s checks on January 6 showed that the website could not be reached according to feedback from the landing page — with no updates from NBS.

The NBS confirmed the website breach in a post published on X on December 18, 2024.

CBN SUSPENDS APPROVAL OF REQUESTS FOR EXTENSION OF EXPORT PROCEEDS REPATRIATION

The Central Bank of Nigeria (CBN) says requests for the extension of export proceeds repatriation by authorised foreign exchange (FX) dealers will no longer be approved.

The CBN spoke in a circular dated January 8, signed by W.J. Kanya, its acting director of the trade and exchange department, and addressed to FX dealers.

The apex bank said the decision took effect from January 8.

REBASED GDP DATA TO CAPTURE ILLEGAL ACTIVITIES, MODULAR REFINERIES

The NBS, on January 9, said modular refineries and illegal and hidden activities will be captured in the rebased gross domestic product (GDP) data set to be unveiled by the end of January.

Other areas that will be covered are the Nigerian social insurance trust fund (NSITF), digital economic activities, pension funds administrators, domestic households as employers of labour, the national health insurance scheme (NHIS), and quarrying and other mining activities.

Moses Waniko, technical assistant to the statistician-general, spoke during a sensitisation workshop on GDP and the consumer price index (CPI) rebasing.

‘TELECOMS TARIFF WILL BE INCREASED — BUT NOT BY 100%’

Bosun Tijani, the minister of communications, innovation, and digital economy, says telecoms tariff will be increased — but not by 100 percent.

Speaking at a stakeholders’ meeting on January 8, in Abuja, Tijani said the telecommunications sector must establish proper regulations to ensure its growth.

In recent times, telecoms sector operators have been mounting pressure on the regulators to raise tariffs to curb shrinking investments.

At the stakeholders’ meeting, the minister assured that the Nigerian Communications Commission (NCC) would approve and announce the new tariff after ongoing consultations and engagements.

‘FILE ANNUAL TAX RETURNS BY JANUARY 31 TO AVOID SANCTIONS’

The Lagos Internal Revenue Service (LIRS) says all companies in the state must file their annual tax returns by January 31 to avoid penalties for noncompliance.

In a statement on Sunday, Ayodele Subair, executive chairman of LIRS, said the directive aligns with the personal income tax Act (PITA) Cap P8 LFN 2004 (as amended).

Subair said employers must meet the deadline as a legal obligation, warning that failure to comply would result in statutory sanctions, including penalties, as prescribed by law.

‘NATIONAL GRID DIDN’T COLLAPSE | POWER TRIPPING AFFECTED SUPPLY’

The Transmission Company of Nigeria (TCN) says reports of a national grid collapse are false.

Earlier on Saturday, media reports had claimed that the country experienced a blackout due to the collapse of the national grid. 

Addressing the issue in a statement, Ndidi Mbah, TCN’s general manager of public affairs, said the incident was a mere power tripping at the Benin-Omotosho 330 kilo volt (kV) line.