GDP report, old naira notes circulation… business stories to track this week

Here are the seven top business stories you need to track this week — October 28 to November 1.

GDP REPORT

The National Bureau of Statistics (NBS) is expected to release the report on the country’s annual gross domestic product (GDP) for the third quarter (Q3) of 2024.

In the previous quarter, GDP grew by 3.19 percent – higher than the 2.51 percent recorded in Q2 2023 and 2.98 percent in Q1 2024.

NBS TO REBASE GDP, CPI IN NOVEMBER TO IMPROVE DATA ACCURACY 

NBS has announced plans to rebase Nigeria’s consumer price index (CPI), gross domestic product (GDP) and the Nigeria living standards survey (NLSS).

Adeyemi Adeniran, statistician general of the federation and chief executive officer (CEO) of NBS, spoke on Thursday at a press briefing in Abuja.

Adeniran said the agency “will rebase the GDP and CPI in November to ensure that economic data accurately reflect current realities and account for structural changes in the economy”.

NO  DEADLINE ON CIRCULATION OF OLD NAIRA NOTES, SAYS CBN

The Central Bank of Nigeria (CBN) says Nigerians should disregard claims that the old naira notes will cease to be legal tender on December 31, 2024.

In a statement on X on Thursday, Sidi Ali, Hakama, acting director, corporate communications, said the old series of N200, N500, and N1,000 banknotes will remain legal tender as ordered by the supreme court on November 29, 2023.

CBN said its directive to all its branches to continue to issue and accept all banknotes — old and re-designed — to and from banks remains in force.

‘NAIRA SHOWING SIGNS OF STABILITY’ 

The International Monetary Fund (IMF) says the naira, Nigeria’s local currency, shows signs of stability due to interest rate hikes.

In its global financial stability report launched during a press briefing in Washington DC, United States, on October 22, the IMF also linked the currency’s stability to the clearing of the foreign exchange backlog by the CBN.

NNPC TO SOON CLEAR $6BN PETROL SUPPLY DEBT

Wale Edun, the minister of finance and coordinating minister of the economy, says the Nigerian National Petroleum Company (NNPC) Limited has commenced the process of paying the $6 billion debt owed to suppliers.

Edun spoke on October 26 during an engagement with investors in Washington DC.

He also said the CBN moved to a willing buyer, willing seller, market-based pricing mechanism for foreign exchange (FX).

The minister explained that the same system also applies to petroleum products.

FG DIRECTS NNPC, LOCAL PRODUCERS TO HALT LPG EXPORTS BY NOVEMBER 1

The federal government has directed the  NNPC and liquefied petroleum gas (LPG) producers to stop exporting the product by November 1.

Speaking during a meeting with stakeholders on Tuesday in Abuja, Ekperikpe Ekpo, minister of state petroleum resources (gas), said the directive was given due to the price hike of LPG, also known as cooking gas.

The minister said he issued three directives to address the skyrocketing price of the product and its attendant hardship on Nigerians.

Ekpo said NNPC and local producers can either stop exporting the product or import equal volumes of exported LPG at cost-reflective prices.

TINUBU TO NIGERIANS: BUY PETROL AT N1,000 PER LITRE OR CNG FOR N200

President Bola Tinubu says Nigerians can buy premium motor spirit (PMS), also known as petrol, at N1,000 per litre or compressed natural gas (CNG) at N200 per standard cubic meter.

Tinubu spoke during a meeting with the Nigerian Independent Petroleum Company (NIPCO) on October 23 at the State House in Abuja.

“Nigerian motorists can buy petrol at N1,000 per litre or the gas equivalent per standard cubic meter at N200,” he said.

Tinubu added that his government also introduced incentives for commercial motorists to convert from “petrol to gas, free of cost”.