IMF-World Bank meeting, fuel scarcity… 7 top business stories to track this week

Here are the seven top business news you need to track this week — October 10 to October 14

IMF-WORLD BANK GROUP ANNUAL MEETINGS

The International Monetary Fund (IMF) and the World Bank Group is to hold its annual meetings on October 11 to October 16.

Leaders, experts, and activists across the globe during the meeting will discuss how best to respond to the multiple overlapping crises facing developing countries. 

The theme of the meeting is; ‘Unity in a time of crises’

The financial institutions seek to find urgent actions needed to reduce emissions and help countries adapt to the impacts of climate change.

EHINGBETI LAGOS ECONOMIC SUMMIT 2022

The Ehingbeti Lagos Economic Summit 2022 will have a roundtable discussion, discussing economic and investment growth in Lagos.

The event, which has been held for over 20 years, has helped the Lagos state government to focus on areas that concern the citizens, investors, and businesses with positive results achieved.  

Ehingbeti is to hold October 11 and October 12, 2022 at the Eko hotels and suites, Victoria Island, Lagos

NATIONAL BUSINESS SAMPLE CENSUS 2020 (NBSC)

The Nigerian Bureau of Statistics (NBS) will release a report on the national business sample census in 2020

In 2020, the NBS with support from the World Bank, said it had concluded plans to conduct a national business sample census.

The census was aimed at  providing comprehensive and detailed information about the structure of the Nigerian economy.

PROPOSED N20.5TRN 2023 BUDGET

President Muhammadu Buhari has presented a record N20.51 trillion 2023 appropriation bill to the national assembly.

The president made the presentation on Friday to the joint session of the national assembly at the temporary chamber of the house of representatives. 

The national assembly had approved the medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — parameters on which the 2023 budget will be framed.

The budget proposes N9.7 trillion projected revenue, N10.7 trillion deficit, N470 billion for revitalisation, salary enhancements in tertiary institutions, among others.

OPEC+ HIGHEST PRODUCTION CUT DESPITE US PUSH FOR BIGGER QUOTA

The Organisation of Petroleum Exporting Countries and it’s allies, known as OPEC+ has agreed to a major cut in the global production quota.

The group made the decision at the end of the 33rd in-person OPEC and non-OPEC ministerial meeting held in Vienna, Austria, on Wednesday.

OPEC+ agreed to cut production by 2 million barrels per day (bpd) from the market, starting from November 2022.

Last month, OPEC and its allies had agreed to cut the production quota by 100,000 barrels per day (bpd).

IPMAN DISPATCHES 200 TRUCKS TO END FUEL SCARCITY

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says 200 trucks have been dispatched with petroleum products to end the fuel scarcity being experienced in some parts of the country.

Last week, queues surfaced at filling stations in parts of the country, especially in the north.

The scarcity was caused by the flood and bad road networks as tankers took longer hours to deliver fuel at stations.

KOGI VS DANGOTE CEMENT OWNERSHIP TUSSLE

The Kogi government and Dangote Cement are currently at loggerheads following a move by the state to seal off the company’s factory amid an “ownership tussle”.

Prior to the seal, the cement plant had been invaded by vigilantes “led by some of the state government officials.”

The state government, however, said it has commenced the process of recovering the cement plant in Obajana from Dangote Industries Limited.

A panel on the acquisition of the Obajana cement plant also said the purported transfer of the facility to Dangote cement was not “proper”.