Atiku, Obi to speak on economic blueprint, inflation report… 7 business news to track this week

Here are the seven top business news you need to track this week — September 12 to September 16

NIGERIA’S AUGUST INFLATION FIGURES 

The National Bureau of Statistics (NBS) will release the country’s consumer price index (CPI) and the inflation report for August 2022. In July, the inflation rate jumped to the highest since September 2005, surging to 19.64 percent from 18.60 percent in the previous month.

The bureau will also release a report on Nigerian domestic and foreign debt for the second quarter of 2022.

It also intends to release a report on rail transportation data for the first quarter and second quarter of 2022.

PMI HOLDS AFRICA CONFERENCE IN LAGOS

Project Management Institute (PMI) has kicked off its annual Africa conference.

The conference, which started on Sunday, will run till Tuesday, September 13, 2022, at the Eko Hotel & Suites in Lagos, Nigeria.

ATIKU, OBI TO SPEAK ON ECONOMIC BLUEPRINT AT LCCI FORUM 

The Lagos Chamber of Commerce and Industry (LCCI) will host two presidential candidates at its 2022 edition of the private sector economic forum ahead of the 2023 election.

LCCI said the forum would provide a first-hand opportunity for presidential candidates of the three leading political parties to speak to the organised private sector on their economic blueprint for Nigeria.

Atiku Abubakar, former vice-president and presidential candidate of the Peoples Democratic Party (PDP), will speak on Tuesday, September 13, 2022, while Peter Obi, presidential candidate of the Labour Party (LP), is scheduled to speak on Wednesday, September 14, 2022.

Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), has been scheduled to speak on Friday, October 28, 2022.

FG MOVES TO PENALISE AIRLINES SELLING TICKETS IN FOREIGN CURRENCIES

The federal government has vowed to penalise foreign airlines selling tickets to Nigerians in dollars.

Foreign airlines operating in Nigeria have been accused of selling tickets in dollars in order to cushion the effects of revenue trapped in the country.

Despite releasing part of the trapped revenue, the federal government said some airlines continue to engage in such practice, adding that it violates Nigerian laws and bilateral agreements.

UK FACES RECESSION AMID FALL IN POUND

The British pound fell to its lowest level against the US dollar since 1985 on Thursday last week.

The currency fell to $1.1407 on Wednesday afternoon — a level not seen since the premiership of Margaret Thatcher.

The United Kingdom (UK) is battling double-digit inflation, an energy crisis due to COVID-19 complications and the Russia-Ukraine war.

AIRLINES TO OPERATE NIGERIA-KUWAIT FLIGHTS

The federal executive council (FEC) has approved a bilateral air services agreement (BASA) between Nigeria and Kuwait.

BASA is an air transport agreement between two countries that allows designated airlines to operate commercial flights, covering the transportation of passengers and cargoes.

FINDING LASTING SOLUTIONS TO CRUDE OIL THEFT

President Muhammadu Buhari has inaugurated a 10-man presidential committee on the national economy.

The committee is expected to proffer solutions to the issue of oil theft, poor taxation, and increasing debts, among others.

In August, Nigeria’s oil production dropped below one million barrels per day due to the shut-in of crude production and oil theft in the Niger Delta region.

Last week, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accused stakeholders in the oil and gas sector of complicity in oil theft.

The union has threatened to shut down oil production for 30 days if the federal government fails to curb oil theft.