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Newspaper Headlines: ECOWAS raises $38m grant for SMEs

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
July 22, 2024 7:00 am

Reports on the state of the Nigerian economy and Aliko Dangote’s feud with the federal government dominate the frontpages. 

Vanguard reports that Nigeria’s economy faces survival threats with 1.4 million barrels per day (bpd) crude oil production. The newspaper says there is an agreement between the Nigerian navy and the Nigerian Maritime Administration and Safety Agency (NIMASA) over the proposed law on maritime security. 
The Guardian reports that foreign exchange crisis and likely increase in inflation rate has posed a fresh challenge to the monetary policy committee (MPC) ahead of today’s meeting. The newspaper says the Nigerian Education Loan Fund (NELFUND) will begin the disbursement of over N37 billion in student loan to 112,000 applicants this week.
The Punch reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is expecting fresh reports to confirm the real sulphur content of the diesel produced by the Dangote refinery, as the company debunked claims of inferior fuel production.
Daily Trust reports that Aliko Dangote, Africa’s richest man, said he is willing to sell his oil refinery to the Nigerian National Petroleum Company (NNPC) Limited.
The Nation reports that President Bola Tinubu has hinted at his administration’s plan to tax the profit of banks with the proposed amendment to the 2023 Finance Act. The newspaper says the Economic Community of West African States (ECOWAS) is targeting a $38 million grant to bolster small and medium enterprises (SMEs) in member states.

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