Nigeria’s virtual economic zone, OPEC+ meeting… 7 top business news to track this week

September 5, 2022 10:08 am

LONDON, ENGLAND - DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs. (Photo by Dan Kitwood/Getty Images)

Here are the seven top business news you need to track this week — September 5 to September 10

NIGERIA’S FIRST VIRTUAL FREE ZONE

The Nigeria Export Processing Zones Authority (NEPZA) says it is seeking a partnership with Binance and Talent City for Nigeria to harbour the first Virtual Free Zone in West Africa.

Adesoji Adesugba, NEPZA’s managing director, said this on Friday in Dubai, United Arab Emirates, after meetings with officials of the two firms.

Adesugba said the partnership would be similar to the Dubai Virtual Free Zone.

If finally sealed, the zone will be Nigeria’s first global city for trade in digital commerce through the virtual economy in blockchains.

OPEC+ MEETS ON OUTPUT POLICY

The Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, is to hold its 32nd ministerial virtual meeting on September 5 to discuss its oil output policy.

At the last meeting in August, the oil cartel added a minuscule 100,000 bpd to the market in September, citing low investment in the global oil sector, and unavailability of excess capacity, among others.

Oil prices climbed two percent on Friday on expectations that OPEC+ will cut production.

AFRICA GREEN REVOLUTION FORUM (AGRF) 2022 SUMMIT

AGRF will host its 12th annual summit from September 5 to September 9, 2022, in Kigali, Rwanda.

The summit will host leaders from governments, businesses, civil society, and international organisations alongside innovators, financiers, experts, scientists, and entrepreneurs.

NBS TO RELEASE REPORTS ON FOREIGN TRADE STATISTICS, OIL AND GAS PRODUCTION

The National Bureau of Statistics (NBS) will release a report on the Federation Account Allocation Committee (FAAC)’s June 2022 disbursement.

The Bureau will also release a report on 2021 immigration data as well as pension asset and membership data for the first quarter of 2022.

Others include a report on Nigerian gross domestic product (expenditure and income approach) 2021, selected petroleum statistics: oil and gas production report (2021) and foreign trade in goods statistics (Q2 2022).

JULIUS BERGER TO INAUGURATE CASHEW PROCESSING PLANT

This week, Julius Berger Nigeria Plc will inaugurate its cashew processing plant.

Julius Berger said the processing plant would be its first agro-processing activity and form the cornerstone of its diversification activities.

AFRICA ADAPTATION SUMMIT — FRIENDS OF GCA HIGH-LEVEL DIALOGUE FOR COP27

The Global Center on Adaptation, in collaboration with the African Union, African Development Bank, International Monetary Fund, Africa Adaptation Initiative, and the Climate Vulnerable Forum, is convening the Africa Adaptation Summit to lay the foundation for an adaptation breakthrough for Africa at COP27.

The summit is set to take place on September 5, 2022, in the Netherlands.

NIGERIA’S DISPUTED OIL CONSUMPTION FIGURES AND SUBSIDY PAYMENTS

Doubts continue to mount over Nigeria’s actual crude oil consumption. Last week, the Nigerian Customs Service (NCS) faulted the claims of the state-owned oil firm over the consumption of 60 million litres of petrol daily.

On its part, NNPC Limited said it is ready for a robust forensic audit of its petroleum supply and subsidy management framework.