Old naira notes deadline, NBS gender report… 7 top business stories to track this week

Here are the seven top business stories you need to track this week — February 6 to February 11

AFRICA BUSINESS CONVENTION 

The third edition of the Africa Business Convention (ABC) is set to hold on February 7 and  February 8, 2023, in Lagos.

The hybrid business conference is organised by BusinessDay Media (Nigeria), for business leaders, governments, policymakers, investors, and entrepreneurs across Africa and beyond.

The convention holds amidst Africa’s staggering form from the effects of the Covid-19 pandemic and its economic consequences, and last year’s shock from the Russia/Ukraine war that has led to a significant rise in the cost of living, worsening poverty, and rising unemployment on the continent.

OLD NOTES EXCHANGE DEADLINE 

The Central Bank of Nigeria’s (CBN) extended deadline for the deposit of old naira notes at commercial banks ends this week (February 10).

However, the apex bank said Nigerians will still be able to deposit their old notes directly with the CBN until February 17, 2023.

Due to the difficulty in getting the new notes from automated teller machines (ATMs), the CBN directed commercial banks to start paying the redesigned naira notes to customers over the counter.

 NBS’S TELECOMS REPORT 

The National Bureau of Statistics (NBS) is expected to release a report on telecoms data: active voice and internet per state, porting, and tariff information for the third and fourth quarters (Q3 and Q4) of 2022.

The bureau also intends to release a statistical report on women and men in Nigeria in 2021.

TWITTER BEGINS SHARING ADVERT REVENUE WITH CONTENT CREATORS 

Twitter, US-based microblogging and social networking platform, says it will share revenue from adverts with content creators.

Elon Musk, Twitter’s chief executive officer, had said the revenue will be shared only with creators whose posts receive adverts in their reply threads.

The billionaire had also noted that only the content creators who are subscribers to Twitter blue verified will benefit from the gesture. 

Twitter blue represents account holders who pay $8 monthly subscription.

In another report,  the microblogging platform is planning to charge businesses a monthly fee of $1,000 to keep their verified gold check marks or lose it, if payment is not done.

OIL PRICE FALLS TO $82 A BARREL AMID OPEC’S DECISION TO RETAIN MONTHLY OUTPUT

Oil prices dropped on Thursday after the Organisation of Petroleum Exporting Countries (OPEC) said it would maintain its current production levels.

Brent crude, global oil price, fell by 0.58 percent to $82.91 while West Texas Intermediate fell by 0.25 percent to $76.23.

In October 2022, OPEC and its allies agreed to cut oil output by 2 million barrels per day in November — its deepest cut since the 2020 COVID-19 pandemic.

At its 47th meeting, the joint ministerial monitoring committee (JMMC), said it decided to keep production cuts agreed upon last year.

NNPC, DAEWOO SIGN $740M MAINTENANCE SERVICES DEAL TO REPAIR KADUNA REFINERY

The Nigerian National Petroleum Company (NNPC) Limited recently signed a maintenance services contract with Daewoo Engineering and Construction Nigeria Limited for a “quick-fix repair” of the Kaduna Refining and Petrochemical Company (KRPC) Limited.

Daewoo Nigeria is a subsidiary of Daewoo E and C Co. Limited of South Korea, having a shared equity of 90 percent in South Korea and 10 percent in Nigeria.

NNPC said the project will be completed in three work packages as a maintenance services contract by Daewoo Nigeria over 21 months at a maximum cost of $740.7 million.

NIGERIA’S BROADBAND PENETRATION NOW 100% — FIRST AFRICAN COUNTRY TO ACHIEVE IT

President Muhammadu Buhari, last week said there was currently a 100 percent broadband penetration across the country.

Broadband penetration refers to the number of subscriptions to fixed and mobile broadband services.

Buhari, who was represented by Isa Pantami, minister of communications and digital economy, said reports that claimed the country had achieved only 43 percent broadband penetration were obsolete.

He explained that from 23 percent coverage in 2019, the federal government had increased broadband penetration by 77 percent in 2022 and 100 percent in 2023.