WEF conference, LCCI’s 2023 economic outlook…7 top business stories to track this week

Here are the seven top business news you need to track this week — January 16 to January 20.

WORLD ECONOMIC FORUM ANNUAL GENERAL

The World Economic Forum (WEF) annual meeting tagged, ‘Davos 2023’ with the theme, ‘cooperation in a fragmented world’, is set to hold this week.

The event, which will be held in Davos, Switzerland, is scheduled to run from January 16 to January 20, 2023.

The meeting will convene leaders from government, business, and civil society to address the state of the world and discuss priorities for the year ahead.

It will also provide a platform to engage in constructive, forward-looking dialogues and help find solutions through public-private cooperation.

LCCI TO HOLD 2023 ECONOMIC OUTLOOK

Lagos Chamber of Commerce Industry (LCCI) says it will hold an its economic outlook and budget analysis conference on Thursday, January 19, 2023.

This, it said, is to review how the economy fared in 2022 and the emerging issues framing the outlook for 2023.

It will also have presentations and panel sessions that would point out areas to watch for risks, and opportunities for business growth and sustainability.

LCCI said discussions and presentations will be centered on “macroeconomic outlook for business and industry in 2023, the 2023 budget implementation plan vs 2022 budget performance, implications and opportunities for business, currency management for a cashless economy: implications for fintech, financial inclusion; and business operations panel session on funding the 2023 federal government budget: finance act 2022.”

CBN TO PENALISE BANKS THAT FAIL TO LOAD NEW NAIRA NOTES IN ATMS

The Central Bank of Nigeria (CBN) recently threatened to penalise commercial banks that fail to comply with the directive of loading the redesigned naira notes in their automated teller machines (ATMs).

Ahmed Umar, CBN director, currency operations, made this known in Abuja.

The apex bank had ordered banks to halt dispensing the new currency notes over the counter — and to only make them available via ATMs.

Umar said the purpose of the CBN directive was to implement the January 31 deadline for the withdrawal of old naira notes in circulation.

WORLD BANK DOWNGRADES NIGERIA’S  GROWTH TO 2.9 IN 2023

The World Bank says a sharp, long-lasting slowdown is expected to “hit developing countries hard” this year as the global economy weakens.

The bank said had this in its latest ‘global economics prospects’ report.

It said the 2023 global growth is expected to slow to 1.7 percent — a downgrade from 3 percent earlier projected in June 2022.

The World Bank warned that shocks including higher-than-expected inflation, sudden spikes in interest rates to contain price increases, or a pandemic resurgence could tip the global economy into a recession.

It also cut Nigeria’s 2023 economic growth projection to 2.9 percent from a previous projection of 3.1 percent.

DRILLING TO COMMENCE IN NASARAWA’S FIRST OIL WELL MARCH 2023

The Nigerian National Petroleum Company (NNPC) Limited says official drilling operations for the first oil well in Nasarawa will commence in March 2023.

Mele Kyari, group chief executive officer (GCEO), NNPC Limited, disclosed this last Friday during a visit by a delegation of prominent Nasarawa indigenes, led by Abdullahi Sule, the state governor.

Kyari had said available data confirmed the presence of hydrocarbons in Keana, a local government area in Nasarawa state.

He noted that the discovery is in continuation of hydrocarbon exploration activities in Nigeria’s inland basins.

BOOST IN CHINA DEMAND  PUSHES OIL PRICE TO $84 A BARREL 

Oil prices rose on Friday on hopes that China, the world’s largest crude importer, would increase its demand.

Brent crude, the global benchmark for oil stood at $84 per barrel while West Texas Intermediate traded above $78 a barrel.

The increase in global oil prices was buoyed by expectations that demand from China will remain resilient.

‘PETROL SCARCITY MAY CONTINUE TILL JUNE’

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the current petrol scarcity may continue until subsidy is removed.

Mike Osatuyi, national operations controller, IPMAN, made this known in an interview with TheCable last week.

On the contrary, Mele Kyari, group chief executive officer (GCEO), Nigerian National Petroleum Company (NNPC) Limited, had said the country currently has no problems importing petroleum products.

But the setback, Osatuyi said, was that oil marketers failed to get their products at government-approved prices, which automatically pushed prices up at various pumps.

He said independent marketers were getting petrol from depots at N240 per liter, excluding transportation.