Monthly Archives: September 2022

Europe braces for mobile network blackouts

Once unthinkable, mobile phones could go dark around Europe this winter if power cuts or energy rationing knocks out parts of the mobile networks across the region.
According to Reuters report, Russia’s decision to halt gas supplies via Europe’s key supply route in the wake of the Ukraine conflict has increased the chances of power shortages. In France, the situation is made worse by several nuclear power plants shutting down for maintenance.

FG bets a Deep-Sea Port will ease cargo congestion

Nigeria hopes that a new a deep-sea port set to open early next year will end maritime congestion and help boost an economy grappling with soaring inflation, stagnating growth and slumping foreign investment.
Cargo ships in Africa’s largest economy currently wait as much as a month offshore before unloading in Lagos, Nigeria’s commercial hub.

CBN tightens noose on banks’ vault, raises rates to 20-year high, ups CRR

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the interest rates to 15.5 per cent from 14 per cent, a 150 basis raise and 20-year high in a bid to deflate rising inflation.
Inflation in August was 20.52 per cent showing an increase from a previous 19.64 per cent in July.
At the end of the meeting, the apex bank adjusted Asymmetric Corridor at +100 & -200 basis points around the MPR (interest rate).

Fidelity partners SMEDAN to empower SMEs

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

Fuel subsidies top $1 billion in August as it supplied more petrol

The cost of Nigeria’s fuel subsidies rose to N525.714 billion ($1.22 billion) in August, bringing the total spent this year toN 2.568 trillion, according to figures submitted to the government by state oil company NNPC.
The ballooning costs of keeping petrol prices low in the country are straining the budget and draining revenue from the Nigerian National Petroleum Corp (NNPC).

Poll: Modest rate hikes seen for Nigeria, Kenya; Ghana to hold

Nigeria and Kenya are likely to hike interest rates by a modest 50 basis points in the coming days after months of heavy lifting from other African central banks to try to calm rampant inflation, a Reuters poll found, while Ghana will hold fire.

Illegal haulage: Dangote patrol team arrest, hand over errant drivers to authorities

In a renewed effort to rid the Dangote Group of unscrupulous drivers who engaged in illegal haulage activities and others who constituted themselves into menace to other road users, the company’s drivers’ Patrol team, has made several arrests of drivers, and handed them over to relevant authorities.

Central banks of France, Nigeria join enterprise blockchain association

Central banks of France and Nigeria yesterday joined the enterprise blochchain, according to Hyperledger.
As central bank digital currency (CBDC) research gears up, several central banks have leveraged Hyperledger open source technologies as part of their research program and also for production solutions.

Angola overtakes Nigeria as Africa’s largest oil producer on oil theft … Exports at lowest level in 25 years

Nigeria slipped behind Angola as Africa’s largest exporter in July, according to OPEC figures as crude oil production fell below 1 million barrels per day (bpd) in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines.

160 days to elections, economy torn between trepidation, hope, gloom – Rewane

With less than 160 days to the general election, Nigerians and indeed, the economic indicators are torn between a sense of trepidation, hope and gloom. Some are expecting freedom and prosperity and some nonchallant, rewane Bismarck, Chief Operating Officer of Financial Derivatives Company (FDC) said.
In its lastest edition for September, he said, “not many of them are expecting that 2023 February will be Uhuru (i.e. freedom & prosperity), but may be a new beginning. Depending on how fast the Nigerian economy recovers from its current state, the election will be a referendum on the economy or a vote of anger”..