Victor EzejaHere we present to you the top 10 Business stories from Nigerian newspapers today, 22 December 2023.
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1. Naira Scarcity: CBN Warns Banks, PoS Operators Against Sabotage
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and Point of Sale (POS) Operators to desist from certain actions that could be responsible for the lingering scarcity of cash across the country.
The apex bank said its attention has been drawn to alleged cases of collusion between DMBs and POS Operators which is affecting the availability of cash in parts of the country.
2. Port Harcourt Refinery Rehabilitation Completed, Operations Begin After Christmas
The Federal Government has announced that rehabilitation of the Port Harcourt Refinery has been completed and production of refined petroleum products would commence in January 2024.
It said the first phase of the plant had been completed, as the facility would start refining 60,000 barrels of crude oil after the Christmas break.
This was announced by the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri after a meeting of the Refinery Rehabilitation Steering Committee in Port Harcourt on Thursday.
Group CEO of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, had earlier assured that the rehabilitation of the Refinery would be completed by December this year.
3. Passengers to Get 25% Rebate for Cancelled Flights – NCAA
Acting Director-General of the Nigerian Civil Aviation Authority, Capt. Chris Najomo, has said that from January 2024, airlines found culpable for delaying passengers and whose actions cause delay or flight cancellations would be made to give affected travellers a 25 per cent rebate on their next flight with the airline.
4. 88% Of Nigerian Workers Self-employed – NBS
Not less than 88 per cent of workers in Nigeria are self-employed, with only 12 percent on wage employment.
This was revealed in the National Bureau of Statistics (NBS) second quarter 2023 report. The report Indicated that unemployment in the period stood at 4.2 per cent.
5. Implement Waivers On LPG, Marketers Tell FG
Nigeria Association of Liquefied Petroleum Gas (LPG) Marketers has called on Federal Government agencies particularly the Nigeria Customs Service to implement the presidential directive on zero import duties on gas items as well as imported LPG, among others.
The association president Oladapo Olatunbosun, who said President Bola Ahmed Tinubu gave the directive about three weeks ago in order to crash the rising price of LPG wondered why the agencies of government like the Nigeria Customs Service that was central to implementing it have been reluctant.
6. Shettima, Govs Constitute Committees To Tackle Crude Oil Theft, Economic Woes
The National Economic Council, chaired by Vice President, Kashim Shettima, has set up committees on economic affairs as well as crude oil theft and management.
Both committees will be headed by Kwara State Governor AbdulRahman AbdulRazak and his Imo State counterpart, Hope Uzodimma, respectively.
7. MAN Seeks End to Export of Agriculture Products
The Manufacturers Association of Nigeria (MAN) has stressed the need to stop export of agricultural products as raw materials.
READ ALSO: Investment In Nigerian Manufacturing Sector Drops By N368bn In 8 Years – Report
MAN President, Francise Meshioye, who made the call said that Nigerians lose significant resources when raw materials from agricultural products are exported as they are eventually imported back as finished products.
8. P&ID Gas Contract: UK Court Rules In Favour Of Nigeria, Overturns $11bn Award
A London court has overturned the $11 billion damages charge brought against Nigeria by Process & Industrial Developments (P&ID) Limited, a gas company, pertaining to a failed gas processing project in Cross River, Nigeria.
9. MTN Targets 95% Broadband Population Coverage By 2025
MTN said it is targeting 95 per cent broadband population coverage across its footprint by 2025, from 88 per cent in 2022.
10. Subscribers Kick Against Hike in Cable TV Subscriptions
Subscribers of telephone and cable television services have kicked against the incessant hike in cable television subscriptions and have called on the federal government to urgently intervene.
READ ALSO: MultiChoice Nigeria Raises DStv, GOtv Subscription Prices 6 Months After Last Increase
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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