Food prices, the CBN governor nominee. Read seven business news this week. The top seven business stories to follow this week, from September 18 to September 22, are listed below.

    TINUBU NOMINATES NEW CBN GOVERNOR, DEPUTIES

    Yemi Cardoso has been proposed by President Bola Tinubu as the future governor of the Central Bank of Nigeria (CBN).

    New cvn governor
    New cvn governor

    Additionally, he proposed Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello as candidates for the position of deputy governor.

    The news was released in a statement on Friday by Ajuri Ngelale, the president’s special adviser on media and publicity.

    Cardoso is anticipated to hold office for a period of five years after being confirmed by the senate.

    The consumer price index (CPI), which gauges how quickly prices for goods and services rise, increased from 24.08 percent in July to 25.80 percent in August of 2023.

    The National Bureau of Statistics (NBS) report states that increases in food prices were the primary cause of the nation’s inflationary trend.

    According to the research, the annual rate of food inflation in August 2023 was 29.34%. In comparison to the rate that was seen in August 2022 (23.12 percent), this was 6.22 percent points higher.

    Residents of Kogi, Lagos, and Kwara paid more for food during the review period, according to the research.

    The consumer price index (CPI), which gauges how quickly prices for goods and services rise, increased from 24.08 percent in July to 25.80 percent in August of 2023.

    The National Bureau of Statistics (NBS) report states that increases in food prices were the primary cause of the nation’s inflationary trend.

    According to the research, the annual rate of food inflation in August 2023 was 29.34%. In comparison to the rate that was seen in August 2022 (23.12 percent), this was 6.22 percent points higher.

    Residents of Kogi, Lagos, and Kwara paid more for food during the review period, according to the research.

    NIGERIA’S DEBT HITS N87TRN

    Nigeria’s total public debt, according to the Debt Management Office (DMO), was N87.38 trillion in the second quarter (Q2) of 2023, a growth of 75.29 percent.

    Comparing this to the N49.85 trillion recorded at the conclusion of the first quarter (Q1) of the year, there has been an increase in total public debt of N37.53 trillion.

    According to the debt office’s most recent report, the federal government’s receipt of N22.71 trillion in ways and means advances from the Central Bank of Nigeria (CBN) was what caused the increase.

    cbn
    cbn building

    NBS REPORT

    A report on the automatic gas oil (diesel) and liquefied petroleum gas (cooking gas) price watch for August 2023 is anticipated from the Nigerian Bureau of Statistics (NBS).

    Additionally, the bureau plans to release a report on specific food pricing trends and its transportation fare watch for August 2023.

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    nbs

    A report on the nation’s terms of trade for the second quarter (Q2) of 2023 will also be made public by NBS.

    FIRST NATIONAL GRID COLLAPSE IN 2023

    The national grid had a new total system breakdown last week.

    The Enugu Electricity Distribution Company (EEDC) Plc informed consumers that the national grid had crashed on Thursday at around 12.40 am.

    electricity
    electricity

    Adebayo Adelabu, the minister of power, confirmed the development and said that a fire that broke out on the Kainji/Jebba 330 kilovolt (kV) line was to blame for the national grid’s breakdown.

    Adelabu claimed in a series of posts on X that the fire caused the loss of around 356.63MW of generation.

    PRICES FOR OIL RISE TO $90 PER BARREL

    oil
    oil

    Oil prices, on Friday, edged up to over $90 a barrel for the first time since November 2022.

    Brent crude, the global oil benchmark, increased by 1.69 percent to $92.23 a barrel, while the US West Texas Intermediate jumped 2.02 percent to $89.05 a barrel at 16.46 WAT.

    Last week, Brent reached $89 a barrel for the first time in 10 months, an increase reportedly driven by cuts from Saudi Arabia and Russia — Organisation of Petroleum Exporting Countries (OPEC) leaders.

    The increased price of the commodity is said to be bolstered by a tighter supply outlook.

    Meanwhile, OPEC, in its monthly oil market report, said Nigeria’s oil production increased to 1.18 million barrels per day (bpd) in August 2023 — up from 1.08 million barrels in July.

    GAS FLARE COMMERCIALISATION PROGRAMME FG SELECTS 42 BIDDERS

    According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), 49 flare sites were awarded to 42 oil and gas corporations as part of the Nigerian Gas Flare Commercialization Programme (NGFCP) bid procedure in 2022.

    The commission accepted KPMG, a worldwide network of professional firms, for a cooperation on the execution of the award to ensure a successful end, the commission said in a statement on Wednesday.

    NGFCP
    NGFCP

    38 of the enterprises received 40 flare sites from the NUPRC “for standalone single flare site development”, while four entities received nine sites to be developed as clusters.

    The federal government might decrease the amount of gas lost through this initiative while also increasing the effectiveness of Nigeria’s upstream oil and gas sector.

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