BUSINESS ROUNDUP: FG partners Argentina on gas production; Naira slumps at official market; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week —from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• FG partners Argentina on gas production
• NNPCL targets N4.5tn revenue by year-end
• Naira slumps at official market, closes at N830/$1
• FG, states, LGAs share N906bn as revenue allocation in October

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Summary

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a possible gas exploration and production partnership between Nigeria and Argentina.

The Commission made the announcement via iys official (X) handle on Wednesday, November 22, 2023.

In the statement, NUPRC announced that it would partner with Argentina on gas exploration and production after the latter expressed interest in doing business with the country.

The Nigerian National Petroleum Company Limited has projected a revenue target of N4.5 trillion by the end of the year 2023.

This is as the oil company disclosed that the importation of refined petroleum products will end by December 2024 because all the refineries in the country will be operational by then.

The Group Chief Officer of the NNPCL, Mele Kyari, disclosed this when he led officials of the company to a meeting with the Speaker of the House of Representatives, Tajudeen Abbas, where the lawmaker called for the privatisation of Nigeria’s refineries.

READ ALSO:BUSINESS ROUNDUP: Reps to probe BPE; FG to introduce new FX rules; Other stories

The naira slumped against the dollar at both the official and parallel markets on Tuesday.

The local currency depreciated by 9.73 percent to close at N830.97 to a dollar on Tuesday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed.

This represents an N80.83 loss in the local currency compared to the N750.14 it closed on Monday.

The three tiers of government on Wednesday shared the sum of N906.955 billion as revenue allocation for October.

This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Asaba, Delta State.

The distributable revenue comprised statutory revenue of N305.070 billion, Value Added Tax (VAT) revenue of N323.446 billion, and Electronic Money Transfer Levy (EMTL) revenue of N15.552 billion.

ON NGX ROUNDUP: Secure Electronic, Mecure among top gainers as investors make N97.6bn in five hours

Investors in the Nigerian capital market pocketed N97.6 billion at the close of trading on Friday.

This followed the growth in the market capitalization to N39.173 trillion from N39.075 trillion posted by the bourse on Thursday.

Similarly, the All-Share Index (ASI) rose by 177.6 (0.25%) basis points to rise to 71,230.48 from 71,052.85 recorded the previous day.

ON TECH SCENE: Google, FrontEdge, Waspito, Starlink, WayUp, Fork N Knife, Alphabet, Liquid Dataport, Binance, Tolbi, Pricepally, were some of the names that made the headlines this week.

Lagos-based fintech, FrontEdge, has closed a $10 million in a recent seed funding round, with debt financing constituting over 70% of the total amount.

Also, Minister of Communications, Innovation and Digital Economy, Bosun Tijani, says Nigeria will deploy Elon Musk’s satellite Starlink, to create thousands of jobs through initiatives like a certified installer/maintenance programme for Starlink and collaborating with hardware startups to produce repeater boxes locally.

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