BUSINESS ROUNDUP: FG, states, LGAs share N695bn; CBN keeps Nigeria’s interest rate constant despite pressure; 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, states, LGAs share N695bn for February
• CBN keeps Nigeria’s interest rate constant despite pressure
• ExxonMobil plans Bitcoin mining in Nigeria
• Experts seek adoption of e-mobility for fight against climate change

Summary:

The United States-based oil corporation, ExxonMobil, has concluded plans to mine Bitcoin in Nigeria.

ExxonMobil’s NGL Industry Outlook Advisor, Eric Obrock, had proposed Bitcoin Proof-of-Work mining for wasted natural gas which would cut carbon dioxide (Co2) emissions by 63 percent.

Several reports on Saturday revealed that the move is aimed at ending the use of natural gas in powering generators.

Experts in the Nigerian transportation industry have called for the adoption of e-mobility to solve challenges of climate change, noting that the unconditional embrace of electronic vehicles by the public can drive the nation towards becoming safer, cleaner and greener.

Speaking Thursday, during a webinar organised by Jet Motor Company themed: “Unlocking Pathways to Accelerating E-Mobility in Nigeria,” the experts said progressive transition from internal combustion engine vehicles to electronic alternatives can open the nation to untapped yet unlimited opportunities.

Read also: BUSINESS ROUNDUP: Fuel import bill rises by 97% in 2021; Nigeria shuts three companies over fraud allegation; Other stories

Wemimo Joseph, CEO, Jet Motor Company, in his opening remarks, said e-mobility has presented Nigeria the opportunity to rank amongst leading nations such as Germany, America and Sweden, noting that if maximised, it could enable Nigeria to become more competitive, and one of the most prominent e-mobility players in the world.

The Central Bank of Nigeria (CBN) has resisted pressure to raise interest rates despite the fact that most of its peers in Africa have initiated moves to push up rates in response to economic pressures induced by the ongoing Russia-Ukraine conflict.

The bank’s Monetary Policy Committee (MPC) on Monday voted to hold all monetary parameters constant, keeping the benchmark interest at 11.5 percent despite growing inflationary pressure that threatens to create a debt crisis in the country.

The committee retained the Assymetric Corridor of +100 -700 basis points around the MPR while the Cash Reserve Ratio (CRR) and Liquidity Ratio remained at 27.5 percent and 30 per cent respectively.

The Federation Accounts Allocation Committee (FAAC) on Tuesday shared a total sum of N695.033 billion to the three tiers of government as federation allocation for February.

The Deputy Director of Information, Ministry of Finance, Budget and Planning, Olajide Oshundun, disclosed this in a statement issued after the FAAC meeting in Abuja.

He said the Federal Government received the highest allocation of N239 billion.

On NSE ROUNDUP: Investors pocket N2.1bn as Nigeria’s stock market exits bearish zone

Investors at the Nigerian stock market went home with N2.12 billion following the rise in equity capitalisation by 0.002 percent on Friday.

The uptick in the capital market led to an increase in the shareholders’ total investment to N25.31 trillion from N25.30 trillion posted on Thursday.

The All-Share Index was up by 3.94 basis points to close at 46,964.23 compared to 46,960.29 achieved the previous day.

Investors traded 177.09 million shares worth N4.18billion in 3,873 deals on Friday.

On the tech scene, Kwik, Yemaachi, Betacube, Cashlet, ThriveAgric, CodeLn, Simplifyd and Lucky were some of the names that made the headlines this week.

Nigerian agritech startup, ThriveAgric, has announced closing a US$56.4 million in debt funding from local commercial banks and institutional investors.

Also, Nigerian online tech talent marketplace, CodeLn, has launched a smart applicant tracking system named Insight.

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