BUSINESS ROUNDUP: Fintechs will be bigger than banks; Africa to add 1.2mbd to crude oil output by 2026; 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:

• Africa to add 1.2mb/d to production output by 2026 – OPEC
• Fintechs are going to be bigger than the banks -Ex-CBN gov, Sanusi
• Nigerian govt to set up two new modular refineries
• CAC completes incorporation of NNPC as a public company

Summary:

The former governor of the Central Bank of Nigeria (CBN) Lamido Sanusi, said he believes financial technology startups in Nigeria will become bigger than commercial banks.

Sanusi said he believes in Nigerian Fintech market which is why he pushed for mobile banking through financial technology companies, which the former CBN boss described as bank of the future.

The statement of the former Emir of Kano came two days after another Nigerian tech startup, Andela, became a unicorn, crossing the $1 billion company valuation due to a $200 million fundraising round.

President Muhammadu Buhari said two modular refineries will be completed between this year and 2022 in line with his administration’s Roadmap on Local Refining.

This follows the commissioning of the Waltersmith modular refinery in Imo State, November last year, which has a capacity of 5,000-barrels per day.

President Buhari made the disclosure on the new modular during his Independence Day speech, on October 1, 2021, where he listed his achievements since coming into power.

Read also: BUSINESS ROUNDUP: Nigeria needs $100bn yearly to fix infrastructure; Bitcoin investors lose $21.35bn after China ban; Other stories

The Corporate Affairs Commission (CAC) said it has completed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited in line with the new Petroleum Industry Act (PIA).

The Registrar-General of CAC, Garba Abubakar, said this on Wednesday at the quarterly meeting of heads of agencies in the federal ministry of industry, trade and investment.

He noted that the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

The Organisation of the Petroleum Exporting Countries (OPEC) said Africa would reduce dependence on oil importation as it strives to meet the projected production output for 2026.

In its 2021 World Oil Outlook seen by Ripples Nigeria on Saturday, OPEC said Africa would add 1.2 million barrels per day (mb/d) to production output by 2026.

The continent’s oil output was estimated at 6.9 million barrels by research firm, Statista, in 2020, down from 7.9 million barrels per day recorded in 2019.

On NSE ROUNDUP: Market cap up by 2% as investors pocket N320bn

The Nigerian stock market sustained its bullish run with a 2 percent rise in equity capitalization at the close of trading on Thursday.

The equity capitalization increased by N328 billion to close at N20,955 trillion against the N20,627 trillion posted on Wednesday.

The All Share Index was up by 628.88 basis points and settled at 40,221.17 compared to 39,592.29 recorded the previous day.

On the tech space this week, evidently, the week was a complete departure from last week, with too many headlines leaving the tech space talking.

Andela joined the likes of Flutterwave as a 10 figure company, attaining the status of a Unicorn.

Also, we saw Gokada enter Nigeria’s largest city, Ibadan, with the intention to commence its food delivery (GFood) and logistics services (GSend).

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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