BUSINESS WRAP: Breeze through major business highlights during the last 7 days

Hello and welcome, here. It’s another edition of Business Wrap, a featured post highlighting some of the major events that unfolded during the week ended 7^th of September, 2019.

Headlines:

• Nigerian government says establishment of national carrier remains top priority
• Kano faces blackout as Transmission Company threatens KEDCo with termination notice
• Nigeria’s GDP declines by 0.16 in Q2
• FG honours Umahi’s request, approves int’l airport for Ebonyi

Summary:

The Minister of Aviation, Hadi Sirika, has said that the Federal Government remains committed to the establishment plan of a national carrier for the country. Hadi noted that the Buhari-led administration would also ensure to make provision for maintenance, repair and overhaul facilities for aircraft. In reinstating the government readiness to this cause, the aviation minister added that the government would equally cater for other components of the aviation roadmap.

Transmission Company of Nigeria (TCN) had, on Wednesday, issued a notice of intent to terminate the operations of Kano Electricity Distribution Company (KEDCO). TCN explained that the notice would serve as an intent to issue a termination order to the Disco, following the power distributor’s failure to remedy its default to the market.

Nigeria’s Gross Domestic Product (GDP) has, according to recent data from the National Bureau of Statistics (NBS), declined by 0.16 per cent in the second quarter of 2019. A report from the body on Tuesday revealed that the GDP grew by 1.94 per cent in real terms within the same period. According to the report, if compared to the second quarter of 2018, which recorded a growth of 1.50 per cent, the growth observed in Q2 2019 indicates an increase of 0.44 per cent.

Read also: BUSINESS WRAP: Breeze through major business highlights during the last 7 days

The Federal Government of Nigeria has approved the request for the construction of a new International Airport in Ebonyi State, following a request by Governor David Umahi. The Minister for Aviation, Hadi Sirika, conveyed the approval in a letter to Governor Umahi which was signed by the Director Safety and Technical Policy, Capt. T A Alkali on behalf of the Ministry.

Meanwhile, on our editorial Business Review segment;

On Monday, we probed why Ghana, and not Nigeria, is the largest yam exporter in West Africa. Considering the fact that Nigeria, for a long time, had been the largest producer of the commodity, the complex thus comes contradictory. And, the ministry of agriculture and rural development was called upon to consider the matter closely.

On Wednesday, following reports of Xenophobic attacks in South Africa, our analyst examined what the government could have done to contain the situation, discussing how economic sanctions could be a tool to checkmate the unrest before citizens took to the street in protest.

On Friday, to cap the week’s review, interest was drawn on how the government could solve the erratic power supply challenge in a bid to help local businesses. In the review, emphasis was adequately drawn on the need for Nigeria to look into the diversification of the sources of power generation. While Nigeria is struggling to generate less than 10MW, the review cited how Germany is generating 40, 000MW of electricity from gas, alone.

By Ridwan Adelaja…

 

 

Thank you for joining us for the first Business Wrap in September. Until next weekend when Business Wrap shall come your way again, stay update by following all our social media handles. Goodbye.

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now