Hello there, it’s Sunday. And, here is the Business Wrap, a featured post highlighting some of the major events that unfolded during the week ended 5th of October, 2019.
- Failure to diversify from oil and gas is Nigeria’s major problem —Soludo
- Senate probes 7 Int’l oil firms over refusal to remit $21bn
- Nigerian govt suspends employment as survival strategy
- The Nigerian stock market ends week bearish
Former Governor of Central Bank of Nigeria (CBN) Prof. Charles Soludo, on Tuesday, has said Nigeria’s economy was still dwindling as the government had failed to consider diversification from oil and gas.
The Nigerian Senate has asked three of its committees to immediately probe seven International Oil Companies (IOCs) for alleged refusal to remit to the government about $21 billion.
The vice-chairman of the Senate Committee on Petroleum Resources, Ifeanyi Ubah, had in a motion, during plenary on Wednesday told his colleagues that the IOCs allegedly refused to honour the provisions of the Production Sharing Contracts (PSC) Act. Here is all you should know about this Acts of the National Assembly.
Contrary to expectations, Nigeria’s Minister of Finance, Mrs Zainab Ahmed on Thursday, said the Federal Government would suspend employment as a means to sustain the 2020 budget.
Ahmed spoke during a meeting with the Senate Committee on Appropriation on how the 2020 budget to be presented by President Muhammadu Buhari would be financed, adding that excessive spending would also be avoided by the Federal Government. Find full report via link.
The Nigerian Stock Exchange closed the first week of trading in the month of October on a bearish note – which means the bourse closed negative on a week-to-date basis (WTD).
The All Share Index, an index that measures trading in the stock market opened on Monday, September 30, 2019, with 27,675.04 basis points and closed October 4, 2019, with 26,987.45; shedding 2.48% on a WTD basis. Year-to-date (YTD), the market is down by 14.14%. Follow the NSE update here.
Meanwhile, on our editorial Business Review segment;
On October 1st, 2019, we considered reasons why Nigeria after 59 yrs of independence still largely depends on borrowing. In the post, we looked at what Rwanda has been doing differently to earn it a global admiration.
It became a case of concern as it is 59 years, yet Nigeria is still mired and ravaged with challenges and nowhere close to the Kagame-presided Rwanda on an attempt to match the level of significant development of the two African countries. Click link to read the full review and also discover the difference between a good and bad debt.
On Thursday, 4th of October, we appraised 13 quick steps Nigeria should consider as regards attracting foreign investors.
In the review we saw how Nigeria can learn from the Chinese business sense that transformed the economy into a competitive one today. We learnt how between 1980 and 2019, China has marked a feat that positions it relatively to displace the U.S. economy. This review tells us how this is possible in 4 years, going by the Chinese growth plan.
Thank you for reading the first Business Wrap in October. Until next week when another edition of Business Wrap shall come your way, stay connected and be among the first to read news as they break.
By Ridwan Adelaja…
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