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

Hello, the last 7 days have been quite eventful. Welcome to another serving of Business Wrap, a featured post highlighting some of the major events that unfolded during the week.

Summary

• Nigerian govt plans to slam excise duties on carbonated beverages
• Despite strains on the economy, IMF backs Nigerian government on border closure
• Nigerian govt reveals why it’s seeking fresh $3bn loan from World Bank
• CBN bars debtors from buying treasury bills

Consumers might have to pay more for their favourite soft drinks as the Federal Government is considering adding excise duties on carbonated drinks.

This was revealed by the minister for Finance, Budget and National Planning, Zainab Ahmed, who spoke on the sidelines of the World Bank/IMF Annual Meeting in Washington DC, United States on Thursday. Ahmed said the move was one of several that the government was considering to broaden its revenue base. Read more on her explanation here.

The International Monetary Fund (IMF) on Saturday backed the Federal Government’s decision to close Nigeria’s borders with some neighbouring countries over illegal trade.

The Comptroller-General of the Nigeria Customs Services (NCS), Col. Hameed Ali (retd), had said at a recent forum in Abuja that Nigeria’s borders would remain closed until the country and its neighbours agree on existing ECOWAS protocol on movement. Here is more on the development.

The Nigerian government has revealed that the $3 billion loan facility it is seeking from the World Bank would be used to carry out reforms in the nation’s power sector.

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

Reports from the World Bank/International Monetary Fund meetings held in Washington DC, United States, qouted the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed saying that she would be holding further discussions with the management of the Bank to present how the fund would be disbursed for the project. See how she linked the funds to power enhancement strategy.

On NSE ROUNDUP, Investors lose N41.5bn as the Nigerian bourse closes the week bearish. See those 19 equities that appreciated.

Meanwhile, on the editorial Business Review segment;

On Monday, we delved into the possible risks of economic stagnation that appears unavoidable despite the 2020’s debt serving cost being in safe zone. We suggested that while there were no clear cut and dry number or percentage parameters, there was still a need to evaluate if said budget is sustainable. Find review via link.

On Wednesday, 16^th of October, we considered how tech is reducing unemployment in Nigeria –examining the Andela story and its impact. In doing this, we did a corporate narrative on how tech, like a lady, seductively gained entrance into Africa’s largest economy; romanced with the youth; and got a handsome number of them horny via job placements and international opportunities. Read the full review here.

To cap the review on Friday, we pimped up the border closure story via story telling. We published a corporate narrative on the Nigerian government’s decision to shut down its borders with illustrations on how this affects every spoon of rice residents in Nigeria eat, and details of its linear implications on neighbouring economies like Ghana, Benin, Togo among others. Follow the trending story here.

 

Thank you for joining us this time. Until next weekend when Business Wrap shall come your way again, you are recommended to follow us on all our social media handles to stay updated on events around the world. Goodbye now and God bless.

By Ridwan Adelaja…

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