7 Business Stories To Watch This Week, Including 18% Interest Rate Hike And Capital Importation | TheCable

Seven most important business news for the week of May 29 to June 2. Keep an eye on them.

New presidents and governors have been sworn in on May 29 in Nigeria.

Today, Bola Tinubu and Kashim Shettima are being sworn in as Nigeria's President-elect and Vice-President-elect. This marks the start of a new administration in the country's history of democracy.

Over 24 governors will attend the inauguration. This event is important. It will affect the country's economy in the next four years.

Newly elected officials must solve many economic problems. These include inflation, currency devaluation, insecurity, and petrol subsidy. The incoming president promised to address petrol subsidy during their campaign.

NBS has released a report about pensions and capital inflow. The report is about the total amount of money that goes into the Nigerian pensions and the inflow of capital into the country. It shows that the total amount of money in the pensions is increasing. The report also indicates that the inflow of capital into the country is decreasing. This could affect the Nigerian economy negatively. It is important to monitor these trends to avoid future economic problems.

NBS will give data on pension and telecoms for Q1 2023.

The bureau is going to put out a report. The report is about Nigerian capital importation. It will be for quarter one of 2023.

The Senate has raised the Federal Government's borrowing range to 15% from the Central Bank of Nigeria.

The Central Bank of Nigeria (CBN) act was amended by the Senate on Saturday. This amendment increased the borrowing threshold for the federal government from 5 percent to 15 percent.

There was a sudden rise during an emergency session on Saturday.

The CBN uses ways and means to help the government when they are short on money.

The facility lets the government borrow money from the apex bank. They can use it for short-term or emergency financing. This helps fund important projects.

CBN increases interest rate to 18.5%. Reason for this is to control inflation. Inflation has been on the rise in Nigeria. This means prices of goods are increasing. CBN wants to reduce the amount of money in circulation. By doing this, people may spend less and inflation may reduce. This will make goods more affordable for people.

The Central Bank of Nigeria had a meeting. It's called the monetary policy committee (MPC). They talked on Tuesday. Godwin Emefiele works there as a governor. He said the interest rate has increased to 18.5 percent.

Emefiele said that the bank had studied its past rate hikes. The study showed that the rate hikes had helped control inflation.

He said that inflation for April was 22.22%, but it could have been over 30%.

Nigeria's GDP grew by 2.31% in Q1 2023. This is lower than the 3.11% it was in Q1 2022.

The NBS's newest GDP report for Q1 2023 shows a lower figure. This is less than the 3.52 percent from Q4 2022.

The slow growth was blamed on the cash crunch. The data bureau said it had adverse effects.

Sirika reveals Nigeria Air despite court restraining order.

On Friday, Nigeria's national carrier, Nigeria Air, was revealed by the federal government in the capital city.

The minister of aviation, Hadi Sirika, talked at an event in Abuja. He said that partnering with Ethiopian Airlines will connect Nigeria's market with theirs. Ethiopian Airlines is the best bidder for Nigeria Air.

Sirika said a test flight will happen before they start operations.

A group of Nigerian airlines called Airline Operators of Nigeria (AON) disagreed with the creation of a new airline. They say a Lagos court has already halted the government from doing this.

The NUPRC has created seven regulations for the oil and gas industry. These regulations aim to keep the industry safe and efficient. Companies must follow these regulations to avoid any penalties. The regulations cover a range of areas, including environmental protection and worker safety. The NUPRC hopes that these regulations will promote sustainability in the industry and protect the environment. Overall, these regulations are a positive step towards a safer and more sustainable oil and gas industry.

Nigeria's NUPRC signed seven regulations to enforce the PIA. These regulations are crucial for PIA's implementation.

On Friday, Gbenga Komolafe (CEO) signed some new regulations. They are: Nigeria upstream petroleum measurement regulations, 2023; production curtailment and domestic crude oil supply obligation regulations, 2023; frontier basins exploration fund administration regulations, 2023; Nigeria upstream decommissioning and abandonment regulations 2023.

We also have some important regulations coming up in 2023. These include rules on discovering crude oil and gas, preventing pollution from gas flaring and venting and regulations for unitising petroleum upstream in Nigeria.

The Buhari Dangote Refinery is starting to operate and the NNPC has started drilling oil in the Chad Basin.

President Muhammadu Buhari opened the Dangote Refinery last week.

Nigerian billionaire businessman, Aliko Dangote talked at the event. He said the refinery will give its first set of petroleum products before July ends.

The project is in Lagos, Nigeria. It will make a lot of oil. It will produce 650,000 BPD. This is a very big project.

The NNPC has started drilling oil again at Wadi-B well in Borno state.

The oil well will bring jobs and security.