Hello, and welcome to the 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:
· •Nigerians’ rush for foreign trips, studies behind Naira’s struggle – Emefiele
· • Nigeria’s GDP slows to 2.25% in Q3 on low crude production
· • Agric sector yet to reach potential despite CBN’s N1tn interventions
· •Marketers blame fluctuating Forex, others for current fuel scarcity
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has blamed the growing request for foreign school fees and travelling by Nigerians as one of the causes of the Naira struggle.
Emefiele, who stated this at the 57th annual bankers’ dinner organized by the Chartered Institute of bankers of Nigeria (CIBN) in Lagos over the weekend, said Naira was struggling due to the increasing forex demand in the country and lack of foreign exchange receipt from crude oil sales into Nigeria’s reserves.
He noted that oil reserves have dried up steadily from $3.0 billion monthly in 2014 to an absolute zero dollar today.
The National Bureau of Statistics (NBS) has revealed that the agricultural sector continues to struggle despite the massive intervention in the sector.
According to NBS latest GDP report, the agriculture sector grew by only 1.3 percent in real terms in third quarter of 2022.
Although this is an increase of 0.12% points from the corresponding period of 2021and an increase of 0.14% points from the second quarter, the expectations for the sector remains a far cry from expectation.
The National Bureau of Statistics (NBS) said on Thursday Nigeria recorded a Gross Domestic Product (GDP) growth of 2.25 percent in the third quarter of this year.
The NBS stated this in the Nigerian Gross Domestic Product Report Q3 released in Abuja.
According to the report, this growth rate was lower than the 4.03 percent reported in the third quarter of 2021.
As Nigerians wondered about the reason behind the current fuel scarcity, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday, issued a reason for the situation.
Queues had emerged at various filling stations across Lagos as commuters struggled to attend to their various businesses while commercial bus drivers increased transport fares.
Chief Ukadike Chinedu, the IPMAN National Public Relations Officer, during a press briefing in Lagos, linked the situation to the fluctuating value of the Dollar which affected the rentage of fuel vessels.
On the tech scene, Twitter, Speedinvest, Binance, Pivo Africa, Djamo, Google, sweepSouth, Ramani, LoftyInc, Hive, Leta were some of the names that made the headlines in the tech ecosystem this week.
A Nigerian-based fintech startup, Pivo Africa, during the week, secured a $2 million seed fund from Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures.
Also, Google Cloud has announced a partnership with Indian startup, SuperGaming, to offer the startup’s proprietary gaming engine, SuperPlatform, to developers.
Last modified: November 28, 2022