Thursday, August 4 2022

Hello and welcome to Business Roundup this week. Here we bring you the highlights of the events that transpired during the week – from the capital market, to day-to-day business activities, not to mention technology/economic construction.

Here are the titles:

  • FG, States and LGAs split N695 billion for February
  • CBN keeps Nigeria’s interest rate constant despite pressure
  • ExxonMobil Plans Bitcoin Mining in Nigeria
  • Experts call for the adoption of e-mobility to fight climate change

Summary:

The US-based oil company, ExxonMobil, has concluded plans to mine Bitcoin in Nigeria.

ExxonMobil’s NGL industry insights advisor Eric Obrock had proposed Bitcoin Proof-of-Work mining for wasted natural gas, which would reduce carbon dioxide (Co2) emissions by 63%.

Several reports on Saturday revealed that the move was aimed at ending the use of natural gas to power generators.

Experts in Nigerian Transport The industry has called for the adoption of e-mobility to solve the challenges of climate change, noting that the unconditional adoption of electronic vehicles by the public can lead the nation to become safer, cleaner and greener.

Speaking at a webinar hosted by Jet Motor Company on Thursday on the theme: “Unlocking the pathways to accelerate electric mobility in Nigeria,” experts said the gradual transition from internal combustion engine vehicles to alternative electronics can open up the nation to untapped but limitless opportunities.

Also read: BUSINESS ROUNDUP: Fuel import bill increases by 97% in 2021; Nigeria closes three companies over alleged fraud; Other stories

Wemimo Joseph, CEO of Jet Motor Company, in his opening remarks, said e-mobility has given Nigeria an opportunity to rank among leading nations such as Germany, America and Sweden. , noting that if maximized, it could enable Nigeria to become more competitive, and one of the most important e-mobility players in the world.

The Central Bank of Nigeria (CBN) has has resisted pressure to raise interest rates despite the fact that most of its peers in Africa have taken steps to raise rates in response to economic pressures induced by the ongoing conflict between Russia and Ukraine.

The bank’s Monetary Policy Committee (MPC) voted on Monday to keep all monetary metrics constant, keeping the benchmark interest at 11.5% despite rising inflationary pressure that threatens to create a debt crisis in the country. .

The committee retained the asymmetric corridor of +100 to 700 basis points around the MPR while the cash reserve ratio (CRR) and the liquidity ratio remained at 27.5% and 30% respectively.

Allocation of Federation Accounts Commission (FAAC) on Tuesday shared a total sum of N695.033 billion to the three tiers of government as the federation’s allocation for February.

The Deputy Director of Information at the Ministry of Finance, Budget and Planning, Olajide Oshundun revealed this in a statement released after the FAAC meeting in Abuja.

He said the federal government received the highest allocation of 239 billion naira.

About NSE ROUNDUP: Investors pocket 2.1 trillion naira as Nigerian stock market breaks out of bearish zone

Investors in the Nigerian stock market went home with 2.12 billion naira following the rise in share capitalization of 0.002% on Friday.

The rise in the capital market led to an increase in total shareholder investment to 25.31 trillion naira from 25.30 trillion naira on Thursday.

The All-Share index rose 3.94 basis points to close at 46,964.23 from 46,960.29 reached the previous day.

On Friday, investors traded 177.09 million shares worth N4.18 billion in 3,873 transactions.

On the tech scene, Kwik, Yemaachi, Betacube, Cashlet, ThriveAgric, CodeLn, Simplifyd and Lucky are some of the names making headlines this week.

Nigerian agritech startup, ThriveAgric, has announced the closing of a $56.4 million debt financing from local commercial banks and institutional investors.

Also, the Nigerian online tech talent marketplace, CodeLn, has launched a smart applicant tracking system named Insight.

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