The Nigerian Economic Summit Group (NESG) will kick off the week with its 30th annual summit, focusing on strategies to enhance growth, competitiveness, and stability. Also, the National Bureau of Statistics (NBS) is expected to release data on inflation and fuel prices, providing valuable insights into the current state of the economy.
“The summit will emphasise the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions, supported by strong leadership at the industry, national, regional, and global levels.”
Monday, 14th October
NESG holds summit to enhance growth, competitiveness in Nigerian economy
The Nigerian Economic Summit Group (NESG) is holding its 30th Nigerian Economic Summit in a gathering that will have global CEOs and investors in Abuja on Monday.
The summit will be held from Monday, 14th, to Wednesday, 16th. The theme for this year is ‘Collaborative Action for Growth, Competitiveness, and Stability.
Omoboyede Olusanya, chairman of the central planning committee for the 30th Nigerian Economic Summit (NES#30)/vice chairman of the Nigerian Economic Summit Group, speaking earlier, explained that the 30th Nigerian Economic Summit was a pivotal platform for discussing regulatory reforms essential for economic competitiveness.
Ayanlowo speaking further said that under the theme ‘Collaborative Action for Growth, Competitiveness, and Stability,’ NES #30 aims to mobilise leaders towards creating shared opportunities for present and future generations.
The summit will emphasise the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions, supported by strong leadership at the industry, national, regional, and global levels.
He said key events will include a meeting with CEOs from Francophone countries and sessions that will tackle topics like local pharmaceutical manufacturing and energy sector dynamics, aiming to foster collaboration among stakeholders for sustainable development.
Read also: Nigeria’s oil output falls by 40,000 bpd as OPEC struggles- Reuters report
Monday, 14th October
OPEC to release oil report
The Organisation of the Petroleum Exporting Countries (OPEC) will release the monthly oil data for September on Monday.
In August, Nigeria’s output only increased slightly to 1.35 million barrels daily from 1.3 million barrels pumped daily in July 2024.
The data on Nigeria’s crude oil production provided is based on direct communication with Nigerian authorities.
Nigeria’s crude oil production fell by 40,000 barrels per day (bpd) in September, further deepening its ongoing struggles to meet its OPEC production quota.
This is according to a recent report by Reuters based on a survey of OPEC’s yet-to-be-published September output.
Since the beginning of 2024, Nigeria’s crude production has remained between 1.2 million and 1.3 million bpd, falling short of both OPEC quotas and local demands, especially as the country looks to supply its struggling refineries.
Nigeria still maintains its position as Africa’s largest oil producer, with a very wide margin, as Libya, its closest competitor, faced production challenges due to the shutdown of major oil fields during the month.
This ongoing shortfall hampers the revenue generation efforts of President Tinubu’s administration, whose large proportion of his government’s revenue comes from oil exports.
Heineken Lokpobiri, minister of petroleum resources, had stated that the country aims to reach a daily production of two million barrels next year, but how this will be achieved remains uncertain as the outlook appears bleak.
Read also: Naira’s outlook positive as US releases inflation data
Tuesday, 15th October
NBS to release Nigeria’s inflation rate
The National Bureau of Statistics will be releasing Nigeria’s September inflation figures on Tuesday.
Nigeria’s annual inflation slowed for the second straight time in August to 32.15 percent. This is as a result of a high base effect and seasonal harvest of food, experts have said.
But this deceleration does not give a case for a rate cut, as the monetary policy committee raised interest rates by 50 basis points last month to 27.25 percent to further stem the potential impact of increased pump prices on consumer expenditures.
Analysts are projecting a rise in September figures as the almost 50 percent rise in petrol price may stoke prices, eroding the earlier gains from the high base effect.
“A potential downside to further improvements is the recent rise in prices of premium motor spirits and electricity tariffs, which adds additional inflationary pressure,” analysts at FBNQuest Capital said in a note on Friday.
Thursday, 17th October
NBS to publish petrol and diesel price watch
The National Bureau of Statistics will on Thursday release the price watch for diesel and premium motor spirit (PMS).
The average retail price paid by consumers for petrol in August 2024 was N830.46, indicating a 32.51 percent increase when compared to the value recorded in August 2023 (N626.70).
Similarly, the average retail price of automotive gas oil (diesel) paid by consumers increased by 64.58 percent on a year-on-year basis to N1,406.05 per litre in August.
It rose from a cost of N854.32 per litre recorded in the corresponding month of last year (i.e., August 2023) to a higher cost of N1,406.06 per litre. The Organisation of the Petroleum Exporting Countries (OPEC) will release the monthly oil data for August on Tuesday.
Both petrol and diesel prices have been on the rise despite the operation of the Dangote refinery, revealing the need for the government to ensure the four state-owned refineries have a breather.
Analysts are however projecting that with improved production from the Dangote refinery, the world’s largest single-train facility, the price of diesel is expected to crash to about N900 per litre while long queues at filling stations are tapped to end.
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