Five things to know to start your Friday

Currency outside banks surges to N4 trillion

Money held by Nigerians outside of banks jumped dramatically to N4.02 trillion in September 2024, showing a 66.2 percent increase from N2.42 trillion in September 2023 – a difference of N1.60 trillion in one year.

These figures come from the Central Bank of Nigeria’s Money and Credit Statistics report.

Looking at month-to-month changes, the amount of currency outside banks grew by 3.8 percent from August to September 2024, rising from N3.87 trillion to N4.02 trillion – an increase of N147.9 billion.

Toyota, Nissan, face weaker demand and Chinese competition – Bloomberg

Toyota and Nissan’s upcoming earnings reports will reveal important insights about Japan’s automotive industry, which faces challenges including weakening global demand, reduced production, and stronger competition.

Japanese car manufacturers, while still leading overall in emerging markets like Southeast Asia, have watched their market advantage slowly decrease as Chinese competitors gain ground over the last three years, according to Bloomberg Intelligence. “In Thailand, Chinese automakers dominate EV sales, with BYD alone capturing 40% of total volume, while Japanese brands remain less than 1%.”

Bloomberg Intelligence warns that Japanese automakers might see their profits stop growing in both fiscal years 2025 and 2026, pointing to ongoing weak sales in Southeast Asia and China. Adding to these concerns is Donald Trump’s proposal to remove tax breaks for vehicles not manufactured in the US if he wins the presidential election.

Adelabu says FG needs over N500 billion to finish abandoned TCN projects

The Nigerian Federal Government needs to invest over N500 billion to finish more than 100 unfinished Transmission Company of Nigeria projects scattered across the country.

Power Minister Adebayo Adelabu shared this information on Thursday while visiting the Kano Electricity Distribution Company.

The minister’s visit to the state aimed to meet with key stakeholders, including the Kano Electricity Distribution Company, to find and address problems preventing the power sector from working at its best.

During the visit, he also said sorry to Nigerians, particularly those in the northern regions, for the extended power outages they experienced over the past 15 days.

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Spain begins three days of mourning as death toll from floods hits 158

The number of people killed in severe floods in eastern Spain has reached 158, according to regional authorities and emergency services. As Spain begins a three-day mourning period, Prime Minister Pedro Sánchez has asked people to stay in their homes.

With more storms predicted to hit areas further north, Sánchez made an urgent appeal on Thursday: “Please, follow the calls of the emergency services … Right now the most important thing is to save as many lives as possible.”

Officials reported that in the hard-hit eastern Valencia region, 155 people have died, while three more deaths occurred in the Castilla-La Mancha and Andalusia regions. This makes these floods the deadliest in Spain’s recent history.

While authorities haven’t said exactly how many people are still missing, Defense Minister Margarita Robles warned that the death count could increase, as rescue teams still cannot reach some affected areas.

Kaduna approves N72,000 minimum wage, vows to provide 100 free CNG buses

Kaduna State’s Governor, Uba Sani, has approved a new minimum wage of N72,000 for state government workers, which will start in November 2024.

In addition, the governor plans to provide free transportation for civil servants using 100 buses that run on Compressed Natural Gas.

The governor’s Chief Press Secretary, Malam Ibraheem Musa, announced these plans on Thursday, explaining that they reflect Governor Sani’s long-standing dedication to supporting and defending workers’ rights.

“The decision is in line with the advancement of the interests of workers and improvement in the living conditions of the poor, vulnerable and underserved in Kaduna State,” the governor said.