Nigeria imported more petrol in October
Nigeria’s petrol imports went up in October, according to a report from the Organisation of the Petroleum Exporting Company (OPEC).
This increase happened even though the Dangote Petroleum Refinery began making petrol in September.
OPEC’s Monthly Oil Market Report showed that while petrol imports are still 60 percent lower than the same time in 2023, more petrol was brought into the country between September and October 2024.
During this time, several ships arrived in Nigeria carrying petrol, particularly when fuel sellers were having disagreements with the Dangote refinery.
Reports show that during October, most of the petrol imported into Nigeria and West Africa came from Europe.
OPEC quoted Argus (a market analyst) saying: “Gasoline exports to West Africa strengthened and compensated for a drop in flows to the US. Exports to Nigeria were reported to have surged compared to the level registered in September despite still remaining 60 per cent lower, year-on-year.”
North Korea tested exploding drones, and Kim called for mass production
North Korea has tested new drones that are designed to explode when they hit targets, according to state media reports on Friday. Leader Kim Jong Un has ordered faster mass production of these weapons.
This military test happened while the United States, South Korea, and Japan were conducting joint military exercises nearby in international waters. These exercises included advanced fighter jets and a U.S. aircraft carrier, showing these countries’ readiness to defend against North Korea.
North Korea’s official news agency, KCNA, shared photos showing Kim speaking with officials near at least two different kinds of drones. Some of these drones had X-shaped tails and wings that looked like the ones shown in August, when Kim watched another test of explosive drones.
According to KCNA, the drones flew along various paths and hit their targets accurately. The photos they released showed what looked like a BMW car being destroyed and some old tanks being blown up.
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FG has approved $2.2 billion external borrowing
The Federal Executive Council has given its approval for Nigeria to borrow $2.2 billion from international sources.
Finance Minister Wale Edun explained to reporters at the Aso Rock Villa in Abuja on Thursday that this borrowing is part of the government’s plan for funding the 2024 budget. He made this announcement after the Federal Executive Council meeting.
The borrowing will be done in two ways: $1.7 billion through Eurobonds (a type of international loan) and $500 million through Sukuk (an Islamic financial instrument). Edun said Nigeria can now access these international loans because the government’s recent economic reforms have improved the country’s financial standing.
The minister added that they will decide exactly how much to borrow through each method based on market conditions and what their financial advisors recommend. However, before they can proceed, the National Assembly must approve this plan.
US Obesity Crisis Expected to Worsen by 2050, Study Warns
Researchers are warning that America’s weight problem will get much worse over the next 25 years if things don’t change, and even the new weight-loss medicines won’t be enough to solve the problem.
The medical journal The Lancet published a study on Thursday showing that by 2050, about 260 million Americans will be carrying excess weight. This will put pressure on healthcare services and make medical costs go up. The study found that among adult men, the percentage of those overweight or obese will increase from 76% in 2021 to 81%, while for women it will rise from 73% to 82%.
MultiChoice forfeited $21m deposited in defunct Heritage Bank
MultiChoice Group Limited has lost $21 million that it had kept in Heritage Bank in Nigeria, after the bank was shut down earlier this year.
This information was shared in the company’s financial report covering the first half of the year up to September 30, 2024.
The company had to mark this money as lost after Nigeria’s Central Bank took away Heritage Bank’s license to operate, which led to the bank’s closure.
The company’s financial report stated: “Following the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria on 3 June 2024 and its subsequent liquidation, the group wrote-off its receivable relating to the cash held with the bank.”
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