Five things to know to start your Saturday

Marketers plan to sell petrol below N1,028/litre Dangote price

Oil marketers have disclosed that petrol produced by the Dangote Petroleum Refinery is being sold at between N1,015 and N1,028/litre, with the price varying based on purchase quantity. Meanwhile, imported petrol is cheaper.

In response, these dealers have pledged to import and sell petrol at prices below both the Dangote refinery and Nigerian National Petroleum Company Limited rates.

According to data released by the Major Energies Marketers Association of Nigeria on Thursday, the landing cost of petrol stood at N978.01/litre as of October 31, 2024.

A report by The Punch also cites the marketers claiming that three shipments of petroleum products have recently arrived and been unloaded at seaports along Nigeria’s borders.

Fitch upgrades Egypt’s rating for the first time in five years

Egypt has received its first credit rating upgrade from Fitch Ratings since 2019, marking a significant improvement for its economy as it recovers from a two-year crisis following a $57 billion international rescue package.

Fitch raised the North African nation’s rating from B to B-, with a stable outlook, according to a statement released on Friday. The agency cited reduced external risk, policy adjustments, restored external reserves, new capital investments and a more flexible exchange rate as reasons for the upgrade.

“Egypt’s external finances have been bolstered by the Ras El-Hekma foreign investment, non-resident inflows into the debt market, and new IFI financing, facilitated by improved policy settings, including greater exchange rate flexibility and tighter monetary conditions,” Fitch said.

In March, Egypt implemented its largest-ever interest rate increase and allowed its currency to weaken by about 40% against the dollar, aiming to resolve an ongoing foreign-currency shortage and secure foreign funding after months of uncertainty.

Mauritius blocks social media until after election

Mauritius’ communications regulator has ordered all internet service providers to block access to social media platforms on Friday until Nov. 11, the day after the upcoming general election, in a move that opposition groups claim is a strategy to avoid electoral defeat.

The island nation has been embroiled in a wiretapping controversy where approximately 20 conversations involving politicians, police, lawyers, journalists and civil society members have been leaked on social media since mid-October, according to media watchdog Reporters Without Borders.

The Information and Communication Technologies Authority announced it was implementing a temporary ban on social media platforms in response to “illegal postings”.

Read Also: Botswana voters kick out ruling party after nearly 60 years

Inflation and low income push 14 million Nigerians into poverty

Rising inflation and inadequate wages have pushed an estimated 14 million Nigerians into poverty in 2024.

This information comes from the World Bank’s latest Macro Poverty Outlook report, which analyses and forecasts poverty trends across developing nations.

The report reveals that nearly 47 per cent of Nigeria’s population now lives below the international poverty line of $2.15 per day, as high inflation and economic challenges fail to address the needs of the country’s rapidly growing population.

“Labour incomes have not kept pace, pushing an additional 14 million Nigerians into poverty in 2024. An estimated 47 per cent of Nigerians now live in poverty (or below the international poverty line of $2.15,” the report stated.

Africa Energy Bank will begin operation in January, says FG

The Federal Government has confirmed that the new $5bn Africa Energy Bank will begin operations on January 28, 2025, representing a major step forward in improving energy access and development across the continent.

This announcement came from a Nigerian delegation at the 19th Executive Board meeting of the African Petroleum Producers Organization in Yaounde, Cameroon. The delegation was led by Amb. Nicholas Ella, who serves as both the Permanent Secretary of the Federal Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the organisation.

The meeting included representatives from 13 member countries.

Nigeria had previously secured the right to host the Africa Energy Bank Headquarters in July 2024, winning the bid against Ghana, Algeria, South Africa, and the Benin Republic.