• Tuesday, July 23, 2024
businessday logo


Five things to know to start your Friday


How Russia-Africa trade increased to $18bn after 1st summit – Putin

Russian President, Vladimir Putin, has said that Russia-Africa trade will reach 18 billion dollars in 2022, which was necessitated by the first Russia-Africa Summit held in Sochi, Russia, in 2019.

Putin said this on Thursday at the ongoing Russian-African summit and Economic and Humanitarian Forum in St. Petersburg, Russia.

He said that Russia’s government, business, and the public were sincerely interested in further deepening multifaceted trade, investment, and humanitarian ties with Africa.

The Russian president said this would meet the needs of all countries and promote stable growth and prosperity.

Read also: Russia to supply 50,000 tonnes of grain to African countries for free — Putin

Customs MMA command generates N38.7bn in 1st half 2023

The Murtala Muhammed Area (MMA) Command of the Nigeria Customs Service (NCS) says it generated a total revenue of N38.7 billion in the first half of 2023.

Comptroller Mohammed Yusuf, the command’s Area Controller, made this revelation in a statement in Lagos on Thursday, saying that this amount represented 79.6 percent of its annual revenue target.

According to Yusuf, this is an 11 percent increase in total revenue when compared with the same period in 2022.

“In 2022, a total of N34.9 billion was recorded from January to June.

“When you compare this with the revenue in 2023, this shows a progressive difference of N3.9 billion, representing an 11 percent increase,” he said.

DMO sensitises A’Ibom investors on FGN securities investment opportunities

Patience Oniha, the Director-General of the Debt Management Office (DMO), on Thursday in Uyo, urged Akwa Ibom indigenes to take advantage of the several investment opportunities that exist in Federal Government securities.

Oniha, who was represented by Monday Usiade, Director, Market Development Department of the DMO, said that the FGN Securities were safe, secured, and risk-free for investors.

She listed the FGN Securities to include Nigerian Treasury Bills, FGN Sukuk Bonds, Green Bonds, and FGN Savings Bonds, among others.

She said the sensitization became necessary to bring FGN Securities investment opportunities closer to the Nigerian people.

Airtel loses $151m to Nigeria’s FX rates harmonisation

Telecommunication giant Airtel Africa Plc disclosed in its second quarter report filed with the Nigerian Exchange Limited on Thursday that it lost $151 million due to the harmonisation of the foreign exchange rates in Nigeria.

The telecom company said, “Profit after tax was negative ($151 million), driven largely by a foreign exchange loss of $471 million recorded in finance costs before tax and $317 million after tax because of the devaluation of the Nigerian currency in the month of June 2023.

“This impact has been classified as a non-operating exceptional item.”

The company, however, reported that its total customer base grew by 8.8 percent to 143.1 million, following its aggressive mobile data and mobile money service growth, driving a 22.0 percent increase in data customers to 56.8 million and a 24.3 percent increase in mobile money customers to 34.3 million.

VW cuts sales outlook as EV competition heats up

In response to the intense competition in China, Volkswagen announced on Thursday that it would be revising its full-year sales target and taking steps to enhance its financial position in the second half of the year.

The German carmaker aims to tackle the growing competition in its top market by implementing price hikes and adopting cost-cutting measures.

Arno Antlitz, Chief Financial Officer, attributed the reduction in the sales target, which now stands at 9-9.5 million vehicles instead of the previous 9.5 million, to a decline in first-half sales in China.

This dip has prompted the company to take proactive measures to maintain its market position and profitability.

Antlitz emphasized the importance of the company’s “performance programmes” aimed at streamlining operations and improving efficiency across its various brands.