• Saturday, December 02, 2023
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Five things to know to start your Friday


CBN, NDPC to reevaluate recent banking customer regulation

The Nigeria Data Protection Commission (NDPC) has revealed that it has established a joint committee with the Central Bank of Nigeria (CBN) to review regulations requiring financial institutions to collect customers’ social media handles and other personal data.

The CBN had mandated banks to gather various customer data, including social media handles, as part of enhanced due diligence measures.

The NDPC had opposed this regulation as unnecessary. Vincent Olatunji, the National Commissioner of NDPC, announced this during a workshop on Data Privacy and Protection.

He also emphasized the need for more certified Data Protection Officers in Nigeria to enhance data security.

Read also: Air Peace’s $14m stranded with CBN, 15 planes grounded abroad — Onyema

Fuel scarcity: NNPCL plans to repair vandalised pipelines by Sept ending

The shortage of petrol, known as Premium Motor Spirit (PMS), in Lagos and parts of South-Western Nigeria may persist until the end of September.

The disruption is due to the closure of the System 2B pipeline, which supplies the region, caused by vandalism.

Oil marketers have attributed fuel queues in Lagos and neighboring states to this pipeline shutdown.

The Nigerian National Petroleum Company Limited (NNPCL) is working to restore the pipeline by September’s end.

However, challenges in the supply chain, including foreign exchange issues, have also contributed to the reduced availability of petrol nationwide. Other states may experience shortages in the future.

Manufacturing sector’s economic contribution slides to 2.2%

In the second quarter of 2023, Nigeria’s real sector contributed only 2.20 percent to the country’s GDP, a decrease from previous periods, as per the National Bureau of Statistics’ Gross Domestic Product report. The sector’s quarter-on-quarter growth rate was -14.98 percent.

This decline is attributed to various challenges faced by the real sector, including multiple taxation, high energy costs, forex illiquidity, and high borrowing costs, as reported by the Manufacturers Association of Nigeria.

These issues have led to reduced capacity utilization, job cuts, and the adoption of survival strategies by manufacturers. The sector’s contribution dropped from 8.65 percent in Q2 2022 to 8.62 percent in Q2 2023.

Oil set to snap two-week losing streak on tightening supplies

Oil prices rebounded after a two-week decline, rising for a fourth consecutive session due to supply constraints and expectations of OPEC+ extending output cuts through the end of the year.

U.S. West Texas Intermediate crude (WTI) increased by 0.2 percent to $83.76 a barrel, while Brent crude rose 0.2 percent to $87 a barrel.

Analysts who spoke to Reuters predicted that Saudi Arabia will prolong its voluntary oil production cut into October, further complementing OPEC+ cuts.

Falling U.S. crude inventories, a weaker U.S. dollar, Chinese economic expansion, and government support for its housing market also contributed to the price increase. All eyes are on U.S. August payroll data for further insights.

African Union suspends Gabon’s membership after military coup

The African Union has suspended Gabon’s membership in response to the recent military coup that ousted President Ali Bongo.

This marks the eighth coup in West and Central Africa since 2020, creating instability in the region. The coup ended the Bongo family’s nearly six-decade rule. General Brice Oligui Nguema, the coup leader, is set to be sworn in as president. Nigerian President Bola Tinubu expressed concern about the contagion of coups in the region.

The international community, including France, the United States, Canada, and Britain, has expressed concern, while the EU rejected the seizure of power by force, citing irregularities in the election process.

The coup has raised transparency concerns due to the lack of international observers and restrictions on information during the election.