Five things to know to start your Friday

NLC warns against World Bank’s N750/litre fuel proposal

The Nigeria Labour Congress cautioned the government against the World Bank’s advice to increase petrol prices to N750/litre, warning of potential chaos.

They urged rejecting the proposal, citing current rates of N620-N650/litre. Oil marketers suggested a price of N1,000/litre without subsidies.

The government refuted claims of subsidy reintroduction and denied the World Bank’s suggestion.

The World Bank urged halting subsidies and setting petrol prices at N750/litre for cost reflection.

World Bank report reveals $441bn debt servicing by Nigeria and other developing nations

Over 40 years, developing nations spent $441billion on debt servicing, per a World Bank report. Nigeria led in new loans, receiving $2.9billion, followed by Tanzania with $2.7billion in 2022.

Nigeria’s external debt to the World Bank was $14.51billion by June 30, 2023.

The World Bank warned of potential debt crises for poorer nations due to surging global interest rates, resulting in record spending of $443.5bilion for debt servicing in 2022 by developing countries.

Customs generate 70% revenue from Lagos, says Comptroller-General

Adewale Adeniyi, The Nigeria Customs Service’s Comptroller General, revealed Lagos generates 70 percent of their revenue.

He highlighted plans for collaboration with Lagos State to bolster national economic growth.

Speaking at the CGC 2023 Conference in Lagos, he emphasized the city’s significance, hosting 40 percent of Customs commands and contributing over 70 percent of their monthly revenue. Adeniyi underscored Lagos as pivotal in Nigeria’s economic narrative.

IMF seeks stronger crypto regulation

IMF’s Managing Director, Kristalina Georgieva, emphasised cryptocurrency regulation for global financial stability at a Seoul conference.

Addressing concerns about crypto’s impact on stability, she stressed the need to prevent disruptions in monetary policy, capital flow management, and fiscal sustainability.

Georgieva highlighted the goal of an efficient financial system through rules to mitigate crypto risks while leveraging its tech for infrastructure, clarifying that regulations aim to balance innovation without reverting to a pre-crypto era.

South Africa seeks bids for 7,615 MW of new power generation

South Africa initiated three bidding rounds for 7,615 MW of renewable energy, gas, and battery storage to combat severe power outages.

The Department of Mineral Resources and Energy announced requests for proposals: 5,000 MW of renewable energy, 2,000 MW of gas, and 615 MW of battery storage.

These efforts supplement Eskom’s struggling coal power plants, with prior rounds focusing on wind, solar, and emergency gas-powered solutions to address energy shortages.