• Monday, June 17, 2024
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BusinessDay

Five things to know to start your Monday

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PenCom invests N130bn in infrastructure funds

Pension Fund Administrators directed N130.18 billion from the Contributory Pension Scheme into infrastructure by September 2023.

The National Pension Commission’s report revealed this, citing a total CPS asset value of N17.35 trillion. These funds also included shares, government securities, and more.

The commission’s investment regulations, aligned with the Pension Reform Act, mandate custodians to follow PFAs’ written instructions for asset management.

Global custodian engagement for foreign investments requires prior commission approval, emphasising stringent oversight.

Dangote: Cement industry contributes 7% to global emissions

At the Africa Cement Trade Summit, Dangote Cement’s MD, Arvind Pathak, highlighted the industry’s 7 percent global CO2 emissions.

The energy-intensive process demands scrutiny, prompting Dangote Cement’s move towards fuel substitution and reducing emissions.

Emphasising sustainability reporting, the company achieved a B+ climate rating in 2022. Pathak advocated for alternative fuels like biomass and waste to curb emissions.

Cement’s role in urbanisation highlights the need for a shift to cleaner practises, aligning with climate-conscious business strategies.

Nigeria provides 30% return on investment – NEXIM

The Nigeria Export-Import Bank (NEXIM) cites a 30 percent return on investments in the country, as revealed during a meeting with the Mexican Ambassador.

They seek collaboration to expand Nigerian goods into the Mexican market, aiming to bolster foreign exchange, attract investments, and foster mutual prosperity.

NEXIM emphasises Nigeria’s export potential, highlighting lucrative investment opportunities, especially in non-oil sectors like mining.

The dialogue signifies a push for stronger economic ties and trade growth between both nations.

Ogun state issues N1bn grant to SMEs

The Ogun State Government allocates a N1 billion grant for 1,000+ SMEs amid the COVID-19 impact.

This second phase of disbursement, part of the state’s economic stimulus, aims to support struggling businesses.

Chief Economic Adviser Dapo Okubadejo highlighted the criteria for accessing the grant, targeting vulnerable groups and diverse sectors.

The initiative, spanning the state’s districts, emphasises the role of SMEs in job creation and economic growth, encouraging eligible businesses to apply.

Brent slips towards $80/bbl ahead of OPEC+ meeting

Oil prices edged down towards $80 a barrel ahead of the OPEC+ meeting set to discuss supply cuts into 2024.

Brent crude slipped to $80.21, while WTI stood at $75.18. Last week’s slight rise came from expectations of Saudi Arabia and Russia extending cuts.

Disagreements in OPEC+ led to mid-week price drops, but talks indicate progress. ING analysts foresee potential downward pressure if Saudi Arabia doesn’t extend its 1M bpd cut.