• Sunday, February 25, 2024
businessday logo

BusinessDay

Five things to know to start your Monday

Cart2023DEC003-768×543 (1)

Sanwo-Olu takes aim at building collapse, urges compliance in Lagos real estate

Lagos Governor Sanwo-Olu, at a real estate summit, attributed building collapses in the state to non-compliance with property laws.

He stressed the urgency to address housing challenges for an estimated 30 million residents by 2035. Sanwo-Olu highlighted the necessity for enforcing regulations like building approvals and quality standards.

Gbenga Olaniyan, a keynote speaker, emphasized understanding market dynamics for future building endeavors. The focus remains on compliance, innovation, and housing needs in Lagos.

FG launches N225bn palliative programme post fuel subsidy removal

The Federal Government unveils Palliative Programme after Fuel Subsidy Removal, Offers Grants and Loans to Businesses.

Two initiatives, the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme, aim to aid nano businesses with N50,000 grants across 774 local governments.

Eligible businesses must provide local address and banking details. Additionally, N150 billion will be disbursed to micro, small, and medium-sized enterprises, with a 9 percent interest rate.

FX turnover fell 14.96% to $4.66bn in October, says NAFEM

The Nigerian Autonomous Foreign Exchange Market (NAFEM) saw a 14.96 percent dip in turnover to N3.66 trillion ($4.66 billion) in October from N4.15 trillion in September.

The US dollar gained 5.34 percent, closing at N797.43. This marked the naira’s lowest depreciation since the market’s consolidation in June.

Exchange rate volatility surged with a range of N741.85–N993.82. Total spot market turnover decreased by 4.02 percent, driven by declines in Money Market and Foreign Exchange, despite a rise in fixed income turnover.

Oil falter amid OPEC+ pressure, demand doubts

Oil futures fluctuate, influenced by OPEC+ decision and demand concerns.

Brent crude drops to $78.39, WTI at $73.65, both down 0.6 percent.

Vandana Hari of Vanda Insights, an energy expert spoke with Reuters, notes pressure from OPEC+ cuts but mentions crude’s disregard for them.

Last week’s 2 percent oil price dip stems from doubts over OPEC+ supply cuts and global manufacturing slowdown worries.

Israel says ground forces operating across Gaza Strip as offensive builds

Israeli ground forces were confronting Hamas fighters across the Gaza Strip, the Israeli military said on Sunday in its clearest indication yet that a planned ground offensive in the enclave’s refugee-crowded south had begun as Israeli bombing killed and wounded dozens of Palestinians.

The Hamas Palestinian militant group said its fighters clashed with Israeli troops about 2 km (1 mile) from the southern city of Khan Younis.

Residents, many of whom had moved there to flee earlier attacks in the Israel-Palestinian conflict, said they could hear tank fire and feared a new Israeli ground offensive was building.

The Israeli military earlier ordered people to evacuate some areas in and near the city, but made no announcement of any new southern ground assault. (Reuters)