• Friday, May 24, 2024
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BusinessDay

Five things to know to start your Monday

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The Nigeria Customs Service intercepted 15 trailers loaded with food leaving the country through Sokoto State border.

The action aims to stabilize food prices as directed by the Federal Government. A committee, including top officials, was set up to stop traders hoarding grains.

Importation bans and strategies were discussed at an emergency meeting involving President Tinubu and others.

The Customs confirmed interceptions, addressing attempts to hoard or export food.

Moruf Akinderu-Fatai, Lagos State Housing Commissioner stated that budget allocations fall short in tackling housing deficit.

In a recent media parley, he outlined government plans for housing intervention.

Partnering with real estate players is crucial for building affordable homes, addressing both low and high-income needs.

Inflation complicates matters, prompting consideration of incentives for private investors.

Acknowledging population influx, the government emphasizes collaboration with private sector to provide decent housing, especially for low-income earners.

In 2023, Nigeria’s banking sector received $832.64million in foreign capital, a 60 percent decrease from 2022.

The first quarter saw the highest influx at $304.56million, while the fourth quarter received $283.30million.

The second quarter garnered $194.58million, but the third quarter was the weakest at $50.20million.

CitiBank Nigeria Limited led with over $1.03billion, followed by Stanbic IBTC Bank at $919.32million, and First Bank of Nigeria with $447.69million.

Nigeria and Brazil are discussing direct flight operations between Lagos and São Paulo to boost trade and cooperation.

President Tinubu and President Lula da Silva agreed to deepen bilateral ties, focusing on solid mineral exploration, healthcare, and agriculture.

They plan Tinubu’s state visit to Brazil. Both nations, with relations dating back to the 1960s, aim to revive trade after an 84 percent decline.

Tinubu highlighted Nigeria’s economic potential and commitment to progress.

Oil prices dipped on Monday due to U.S. Federal Reserve officials hinting at a cautious approach to interest rate cuts.

Brent crude fell to $82.89 a barrel, while U.S. WTI crude dropped to $78.84.

Uncertainty persists over Chinese demand post-Lunar New Year and subdued trading during the U.S. Presidents’ Day holiday.

Economic concerns in the U.S. contributed to the bearish sentiment.

Middle East tensions continued, with disruptions monitored by OPEC’s ample spare capacity.