P&G Nigeria exit ends 5000 jobs
Procter & Gamble’s exit from Nigeria could signal a loss of 5,000 jobs and a blow to foreign investments.
The move follows GlaxoSmithKline’s departure, citing intense industry competition and weakening consumer purchasing power.
Challenges like currency devaluation and tough forex conditions hit businesses hard. P&G’s shift to an import-only model reflects Nigeria’s harsh macroeconomic environment.
Despite significant past investments and job creation, economic realities push multinationals to reconsider their Nigerian ventures, impacting the country’s business landscape.
Okonjo-Iweala graces Forbes’ Top 100 Powerful Women List again
The World Trade Organization’s Director-General, Ngozi Okonjo-Iweala, joins Forbes’ 100 Most Powerful Women list at 87th place.
South African Mpumi Madisa ranks 88th, Tanzanian President Samia Hassan debuts at 93rd, and Nigerian Mo Abudu at 98th.
Forbes considers money, media, impact, and influence for this ranking. Okonjo-Iweala expresses honour at her seventh inclusion since 2011, applauding women striving for change.
She’s the first female African WTO Director-General, in office until August 2025.
FG commits N100bn to auto-gas, CNG buses, EVs
The Presidential Compressed Natural Gas Initiative allocates N100 billion for CNG bus deployment nationwide, aiming to promote autogas and electric vehicles.
The initiative seeks an auto-gas and EV revolution, planning 11,500 CNG/electric vehicles and 55,000 conversion kits to cut transportation costs and ease living expenses.
The initiative, led by FIRS Chairman Zacch Adedeji, progresses with strategic partnerships and the commissioning of CNG conversion centers in multiple states like Lagos, Abuja, and more.
CBN report reveals low capital adequacy ratio in certain banks
Banks with international authorization fall below regulatory capital ratios, as revealed in the banking regulator’s economic quarter report.
Capital adequacy dips to 11.2 percent, below the 15.0 percent threshold for international banks, due to decreased qualifying capital and increased risk-weighted assets from the naira’s depreciation.
Asset quality slightly improves, but non-performing loans drop to 4.1 percent. Liquidity rises to 62.2 percent.
The banking industry remains robust overall, meeting most regulatory thresholds.
Oil rebounds from six-month-low, demand concerns still cloud
Oil prices rebounded slightly from a six-month low, with Brent crude up 0.5 percent at $74.68 a barrel and U.S. WTI crude rising 0.6 percent to $69.80.
Analysts who spoke to Reuters suggest overselling might drive this short-term recovery, citing concerns over high U.S. output despite falling inventories.
Bearishness stemmed from increased fuel inventories, notably a significant 5.4 million-barrel rise in gasoline stocks, far surpassing expectations, per EIA data.