• Thursday, February 22, 2024
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BusinessDay

Five things to know to start your Wednesday

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Nigerians spent $98 billion in a decade on foreign education, healthcare, and travel, says the Central Bank of Nigeria.

Governor Olayemi Cardoso revealed this to the House of Representatives amid concerns about the naira’s sharp decline.

The currency fell from 900/dollar to over 1,400/dollar, prompting worries about increased hardships and job losses.

The Central Bank is striving to stabilize the exchange rate amidst a shortage of dollars, as stakeholders express apprehension.

The Nigerian Communications Commission urges states and local councils to reduce taxes on telecom firms, warning excessive levies hinder industry growth.

The government plans a five percent excise duty on telecom services to boost revenue.

NCC’s Aminu Wada Maida highlights challenges with 50-55 percent taxes hindering foreign investment.

The NCC advocates nationwide for reduced levies, especially Right of Way charges, aligning with President Bola Tinubu’s directive to boost the sector.

The Federal Government, led by Minister Ekperikpe Ekpo, is implementing measures to slash Liquefied Petroleum Gas (LPG) costs.

At an Abuja meeting with industry stakeholders, including international and indigenous oil companies, the government aims to address $1.3bn gas debts hampering sector investment.

Ekpo outlined three priority areas for sustainable gas sector growth, emphasising the need for collective action to reduce LPG expenses and boost development.

Umaru Kwairanga, Chairman of Nigerian Exchange Group, revealed plans for two Dangote Industries Group companies to join the exchange soon.

During a Senate Committee visit to NGX headquarters, Kwairanga stated Dangote Refinery and Dangote Fertiliser Limited would be listed.

He highlighted the commitment from the private sector and encouraged other GenCos to leverage the opportunity for market listing.

This move aligns with efforts to enhance market participation and broaden investment opportunities.

Three Senegalese opposition lawmakers were arrested after parliament delayed the presidential vote by 10 months, prompting West Africa’s bloc to demand the restoration of the electoral calendar.

The vote, now set for Dec. 15 instead of Feb. 25, extends President Macky Sall’s mandate, sparking protests and international concern.

Among those arrested is Guy Marius Sagna, who physically obstructed the vote. The move reflects heightened tensions amid political shifts in Senegal.