High sugar prices, inaugural digital literacy council, Aviation fuel scarcity: your Thursday briefing

Good Afternoon

Here’s what you need to know

• Nigeria’s non-oil exports face ban in Europe

Nigeria’s agro product exporters could see their goods banned from Europe over the Federal Government’s reluctance to sign the Economic Partnership Agreement (EPA) trade deal proposed by the European Union. The country’s reluctance could lead to termination of the temporary free trade access being enjoyed by agro product exporters https://goo.gl/Op8zIg

•  Poor access to dollars blamed for aviation fuel scarcity

Airlines are struggling to get aviation fuel, also known as JET A1, because importers cannot access foreign exchange from the official interbank window to bring it into the country. The managing director of one the major players in the downstream of the petroleum industry told BusinessDay that since oil marketing companies that usually bring aviation fuel could not muster enough resources to buy foreign exchange in the black market because it is too costly to do so, they have decided not to import. https://goo.gl/reGPfQ

• Senators debate FG’s “empty” expenditure framework

Members of Nigeria’s upper house, the Senate, on November 23 began debate of the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) despite having described the document as “empty.”The development comes about three weeks after the Senate rejected the documents for lack of detail and returned same to the Executive https://goo.gl/NOXZm0

• NNPC joint venture exit stirs concerns over budget funding

The Federal Government’s plan to exit joint venture cash call, starting January 1, 2017 is enjoying support from stakeholders in the oil and gas sector, even as they caution that careful planning is required so it does not constrain cash flow when future oil incomes are used to pay cash call arrears https://goo.gl/gkB4UA

• Food and beverage makers face difficult 2017 as sugar prices soar

Food and beverage makers in Nigeria have a 2017 financial year to look forward to as the price of raw sugar in the international markets is expected to stay high next year. The price of sugar is already up by more than 200% this year in Nigeria, eating deep into the profit margins of companies https://goo.gl/GKnYZg

• FG inaugurates members of the Digital Literacy Council

The Minister of Communications, Adebayo Shittu has inaugurated the first Digital Literacy Council to oversee the digital literacy programme aimed at educating individuals and communities to understand ICT. https://goo.gl/yI26Nm