Here are the seven top business stories you need to track this week — July 14 to July 18.
NIGERIA IN TALKS WITH ST.LUCIA TO BEGIN DIRECT FLIGHTS
Hannatu Musawa, the minister of arts, culture, and tourism, said the federal government is in talks to establish direct flights between Nigeria and St. Lucia.
Speaking in an interview on July 11, Musawa said the move is part of efforts to strengthen cultural and tourism ties with the Caribbean nation and the broader region.
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She said discussions are currently underway with the ministry of aviation and relevant counterpart ministries to facilitate a direct flight route between Nigeria and St. Lucia.
NIGERIA SECURES $747M SYNDICATED LOAN FOR LAGOS-CALABAR COASTAL HIGHWAY
Nigeria has secured $747 million syndicated loan to finance phase 1, section 1 of the Lagos-Calabar coastal highway.
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In a statement on July 9, Mohammed Manga, director of information and public relations at the ministry of finance, said the financing covers the 47.47 kilometre stretch from Victoria Island to Eleko Village in Lagos.
Manga said the financing marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.
He said the Deutsche Bank acted as global coordinator, initial mandated lead arranger and bookrunner and participated in the syndicate, alongside other regional and international lenders.
DANGOTE REFINERY REDUCES EX-DEPOT PETROL PRICE
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Dangote Petroleum Refinery has reduced its ex-depot price of premium motor spirit (PMS), commonly known as petrol, from N840 per litre to N820 per litre.
In a statement on July 8, Anthony Chiejina, Dangote Group’s spokesperson, said the new price will take effect immediately.
Chiejina said the refinery’s existing partners—MRS, Heyden, Ardova (AP), Hyde, Optima, and Techno Oil—are expected to reflect the new pricing at their retail outlets.
CBN ASKS BANKS TO PROVIDE CAPITAL RESTORATION PLAN
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The Central Bank of Nigeria (CBN) has issued a coordinated set of transitional measures to guide banks out of the regulatory forbearance regime introduced during the COVID-19 crisis.
The bank said the measures are designed to support affected banks in complying with prudential requirements, while facilitating a smooth and credible exit from temporary regulatory concessions.
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As one of its measures, the CBN asked all affected banks to prepare a comprehensive capital restoration plan, detailing proposed strategies for restoring full compliance.
The CBN said the plan must also be submitted no later than 10 working days after the end of each quarter, starting from June 30, 2025.
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The institution said it must also include cost optimisation, asset reduction, risk transfers, and possible business model changes.
FG RUNNING ENUGU AIRPORT AT A LOSS
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Festus Keyamo, minister of aviation and aerospace development, said the federal government is running Enugu airport at a loss due to the absence of private sector efficiency.
On April 21, the aviation ministry said the federal government plans to concession the Akanu Ibiam International Airport in Enugu, but no concessionaire has been selected yet.
Speaking on July 7 at the launch of Enugu Air, Keyamo said the planned concession of the airport has the full backing of President Bola Tinubu, the national assembly, and key aviation stakeholders.
He said discussions are at an advanced stage to hand over the management of Enugu airport to private investors, including plans to revamp the cargo terminal.
10 REPORTS STILL MISSING FROM NBS’ WEBSITE
There are indications that several key publications, expected to be updated quarterly or monthly, have not been updated in months.
In some cases, entire quarters are missing.
TheCable had reported that critical NBS publications — including Nigeria’s gross domestic product (GDP) report, company income tax (CIT) and value-added tax (VAT) reports, FAAC disbursement report, and internally generated revenue report — were still pending
NBS publications still pending to include Nigeria’s gross domestic product (GDP) report, company income tax (CIT) and value-added tax (VAT) reports, FAAC disbursement report, and internally generated revenue report.
Others include capital importation report, rail transport data, employment data, telecoms data, electricity report, and cost of a healthy diet report.
NIGERIA, NETHERLANDS COMMENCE RENEGOTIATION OF DOUBLE TAXATION AGREEMENT
The federal government and the Kingdom of the Netherlands have commenced the renegotiation of their double taxation agreement to improve economic cooperation.
The renegotiation agreement follows President Bola Tinubu’s signing of the tax reform bills into law on June 26.
