Nigeria’s FATF grey list exit, Dangote refinery’s expansion plan… business stories to track this week

Here are the top business stories to track this week, October 27 to October 31.

SEC SAYS NIGERIA’S CRYPTO TRANSACTIONS HIT $50BN IN ONE YEAR

The Securities and Exchange Commission (SEC) says Nigeria’s cryptocurrency market recorded about $50 billion in transactions between July 2023 and June 2024.

In a statement on Sunday, Emomotimi Agama, the SEC director-general (DG), noted that the transactions starkly contrast the country’s traditional capital market, with fewer than 4 percent of adults being active investors.

The director-general said the cryptocurrency exchange underscores the sophistication and risk tolerance of investors that the traditional market has yet to capture.

NIGERIA EXITS FATF MONEY LAUNDERING LIST

The Financial Action Task Force (FATF) recently announced the delisting of Nigeria from its grey list of countries with deficiencies in anti-money laundering and counter-terrorism financing frameworks.

Commenting on the development, President Bola Tinubu says Nigeria’s removal from the list marks a new chapter in the country’s financial reform agenda.

South Africa, Mozambique, and Burkina Faso were among the four African countries also removed from the list.

NOA SAYS NIGERIA’S DEBT PROFILE DECREASED UNDER TINUBU

The National Orientation Agency (NOA) says Nigeria’s debt profile has “significantly decreased” since Tinubu took office in 2023, contrary to widespread misconceptions.

In an explainer dated October 24, the NOA said misinformation has created a false narrative about Nigeria’s debt burden, but data from Nigeria’s Debt Management Office (DMO), Central Bank of Nigeria (CBN), the ministry of finance, and the Federal Inland Revenue Service (FIRS) reveal a different story.

The orientation agency said Nigeria’s total public debt as of June 2023 was $113.42 billion, with a debt-to-GDP ratio below 40 percent, which is considered sustainable by the International Monetary Fund (IMF) and the World Bank.

The explainer noted that by December 2024, Nigeria’s total public debt had actually declined to approximately $94.22 billion, a reduction of over $19 billion in just 18 months.

BOA SETS UP $200M AGRICULTURE FUND TO HELP DISPLACED NIGERIANS

The Bank of Agriculture (BOA) and the International Organisation for Migration (IOM) have set up a $200 million agriculture and livelihood fund to empower displaced Nigerians and boost economic inclusion.

The IOM is an organisation under the United Nations (UN).

In a statement on Friday, the BOA said with over 3.8 million internally displaced persons (IDPs) nationwide, the partnership moves beyond aid, unlocking real and lasting opportunity.

DANGOTE BECOMES FIRST AFRICAN TO HIT $30BN NET WORTH

The wealth of Aliko Dangote, the president of the Dangote Industries Limited (DIL), has reached a new milestone, as the billionaire’s net worth hit the $30 billion mark on Friday.

According to the Bloomberg Billionaires Index, Dangote’s net worth increased by $2.25 billion to $30.3 billion as at October 24.

The billionaire businessman moved up to the 75th position, making him the only African on the top 100 billionaires’ list.

BUDGET OFFICE SAYS FG’S REVENUE INCREASED BY 68% TO N20.9TRN IN 2024

The budget office of the federation says the federal government recorded a total revenue inflow of N20.98 trillion in 2024.

The office, in its fourth quarter (Q4) 2024 budget implementation report, said the figure was an N8.50 trillion (68.11 percent) increase compared to N12.48 trillion recorded in 2023.

FG TO INVEST $220 MILLION IN YOUTH EMPLOYMENT PROGRAMME

The federal government says it will invest $220 million in creating employment opportunities for young Nigerians through the second phase of the Nigeria Jubilee Fellows Programme (NJFP) 2.0.

Vice-President Kashim Shettima announced the plan in Abuja on Wednesday during the formal launch of the new phase of the programme.

DANGOTE TO EXPAND REFINERY CAPACITY TO 1.4 MILLION BPD IN THREE YEARS

Aliko Dangote, the founder of Dangote Group, says the Dangote Petroleum Refinery is expanding its production capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.

The billionaire industrialist announced the proposed expansion at a press conference on Sunday.