Here are the seven top business stories you need to track this week — June 9 to June 13.
FG TO ANNOUNCE NEW RAILWAY PLAN TO CONNECT MULTIPLE CITIES
Kayode Opeifa, managing director of the Nigeria Railway Corporation (NRC), says the federal government will soon announce a major railway expansion plan, with new lines connecting multiple cities nationwide.
Speaking on Saturday during ‘Sunrise Daily’, a programme on Channels Television, Opeifa said the new railway lines will come up in more cities “than we have ever seen”.
Advertisement
The NRC MD noted Ogun state’s rail link and highlighted new projects, including the Jos-Bukuru line in Plateau.
FG PARTNERS GATES FOUNDATION TO LAUNCH $7.5M AI HUB
The federal government has launched the Nigerian Artificial Intelligence (AI) scaling hub in partnership with the Gates Foundation to accelerate the responsible adoption of AI technologies in health, education, and agriculture.
Advertisement
The initiative was announced on Monday, during the signing of a memorandum of understanding (MoU) between the federal ministry of communications, innovation and digital economy and the Gates Foundation in Abuja.
According to the ministry, the hub is supported by a $7.5 million commitment from the Gates Foundation over three years.
NCC DIRECTS BANKS TO DEDUCT USSD TRANSACTION FEES FROM USERS ’ MOBILE AIRTIME
The Nigerian Communications Commission (NCC) has directed deposit money banks (DMBs) to stop deducting charges for unstructured supplementary service data (USSD) transactions directly from customers’ accounts.
Advertisement
According to an email from the United Bank for Africa (UBA) to customers on June 3, the charges will now be deducted from users’ mobile airtime.
The UBA said the directive will take effect from June 3.
ABCON RECAPITALISATION DEADLINE
The Association of Bureau De Change Operators of Nigeria (ABCON) says the June 3 deadline set by the Central Bank of Nigeria (CBN) for the recapitalisation of bureau de change (BDC) operators is sacrosanct.
Advertisement
Aminu Gwadabe, ABCON president, spoke during an interview with NAN, after a stakeholders meeting with the apex bank in Lagos.
In May 2024, the CBN introduced revised operational guidelines for BDCs, effective June 3 of the same year.
Advertisement
According to NAN, the ABCON had a final stakeholders’ engagement with the apex bank in Lagos on Monday.
Speaking on the outcome of the meeting, Gwadabe thanked the apex bank for the engagement, adding that the BDCs’ recapitalisation deadline is sacrosanct.
Advertisement
IATA REMOVES NIGERIA FROM LIST OF COUNTRIES BLOCKING AIRLINES ’ FUNDS
The International Air Transport Association (IATA) says Nigeria has been removed from the list of countries with unrepatriated airline revenue, otherwise known as blocked or trapped funds.
Advertisement
Kamil Al-Awadhi, IATA’s regional vice-president for Africa, Middle East, and Europe (AME), spoke at a news conference during the association’s recent annual general meeting (AGM).
He said while blocked funds remain a challenge in the region, there have been “significant” improvements in countries like Nigeria, Egypt and Ethiopia.
‘NAIRA-FOR-CRUDE POLICY INFLUENCED PETROL PRICE REDUCTION’
Aliko Dangote, president of the Dangote Group, says the naira-for-crude policy enabled his refinery to reduce product prices consistently, guaranteeing availability for the overall benefit of Nigerians.
Dangote spoke when President Bola Tinubu visited the refinery on June 5 to launch the reconstruction of the deep-sea port access road through Epe, Ijebu-Ode.
The businessman said the policy is the “most transformative initiative” of the incumbent government.
‘NIGERIANS PAYING ONLY 55% OF PETROL PRICE IN WEST AFRICA’
Also, the president of the Dangote Group, said Nigerians are paying 55 percent of what others in the West African region are paying for petrol.
Dangote spoke when Omar Touray, president of the Economic Community of West African States (ECOWAS) commission, visited his refinery.
He said Nigerians are benefiting from local refining as the price of petrol has fallen significantly compared to neighbouring countries.
