Business
Cardoso Says CBN’s Actions Prevented Inflation from Hitting 42.81% in 2024
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Olayemi Cardoso, the Governor of the Central Bank of Nigeria, recently revealed that without the bank’s swift and strategic interventions, Nigeria’s inflation, which stood at 34.80% in December 2024, could have skyrocketed to 42.81%.
Cardoso highlighted several notable achievements during his tenure, including the unification of Nigeria’s multiple exchange rates, clearing a foreign exchange backlog of $7 billion, and boosting the country’s diaspora remittances.
He expects that by the end of the fourth quarter of 2024, remittances will hit N31.79 trillion, a significant increase from the $4.18 billion recorded in the first three quarters of 2024.
The Central Bank Governor also pointed out the remarkable rise in foreign remittances, which grew from $2.33 billion in the same period in 2023 to $4.18 billion in 2024, reflecting the effectiveness of the bank’s policies.
Business
Tesla Sets to Launch in India as Elon Musk Meets Prime Minister Modi
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Tesla is launching its plans to enter the Indian market, signaling a significant shift in the country’s automotive landscape. CEO Elon Musk recently met with Prime Minister Narendra Modi.
The company is actively recruiting for key positions and scouting locations for showrooms in major cities like Mumbai, Delhi, and Bangalore, with plans to commence sales in the third quarter of 2025.
This has caused unease among local automakers, who are concerned about retaining affluent customers despite Tesla’s potential market entry.
The Indian electric vehicle (EV) market faces challenges, including high vehicle prices and insufficient charging infrastructure.
Tesla’s advanced technology could give it an edge, but high import duties may push prices to around 3.5 million rupees ($40,377), compared to an average of 1.2 million rupees for Indian cars.
In response to these challenges, the Indian government has introduced a new EV policy to attract foreign automakers like Tesla.
The policy offers reduced import tariffs for companies investing in local manufacturing, requiring a minimum investment of $500 million.
However, only 5% of this investment can be allocated to charging infrastructure, emphasizing the government’s focus on vehicle production.
Financial markets have reacted to Tesla’s impending entry. Indian auto stocks experienced minor gains, with the Nifty 50 rising by 0.13% and the BSE Sensex increasing by 0.24%.
Financial stocks gained 0.3% after a 2% slide over the previous three sessions. However, market sentiment remains cautious due to global trade uncertainties and concerns over increased competition.
Business
Dangote’s $20 Billion Oil Refinery Is Set to Start Operations in Nigeria
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Aliko Dangote, Africa’s wealthiest individual, is on the brink of a monumental achievement with the Dangote Petroleum Refinery near Lagos, Nigeria.
This massive facility, covering an area half the size of Manhattan, has been under construction for nearly a decade, with numerous delays and budget overruns.
Initially projected to cost $9 billion in 2013, the refinery’s expenses have now escalated to approximately $20 billion. Despite these challenges, the refinery is set to commence full operations next month, with a processing capacity of 650,000 barrels of crude oil per day.
This output not only surpasses Nigeria’s domestic fuel consumption but also positions the country to significantly reduce its dependence on imported refined petroleum products.
However, the journey hasn’t been without obstacles. The Nigerian National Petroleum Company (NNPC), responsible for supplying crude oil to the refinery, has struggled to meet its commitments, leading to potential operational challenges.
In response, Dangote has sought alternative solutions, including importing crude oil and engaging with various stakeholders to secure the necessary resources.
Business
MTN Attempts To Adjust Price Back After Public Backlash And Complaints
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The Nigerian Economy finally hits the telecommunication world as companies such as MTN and Airtel increase charge for airtime.
Users of MTN lamented as the price of its 15Gb data plan was taken from 2000 Naira to 6000 Naira. This was not the only change made as prices of other data plans rises significantly.
Customers around Nigeria moan and lament about the Nigerian economy as it now affects another part of their daily lives.
The 50% increase in tariff has now stirred up the public as they call it “insensitive” and “unfair”.
Due to the backlash received from the public, MTN addresses the issue and apologizes to its customers for the sudden change.
“We understand that it might not make it better. We admit that this was a mistake.” MTN speaks after trying to adjust the price back to the original price.
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