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LCCI Releases 2023 Mid-Year Economic Review and Outlook

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The Lagos Chamber of Commerce and Industry (LCCI) and Cordros Capital  have released
the consensus reached at the end of 2023 Mid-Year Economic Review and Outlook.

In the communique signed by LCCI President, Dr. Michael Olawale-Cole,
said that the LCCI, over the last 135 years, has consistently engaged the government and advanced the growth of the private sector and the overall Nigerian economy through regular reviews of the business and economic climate and policy advocacy.

He disclosed that
the consensus reached at the end of the Mid-Year Economic and Outlook are detailed below:

1.     Government should consider the urgent need for an all-encompassing economic and fiscal plan, full/ partial divestment of state-owned real estate, improved transport sector, and energy assets as post-election priorities.
2.     The government must focus more on asset-based and equity offerings to improve revenue.
3.     Institutional reorganization is urgently needed in the CBN and the NNPC to improve transparency and accountability.
4.     The operating environment of NNPCL is somewhat opaque, which is anti-competition. The oil sector will attract the desired investment if the government liberalizes fuel import licenses and other vital activities in the midstream and downstream.
5.     Government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains. Economies that optimize revenue through equities have recently offset the loss from declining commodity prices.
6.     The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than IOUs. The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.
7.     BDCs should not be referred to as parallel or unofficial markets, because they are officially licensed to trade.

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OPay launches new office in Jos

” Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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OPay has officially launched its new office in Jos, Plateau State.

Speaking at the event, OPay’s Chief Operations and Technology Officer, Dotun Adekunle, said that the new Jos office reflects OPay’s continued commitment to putting customers first and advancing financial inclusion across Nigeria.

He said :” Our customers are at the center of everything we do.

Opening this office in Jos allows us to stay closer to the people we serve, better understand their needs, and continue to provide fast, secure, and reliable financial services that improve everyday life.”

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Governor Otti Commissions Ultimum Manufacturing Plant in Aba

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

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Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.

Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.

“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.

Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.

The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.

“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.

This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”

The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.

“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.

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Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

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Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.

Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.

But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.

“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

( VANGUARD)

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