- The NNPC said it will import two cargoes of gasoline per day for the rest of February in order to eradicate fuel queues. Each cargo will include 50 million litres, roughly 35,000 tonnes, to “increase supply and replenish strategic reserves”, the NNPC said in a statement. The company added it had 324 million litres of petrol on land and 432 million litres in marine storage, which it said was enough for 22 days of supply. The NNPC has worked fervently to increase fuel supply since queues and shortages popped up in December. In its statement, it acknowledged that fuel queues had “resurfaced in some cities”. There is currently a rare Suezmax en route to West Africa from the Baltics with 115,000 tonnes of gasoline – more than three times the typical vessel size. The cargo was booked by Vitol, one of the companies that hold a crude-for-product swap with the NNPC. It is expected to park offshore and discharge its cargo into Nigeria via smaller ships.
- Electronic payment channels recorded ₦29.44 trillion worth of transactions in Q4 2017. New NBS data on trends in Nigeria’s banking sector shows that a total volume of 461,980,541 transactions was recorded in the Q4. The report said that ATM transactions dominated the volume of transactions recorded, with 239,692,229 ATM transactions valued at ₦1.83 trillion recorded in the quarter. In terms of credit to private sector, a total of ₦15.74 trillion worth of credit was allocated by DMBs in Q4 2017. The oil & gas and manufacturing sectors got credit allocations of ₦3.58 trillion and ₦2.17 trillion respectively to record the highest credit allocations in the review period. Also, total staff numbers in the country’s banks increased by 9.19 percent from 82,840 in Q3 2017 to 90,453.
- The United Kingdom export credit agency, UK Export Finance says it will now accept naira payments from Nigerian business owners who make procurement in the UK. In a statement to The Cable, the British department of international trade said the local currency financing structure follows the same format as a conventional buyer credit in sterling or any other currency. It added that Nigerian businesses buying British goods or services and taking out a loan in naira from a bank in Nigeria can benefit from the UK government-backed guarantee. “UK government will now be able to support finance in naira to Nigerian projects procuring from the UK,” the statement read. “This can enable businesses to manage foreign exchange risks and, many times, to negotiate better terms with local banks.”
- Naspers owned OLX, one of Africa’s leading e-commerce platforms has winded up operations in Nigeria and Kenya, according to Business Insider citing several internal sources. OLX, founded as an alternative to Craigslist and fully acquired by South Africa media giant Naspers in 2010 has been struggling to make its businesses in Kenya and Nigeria, two of Africa’s strongest e-commerce market viable since it entered those markets in 2012. The business website said Nigerian and Kenyan staffers were formally informed of the decision on Tuesday with a notice of termination to staff beginning in March, followed by their management team in April. The shutdown and an almost non-existent on the ground operation in Ghana means that the country will now fully focus on its strongest African market in South Africa.