7 Things To Track In Business This Week

Here are the seven top business news you need to track this week — August 1 to August 5.

OPEC+ MEETING HOLDS AUG 3

The Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, is to hold its 31st ministerial virtual meeting on August 3 to discuss its oil output policy.

At the last meeting in July, the organisation approved the plans to add 648,000 barrels a day by August.

UKRAINE BEGINS DELIVERY OF GRAINS

The Turkish defence ministry, on Monday, said the first shipment of Ukrainian grain has left the port of Odessa (a seaport in southern Ukraine) under a deal aimed at relieving a global food crisis following Russia’s invasion of its neighbour.

Last week, President Volodymyr Zelensky inspected the port in southern Ukraine.

The development is coming a week after Russia and Ukraine signed separate agreements with Turkey and the United Nations to enable the export of millions of tons of grains needed across the world.

NBS TO RELEASE REPORT ON PRISON STATS, PENSION ASSETS

The National Bureau of Statistics (NBS) will release a report on prison statistics (2021) on Monday, August 1.

The bureau is also expected to release a report on pension assets and membership data for 2021.

KYARI, SYLVA ATTEND NIGERIA ANNUAL INTERNATIONAL CONFERENCE AND EXHIBITION (NAICE)

Experts at the sessions would brainstorm on the future of Africa’s hydrocarbon sector amid the ongoing energy transition challenge.

US TO INVEST $55M IN NIGERIA’S AGRIC SECTOR

The United States will invest an additional $55 million in Nigeria’s agricultural sector to support food security.

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The invasion of Russia on Ukraine has affected many countries’ food supplies.

The funds will help immediately address the economic, food and nutrition needs of vulnerable communities in Nigeria most adversely impacted by higher food, fuel, and fertiliser prices.

NIGERIA’S 2023 BUDGET

The federal executive council (FEC) has approved the 2023-2025 medium-term expenditure framework (MTEF) and fiscal strategy papers (FSP).

At the end of the FEC meeting, Zainab Ahmed, minister of finance, budget and national planning, explained that the federal government pegged the price of crude at $70 per barrel in 2023, $66 in 2024 and $62 in 2025.

CRITICISM AS NIGERIA REMOVED $35M FROM ECA TO BUY VESSELS

The federal government has explained why it made a $35 million withdrawal from the country’s excess crude accounts (ECA).

Zainab Ahmed, minister of finance, budget and national planning, said the fund was used as an advance payment for the acquisition of offshore patrol vessels.

The minister also claimed that the account had no accruals in the last four years because of the volatility of the oil in the international market, adding that withdrawals have always been in consultations with the national executive council (NEC).

TheCable

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