Index to Nigerian Newspapers

The Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated. The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure. The US bank stated this in a report titled, ‘Nigeria: Reform pause rather than fatigue (CBN’s financial accounts open a can of worms).’ According to JP Morgan, the low net forex reserves mean a continued forex market pressure, adding however that the CBN can still source forex at commercial and semi-commercial rates. The highly profitable nature of the currency swap arrangements between the CBN and domestic commercial banks is expected to continue for some time, it said. Commenting on the government assets which can provide succor in the medium term, it stated, “For example, the President’s policy advisory council has recommended the government sell down its stake in the most joint-venture oil and gas assets, a proposal that is estimated to bring in up to $17bn.” The US bank further said the recently announced $3bn loan to the NNPC could help partly improve FX liquidity conditions in the market, with the oil company selling the dollars to the CBN and remitting the naira proceeds to the government as upfront payments for oil revenues and taxes. However, the large external financing needs of the private sector will sustain forex pressures, the bank warned.

The World Bank Group has urged Nigeria to reduce government’s borrowing from the Central Bank if it wants to reduce the inflationary pressure on the economy. World Bank’s Lead Economist for Nigeria, Alex Sienaert, In his keynote presentation, Sienaert commended the government over its recent economic reforms, He said, “The whole agenda of tackling inflation is obviously a huge one. 

“All of these things increase the money supply and reducing that will be helpful to reduce inflation, and then replacing imports with FX restrictions with tariffs.”

According to him, the fact that petrol price had significantly increased created pressure on the economy.

He added that a variety of solutions would have to be devised in order to mobilise more revenue a way that spending would be increased to tackle the real priorities in the country

Tek Experts is set to open a new security operations centre under its cybersecurity business, Cytek, in Lagos.

The firm noted that the center, which would be backed by Microsoft’s AI-enabled Sentinel platform, would deliver a full suite of cybersecurity solutions, and provide round-the-clock protection for government entities and businesses operating in Nigeria and West Africa.According to the firm in a statement, It said by leveraging Microsoft’s AI-powered technology, “Nigeria has always been a strategically important market for us. We are excited to establish a presence in Lagos. Follow the sun cybersecurity services, all powered by Microsoft’s world-class AI technology. We are delighted to provide Nigeria’s technology. 

Microsoft Country Manager, Nigeria, and Ghana, Ola Williams, added, said: “We actively seek opportunities to help clients gain easier access to our technology, which is why we are excited that Tek is establishing their SOC on Microsoft technology.

Nigerian telecommunication firms are proposing that citizens will soon pay different prices for calls, data, SMS, and other telecommunication services in different states. The move aims to prevent multiple taxation and business environments across states. The Chairman of the Association of Licensed Telecoms Operators of Nigeria, Gbenga Adebayo, stated that the Nigerian Communications Commission is aware of this demand and will implement the move if approved.