BUSINESS OVERVIEW: Crude Oil is trading at $111/barrel; Beverage prices, sugary drinks on the rise; Other stories

Hello and welcome to Business Roundup this week. Here we bring you the highlights of the events that transpired during the week – from the capital market, to day-to-day business activities, not to mention technology/economic construction.

Here are the titles:
• Ukraine sells CryptoPunk to finance the war against Russia
• Crude oil trades at $111 as Putin turns to Nigerian buyers
• Nigeria to roll out 5G spectrum in August
• Prices of drinks, sugary drinks on the rise


The federal government has revealed that it has started implementing a sugar tax of 10 naira per liter on soft drinks and carbonated drinks which it says will help in the fight against non-communicable diseases.

This comes despite calls from the Manufacturers Association of Nigeria (MAN) for FG to end the policy introduced in the Appropriation Act, signed into law by President Muhammadu Buhari on December 31, 2021, alongside the Appropriation Bill. 2022.

Dennis Ituma, Chief Superintendent of Customs, Department of Excise, Free Trade Zones and Industrial Incentives, unveiled the new development on Thursday during an interactive session at a policy breakfast in Abuja.

Nigerian Communications Commission (NCC) Chairman Umar Danbatta said on Thursday that fifth generation (5G) technology would be rolled out this year.

Danbatta, who said this at the 90th edition of the Telecommunications Consumer Parliament held in Lagos, added that the commission, with the support of the Ministry of Communications and Digital Economy, would roll out 5G technology. in August.

He said the rollout of 5G spectrum would further accelerate the growth of Nigeria’s broadband services.

The global price of crude oil fell -0.68% as Russia and the European Union readjust to the restriction imposed on the former. On Thursday evening, the price of oil depreciated to $111 a barrel.

It comes as Russia has attracted buyers for its petroleum products in Nigeria with its cheaper price, while Vladimir Putin plans to replace the European market with that of Nigeria and other African countries before the embargo of the EU does not begin to enter into force.

Ripples Nigeria previously reported that Western countries reduced their demand for Russian oil following Putin’s invasion of Ukraine. At the end of 2022, the EU plans to completely withdraw from importing oil from the Eastern European country.

Ukraine has raised another batch of funds in the cryptocurrency market, after selling the high-value non-fungible token (NFT) known as CryptoPunk #5364, to finance its war against Russia.

In a post on the social media platform Twitter on Monday, the country’s Deputy Minister of Digital Transformation, Alex Bornyakov, revealed that the CryptoPunk was sold at a price of 90 Ethereum.

Also read: BUSINESS ROUNDUP: Bitcoin crashes below $19,000; Southeast Nigeria hit hardest as gasoline prices rise 2.99%; Other stories

“Latest news on crypto donations: #CryptoPunk #5364 has been sold for 90 ETH. It’s over $100,000. A few months ago, this NFT was donated for the @_AidForUkraine fund. The crypto community continues to support Ukraine. Bornyakov tweeted.

About NSE ROUNDUP: Champion Breweries, John Holt among top gainers as investors win N46.8 billion

The Nigerian capital market maintained its bullish trend on Friday with the stock capitalization up 0.16% at the close of the day.

After eight hours of trading, the equity capitalization rose by 46.8 billion naira to close at 27.87 trillion naira, from 27.82 trillion naira on Thursday.

Similarly, the All-Share index gained 86.88 basis points to settle at 51,705.61 against 51,618.73 recorded the previous day.

On Friday, investors traded 156.08 million shares worth N1.83 billion in 4,312 deals.

On the tech sceneTalebeyah, Hadrian, AfricaTech Awards, Breega, MyPayJobs, Thepeer, Synapse Analytics, Healthtracka are some of the names that hit the headlines this week.

During the week, three African startups were announced winners in different categories of the first edition of VivaTech’s AfricaTech Awards.

Additionally, Nigerian talent solutions startup, MyPayJobs, has launched a venture to connect local talent to online jobs.

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