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Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.
Nigerians are gassed up for the commencement of the sixth season of their favourite reality television show, Big Brother Naija.
The show requires several contestants from all over the country to live together in a house in a fancy social experiment-like fashion to gain the sentiment of viewers. The viewers' favourite then takes home the grand prize which includes a huge sum of money (N90 million this time around) alongside other gifts and benefits. Read more here.
Oil prices dropped on Friday but were poised to end the week largely steady after rebounding from a sharp drop earlier in the week amid expectations that recovering demand from the U.S. to India and Europe will further tighten global crude markets.
Brent crude futures dipped 23 cents, or 0.3%, to $73.56 a barrel, after jumping 2.2% on Thursday. For the week, Brent was set to end the week flat. Read more here.
The Central Bank of Nigeria in a private webinar held on Thursday with its stakeholders outlined its digital currency initiative.
According to a report by Nairametrics, which cited private sources, the pilot scheme will be launched on October 1st, 2021. The project name is tagged Project GIANT and it will use the Hyperledger Fabric Blockchain. Read more here.
Africa's largest economy has been under debt pressure, as its total debt profile surged in the first quarter of 2021 to N33.11 trillion, yoking the estimated population of 203.3 million with a debt per population of N162,949.
What this means is that the average Nigerian owes approximately N163,000 out of Nigeria's total debt if allocated equally. This is however not likely to be the biggest number on record as the Federal government intends to acquire more loans between 2021 and 2024 to the tune of N19.69 trillion. Read more here.
Malaysian palm oil futures dropped on Wednesday as July exports so far and prices on Chicago and Dalian exchanges fell, but losses were limited by a weaker ringgit and supply worries due to a labour shortage.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange fell 54 ringgit, or 1.3%, to 4,097 ringgit ($966.27) a tonne by the midday break. Read more here.
These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world.
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