Business
China poised to approve more help for ailing economy
China poised to approve more help for ailing economy
China is expected to unveil a huge support package for the struggling economy Friday as officials wrap up a key meeting with an eye on the possibility of intensified trade tensions with US president-elect Donald Trump.
Economists predict Beijing will approve hundreds of billions of dollars of help, with a focus on indebted local governments as well as cash for banks aimed at writing off non-performing loans.
Policymakers were keeping tabs on the US vote as they gathered in the Chinese capital this week for a meeting of the country’s top lawmaking body.
Trump promised during his campaign of punishing tariffs on Chinese goods that threaten further grief for the world’s second-largest economy, which is already grappling with a prolonged housing crisis and sluggish consumption.
Observers say Beijing could seek to cushion that blow with a long-awaited “bazooka stimulus” for the economy — though caution details might still take time.
The meeting, originally scheduled for late October, was likely pushed back to allow “policymakers a chance to address a possible Trump win”, Lynn Song, chief economist for Greater China at ING, said.
“In our view, the odds for a larger policy support package will rise somewhat with a Trump victory,” he added.
Trump’s victory is “not necessarily bad for China as this may ‘pressure’ Beijing for a bigger stimulus”, Qi Wang, CIO of UOB Kay Hian Wealth Management, said on X.
State media this week reported that officials had reviewed a bill to raise local government debt ceilings.
That move, touted last month, would allow authorities to borrow more to fund the acquisition of unused land for development — a move aimed at pulling the property market out of a prolonged slump.
Beijing in September began to unveil a raft of measures aimed at boosting economic activity, including rate cuts and the easing of some home purchasing restrictions, but analysts have bemoaned the lack of detail so far.
Trump’s re-election provides a need for greater urgency, experts say, though caution may still prevail as officials try to avoid piling on more government debt.
“Any potential stimulus size may be bigger, but so is the pressure,” Gary Ng, senior economist at Natixis, said.
“The market may still not get the economic boosters it wants,” he warned.
China’s Premier Li Qiang this week said he was “fully confident” that the country would hit its growth target of around five percent for 2024, even after figures showed the economy saw its slowest expansion in a year and a half during the third quarter.
And in a rare bright spot, data Thursday showed the nation’s exports surged last month at their fastest pace in more than two years.
But Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, warned “we cannot rely on exports to carry China’s economy”. “I expect fiscal policy will become more proactive next year as a pillar for growth,” he said.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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