Nigeria in 1min: Economic, Business and Financial Headlines - 090921


Thursday, September 9, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; African Development Bank Group


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COVID-19 Health Updates

  • 8th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 197,046 cases (New: 559)
  • Discharged: 185,379
  • Deaths: 2,578 (New: 5)

Source: NCDC Read More


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FIRS Becomes Desperate Over a Clear Justifiable Matter, Writes NASS for Exclusive Powers - The Federal Inland Revenue Service (FIRS) in an effort to retain the collection of Value Added Tax (VAT) has written to the National Assembly (NASS) seeking the inclusion of VAT collection in the exclusive legislative list. Source Proshare Research Read More

FG vs States VAT War - Cutting Through the Noise - On August 9, 2021, the federal high court sitting in Port Harcourt ruled that the Federal Inland Revenue Service (FIRS) - the agency responsible for assessing, collecting, and accounting for tax and other revenues accruing to the Federal Government of Nigeria. Source Tosin Adeoti Read More

Lagos State Government Presents State VAT Bill - The Lagos State Government, today, 8 September 2021 presented the State Value Added Tax (VAT) Bill, 2021 ("the Bill") at a stakeholders meeting organized by the House of Assembly ("the House") through its Committee on Finance. Source Wole Obayomi Read More

635 Movies Produced in Q2 2021 - NBS - The National Bureau of Statistics published Nollywood Movies Production data for Q2 2021. The number of movies produced in Q2 2021 hits 635 compared to 416 in Q1 2021. This indicates a growth of +53.93% quarter on quarter. Source NBS Read More

Nigeria's Exports to Africa drops by 25% in H1 2021, Despite AfCFTA Aspirations - Nigeria's exports to Africa fell by 25% in H1 2021 Y-o-Y; this is according to foreign trade data released recently by the National Bureau of Statistics (NBS). The fall in African exports was despite the African Continental Free Trade Agreement (AfCFTA), which started in January 2021. Source AbdulQudus Isiaka, Proshare Research Read More

Govt'll Stop Leakages in Payroll System, Says OAGF - The Office of the Accountant General of the Federation has said the government will implement requisite plans to stop leakages in the payroll and personnel management system. Source Punch Read More

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Investors Lose N24.37bn as NSEASI Dips by -0.12% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 39,204.52 basis points as against 0.00% flat position recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.65%. Source Proshare MARKETS Read More

Why Companies Should Patronize Nigeria's Capital Market - Investors support and show huge interest in long-term financing that is geared towards specific projects that cover areas like electricity, housing and infrastructure amongst others. Source Ottoabasi Abasiekong for WebTV Read More

Shareholders Demand Reduction in CRR as 10 Banks' Restricted Deposit with CBN Hits N12.73trn in Two Years - Following the negative impact the Cash Reserve Requirement (CRR) requirement by the Central Bank of Nigeria (CBN) is having on banks' profitability, shareholders of banks have expressed displeasure over N12.73trillion restricted deposits with the CBN that is not available for banking operations. Source THISDAYLIVE Read More

Nigeria's Green Bonds Market Hits $136m as NGX Lists Potential - The value of Nigeria's green bonds market has hit $136 million within three years with four issuances recorded since the debut issuance by the Federal Government. Source The Guardian NG Read More

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How Market Intelligence Can Grow your Business - Business growth and expansion are key strategic themes for most organisations which can be achieved by identifying and implementing a mix of different operational and strategic actions and initiatives. Source By Obinna Udeagha, Head, Delivery & Operations, Phillips Consulting Read More

How NIPC Became More Accountable to Nigerians - Yewande Sadiku - The Nigerian Investment Promotion Commission (NIPC) in the last five years has been more accountable to Nigerians than at any other period as reflected in its publishing of quarterly reports and regular investment announcements. Source Ottoabasi Abasiekong for WebTV Read More

DETAIL Announces New Managing Partner, Three New Partners, Lead Interface Manager - Founder and Lead Partner, Ayuli Jemide, (AJ), formally hands over management of the firm to Dolapo Kukoyi. AJ will continue to Chair the Committee of Partners, with greater focus on client origination, high value transactions, talent growth, and building new practice areas. Source DETAIL Read More

FirstBank Launches Lit App, A Revolutionary Mobile Banking Application - In furtherance of its commitment to spearhead value-driven mobile and digital banking in Nigeria, First Bank of Nigeria Limited has announced the launch of the LIT Application, created to revolutionise the culture and experience of mobile banking in Nigeria. Source First Bank Nigeria Read More

Kyari Attributes Rising Cooking Gas Price to Undersupply - The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has assured Nigerians that the corporation is working with relevant agencies to ensure that the price of gas is affordable by increasing the volume supplied to the domestic market. Source Punch Read More

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Why You Need to be Part of Nigeria Fintech Week 2021 - The most anticipated gathering of players in the fintech ecosystem in Nigeria and Africa - the 5th edition of Nigeria Fintech Week scheduled to hold in Lagos and online from October 25 to 29, 2021 with the theme - "Sustainability and Ecosystem Building". Source FintechNGR Read More

eNaira - Yay or Nay? - The eNaira is an electronic record or digital token of the naira issued and regulated by the CBN. It is expected to be a legal tender for the country and have a noninterest-bearing status, as well as a transaction limit for customers. Source Coronation Merchant Bank Read More

PayPal to Buy Up Japanse firm Paidy for $2.7bn - US online payment giant PayPal is set to buy the online Japanese credit specialist Paidy for $2.7 billion, the US company said in a statement Tuesday, a new sign of the development of the "buy now pay later" sector. Source Punch Read More

Pantami: FEC has Approved 5G Policy for Nigeria - The Federal Executive Council (FEC) has approved the controversial Fifth Generation Networks Policy otherwise known as 5G for the nation. The Minister of Communications and Digital Economy, Dr Isa Patami, who disclosed this Wednesday while speaking with newsmen at the end of the weekly FEC meeting presided over by President Muhammadu Buhari. Source THISDAYLIVE Read More

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Build Better with Literacy - Literacy, the ability to read and to write enables prosperity. Yet at least 773 million young people and adults lack basic literacy skills. As technology evolves, users who lack the foundation of learning and education will not reap the benefits of the ongoing digital transformation. Source Carl Manlan Read More


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