Nigeria in 1min: Economic, Business and Financial Headlines – 220319


  Friday March 22, 2019 / 7:10 AM / By News Aggregator Header Image Credit: First Bank

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Implications Of FGN’s Increase Of VAT Rate To Pay For The New Minimum Wage - The Minister for Budget and National Planning, Udoma Udo Udoma and the Executive Chairman of the FIRS, Babatunde Fowler hinted during an interactive session with the National Assembly on Tuesday 19 March 2019 that VAT rate is likely to go up to enable government fund the new minimum wage of N30,000 per month approved by the National Assembly. Source PwC Nigeria Read More 

Fowler Calls For Increase In VAT Collection in Nigeria - Mr Tunde Fowler, the Executive Chairman, Federal Inland Revenue Service, FIRS on Tuesday called for an increase in the number of Nigerians and companies paying VAT and not a 50 per cent increase in VAT rate. Source FIRS Press Release Read More 

Shippers’ Council Targets 30% Reduction In Cost Of Clearing Goods - The Nigerian Shippers’ Council, NSC, has said that it is working towards a 30 percent reduction in the cost of clearing goods in the Nigerian ports following an agreement to this effect with terminal operators and shipping companies operating in Nigeria. Source Vanguard Read More 

CBN To Maintain Tight Monetary Policy, Estimates 12% Inflation - The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has projected that the current monetary policy stance of the bank is expected to continue while inflation is estimated to rise to 12 per cent and moderate thereafter. Source Punch Read More 

Employers’ Union Warns Nigerian Govt on VAT Hike - Nigeria’s influential employers union has warned the Federal Government not to go ahead with a proposal to increase the Value-Added Tax (VAT) charged in the country. Source Premiumtimes Read More


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Domestic and Foreign Portfolio Participation in Equity Trading - January 2019 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Foreign Portfolio Investment (FPI)2 flows. Source NSE Read More 

Invest in FGN Monthly Bond Auction – March 2019 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source DMO Read More 

Investors Lose N57.99bn as NSEASI Closes Below 31,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by 0.50% to close at 30,885.31basis points as against 0.13% depreciation recorded previously. Source Proshare Read More

United Bank for Africa Plc FY 2018 Conference Call and Earnings Presentation - The Key Takeaways - United Bank for Africa Plc held its FY 2018 Investors and Analyst Conference Call Earnings Presentation. Proshare NG participated along with leading market analysts and professionals. Source Proshare Read More

Nigeria Seeks Concessional Loans to Tame Debt-Service Costs - Nigeria may have about the best-performing Eurobonds in emerging markets this year, but the West African nation says it will prioritize borrowing from concessional lenders such as the World Bank and AfDB as it looks to rein in interest payments. Source Bloomberg Read More

CBN Rules Out Terminating Foreign Exchange Restriction Policy - Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, yesterday vowed to sustain the policy on foreign exchange prohibition to raise domestic capacity, protect growing companies and create employment. Source Guardian Read More

I and E Turnover Rebounds to c.$700m as CBN Re-Issues Long Tenor OMO Bill - The FGN Bond market traded on a relatively flat note, with yields marginally higher by c.2bps on the day. We however witnessed slight offshore interest on the 2028s which was the most actively traded bond during the session, with yields lower by c.10bps on the ticker. Source Zedcrest Capital Read More


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Call Rates May Rise As Telcos Mull Tariff Review - Telecommunications operators are considering a review of call tariff in selected states in the country, investigations have revealed.The new tariff, according to findings, will reflect the cost of doing business in the affected states. Source Punch Read More

CAC’s Cost-Friendly Business Registration Exercise Ends This Month -  The cost-friendly Business Incentive Strategy (BIS) rolled out in October last year by the Corporate Affairs Commission (CAC), would end this month. The BIS is primarily to ensure formalisation of businesses by MSMEs for the overall benefit of the economy. Source Leadership Read More

NLNG To Sign $1bn Train 7 Project Local Content Plan - The Nigerian Content Development and Monitoring Board and the Nigeria LNG Limited will on Friday (today) sign the Nigerian content plan for the NLNG’s Train 7 project, estimated to cost $1bn. Source Punch Read More 


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