Nigeria in 1min: Economic, Business and Financial Headlines - 270819


Tuesday, August 27, 2019 / 06:50 AM / By News Aggregator / Header Image Credi: @AfDB_Group


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AFEX Discusses Cocoa as the Future for Export Marketers in Nigeria - In the past week, AFEX Commodities Exchange Limited (AFEX) started up conversations about the potential of cocoa as the future for export markets in Nigeria juxtaposing the insights on the opportunities to be harnessed in the cocoa value chain against the grim realities of a crude-oil dependent future. Source AFEX Read More

N311.94bn Generated As VAT in Q2 2019 - NBS - Sectoral distribution of Value Added Tax (VAT) data for Q2 2019 reflected that the sum of N311.94bn was generated as VAT in Q2 2019 as against N289.04bn generated in Q1 2019 and N269.79bn generated in Q2 2018 representing 7.92% increase QoQ and 16.95% increase YoY. Source NBS Read More

FIRS Imposes VAT On Online Transactions January - Chairman of the Federal Inland Revenue Service, Babatunde Fowler, on Monday said that Nigerian banks would start charging Value Added Tax on local and foreign online transactions from January 2020. Fowler spoke at a technical workshop organised by the African Tax Administration Forum in Abuja, where it was disclosed that African countries would invest over one trillion dollars on infrastructure over the next 10 years. Source Punch Read More

Nigeria's Problem Is Revenue, Not Debt - Finance Minister - Minister of Finance, Zainab Ahmed, has said that Nigeria does not have a debt problem, despite misgivings amongst experts over the country's rising debt profile. Ahmed, who decried what she termed 'insensitivity' concerning the country's debt situation, said what Nigeria had at the moment was a revenue problem rather than debt challenge. Source Punch Read More

Manufacturing PMI Stands at 57.9% in August 2019 from 57.6% in July 2019 - The Manufacturing PMI in the month of August stood at 57.9 index points, indicating expansion in the manufacturing sector for the twenty-ninth consecutive month (Fig. 2 and Table 1). The index grew at a faster rate when compared to the index in July. Source CBN Read More


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CBN Releases Eligibility Criteria And Functional Training Areas Under AGSMEIS - Eligibility Criteria/Checklist for Selection of Entrepreneurship Development Centres under the AGSMEIS.. Source CBN Read More

CBN Ends Credit To Firms, Individuals Without TIN, BVN - This was contained in its latest exposure draft on the review of the Prudential Guidelines, PG, for commercial, merchant and non-interest banks. In a circular signed by the Director, Financial Policy and Regulation Department, CBN, Kevin Amugo, the apex bank said the review was because the Nigerian banking landscape has experienced drastic changes caused by a range of issues since the extant guideline was issued in 2010. Source Vanguard Read More


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Jumia: Understanding The Strategy, Numbers and Pain - With its Q2 2019 Results the subject of critical analysis after harsh commentaries by an American short seller in Q1 2019, Jumia is finding itself again in the crosshairs of analysts who have expressed concern over its rising operating loss which rose  from Euro 41.9m in Q2 2018 to Euro  66.7m in Q2 2019. Source Proshare Read More

Total Subscription For August 2019 FGN Bond Auction Put At N64.71bn - At the August 2019 FGN Bond Auction held on Wednesday, August 21, 2019, the Debt Management Office (DMO) issued N59.53 billion FGN Bonds for the three (3) Tenors offered to various investors who subscribed at the Auction. Source DMO Read More 

Afrinvest Stock Recommendation For The Week 260819 - The local bourse halted its extended bearish run last week as the All Share Index gained 3.2% W-o-W to settle at 27,800.17 points while the YTD loss eased to -11.6%. Consequently, investors gained N403.2bn as market capitalisation rose to N13.5tn. Source Afrinvest Research Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - July 2019 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 July 2019, total transactions at the nation's bourse decreased significantly by 61.82% from N297.25 billion (about $970.1 million) in June 2019 to N113.47 billion (about $370.4 million) in July 2019. Source NSE Read More 

Investors Lose N52.69bn As NSEASI Dips By -0.39% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.39% to close at 27,691.85 points as against +0.62% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.89%. Source Proshare Markets Read More 


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CBN Advises The Public To Beware Of Fraudulent Loan Offer - Beware of Fraudulent Loan Offers The attention of the Central Bank of Nigeria (CBN) has been drawn to fraudulent messages in the social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans provided by the Federal Government. Source CBN Read More

CAC Apologises For The Current Disruption Of Its Online Services; Sets Up CSS Nationwide - The Corporate Affairs Commission apologizes to its esteemed customers and the general public for the current disruption of its online services, the disruption was due to infrastructure upgrade which was designed at enhancing service efficiency and customer experience. CAC Nigeria Read More

Henceforth, Loan Defaults Will Be Settled With Deposits From Other Banks - The Central Bank of Nigeria (CBN) and commercial banks in the country have agreed that loan defaults will be settled using deposits made in other banks. Source TheCable Read More

AfDB, Others To Promote African Development -  The African Development Bank plans to meet with global leaders to deliberate on development initiatives for Africa. The President, AfDB, Akinwumi Adesina, would lead a delegation of the bank to join global leaders at the 7th Tokyo International Conference on African Development this week. Source Punch Read More

Oil Rises As U.S.-China Trade Comments Calm Markets - Oil prices rose on Tuesday after U.S. President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Source Reuters Read More

Discos To Repay N34bn CBN Loan This Year - Electricity distribution companies are expected to repay this year N34.05bn of the loan disbursed under the Central Bank of Nigeria-Nigeria Electricity Market Stabilisation Facility programme. The Nigerian Electricity Regulatory Commission disclosed this in its 2016-2018 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for Year 2019 for the Discos. Source Punch Read More


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CAC Improves Processes for MSMEs in Nigeria Industry - In our review of major developments that shaped the Micro, Small and Medium Enterprises, MSMEs for the past week (August 19-23rd, 2019), the Corporate Affairs Commission from its website announced a Pre-incorporation and Post-incorporation process that should improve the ease of doing business process for MSMEs. Source WebTV Read More


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