Nigeria in 1min: Economic, Business and Financial Headlines - 081119


Friday, November 8, 2019 / 06:30 AM / By News Aggregator / Header Image Credit: WebTV


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Customs Suspends Petroleum Products Supply To Filling Stations Within 20 Kilometers To All Borders - The Comptroller - General of Customs has directed that henceforth no petroleum product no matter the tank size is permitted to be discharged in any filling station within 20 kilometers to the Boarder. Source Nigeria Customs Service Read More

Bill To Hike VAT Passes Second Reading In Senate - An Executive bill forwarded to the National Assembly seeking to make changes in the Nigerian tax and fiscal law scaled second reading at the upper chamber on Wednesday.  Senators however protested the non-inclusion of details of the bill, which seeks among others, raising the current Value Added Tax from five per cent to 7.5 per cent. Source Punch Read More

FG Pays N157.3bn Tax Arrears To States - The Federal Government has paid the sum of N157.35bn Pay-As-You-Earn tax liabilities owed by Federal ministries, departments and agencies to states. The Chairman, Federal Inland Revenue Service, Mr Babatunde Fowler, said this on Thursday in Awka, Anambra State. Source Punch Read More


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New Offer Letter Clause for Credit Facilities by Nigerian Banks - The Central Bank of Nigeria has been implementing regulatory measures to spur credit growth in the economy to accelerate economic expansion and boost employment creation. Source Ahmad Abdullahi Read More


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Forte Oil Plc: Acceptance of Takeover Offer for 500,000 Forte Oil Shares - Following the recent announcement by Ignite Investments and Commodities Limited to offer up to 500,000 ordinary shares of Forte Oil Plc (FO) to minority shareholders, the acceptance period of the stated offer has been opened. Source United Capital Research Read More 

Investors Lose N17.24bn As Stock Market Maintains Negative Posture - Equities market closed today on a negative note, as NSEASI depreciated by -0.14% to close at 26,188.24 points as against -0.58% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.68%. Source Proshare Markets Read More 

NSE CEO's Speech At 2019 Osun State Facts Behind The Economy - On behalf of the National Council and Management of The Nigerian Stock Exchange, it gives me great pleasure to welcome His Excellency, the Governor of the State of Osun, Mr. Adegboyega Oyetola and the entire State delegation to the Nigerian Stock Exchange. Source NSE Read More

FGN Reiterates Commitment to Deepening the Capital Market to Attract Foreign Investments - Vice-President, Professor Yemi Osinbajo, SAN, disclosed the decision of the federal government (FGN) to deepen the Nigerian Capital Market at the 2019 Nigerian Capital Market Conference organized by the FMDQ Securities Exchange. Source Proshare Read More 


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Nigerian-British Chamber of Commerce Inaugurates 16th President - The Nigerian-British Chamber of Commerce (NBCC) will host its members and distinguished guests to its Presidential Inauguration Dinner on Friday, November 15, 2019 at Eko Hotel and Suites, Victoria Island, Lagos. Source NBCC Read More

Lagos, LCCI, NACCIMA Woo Chinese Textile Investors, Others - More Chinese investors may be on their way to Nigeria as the Lagos State Government and other leaders in the business groups are beckoning on them to be part of the new efforts at industrialising the nation. Specifically, the Lagos State Governor, Babajide Sanwo-Olu, called on Chinese textile firms to set up production factories in the state. Source Punch Read More

Nigeria Loses $120bn in Gross Freight Cost in Four Years - The Chairman of National Fleet Implementation Committee, Mr Hassan Bello has disclosed that Nigeria recorded a loss of over $120 billion in gross freight paid to foreign vessels owners, between 2014 and 2018. Source Thisday Read More

AfDB Board Approves Special Fund - The African Development Bank's Board of Governors has approved the conversion of the Bank's administered multi-donor trust fund SEFA into a "special fund." The initiative is to amplify its development impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Source Thisday Read More

China, U.S. Agree Tariff Rollback If Phase One Trade Deal Is Completed - China and the United States have agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump. Source Reuters Read More 


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Internet Subscriptions Stood At 122.8m In September 2019 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 122.8 million in September, representing y/y growth of 16%. The figure implies density of 62% in a population estimated at 198 million, placing Nigeria well above the African average of around 16% as indicated by McKinsey. Source FBNQuest Research Read More


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