Nigeria in 1min: Economic, Business and Financial Headlines - 041019


Friday, October 4, 2019 / 07:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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The Stagflation Spectre Looms - LBS Executive Breakfast Session - Oct 2019 - Stagflation is a combination of undesirable economic outcomes - stagnant growth and rising inflation. It is such a rare occurrence with very few examples. Source Bismark Rewane & FDC Read More

Evolution of Nigeria's Financial System & Markets since 1960: B.J. Rewane Explains Effect Of CBN's Penalty On 12. Source ChannelsTv Watch Video

FIRS to Introduce e-TP Filing in 2020 - The Federal Inland Revenue Service (FIRS) gave a demonstration of electronic transfer pricing (e-TP) solution to stakeholders on Friday, 27 September 2019.  When operational, the e-TP filing portal would enable taxpayers to complete and submit the following forms.Source Wole Obayomi, KPMG Read More

Bill Proposes 9% Communication Service Tax - Users of communication service providers in the country may have to pay nine percent service tax if the Communication Tax Bill currently before the Senate is passed by the two chambers of the National Assembly and assented to by President Muhammadu Buhari. Source Thisday Read More

Senate Increases 2020 Expenditure To N10.73tn - The President of the Senate, Ahmad Lawan, stated this at plenary on Thursday. Also at plenary, the Senate approved all the 16 recommendations contained in the report of the National Assembly joint Committee on Finance and National Planning, on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper. Source Punch Read More 

States' Revenues Rise By 46.11% To N1.6tn - Chairman, Joint Tax Board, Mr Babatunde Fowler, on Thursday said the revenue generated at the state level rose from N800.02bn to N1.6tn between 2016 and 2018, representing an increase of 46.11 per cent. Fowler made the disclosure in his welcome address at the North-Central zone's commencement of the new Tax Identification Number Registration System and National Consolidated Taxpayer Database held in Ilorin. Source Punch Read More


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12 Banks To Pay N499b CBN Fine For Loan Policy Breach - For breaching its guidelines on lending to the real sector of the economy, the Central Bank of Nigeria (CBN) has fined 12 major banks N499.1billion. Source The Nation Read More 

Banking Sector Update - CBN Makes Statement Move On Intention To Drive Lending - In line with its recent drive to stimulate domestic economic growth by igniting bank lending, the Central Bank of Nigeria (CBN) has taken a raft of actions to achieve its goal over the last few days. Source Cardinalstone Read More

CBN Grants Banks' Approval To Debit Loan Defaulters - The CBN also approved that the clause permitting the banks to apply this measure should be part of loan agreements to all customers. Source Dailytrust Read More


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Stock Market Maintains Negative Posture As NSEASI Dips By -0.84% - Equities market closed today on a negative note, as NSEASI depreciated by -0.84% to close at 27,085.69 points as against -1.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.82%. Source Proshare Markets Read More    

Nigerian Oil And Gas Sector- Q3 2019 Earnings Preview - Oil prices have been volatile since the start of the third quarter, driven by demand-inclined factors and unprecedented disruptions in world supply. Source Vetiva Research Read More


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Maritime Anticorruption Network (MACN) to hold Session On Service Delivery at The Nigerian Ports - The Maritime Anti-Corruption Network (MACN), represented in Nigeria by the Convention on Business Integrity (CBI), is set to host a roundtable session themed, "Towards Standard Operating Procedures That Work in Nigeria's Sea Ports & Terminals" on Tuesday, October 8th, 2019. Source BAAC Read More

CBN, China Expand Trade With CNY1.18bn - A total of CNY1.18bn had been auctioned in the market as of the end of June 2019 since the Central Bank of Nigeria signed a Bilateral Currency Swap Agreement with the People's Bank of China in April 2018. A total of CNY669.66m was auctioned in 2018, while CNY512.43m had been auctioned in the first half of 2019. Source Punch Read More

NSC Moves to Bring NPA, NIMASA under Economic Regulation - The Nigerian Shippers Council (NSC) is currently moving strongly to ensure that government agencies under the Ministry of Transportation are put under economic regulation so that they do not introduce charges without first seeking negotiation with the council. Source Thisday Read More

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Stakeholders Downplay Ecuador's Exit from OPEC -  Stakeholders have said Ecuador's intention to exit the Organisation of the Petroleum Exporting Countries (OPEC), may not have significant impact on the outlook of the oil market as well as the cartel. While Ecuador had said it would leave in January next year, leaving the group with 13-member nations, stakeholders noted that OPEC's dominance may not be threatened. Source Guardian Read More

Moderate U.S. Job Growth Expected In September - U.S. job growth likely picked up in September, with wages increasing solidly, which could assuage financial market concerns that the slowing economy was teetering on the brink of a recession amid lingering trade tensions. Source Reuters Read More


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Union Bank Secures US$200m in OPIC Funding for SMEs and Women's Initiatives - Union Bank of Nigeria Plc. ("Union Bank") is pleased to announce that it has secured US$200 million in funding via a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation ("OPIC"), the U.S. government's development finance institution. Source NSE Read More 


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