Monday, October 12, 2020
Consumers paid N76.5bn extra for petrol after deregulation – Investigation
More than N76.5bn has been paid for the purchase of petrol by consumers since the downstream oil sector was deregulated in March this year, Okechukwu Nnodim reports…read more.
Nigerian insurance industry’s asset rises to N1.8tn
The Nigerian insurance industry’s assets rose from N1.61tn at the end of the 2019 financial year to N1.8tn in June 2020. The Central Bank of Nigeria disclosed this in a report, titled ‘Insurance sector (general and life) consolidated balance sheet’, in June 2020…read more.
Stocks record 5.3% weekly rise, investors gain N740bn
The nation’s stock market recorded an increase of 5.3 per cent last week, with investors gaining N740bn. The Nigerian Stock Exchange All-Share Index and market capitalisation both appreciated by 5.30 per cent to close the week at 28,415.31 and N14.85tn respectively…read more.
Leverage agriculture to boost foreign exchange earnings, NBCC president advises
President of the Nigerian-Belgium Chamber of Commerce (NBCC), Timi Austen-Peters, has said that the potential in the agriculture sector can bail the country out of the perennial foreign exchange (FOREX) crisis if the value chains are developed to enhance its export value…read more.
Income volatility, Q3 earnings lift NSE index further by 5.30%
Profit-taking towards the end of the week, the crash in money market rates, and investors repositioning ahead of the Q3 corporate earnings season triggered increased buying interests on the equities sector of the Nigerian Stock Exchange (NSE)…read more.
A budget of many spurious assumptions
Increasingly, Nigeria’s yearly appropriations are gaining more weight. The 2021 estimate President Muhammadu Buhari presented to the National Assembly last week is more than twice his first budget in office as a democratic leader…read more.
Czartoryski:Why Mutual Funds Investment is More Rewarding
You recently released a report on the Nigerian fund management market, can you highlight some of the major findings?.We have been looking at the way in which Nigerians save, and this is changing profoundly…read more.
Union Bank Secures $40m from IFC to Boost Trade
Union Bank said it has received a $40 million facility from the International Finance Corporation (IFC), a member of the World Bank Group, to boost access to finance for local business, increase international trade and help protect the country’s economy from the impact of the COVID-19 pandemic…read more.
Onne Customs Rakes in N13.1bn, Highest in 37 Years
The Nigeria Customs Service (NSC), Area ll Command, Onne Port, Rivers State has announced that it generated a total of N13.106 billion for the month of September 2020…read more.
Population of extremely poor persons in Nigeria hits 102m
Global statistics expected to reach 150 million by 2021- World Bank …Govt must give support to organised business to strive, flourish; tackle insecurity — Economists, Analysts …Improving ease of business will attract investment…read more.
Budget 2021: FG earmarks N152bn for electricity
East-West Road gets N15bn …Information Ministry to spend N1.3bn on travels, refreshment, others By Emma Ujah, Abuja Bureau Chief & Emmanuel Elebeke The Federal Government is to pay power generation companies through Nigerian Bulk Electricity Trading, NBET, the sum of N152.416 billion in 2021…read more.
Economy loses N900bn credit, private sector stagnates at N30trn
Credit to the economy fell by N900 billion or 2.27 percent in August driven by slump in credit to the government during the month. The Central Bank of Nigeria (CBN) disclosed this in its Depository Corporation Survey report for August…read more.
Businesses, lives suffocate as corruption perpetuates Apapa gridlock
There is a well-organised racket going on in Apapa and Tin Can ports, Lagos, which has perpetuated the gridlock going on in the premier port city. The malfeasance involves trucks drivers, security agencies and government officials operating in the port city. Known as ‘Fastrack,’…read more.
Nigeria struggling to shake off revenue problem
The Law & Development Summit, a webinar jointly organised by BusinessDay and Olisa Agbakoba Legal (OAL), is scheduled to hold on October 22-23, 2020. The online summit will examine the role law can play in generating new government revenue and boosting job creation in Nigeria…read more.
FG concedes to Labour on tariff, to pay N15bn subsidy for three months
The Federal Government has acceded demands by labour unions to provide relief for Nigerians facing difficulties on account of COVID-19 and as a result Nigerian electricity consumers will get a discount on their bills for three months ending December 31…read more.
