nigeria

Nigeria’s Economy Now Stable and Investor-Friendly – Federal Government The Federal Government has declared Nigeria’s macroeconomic environment more stable and appealing to investors, following key reforms implemented by President Bola Tinubu’s administration. The Minister of Finance and...

Nigeria’s Inflation Soars to 33.88% Amid Rising Food and Transport Costs Key Details from the NBS CPI Report: 1. Headline Inflation Rate • October 2024: 33.88% • September 2024: 32.7% • Month-on-month increase: 1.18 percentage points • Year-on-year increase...

Nigeria’s Debt Service Hits Record 162% Amid Subsidy and FX Reforms Nigeria’s debt service-to-revenue ratio surged to 162% in Q1 2024, a sharp increase from 128% in the same period last year, despite policies meant to bolster government finances. Here’s a closer look at the implications: Debt...

Nigeria’s External Reserves Reach 33-Month High of $40 Billion Amid CBN’s Economic Reforms Detailed Report: 1. Overview of Reserve Growth The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has announced a notable increase in Nigeria’s foreign exchange reserves, which...

Trump’s Return Predicted to Escalate Inflation Risks and Oil Revenue Challenges for Nigeria Detailed Summary: 1. Potential Impacts on Nigeria’s Inflation and Oil Revenue Donald Trump’s recent election victory is anticipated to exacerbate inflationary pressures in Nigeria. According to an...

Treasurers Urge Nigerian Government to Tackle Inflation with Non-Interest Rate Solutions Key Highlights: 1. Call for Non-Interest Alternatives The Association of Corporate Treasurers of Nigeria (ACTN) has advised the Federal Government to explore strategies beyond interest rate hikes to...

TotalEnergies Announces Plans to Invest Billions in Nigeria’s Oil Sector Amid Policy Changes Full Story: TotalEnergies, a global energy giant, is set to make substantial investments in Nigeria’s oil sector, expressing its readiness to spend billions of dollars in the country. Patrick Pouyanne...

Nigeria’s New Withholding Tax Regulation Sets Global Standard, Analyst Says Detailed Breakdown: 1. Introduction of New Withholding Tax Regulation Dr. Titilayo Fowokan, an analyst, lauded Nigeria’s recently gazetted withholding tax policy, formally titled “The Deduction of Tax at Source...

NGX Trading Summary for Wednesday, October 23, 2024 Market Overview: • Total Volume Traded: 283,735,090 shares. • Number of Deals: 7,966. • Market Value: NGN 8,290,748,953.48. • Market Capitalization: NGN 60 trillion. Comparison to the Previous Day (October 22, 2024): • Volume...

NGX Trading Summary for Tuesday, October 22, 2024 The Nigerian Stock Exchange (NGX) saw an active trading session today, with the following key highlights: • Total Volume: 591,010,474 shares were traded, marking a 46% increase compared to the previous day’s volume. • Total...

JP MORGAN URGES NIGERIA TO IMPLEMENT CONSISTENT POLICIES TO ATTRACT FOREIGN INVESTMENTS JP Morgan's Advice: Jamie Dimon, Chairman and CEO of JP Morgan, emphasized that Nigeria needs consistent regulatory frameworks to attract foreign direct investments (FDIs). He highlighted that capital flows...

NGX TRADING SUMMARY FOR WEDNESDAY, OCTOBER 16, 2024: 1. Total Trading Activity: Volume: 257,551,949 shares were traded. Deals: These shares were traded through 7,776 deals. Turnover (Value): The market recorded a total value of NGN 8.99 billion. 2. Comparison with Previous Day (Tuesday...

FIRS AIMS TO BOOST TAX REVENUE BY 57% IN 2024, ENSURES NO NEW TAXES The Federal Inland Revenue Service (FIRS) plans to significantly increase Nigeria’s tax revenue to NGN 19.4 trillion in 2024, representing a 57% rise from previous targets. FIRS Chairman Zacch Adedeji emphasized that this...

NIGERIA'S INFLATION RATE RISES TO 32.70% IN SEPTEMBER DUE TO PETROL PRICE HIKES In September 2024, Nigeria's inflation rate climbed to 32.70%, up from 32.15% in August, reflecting a 0.55% month-on-month increase, according to the National Bureau of Statistics (NBS). This surge in inflation is...

NIGERIA REQUIRES OVER $50 BILLION TO BRIDGE INFRASTRUCTURE DEFICIT – SEC Details: 1. Nigeria's Infrastructure Deficit: Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), emphasized during a recent panel session that Nigeria needs over $50 billion to address its...

NGX TRADING SUMMARY FOR FRIDAY, OCTOBER 11, 2024 1. Overall Market Performance Volume Traded: 304,430,135 shares Deals: 6,950 Market Value: NGN 5.6 billion Compared to the previous day (Thursday, October 10, 2024), the volume increased by 10%, the market turnover improved by 20%, but the number...

HEIRS INSURANCE GROUP ENCOURAGES NIGERIANS TO ADOPT INSURANCE AS A SAFETY NET DURING ECONOMIC CHALLENGES EVENT: The Heirs Insurance Group held its third-anniversary documentary screening and media parley at its headquarters in Lagos. KEY SPEAKER: Niyi Onifade, the CEO of Heirs Life Assurance...

NEW BILL PROPOSES MANDATORY TAX ID FOR BANKING AND FINANCIAL SERVICES IN NIGERIA 1. Proposed Bill Overview: A new bill has been proposed in Nigeria requiring individuals involved in financial services (banking, insurance, stockbroking, etc.) to provide a Tax Identification Number (TIN) as a...

NIGERIAN STOCK EXCHANGE (NGX) TRADING SUMMARY FOR THURSDAY, OCTOBER 10, 2024 Trading Activity: Shares Traded: 277,745,152 shares were exchanged in 7,091 deals. Market Value: These trades amounted to NGN 4.65 billion in value. Comparison to Previous Day: Compared to Wednesday, October 9, there...

SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERIES IN NIGERIA, SAYS FG Detailed Breakdown: 1. Refinery Construction Plans: A consortium of South Korean investors has concluded plans to build four refineries in Nigeria, each with a capacity of 100,000 barrels per day. This announcement was made by...