Business

Nigeria’s equity market recovered from the previous day’s losses with investors gaining N25 billion at the end of trading on Tuesday. This follows the increase in share prices of CORNERSTONE, JAIZBANK and WAPIC among others on the trading floor today. After five hours of trading in the capital market, equity capitalization increased to N56.6 trillion from N56.5 trillion posted by …

The Nigerian National Petroleum Corporation (NNPC) Limited has declared a state of emergency on crude oil production in the country. The company also invites all industry players to collaborate to reduce oil production costs and increase production to the targeted level. NNPC Group Chief Executive, Mele Kyari, disclosed this at the 23rd edition of the Nigeria Oil & Gas (NOG) …

The Naira lost N1 against the US dollar on the official exchange on Tuesday. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the local currency was trading at N1,509/$1 on Tuesday compared to N1,508/$1 recorded the previous day. The intraday high and low prices recorded during the day were N1,521/$1 and N1,445/$1 respectively, indicating a slim spread …

In an effort to stimulate business activity and reduce compliance barriers, Nigeria has approved a simplified withholding tax regime. This announcement comes from Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, via his official account X, on Tuesday. Background: The withholding tax, introduced in 1977, serves as an advance payment on income taxes for certain …

The World Bank has announced plans to restructure financing for Nigeria’s $430 million Digital Identification for Development (ID4D) project to avoid cuts. This will enable the Bank to guarantee the full disbursement of the $430 million committed to the project by financiers. The restructuring became necessary after Nigeria failed to meet the project’s June 30, 2024 completion deadline and co-financiers, …

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has expressed concern over the rising volume of non-bank transactions, which he said, threatens financial stability in West Africa. Cardoso stated this on Monday at the 10th meeting of the Supervisory Board of Non-Bank Financial Institutions of the West African Monetary Zone. Cardoso, represented by the Acting Director of the central bank’s …

The equity market started the week on a losing note as investors recorded losses of N20 billion at the end of the trading session on Monday, July 1, 2024. This comes even as stocks such as ETRANZACT, FIDSON and CORNERSTONE among others depreciated on the trading floor today. After five hours of trading on the capital market, equity capitalization decreased …

The banking, trade and manufacturing sectors led the way as Nigeria’s capital imports grew by 210.16 per cent in the first quarter (Q1) of 2024. This is based on the latest Nigerian Capital Imports Q1 2024 report released by the National Bureau of Statistics (NBS) on Monday. Capital imports are the flow of funds from abroad to encourage investment, trade, …

The Center for Promotion of Private Enterprise (CPPE) has urged the Federal Government to emulate the recent Executive Order that eliminates import duties, Value Added Tax (VAT), and excise duties on pharmaceutical raw materials for agriculture, energy, and other sectors. This was conveyed by the Chief Executive Officer of CPPE, Dr. Muda Yusuf, in his statement, Sunday. He said the …

SEPLAT, TRANSCORP HOTEL, LASACO and UCAP top the list of stocks to watch in the new week after investors gained N178.05 billion after five days of trading. Equity markets surpassed 100,000 basis points last week as the benchmark All-Share Index (ASI) rose +0.32% to close at 100,057.49 points from 99,743.05 points in the previous week. Similarly, investors in the equity …