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Micro Pension Plan Records Over 33% Growth In Q1′ 22
According to the First Quarter 2022 report released by the National Pension Commission, a total of 2,897 new contributors were enrolled into the Contributory Pension Scheme, under its micro pension scheme. This indicates a 33.7 percent Quarter-on-Quarter, QoQ, increase against 2,166 recorded in the previous quarter, Q4’21. With the new enrolments, PenCom, a total number…
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Nigeria Loses $6.91bn To FDI Decline
The National Bureau of Statistics has said foreign investments into Nigeria had declined by 81.46 percent ($6.91bn) in the first quarter of 2022. This is a drop from $8.49billion in the first quarter of 2019 to $1.57billion in the corresponding quarter of 2022. The bureau disclosed this in its quarterly report on ‘Nigerian Capital Importation’.…
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Nigeria’s Power Plants’ Capacity Drops By 70%
Industry statistics has shown that the combined generation capacity of Nigeria’s 26 power plants has dropped by 70 per cent. According to the latest data sourced from the Nigeria Industry Supply Industry, the capacity of the plants dropped from a total of 13,461 megawatts to 4,022MW as of when they were last tested in July…
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Borrowing From Local Investors Rises 21% in H1’22
The Federal Government borrowed N4.2 trillion from local investors in the first half of the year , representing 21 per cent, year-on-year. This is an increase from N3.89 trillion borrowed in the first half of 2021 (H1’21). The increased borrowing was driven by a 30 per cent increase in FGN Bond sales, 49 percent increase…
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Nigeria’s Ship Financing Fund rises By 79%
The Cabotage Vessel Financing Fund has risen from $195m to $350m in 2022, representing 79.4 percent increase. The Minister of State for Transportation, Gbemisola Saraki, disclosed that the money in the CVFF account now stood at $350mn – equivalent to N210bn. Recall that the Federal Government, in 2003, set up the CVFF to address the…
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Bank Assets Rise By 21%
Figures obtained from the Central Bank of Nigeria has shown that Nigerian banks’ total assets rose by N11.15 trillion in one year to N64.32 trillion as of the end of April. CBN said that the assets of the lending institutions had hit N53.17 trillion in the corresponding period of 2021. The 2022 numbers showed a…
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Company Income Tax rises by 35.6%
Revenue generated from Company Income Tax has risen by 35.6 percent Year-on-Year to N532.48 billion in the first quarter ended March 2022 from N392.7 billion in the corresponding period of 2021. Breakdown of data from the National Bureau of Statistics also showed the figure rose by 53.1 percent Quarter-on-Quarter from the N347.8 billion generated in…
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Listed FGN Bonds down by 52.5%
The value of listed Federal Government of Nigeria, FGN, Bonds on the Nigerian Exchange Limited in the first half of the year declined by 52.5 percent. This is a drop to N1.6 trillion from N3.4 trillion in the corresponding period of 2021, HI’21. Findings from the data in the NGX shows that in Q2’22 the…
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Nigerian With Bank Accounts Hit 45%
According to the World Bank, the number of Nigerians with accounts at regulated institutions increased by 16 percent to 45 percent in 2021. These institutions include such as a bank, credit union, microfinance institution, post office, or mobile money service provider. The global bank stated that global account ownership increased by 50 percent from 51…
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Active Internet Subscriptions Rise By 2.7%
The National Bureau of Statistics has said that the number of active internet subscriptions in Nigeria rose quarter-on-quarter (QoQ) by 2.7 percent. This is a rise to 145.8 million in the first quarter of 2022 (Q1’22), from 141.9 million in the fourth quarter of 2021 (Q4’21). NBS disclosed this in its ‘Telecoms Data: Active Voice…