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Investment Announcements Rise By 130% in Q3 ‘21
The Nigerian Investment Promotion Commission has said it has tracked $8.99 billion investment announcements in the third quarter of 2021 (Q3 ’21). Lagos State, with $7.29 billion, accounted for 81 percent of the total announcements during the period. NIPC said the investment announcements in Q3’21 was 130 percent higher than the $3.95 billion recorded in…
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Inflation Rate Falls To 15.99 In October 2021
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate fell to 15.99 in October from the highest record of 18.17 in March 2021. The report said the Consumer Price Index (CPI), which measures inflation, saw an increase of 1.76 percent when compared to the record in October 2020 (14.23 percent). However it…
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Budget: Agencies Expected To Pay N22.6bn in 2022
According to data contained in the 2022 budget proposal, Deposit Money Banks and insurance companies are expected to rake in the sum of N22.6 billion in bank charges and insurance premiums from Ministries, Departments and Agencies of the Federal Government in 2022. A breakdown of the figure showed that the N22.6bn comprised N17.3bn projected for…
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Nigerian Banks Lend Private Sector N4.1tn In 12months
Between September 2020 and September 2021, the Nigerian banking sector’s credit to the private sector rose by N4.1tn or 13.8 percent. As part of an effort to drive lending to the real sector, the CBN had in 2019 directed all banks to maintain a minimum of 65 percent Loans-to-Deposit Ratio by the end of December…
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CBN Spends N58.6bn To Print 2.5bn Naira Notes
The Central Bank of Nigeria has spent the sum of N58.618 billion to print 2.518 billion Naira notes, valued at 1. 063 trillion in 2020. This was contained in the bank’s 2020 Currency Report indicating a decrease in the bank’s expenditure on currency printing, which stood at N75. 523 billion, in 2019 and N64. 040…
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Nigerian Stock Market Opens November Bearish, Down By N32Bn
Nigerian stock market opened trading for November on a negative note with the market capitalisation which previously resumed for the month at N21.938 trillion, ending up losing N32 billion or 0.15 percent on profit-taking. Also, the All-Share Index dropped 61.81 points or 0.15 per cent to close at 41,976.79 from 42,038.60 achieved on Friday. The…
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CBN Grants Telecom Companies Banking License
The Central Bank of Nigeria (CBN) has granted telecommunication companies MTN and Airtel Payment Service Bank (PSB) licenses, according to separate statements by the leading companies. Airtel will now be vying for a share of the financial market through its subsidiary, SMARTCASH Payment Service Bank Limited (Smartcash), while MTN will conduct its PSB business via…
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Contributory Pension Assets Rise To N12.9tn
Data obtained from the National Pension Commission has shown that the assets under the Contributory Pension Scheme rose by N120bn in August 2021. PenCom, in its latest unaudited report on pension funds industry portfolio said the assets rose from N12.78tn at the end of July to N12.9tn in August. PenCom also revealed that the total…
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Customs Target N2tn Annual Revenue
The Nigeria Customs Services is proposing to generate N2 trillion this year. Of this amount expected to be made, the South-West geopolitical zone would generate N1.6 trillion. According to a report, the NCS generates about 80 percent of its annual revenue from Lagos, Ogun, Ondo and Oyo states. Data obtained by SHIPS and Ports from…
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Nigeria Makes N2.33tn From PAYE In Three Years
According to data collated from the National Bureau of Statistics, the 36 states in Nigeria and the Federal Capital Territory have earned N2.33 trillion from Pay As You Earn in three years. PAYE is a form of personal income tax that refers to tax deducted directly from the wages and salaries of employees operating in…