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98 companies Post N6.1trn Turnover In H1 2021
No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021. The companies’ H1’21 combined turnover was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20. According to their financial reports, they turned over to the…
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FG, States, LGs share ₦696.965 In August
In August 2021, the government, at all levels, in Nigeria shared the sum of ₦696.965 billion as federation allocation. This is according to the details of the communiqué provided by the Deputy Director (Information), Ministry of Finance, Oshundun Olajide. The Federal Government received ₦289.257 billion; states got ₦217.183 billion; Local Governments received ₦161.541 billion. The…
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15% Businesses Expanded Using Tech Despite COVID-19
A report released by the National Bureau of Statistics (NBS) has revealed that 15 percent of businesses expanded their operations during the COVID-19 pandemic while incorporating technology to conduct business. The report titled: “The Impact of COVID-19 on Business Enterprises in Nigeria,” was launched by NBS in partnership with the United Nations Development Programme (UNDP).…
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Nigeria Records N817.35b Trade In Agric products
The Federal Government has recorded N817.35 billion trade in agricultural goods in the second quarter 2021. A document, which was obtained from the National Bureau of Statistics Foreign Trade Statistics — Q2 2021, said there was N165.27 billion from export of agricultural goods while the import component of the trade N652.08 billion. On its agricultural…
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Five Banks Pay N1.6bn For Forex Infractions, Other Penalties
In the first half of the year, five banks in Nigeria paid a total of N1.4 billion as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria. The banks include UBA , Fidelity Bank, Access Bank, GTBank and First City Monument Bank. This…
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62% Of Enterprises Use Mobile Banking
The National Bureau of Statistics has said, in its report titled ‘The impact of COVID-19 on business enterprises in Nigeria’, that 62 percent of enterprises use mobile banking for their business operations. The report said, “While 90 percent of enterprises use phones in their daily operations, the level of adoption of other forms of technology…
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Insurance Sector Records 16.41% Growth In Q2
The National Bureau of Statistics has said the insurance sector grew by 16.41 percent in the second quarter of the 2021. According to the second quarter performance for the finance and insurance sector, the figures, the insurance sector which contracted by 2.08 percent in Q1, 2021; 12.05 per cent in Q4, 2020; 16.54 percent in…
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Nigeria Recorded N150.36bn Fiscal Deficit In April
According to figures obtained from the Central Bank of Nigeria’s April report on ‘Fiscal operations of the Federal Government, Nigeria recorded a fiscal deficit of N150.36 billion in April 2021. This is coming after aggregate expenditure of N559.67 billion and retained revenue of N409.31 billion was recorded. Part of the report read “Federation revenue rose…
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Seven Banks Paid N231.99bn As Salaries In 2020
After analyzing data banks 2020 annual reports, a total of eight Nigerian banks paid N231.99 billion in wages and salaries in 2020. This is N1.92 billion less than what they paid in 2019. Of the banks under review Zenith Bank paid the highest in wages in 2020 (N52.49bn) while Wema bank paid the least in…
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Petrol, Kerosene Prices Rose In August
Reports from the National Bureau of Statistics have revealed that the Premium Motor Spirit, Household Kerosene Price increased year-on-year in August. The Price Watch report for August 2021 by the NBS disclosed that the average price per litre paid by consumers for kerosene increased by 0.67 percent month-on-month and by 15.43 percent year-on-year to N400.01…