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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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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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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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Nigeria’s Foreign Investments Cut To $875m
Nigeria’s Foreign Direct Investment has dropped to $875 million in the second quarter of this year–the lowest since 2016. This is not unconnected to the consistent insecurity threat, tough policies and other important factors that the country faced within the quarter. This was contained in a presentation by the Chairman, Presidential Advisory Committee on the…
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Tax Waivers Deprive Nigeria Of N5.16tn In 12 Months
After analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Policy Strategy report, Nigeria lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income Tax and Petroleum Profit Tax in 2020. The report said Nigeria lost N4.3tn to reliefs on VAT, consisting of reliefs granted by legislature and compliance burden adding…
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Currency In Circulation Rises To N2.84tn
Figures obtained from the Central Bank of Nigeria showed that the currency in circulation rose to N2.84tn in September from N2.79tn in August. The currency in circulation rose to N2.81tn in July from N2.74tn at the end of June. It fell to N2.79tn in May from about N2.80tn at the end of April. Currency in…
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FIRS Generates N3.3tr From Non-oil Export
In a statement by the Federal Inland Revenue Service, Nigeria has generated N4.2 trillion revenue so far this year. This is about N3.3 trillion, that is over 77 per cent of the total collection, came from the non-oil sector. FIRS Chairman, Muhammad Nami, stated that “to address the issue of Nigeria not diversifying its economy,…
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Fuel Imports Gulp $690m In Eight Months
Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country…
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Nigeria Spent N445bn On Debt Servicing In Q2
Data obtained from the Debt Management Office have shown that Nigeria has spent a total of N445.4 billion to service the debt in the second quarter of this year. From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing. The exchange rate of the…