Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of December 1st–7th, 2024.
NITDA And JICA Launch iHatch Cohort 4 To Boost Startups And Innovation Hubs
The National Information Technology Development Agency (NITDA), in partnership with the Japan International Cooperation Agency (JICA), launches iHatch Cohort 4 to strengthen Nigeria’s startup ecosystem. This program trains 185 startups and supports 37 innovation hubs nationwide, focusing on innovation, mentorship, and market readiness. Running from October 2024 to January 2025, it operates under the theme, “Fostering Innovation, Building Ecosystems, Scaling Startups.”
Surge In Foreign Investor Demand For Nigeria’s OMO Bills
Foreign portfolio investors (FPIs) showed heightened interest in Nigeria’s Open Market Operation (OMO) bills in November, driven by attractive yields and a strategy to enhance returns on investments.
CBN Raises ₦1.3 Trillion From Treasury Bills In November
The Central Bank of Nigeria (CBN) mobilized ₦1.32 trillion through Treasury bill auctions in November 2024, marking a significant 190% increase compared to the ₦456.57 billion raised in October. This surge reflects heightened market activity and investor interest in Naira-denominated assets amid rising inflation and interest rates.
Cloud-Based Core Banking Solutions Enable Faster Market Entry For Fintechs – Oradian CEO
Anthonio Separovic, Co-founder and CEO of Oradian, states that fintech companies leveraging cloud-based core banking systems can significantly reduce the time it takes to launch their products and services, enabling them to go to market much faster.
Nigeria Secures $2.2bn Eurobonds As Investors Stake $9bn
Nigeria has successfully returned to the Eurobonds market, raising $2.2 billion amidst strong investor demand totaling over $9 billion, according to the Debt Management Office (DMO).
Naira Holds Steady As Banks Adopt Bloomberg BMatch FX Trading System
The naira maintained stability against the US dollar on the first trading day using the Bloomberg BMatch system, supported by sufficient foreign exchange (FX) liquidity.
Tax Reform Bills: Presidency Denies Plans To Scrap NITDA, NASENI, And TETFUND
The Presidency denies any plan to dissolve the National Information Technology Development Agency (NITDA), the National Agency for Science and Engineering Infrastructure (NASENI), or the Tertiary Education Trust Fund (TETFUND) through the proposed tax reform bills currently under review in the National Assembly.
PenCom Reinstates PFA Investments In Commercial Papers
The National Pension Commission (PenCom) reinstates investments in commercial papers by Licensed Pension Fund Administrators (LPFAs) involving non-bank capital market operators as Issuing and Paying Agents (IPAs).
Developing Countries Spend Record $1.4 Trillion On Debt Servicing In 2023 – World Bank
The World Bank’s latest International Debt Report reveals that developing countries spend a record $1.4 trillion on servicing foreign debt in 2023, driven by a surge in interest rates to their highest levels in two decades.
Senate Approves N47.9 Trillion Budget Projection For 2025–2027
The Nigerian Senate approves the 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), setting the stage for the Federal Government’s N47.9 trillion budget proposal for 2025.
Global Tech Companies Contribute N2.55 Trillion In Taxes To Nigeria In H1 2024
The National Information Technology Development Agency (NITDA) reports that major international digital companies, including Google, Microsoft, TikTok, and others, collectively pay N2.55 trillion in taxes to Nigeria during the first half of 2024.
South Africa Relaxes Visa Rules For Nigerian Travelers And Business Professionals
South African President Cyril Ramaphosa announces the easing of visa requirements for Nigerian tourists and business professionals, strengthening ties between the two nations.
Tinubu Directs AGF To Address Concerns On Tax Reform Bills
President Bola Tinubu instructs the Attorney-General of the Federation (AGF), Lateef Fagbemi SAN, to collaborate with the National Assembly to resolve valid concerns regarding the Tax Reform Bills currently under review.
CBN Directs Banks To Prioritise Cash Disbursement Amid Nationwide Shortages
The Central Bank of Nigeria (CBN) has mandated Deposit Money Banks (DMBs) to prioritise efficient cash disbursement to customers both at bank counters and through Automated Teller Machines (ATMs).
Yellow Card Seeks Licensing In Nigeria After Achieving CASP Approval In South Africa
Yellow Card, a cryptocurrency exchange, is actively pursuing regulatory approval from Nigeria’s Securities and Exchange Commission (SEC) following its successful acquisition of a Crypto Asset Service Provider (CASP) license in South Africa.
Interest Rate On Treasury Bills Drops By 57 Basis Points At CBN Auction
The discount rate on Nigerian Treasury bills declined during the latest primary market auction conducted by the Debt Management Office (DMO) on behalf of the Central Bank of Nigeria (CBN), reflecting a surge in demand on Wednesday.
Naira Gains Value, Hits N1,644 On Electronic FX Platform
The Nigerian naira appreciated to N1,644 per US dollar on the Bloomberg BMatch system, an electronic foreign exchange (FX) platform introduced by the Central Bank of Nigeria (CBN) for authorized currency dealers. Despite this gain, the naira remained steady in the autonomous foreign exchange market, maintaining stability in trading.
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Senate Forms Committee To Review Tax Reform Bills
The Nigerian Senate has constituted a committee to address contentious issues surrounding the proposed tax reform bills, following concerns raised by stakeholders, especially from northern governors. Deputy Senate President Barau Jibrin made this announcement during Wednesday’s plenary.
Senate Approves Investments And Securities Re-enactment Bill, 2024
The Senate passes the Investments and Securities Repeal and Re-enactment Bill, 2024, during its plenary session. The bill, aimed at modernizing Nigeria’s securities market and enhancing regulatory frameworks, follows the adoption of a report by the Senate Committee on Capital Markets, chaired by Senator Osita Izunaso (APC-Imo).
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Governor Abiodun Presents ₦1.054 Trillion 2025 Budget To Ogun Assembly
Governor Dapo Abiodun of Ogun State presents a ₦1.054 trillion budget proposal for 2025 to the State House of Assembly, labeling it the “Budget of Hope and Prosperity.” The budget focuses on capital projects, economic growth, and improving social infrastructure across the state.
