Hello Readers, Bizwatchnigeria brings you the latest business news highlights in Nigeria for the week of December 8th–14th, 2024.
Forex Speculators Struggle As Naira Gains Strength Amid Market Reforms
Currency traders, under the Association of Bureau de Change Operators of Nigeria (ABCON), warn that speculators are resisting the sharp appreciation of the naira to offset their mounting losses. They call on the Central Bank of Nigeria (CBN) to sustain its efforts to clamp down on illegal forex speculation and currency substitution.
AfDB Advocates Homegrown Solutions To Drive Africa’s Economic Transformation
The African Development Bank (AfDB) calls on African nations to adopt local strategies to tackle economic challenges and foster transformative development. The bank highlights that despite substantial international investments, poverty levels remain high, and structural progress is slow.
Nigeria Generates N1.78 Trillion In VAT Revenue For Q3 2024
Nigeria collects N1.78 trillion in Value Added Tax (VAT) during the third quarter of 2024, marking a significant milestone in its tax revenue drive. This represents a 14.16% increase from the N1.56 trillion recorded in the second quarter of 2024 and an impressive 88% rise compared to the third quarter of 2023.
NCAC And NITDA Collaborate To Launch ‘BuyNigeria’ E-commerce Platform
The National Council for Arts and Culture (NCAC) partners with the National Information Technology Development Agency (NITDA) to roll out BuyNigeria.ng, a digital platform aimed at taking Nigerian markets online.
Nigeria’s GDP Shrinks By 52.63% In Dollar Terms Amid Currency Devaluation, NBS Data
Recent data from the National Bureau of Statistics (NBS) reveal a sharp decline in Nigeria’s Gross Domestic Product (GDP) in dollar terms, dropping nominally by 52.63% between 2023 and 2024 (Q1-Q3), primarily due to currency devaluation.
Naira Weakens Against Dollar In Parallel Market Amid Speculator Pushback
The naira falls to N1,640/$1 in the parallel market on Monday, December 9, 2024, halting a four-day streak of appreciation following the Central Bank of Nigeria’s (CBN) transition to the Enhanced Foreign Exchange Market System (EFEMS).
Nigeria’s Agro-Industrial Project Secures $2.2 Billion Investment Boost At AIF2024
Nigeria’s Special Agro-Industrial Processing Zones (SAPZ) project secures over $2.2 billion in investment commitments at the Africa Investment Forum (AIF) 2024 in Rabat, Morocco.
NGX Investors Record N60 Billion Gain As Oil And Telecom Stocks Rally
Investors in the Nigerian Exchange (NGX) saw gains exceeding ₦60 billion on Tuesday, as a surge in oil and telecom stocks reversed the week’s earlier downturn. The equity market closed the trading session on a positive note, buoyed by renewed buying interest.
President Tinubu Advocates For Technology-Driven Growth
In a separate event, President Bola Tinubu emphasized the importance of embracing technology, innovation, and knowledge-driven solutions for Nigeria’s growth. He made these remarks during the inauguration of the new Nigeria Immigration Service (NIS) technology complex in Abuja.
President Tinubu Seeks German Investment In Nigeria’s Energy And Solid Minerals Sectors
President Bola Tinubu invites German companies and the government to invest in Nigeria’s energy and solid minerals sectors, emphasizing his administration’s focus on these industries. The President made this appeal during a meeting with a German delegation led by President Frank-Walter Steinmeier at the State House on Wednesday.
Billboxx Secures $1.6 Million Pre-Seed Funding To Empower African SMEs
Billboxx, a Nigerian fintech company providing integrated billing-to-payment solutions, raises $1.6 million in pre-seed funding to tackle cash flow challenges for small and medium-sized enterprises (SMEs) across Africa.
Reps Question NUPRC Over N88 Billion Staff Salaries And Decline In Non-Tax Remittances
The House of Representatives Committees on Finance and National Planning questions the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) over its financial practices, particularly the high personnel costs and a significant drop in non-tax remittances.
CBN Injects $61 Million into Forex Market to Defend Naira
The Central Bank of Nigeria (CBN) intervened in the foreign exchange market on Thursday, selling $61 million to authorised dealer banks in a bid to stabilise the naira. This move is part of the bank’s ongoing efforts to bolster liquidity and maintain the naira’s resilience amid market pressures.
Naira Strengthens Across Markets Amid Improved Dollar Liquidity
The naira gained significant ground against the US dollar across multiple forex markets, buoyed by improved foreign currency liquidity within the Nigerian autonomous foreign exchange market.
Pension Fund Assets Reach N21.92 Trillion In October 2024 Despite Industry Challenges — PenCom DG
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, announces that Nigeria’s pension fund assets stand at N21.92 trillion as of October 2024. Despite this growth, the industry faces ongoing challenges, which the Commission is addressing through various initiatives.
CBN Fines Banks N150 Million For Illicit Mint Naira Transactions
The Central Bank of Nigeria (CBN) imposes a fine of N150 million per branch on Deposit Money Banks (DMBs) involved in the illegal flow of freshly minted naira notes to currency hawkers and other unauthorized agents. This move aligns with the CBN’s effort to curb the commodification of naira notes and ensure efficient cash distribution to Nigerians.
FG, States, And Local Councils Share N1.727 Trillion November Revenue, Up By 22.48%
The Federal Government, states, and local government councils share a total of N1.727 trillion in revenue generated in November 2024. This represents a 22.48% increase compared to the N1.41 trillion distributed in October. The allocation is finalized during the December Federation Accounts Allocation Committee (FAAC) meeting held in Abuja.
