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QuickTakes

A cursory review of Nigerian businesses and the economy

President Muhammadu Buhari inaugurated the Armed Forces Council, ratified the (Revised) National Defence Policy 2017, and harmonised the Terms and Conditions of Service for Officers and Soldiers on November 9, 2017. The Minister of Defence, retired Brig.-Gen. Mansur Dan-Ali, spoke to the State House correspondents that the council was reconvened...
The president earlier this week presented a proposed budget of N8.6trillion to the National Assembly. The total revenue projection is put at N6.6 trillion while the non-oil revenue accounts for the larger chunk of the projected revenue. This has generated divergent opinions among financial experts who argue that the...
Snail farming or heliculture is the act of raising snails for food and other human uses. Snails belong to the second largest group in the animal kingdom called Phylum Mollusca among other invertebrates ( animals without backbone). Snails can self-fertilize because they are hermaphrodites, this means each snail has...
Imagine owning a business that post no revenues? This is often synonymous with Startups and businesses still at conceptualization stages. Now, imagine if this business is decades old and publicly listed on the Nigerian Stock Exchange. Union Dicon Salt Ltd, a publicly quoted Nigerian company, has for 23rd straight quarter...
The Federal Government in its bid to increase the revenue-base and also bring more people into the tax-  system recently launched the Voluntary Assets and Income Declaration Scheme (VAIDS).This  window is open from July 1 2017- March 31 2018. The scheme seeks to provide a time-limited opportunity for tax-payers...
Nigeria's President Buhari outlines his 2018 Budget to a joint session of the National Assembly on Tuesday. The President presented a budget of N8.6 trillion for the fiscal year 2018 wherein he targeted an oil benchmark price of $45, exchange rate of N305/$1, oil production target of 2.3 million barrels/day,...
President Muhammad Buhari presented the 2018 Budget of N8.6 trillion to the National Assembly on Tuesday, 7th November 2017 tagged, Budget of Consolidation. Major highlights from the budget include an oil price benchmark of $45, exchange rate of N305/$1, oil production target of 2.3 million barrels/day, inflation rate of 12.4...
Ever wondered how money works? Is there a secret key to unlock wealth? There is a saying which goes “When you’re aiming to reach the top of the mountain, it is wise to follow the footprints of those who have successfully made the climb before you.” Whether you’re following closely...
Microfinance Banks are established to assist individuals and Small & Medium Scale Enterprises in obtaining mini credit facilities. Due to the rigorous process and high interest rates demanded by commercial banks, Microfinance banks were established to assist individuals (salary earners), petty traders and small businesses in securing loans. Microfinance credit facilities in Nigeria...
Nigerians spent a total of N83.2 trillion as consumption expenditure in the fiscal year ended December 2016. This is according to Gross Domestic Product (expenditure approach) data from the National Bureau of Statistics. Nigerians consumption expenditure of N83.2 million is higher than the N74.4 trillion spent in 2015. All figures...
This is Nairametrics Outlook for the week ending November 4th, 2017 The week from the rear view Last week, the Central Bank Governor, Godwin Emefiele, pronounced that Nigeria was likely to record single digit inflation rate in 2018. Unsurprisingly, not a lot of people agreed with him...
Cardinal Stone: Late Thursday (oct 26th), Morgan Stanley Capital International (MSCI) announced that Nigeria stocks will remain part of its frontier index and are no longer under review for a possible demotion to a standalone status. The decision was hinged on improved FX liquidity in the Nigeria market, likely...
The slump in the Global oil Price has led to a sharp drop in the foreign exchange earnings of the Nigerian Government.This sector accounts for ninety-percent of the government's revenue.The palm-oil belongs to the Crop Production sub-sector in the Agricultural sector.In the 1960s, Nigeria was top of the chain...
Nigeria’s 3 largest cement companies made a total profit of N207 billion as at the 3rd quarter of 2017. Of this sum. Dangote Cement was responsible for 93% of the industry’s entire profit. Dangote Cement which is Nigeria’s largest cement company by production volume made N193 billion in profits for...
This is Nairametrics Outlook for the week ending October 28th, 2017. The week from the rear view Last week, Corporate Nigeria was stunned with the news that Nigeria’s leading Oil and Gas company, Oando was suspended from trading on the Nigerian Stock Exchange. The Nigerian Stock Exchange...
It has been all over the tabloids; the Nigerian government’s intention to acquire debt by floating Eurobonds. And this hasn't come without its fair share of cautionary remarks from various stakeholders. Even the IMF is telling us to be mindful of our debt accumulation; and rightly so. In the Finance...
Nigeria's largest commercial bank in terms of market capitalization, GT Bank released its 2017 9 months results on Wednesday. The bank reported a pre-tax profit of N150 billion, the highest it has ever reported in the first 9 months of any year. A cursory look at the result reveal the bank...
United Capital Friday released its 9M results for the period ended September 2017 and they reflected a decline in the bottom line. While gross earnings increased by 10.7% from N5.6 billion in 2016 to N6.2 billion in 2017. Profit Before Tax slipped marginally by 2.6% from N3.9 billion in...
Finance minister Kemi Adeosun while speaking at a press briefing held on the sidelines of the just concluded IMF conference held in Washington, announced that government was putting finishing touches to a luxury tax. The luxury tax planned by the federal government is being finalised now because it cuts across the...
This is Nairametrics rundown of what to expect in the Nigerian economy this week. The month of October is typically the earning month and being the first month in the last quarter of the year, most economic activities ramp up from this week on to the second week of...
Russian President Vladimir Putin has sounded a note of warning about the use of bitcoin by criminals. Putin made the comments at a conference held in Sochi, Russia with senior finance officials. The use of cryptocurrencies bears serious risks,which include money laundering, tax evasion and terrorism funding. Rather an outright ban,...
As a startup, getting funds may be stressful. However the risk of losing profit or capital due to unforeseen circumstances beyond your control is something that in most circumstances cannot be avoided. Insurance is a way of protecting one’s self or assets against unforeseen events. It works simply by an...
  Type of Investment Fixed income investment where your capital and interest are guaranteed Interest Rate Interest payments are tax exempt. Tenor 2 years and 3 years respectively Annual Coupon Coupon Rate (2 – Year Savings Bond): 12.059% per annum Coupon Rate (3 – Year Savings Bond): 13.059% per annum Relevant Dates Opening Date: 09 October , 2017 Closing Date: 13 October, 2017 Settlement Date: 18 October , 2017 Due Dates 2...
In a statement posted today on its website, the Nigerian National Petroleum Corporation (NNPC) replied allegations contained in a leaked memo by the Minister of State for Petroleum Ibe Kachikwu. The corporation called the allegations baseless as the NNPC tender board and not the NNPC board were responsible for...
The petroleum industry received a new boost recently as the Federal Government reduced the cost of obtaining a refinery license from $1,000,000(one million dollars) to $150,000 (one hundred and fifty thousand dollars) among other things. This move already applauded across board by stakeholders in the petroleum industry and the population...
The Nigerian Stock Exchange (NSE) has once again swung the big stick against 4 companies for flouting its rules on submission of results. An excerpt from its weekly report ended 6th October 20117, shows it has placed the shares of 4 companies on suspension. Suspension means the shares of...
Dangote Cement, Nigeria and Africa's largest Cement maker has ditched plans to acquire South African Cement Company, PPC. Here is an excerpt from a Reuters report PPC said on Friday that Nigeria’s Dangote Cement has withdrawn its interest to tie-up with the South African firm, sending its shares more than 11...
Just last week, reports from a section of the foreign and local media reported that Naira scarcity loomed in the Nigerian economy. It appears though, that the scarcity has turned to surplus in more too familiar market. Data from the latest CBN's treasury bills auction of October 4th 2017 reveals...
Blogging is one business that you can do with little to zero overhead cost. It is one of the most lucrative businesses in Nigeria today. Every day, people find reasons to be online; it could be to catch up on politics or celebrity gossip or to get information on...
Goldman Sachs CEO Lloyd Blankfein has revealed his thoughts on bitcoin saying he was undecided about the cryptocurrency​. Blankfein made the statement in a tweet yesterday, in which he also compared the move into cryptocurrencies to the transition from gold to bank issued notes. https://twitter.com/lloydblankfein/status/915277671831044098 Goldman Sachs had recently hinted at...