Nigeria Upgrades Tax-to-GDP Ratio to 10.86% From 6%

By Aduragbemi Omiyale A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies. A statement from WATT said the funds would be used to improve the renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

Traders Union (TU) experts know that supply and demand rules control all markets. When traders trade, they usually use technical signals to find out if there is more supply or demand. In this guide, the analysts will delve into the world of supply and demand zones and explore their significance in trading. But before you dive in, it’s crucial to grasp the fundamentals. What you should know about supply and demand zones The guidance from TU’s analysts provides insight into the crucial aspects of demand and supply zone trading. It is important to understand these zones: Supply Zone – this

By Modupe Gbadeyanka The sum of N12.7 billion has been credited to the account of Benue State as refund from Paris and London Clubs. This information was revealed to newsmen in Makurdi, the state capital, by the Governor, Mr Samuel Ortom while answering questions from them. The Governor noted that the money was 25 percent short of what President Muhammadu Buhari directed the Ministry of Finance and the Central Bank of Nigeria (CBN) to pay the state. Mr Ortom said the President ordered the two agencies to pay 50 percent of the $181 million owed Benue State as refund. He,

By Dipo Olowookere Guinness Nigeria Plc on Wednesday released its financial results for the 2018 fiscal year ended June 30, 2018. It the financial accounts, the leading brewery firm in the country delivered a solid performance in the period under review. According to the company, its revenue increased by 14 percent from N125.92 billion in June 2017 to N142.98 billion. The results, which were released to the Nigerian Stock Exchange (NSE), also showed improved operating margin, as benefits from the company’s productivity program more than offset sustained cost pressures. An analysis of the financial scorecard by Business Post also revealed

By Modupe Gbadeyanka More winners have emerged in the ongoing Stanbic IBTC Reward4Saving promo aimed to reward customers of the subsidiary of Stanbic IBTC Holdings Plc. At the October draws held on Wednesday, November 10, 2021, at the Stanbic IBTC’s head office in Walter Carrington, Lagos, 60 customers won N100,000 each from the six geo-political zones with 10 winners from each zone. Recall that the reward for saving scheme held its first draws for September in October where 60 winners won N6 million in total. The savings campaign seeks to encourage customers to develop a habit of saving for rainy

By Modupe Gbadeyanka Analysts at Cowry Asset have said this week, they expect liquidity ease in the financial system to be sustained with resultant moderation in interbank rates. This is because on Wednesday, the Central Bank of Nigeria (CBN) will conduct another primary market auction (PMA), where it would sell fresh treasury bills worth N153.4 billion. Three maturities would be offered by the apex bank with 91-day bills worth N3.38 billion, 182-day bills worth N10.00 billion and 364-day bills worth N140 billion on offer. The next day, T-bills worth N783.33 billion will mature via the primary and secondary markets which

By Dipo Olowookere One of the leading electricity distribution companies in Nigeria, Ikeja Electric Plc, has announced an upward review in the prices of meters sold to customers under the Meter Asset Provider (MAP) introduced by federal government. In a notice to its customers on Friday, the energy firm said it was increasing the price for procuring the MAP meters as a result of the hike in the Value Added Tax (VAT) from Saturday, February 1, 2020. President Muhammadu Buhari recently signed a Finance Bill into law, approving the upward review of VAT to 7.5 percent from 5 percent from

By Dipo Olowookere Three new directors have been appointed into the board of directors of UAC of Nigeria Plc. The new appointees are Mr Folasope Babasola Aiyesimoju and Mrs Olufunke Ighodaro, who are Non-Executive Directors; and Mr Peter Benedikt Mombaur, who will serve as alternate Director to the new Directors. A statement issued by the firm disclosed that the three directors are expected to bring into the board their wealth of experience. A brief profile of the appointees shows that Mr Aiyesimoju is a finance professional with experience spanning corporate finance, principal investing and private equity. Over the course of

Nigeria has seen a sharp increase in unemployment over time, with a current estimate of 33%. All age categories in Nigeria are affected by a serious unemployment problem, with young people bearing a disproportionately high share of the burden. When people don’t have work, it makes life difficult for them and their households. Note that this causes labour migration, as people leave the country in quest of better opportunities and income sources abroad. Unemployment is one of the key reasons why its citizens migrate their labour to other countries. Nigeria’s economy has struggled to produce enough jobs to accommodate this

Our team of forex experts made a list of the best forex brokers in Nigeria, Africa you can trust. 1.      OctaFX OctaFX is a well-regulated broker which offers traders with a variety in account options, competitive trading conditions, and a variety of financial instruments which can be traded. When trading through OctaFX, traders have access to high leverage up to 1:500, spreads which typically start from 0 pips, reliable and fast deposit and withdrawal options, and powerful trading platforms through which trades can be conducted. 2.      FBS FBS is well-regulated and authorized by CySEC and IFSC in offering traders from