Author: tolulope

Nigeria generated N424.71bn VAT – NBS

The National Bureau of Statistics on Monday said N424.71bn was generated as VAT in the third quarter of the year. This was against N327.20bn generated in Q2 2020 and N275.12bn generated in Q3 2019. It said the third quarter VAT represented 29.8 per cent increase quarter-on-quarter and 54.37 per cent increase year-on-year. “Other manufacturing generated the highest amount of VAT with N47.07bn generated,” the bureau said. This, it said, was closely followed by professional services, which generated N44.01bn. It added that N214.66bn was generated as non-import VAT locally, N115.34bn as non-import VAT foreign and N94.70bn as Nigerian Customs Service-import VAT. Source: Punch 5A Dozek Close,Off Alternative Route,Chevron...

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Emirates SkyCargo Sets Up Cargo Hub

Emirates SkyCargo

Emirates SkyCargo said it is stepping up its readiness to handle the logistical complexities of distributing a potential COVID-19 vaccine globally by creating the world’s first dedicated airside cargo hub for the vaccine in Dubai. The air cargo carrier is taking a global leadership position by announcing that it will be re-opening its Emirates SkyCentral DWC cargo terminal in Dubai South to serve as a dedicated anchor hub for cold chain storage and distribution of the vaccine. The freight division of Emirates has also set up a dedicated rapid response team to coordinate requests from the various partners involved in the...

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MTN shareholders have made approximately N1 trillion since April 2020

MTN Stock increase

Shareholders of MTN Nigeria gained close to a trillion naira in less than 7 months. MTN Nigeria shareholders have gained N986.58 billion since the first trading session in April 2020. This was uncovered by calculating the difference in the telecommunication giant’s market capitalization of ₦1.832 trillion at the open of trade, for the first trading session in the month of April 2020, and the market capitalization of ₦2.646 trillion at the close of trade in the first trading session in the month of October. This gives a whopping N814 billion increase in market capitalization, and this with the dividend the company has paid...

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Stock market advances with N67bn gain

The bulls maintained their grip on the equity market on Wednesday following gains recorded majorly by blue-chip stocks as investors positioned to leverage undervalued stocks. The key market performance indicators, the Nigerian Stock Exchange All Share Index and market capitalisation, rose by 0.5 per cent as market sentiment extended gaining streak to fourth day following investors’ sustained optimism. The market breadth closed positive with 21 gainers against 14 losers. The ASI appreciated by 128.12 basis points or 0.5 per cent to close at 25,783.02 basis points as against 25,1654.90 recorded the previous trading session. The market capitalisation of equities grew by N67bn from N13.41tn...

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Purchasing Managers’ Index Contracts in September

Purchasing Managers’ Index Contracts in September

The Manufacturing Purchasing Managers’ Index (PMI) stood at 46.9 index points in September, indicating contraction in the manufacturing sector for the fifth time, According to the PMI report for September posted on the Central Bank of Nigeria (CBN) website, of the 14 subsectors surveyed, four sub-sectors reported expansion (above 50% threshold) in the review month in the following order: electrical equipment; transportation equipment; cement and nonmetallic mineral products. On the other hand, the remaining sub-sectors reported contractions in the following order: petroleum and coal products; primary metal; furniture and related products; printing and related support activities; food, beverage and tobacco products; textile,...

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DISCO explains poor supply of electricity to Mowe, Ibafo

The Management of Ibadan Electricity Distribution Company Plc (IBEDC) has admitted to the poor supply of electricity in Mowe, Ibafo, and Magboro, saying efforts are in place to increase supply. The Chief Operating Officer, John Ayodele, said the dismal power situation is a shared challenge between IBEDC and the Transmission Company of Nigeria (TCN). He explained that the three communities get their supply from Oke-Aro 132KV/33KV transmission station, and allocation by TCN for that area is 13MW, whereas the communities require about 40MW. Ayodele said because the TCN could not allocate the energy required to serve all the customers in the communities, the...

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Nigeria to end fertilizer importation by 2023

• 5 years sentence awaits fertilizer adulterators Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has expressed optimism that Nigeria would have no business importing fertiliser by 2023. According to him, the Food and Agriculture Organisation (FAO), estimates that the country requires about 7million MT of fertilizer annually, and with the current production of 5million MT, the government had to grant waivers to some fertiliser plants to import the product. He said with the enabling environment provided for private sector...

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FG September bonds oversubscribed by 215.22bn

federal government bonds

The Federal Government’s bonds for the month of September worth N145bn which were auctioned on Wednesday, were oversubscribed by N215.22bn, the Debt Management Office disclosed on its website. The total subscription received from investors for the bonds was N360.22bn, comprising N83.83bn for 12.5 per cent FGN January 2026 bonds; N71.4bn for 12.5 FGN March 2035 bonds; N41.06bn for 9.8 per cent FGN July 2045 bonds; and N163.93bn for 12.98 per cent FGN March 2050 bonds. The auction results added that out of the 78, 71, 57, 104 total bids for the bonds, 50, 13, seven, and six bids were successful. It stated that...

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Manufacturers seek import duty waiver on raw materials

Manufacturers seek import duty waiver on raw materials

Leading manufacturers in the South-East on Wednesday, appealed to the Federal Government to grant their companies and other manufacturers in the zone waiver on import/custom duties of relevant raw materials and machines. The manufacturers made the appeal when a delegation from the Federal Ministry of Industry, Trade and Investment on assessment of the level of development at the Enugu International Trade Fair visited their factories. They added that the high cost of clearing and handling of imported raw materials remained one of the major challenges of manufacturing in Nigeria. The General Manager, Innoson Technical Company Ltd Enugu, Mr C.O. Ubah and Chief Executive...

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Fed Govt mulls tax holiday for maritime sector

Fed Govt mulls tax holiday for maritime sector

THE Federal Ministry of Transportation is seeking a package of tax incentives to stimulate investment and boost activities in the maritime industry, amid the downturn induced by COVID-19. Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, who conveyed the Ministry’s position to the Minister of Finance, Hajiya Zainab Ahmed, in Abuja, reiterated the commitment of the Minister of Transportation, Rotimi Amaechi, to ensure the growth of maritime sector. He said many governments around the globe had introduced massive tax reduction or elimination to spur activities in key sectors and rev up their economies during the coronavirus pandemic. Jamoh said: “The...

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