BUSINESS ROUNDUP: Angola overtakes Nigeria in crude oil production; Nigerian govt threatens sanctions over flight tickets; and other stories

Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

· Company income tax rises by 29% to N714.40bn in 3 months

· Angola overtakes Nigeria in crude oil production

· Nigeria exports N7.4trn worth of goods in Q2, India tops destinations

· Nigerian govt threatens sanctions over flight tickets

Summary:

Nigeria recorded an aggregate Company Income Tax (CIT) of N714.40 billion for the second quarter of 2022, a growth rate of 29.53 per cent on a quarter-on-quarter basis from N551.53 billion in Q1 2022.

The National Bureau of Statistics (NBS) disclosed this in the CIT Report for Q2 2022.

CIT is a tax on the profits of registered companies in Nigeria. It also includes the tax on the profits of foreign companies carrying on any business in Nigeria.

For the third time in eight months, Nigeria is not Africa’s largest oil producer as production fell to 972,394 barrels per day in August.

This was disclosed by the Federal Government through the Nigerian Upstream Petroleum Regulatory Commission’s monthly oil report on Thursday.

Nigeria’s August production figure is below Angola’s average daily output of 1.17 million barrels as reported by Bloomberg.

The National Bureau of Statistics (NBS) revealed that Nigeria recorded a positive trade of N1.9 billion in the second quarter (Q2) of 2022.

NBS disclosed this in its trade statistics report released on Thursday, noting that the value of Nigeria’s imports was N5.43 trillion and the exports were at N7.4 trillion.

What this means is that Nigeria sold more than it bought in the second quarter of 2022.

Foreign airlines operating in the nation have been threatened with sanctions by the Federal Government for refusing to take naira as payment for tickets.

Hadi Sirika, the aviation minister, made the treat during a press conference held Wednesday following the Federal Executive Council meeting presided over by President Muhammadu Buhari.

Read also: BUSINESS ROUNDUP: NNPC fails to sell enough crude oil; Kenyan court blocks Flutterwave’s accounts holding $3.3m; and other stories

He claimed that according to intelligence inputs, some airlines refused to sell in naira and instead charged ticket prices in dollars, in contravention of Nigerian laws.

On NSE ROUND UP: Nigeria’s capital market loses N190bn amid losses in NGX Group, Sovereign Insurance

The market capitalization in the Nigerian stock market crashed to N26.77 trillion at the close of business on Tuesday.

The figure is -0.6 percent or N190 billion lower than the N26.96 trillion posted by the bourse at the end of trading on Monday.

This followed the drop in the All-Share Index by 346.49 basis points from 49,991.41 to 49,644.92 today.

Investors traded 138.99 million shares valued at N2.72 billion in 4,247 deals on Tuesday.

This fell short of the 200.91 million shares worth N1.44 billion which exchanged hands in 3,976 deals the previous day.

On the tech scene, TikTok, BusyMed, NowNow, Bboxx, Gravitee, Nestcoin, HackathonAfrica, JET Motor Company were some of the names that made the headlines in the tech ecosystem this week.

A Nigerian fintech startup, NowNow Digital Systems, has secured $13 million in a seed round led by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi heralds.

Also, a Nigerian Nestcoin’s blockchain gaming platform, Metaverse Magna (MVM), has announced securing a $3.2 million seed fund to build Africa’s largest gaming decentralized autonomous organizations (DAOs).

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